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ICICI Securities Report
Balkrishna Industries Ltd.'s key export markets have reported strong demand trends (July 2021 industry exports grew 51% YoY).
The latest industry export data (July-21) indicates strong pickup in on-the-road segment (up 64% YoY) while agri demand growth remained sturdy at ~46% YoY.
The latest data continues to support the strong demand momentum driven by both agri and OTR segments: FY21-year-to-date industry exports are up ~81% YoY on U.S. dollar basis.
On regional basis, Balkrishna Industries' growth in July-21 was led by the Europe (up 59% YoY), followed by the U.S. (44%) and rest of world (43%).
The QoQ acceleration in Q1 FY22 is defying historical seasonality weakness across both agri and OTR segments, which reflects the underlying demand pull.
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