Buy Balkrishna Industries, target price Rs 2010: ICICI Direct

ICICI Direct has buy call on Balkrishna Industries Ltd. with a target price of Rs 2010. The current market price of Balkrishna Industries is Rs 1772.75. Time period given by analyst is 3 months when Balkrishna Industries Ltd. price can reach defined target.

Balkrishna Industries Ltd., incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 34305.10 Crore) operating in Tyres sector.

Balkrishna Industries Ltd. key Products/Revenue Segments include Tyres & Tubes, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 2158.85 Crore, down -2.12 % from last quarter Total Income of Rs 2205.53 Crore and up 38.05 % from last year same quarter Total Income of Rs 1563.84 Crore. Company reported net profit after tax of Rs 338.95 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to resume up move and head towards Rs 2010 levels being previous breakdown area and major retracement levels

Promoter/FII Holdings
Promoters held 58.29 per cent stake in the company as of 31-Dec-2021, while FIIs owned 15.07 per cent, DIIs 11.58 per cent.