Neutral Balkrishna Industries; target of Rs 2360: Motilal Oswal

About this update from Balkrishna Industries Limited

Motilal Oswal's research report on Balkrishna IndustriesBalkrishna Industries (BIL)’s 3QFY24 operating performance was operationally in line, while unrealized Fx loss of INR520m led to Adj PAT miss at INR3.1b (vs. est. INR3.5b). The management has guided for flattish tonnage growth YoY for 4QFY24, followed by an increase in freight cost, due to the ongoing supply chain crisis in Red sea.OutlookTo factor in for the same, we cut FY24E EPS by 5%, while we largely maintain FY25E EPS. We reiterate our Neutral rating with a TP of INR2,360 (premised on ~22x Dec’25E EPS).For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Balkrishna Industries - 2912024 - moti

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