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ICICI Securities Report
Balkrishna Industries Ltd.’s key export markets reported strong demand trends with August 2021 industry exports up 33% YoY.
The latest data (August 2021) indicates continued momentum in off-the-road segment (up 33% YoY) even as agri demand growth remained sturdy at ~33% YoY.
Data continues to support the robust demand momentum for Balkrishna Industries driven by both agri and OTR segments: FY22-year-to-date industry exports are up ~69% YoY on U.S. dollar basis.
Regionally, growth in Aug-21 was led by rest of world (up 42% YoY) followed by Europe (31%) and U.S. (26%).
Recent decline in international rubber prices augurs well for margin improvement in H2 FY22.
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