Balkrishna Industries - Export Momentum Remains Strong: ICICI Securities

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Balkrishna Industries - Export Momentum Remains Strong: ICICI Securities

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ICICI Securities Report

Balkrishna Industries Ltd.’s key export markets have reported robust demand (May 2021 industry exports grew 72% YoY).

The latest industry export data indicates strong pickup in off-the-​road segment (up 85% YoY) while agri demand growth remained healthy at around 67% YoY.

The latest data continues to support the strong demand momentum driven by both agri and OTR: FY21-year-to-date industry exports have grown around 149% YoY.

On a regional basis, growth in May was led by the U.S. (up 121%), followed by rest of world (92%) and Europe (51%).

The pace of export growth in Q1 currently remains ahead of consensus expectations.

Click on the attachment to read the full report:

ICICI Securities Balkrishna Industries Company Update.pdf

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