MOSL: EXIDE INDUSTRIES (Buy)-Leadership to strengthen further driven by technology
Exide Industries: Leadership to strengthen further driven by technology; Targeting capex of ~INR11b for capacity expansion
(EXID IN, Mkt Cap USD3.4b, CMP INR271, TP INR314, 16% Upside, Buy)
- We attended Exide Industries’ (EXID) AGM, where management highlighted its initiatives on technologies like Bi-polar batteries and Ultra batteries, which would provide competitive advantage for the company. Management also revealed its FY19 capex plan of ~INR11b, of which INR8b would be incurred on capacity expansion. Further, EXID’s FY18 annual report details the initiatives and the likely focus areas that could further strengthen its leadership. In FY18, it worked on strategic focus areas like (a) launching new products at various price points driving market share gain, (b) strengthening positioning in the telecom segment (gained business from AMRJ), (c) enhancing brand identity and after-sales services and (d) rolling out ‘punch grid’ technology (warranty cost declined). Key highlights from AGM and FY18 Annual report
Exide Industries is engaged in the design, manufacture and sale of automotive batteries, industrial batteries and submarine batteries. Co. supplies batteries to almost all the car and two-wheeler manufacturers in the country. Co. designs and manufactures its industrial batteries in a range from 2.5 Ah to 20,600 Ah in conventional flooded and Valve Regulated Lead Acid (VRLA) design. Industrial batteries are of three types, Conventional lead acid batteries, Valve regulated lead acid batteries and Nickel-Cadmium batteries. Co. manufactures high-end submarine batteries (Type 1, 2 & 3). Two to three submarine batteries are manufactured a year to meet the country's defence requirements.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.