Balkrishna Industries

Agree @meditate that mkt share gains stays aspirational and a moving goal post.

In the absence of a third party credible report on mkt share, not sure how much weightage to give it. mkt share alone is however is not a prime aspect in my view as long as good growth is delivered.

Here is competition JFM qtr results and commentary

https://www.globenewswire.com/en/news-release/2022/04/26/2429451/0/en/Michelin-In-a-challenging-business-environment-sales-stood-at-6-5-billion-in-the-first-three-months-of-2022-a-rise-of-19.html

Replacement and off road segment seem to be doing well per above - key focus for BKT as well, price hike augurs well for BKT as in Q3 they did mention that future price hike is basis comepetetive scenario, ket monitoable given margin hit in last few qtrs.

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Inflation has taken a heavy toll on BKT this quarter. While the core revenue growth is ~36%, the operating profits have degrown by 1%. Volume growth strong at 13%

PBT margins are down from 28.3% to 20.5% YoY

Freight costs have gone up from 8% of the total expenses to 17% for this quarter (was 12% in the last quarter). Guess they have done reasonably well on the raw material front, will have to wait for the management commentary! The oh so criticized backward integration of carbon black looks sensible in hindsight

Old Waluj plant revamp capex (350 crores) on hold. Management says this is done to facilitate quicker production schedule demanded by end customers. Volume addition from this was seen at 25000MT p.a

Volume achieved for FY22 - 2.89 lakh MT (exceed expectations)

Revised volume guidance for FY23 stands at 3.2 lakh -3.3 lakh MT (was 3.6 lakh MT)

BKT-Q4FY22
Investor presentation

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