BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Balkrishna Industries Ltd. key export markets continue to recover smartly (Q2 FY21 exports grew: 32% YoY).
We believe the company provides superior risk-reward vis-a-vis peers due to its standout earnings resilience.
The latest industry export data (September 2020) remains strong with both segments (agriculture, off-the-road) on firm growth path with combined exports rising 45%.
The latest monthly export data continues to support a strong V-shaped demand rebound across agri tyres at 63% YoY and off-the-road (OTR) tyres at 18% YoY.
On a regional basis, the growth for September 2020 was led by Europe region (up 66%).
Continued improvement in growth remains the key catalyst for the stock.
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