 "Tyre, Balkrishna Industries")
Larger listed domestic-focused tyre companies have underperformed the benchmarks in the last three months but exporter Balkrishna Industries has bucked the trend.
The company, which exports off-highway tyres, has generated 43 per cent returns in this time compared to MRF and Apollo Tyres, which are down 5-10 per cent. In addition to better-than-expected performance in the March quarter, exports and market share gains have helped Balkrishna pull ahead of peers.
Rishi Vora and Praveen Poreddy, analysts at Kotak Institutional Equities, said MRF, Ceat, and Apollo Tyres had a weak quarter due to weak demand for tyre replacements in
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