Balkrishna Industries- Base Finally Favorable To Drive 10%-Plus Growth For India OHT Exports: ICICI Securities

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.India off-highway tyre exports in January 2024, at $151 million, were higher by 13% YoY as against $139 million average monthly exports in CY23. This was driven by strong growth in Europe/US agri segment, with overall agri segment exports being up ~17% YoY versus OTR exports being up 6%. In U.S., base turned favorable from January 2024 as expected in both agri/OTR segments, leading to YoY growth of 32%/23%; in comparison, Europe saw growth of 23%/5% with the effects of a favorable base already kicking in a quarter back. We expect, in FY24, India OHT exports to deliver ~10% growth YoY on a base of $139 million a month on an average in CY23; against that, we build in 12% volume growth for Balkrishna Industries Ltd. to our FY24 estimates. We maintain Buy on Balkrishna Industries with a discounted cash flow-based unchanged target price of Rs 2,820, implying 25 times FY26E earnings per share..Click on the attachment to read the full report:.KFC To Kingfisher: UBS Initiates Coverage On Five F&B Consumption Stocks.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Balkrishna Industries- Base Finally Favorable To Drive 10%-Plus Growth For India OHT Exports: ICICI Securities

Set to outperform industry exports with stronger trend in agri

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