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ICICI Securities Report
Balkrishna Industries Ltd. key export markets witnessed robust demand as industry exports grew 14% YoY.
The latest industry export data (December 2020) continues to be led by agri demand (up ~21% YoY) while on-the-road grew by a modest 2%.
Q3 FY21 thus closed with a ~15% growth for the industry driven by Agri segment (up 25% YoY) while OTR also clocked ~2% growth.
Year-to-date industry exports are up 7% led by Agriculture (up 17%). On a regional basis, in Dec-20, growth was led by Europe (up 22%) followed by rest-of-world (up 15%).
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