Hem Securities has given Buy recommendation for Balkrishna Industries with a target price of Rs. 2293 in its research report issued on Sep 03, 2022

Hem Securities report on Balkrishna Industries

Balkrishna Industries Ltd Q1FY23 consolidated revenues came in at ₹2619 Cr, up 45.3% YoY and up 10.3% QoQ. EBITDA for Q1FY23 stood at ₹444 Cr, down 13.1% YoY and down 11.1% QoQ. EBITDA margins for Q1FY23 came at 16.95%, -1141 bps YoY and -424 bps QoQ. PAT for Q1FY23 stood at ₹307 Cr, down 7.1% YoY and down 18.1% QoQ.

Outlook

We give a “BUY” rating on the stock and value the stock at 22.5x FY24E earnings to arrive at the target of ₹2293.

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