{"id":76940,"date":"2023-10-26T03:49:19","date_gmt":"2023-10-26T07:49:19","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/balkrishna-industries-gets-a-reduce-rating-from-hdfc-securities-despite-strong-fy25-forecast\/"},"modified":"2023-10-26T03:49:22","modified_gmt":"2023-10-26T07:49:22","slug":"balkrishna-industries-gets-a-reduce-rating-from-hdfc-securities-despite-strong-fy25-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76940","title":{"rendered":"Balkrishna Industries Gets a ‘Reduce’ rating from HDFC Securities despite strong FY25 forecast"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Brokerage firm HDFC Securities has maintained its ‘Reduce’ rating on Balkrishna Industries Ltd. despite a promising outlook for the financial year 2025. <\/p>\n

The company’s Q2 FY24 profit after tax met estimates at Rs 3.3 billion, and margins increased by 140 basis points quarter-over-quarter (QoQ) to 24.4%. This improvement is attributed to an enhanced product mix and favorable currency conditions.<\/p>\n

However, the recovery in global off-the-road tyre demand is expected to slow due to geopolitical turbulence and reduced H1 tonnage sold, leading to a marginal year-on-year volume decline in FY24.<\/p>\n

Looking ahead, the company anticipates a strong 14% year-on-year growth in tonnage for FY25, coupled with operating leverage benefits. It also expects a hedge rate of Rs 93 for 25% of potential exports, even amidst rising crude prices. These factors are projected to contribute to a further margin improvement of 220 basis points to 27%.<\/p>\n

Despite these positive projections, HDFC Securities has maintained its ‘Reduce’ rating due to overvaluation at 27.4 times FY25E. The target price has been revised to Rs 2,201\/share from Rs 2,148 per piece earlier.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Brokerage firm HDFC Securities has maintained its ‘Reduce’ rating on Balkrishna Industries Ltd. despite a promising outlook for the financial year 2025. The company’s Q2 FY24 profit after tax met estimates at Rs 3.3 billion, and margins increased by 140 basis points quarter-over-quarter (QoQ) to 24.4%. This improvement is attributed to an enhanced […]<\/p>\n","protected":false},"author":1,"featured_media":2953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-76940","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBalkrishna Industries Gets a 'Reduce' rating from HDFC Securities despite strong FY25 forecast | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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