Balkrishna Industries – Industry Export Trends Remain Robust: ICICI Securities

Balkrishna Industries’ key export markets reported strong demand trends with Feb’22 industry exports up 20% YoY. Though the data indicates continued momentum in OTR segment (up 20% YoY) and sturdy agri demand at ~20% YoY, overall sales are flattish QoQ, in line with management commentary of lower supply due to capacity constraints.

Data continues to support the robust demand momentum driven by both agri and OTR segments (FY22-YTD industry exports are up ~47% YoY on USD basis).