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.
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