Balkrishna Industries - 2020 Industry Exports End On A Strong Note: ICICI Securities
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ICICI Securities Report
Balkrishna Industries Ltd.’s key export markets continue to witness improving demand (November 2020 industry exports grew 14% YoY).
The latest industry export data (Nov-20) continues to be driven by agriculture demand (up approximately 23% YoY) while off-the-road witnessed a flattish ~1% decline.
Interesting to note, demand in the U.S. region improved across segments (OTR plus agri was up ~34% month-on-month) as post-election political uncertainty fades away.
The latest export data continues to support the V-shaped demand rebound: year-to-date exports are up 6% led by agri (up 16%).
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