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JK Tyre & Industries - Q2FY21 First Cut - ICICI Securities

Posted On: 2020-10-21 22:38:25

(CMP: Rs. 61, MCap: Rs. 1,502 crore)

JK Tyre & Industries (JKTIL) reported a healthy set of Q2FY21 results, with margin performance (15.6%; four-year high) being a particular highlight.

Q2FY21 Earnings Summary

- Consolidated revenues rose 5.6% YoY to Rs. 2,275 crore on the back of 11% increase in India revenues (88% of sales). Revenues from Mexico, on the other hand, fell 18.1% YoY to Rs. 278 crore. The company commented that aftermarket performance was strong, while export sales (Rs. 337 crore during the quarter) were also buoyant.

- EBITDA came in at Rs. 355 crore with attendant margins up 185 bps YoY to 15.6%. This was achieved on the back of reduction in fixed costs, with both employee expenses and other expenses down YoY on percentage of sales basis (76 bps and 164 bps respectively). India EBIT margins improved 191 bps YoY to 12.5% while Mexico margins were higher by 47 bps YoY to 5.5%.

- Consequent consolidated PAT stood at Rs. 105 crore, down 38.3% YoY. Profitability was lower YoY despite higher sales and margins primarily due to exceptionally low effective tax rate in the base quarter.

- On the B/S front, short term debt reduced by ~Rs. 660 crore to Rs. 1,313 crore largely due to lower working capital requirements due to decline in sales as well as operational efficiencies realised by the company in H1FY21. JKTIL posted CFO of Rs. 979 crore for H1FY21

- The board of directors at the company have appointed Anshuman Singhania (41 years of age) as the new MD effective Oct 21, 2020 for a period of five years. Prior to this Mr Singhania was serving the company in the capacity of Deputy MD and VP (Operations)

We will be coming out with a detailed report post the earnings conference call scheduled for Friday, October 23.

Shares of JK TYRE & INDUSTRIES LTD. was last trading in BSE at Rs.60.6 as compared to the previous close of Rs. 58.7. The total number of shares traded during the day was 114944 in over 1118 trades.

The stock hit an intraday high of Rs. 61.8 and intraday low of 58.55. The net turnover during the day was Rs. 6947216.

Source: Equity Bulls

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