Exide (EXID)’s robust 1QFY23 performance was driven by strong revenue growth in both automotive and industrial segments. We expect a sustained recovery led by OEM revival and aftermarket growth, with a continuous shift from the unorganized to the organized segments. We maintain our EPS estimates and BUY rating on the stock. Operating leverage partially offsets RM cost pressure EXID’s 1QFY23 revenue/EBITDA/Adj. PAT grew 57%/48%/81% YoY to INR39b/INR3.9b/INR2.3b, respectively. Of the 57...
The general evaluation of EXIDE INDUSTRIES (IN), a company active in the Auto Parts industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date December 31, 2021, the closing price was I...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
EXIDE: Revenue beat; margin impacted by higher RM cost (EXID IN, Mkt Cap USD2b, CMP INR179, TP INR215, 20% Upside, Buy) Captive smelters dilute higher lead prices EXID’s topline performance was driven by growth in both Auto and Industrial segments in 1QFY22, while margin was restricted due to commodity cost inflation. We expect a cyclical recovery in demand from the OEM segment in FY22, along with strength in the Aftermarket segment, with a continuous shift from the unorganized to the or...
Exide: Below est.; Weaker revenues offset RM cost benefits (EXID IN, Mkt Cap USD2.2b, CMP INR188, TP INR222, 18% Upside, Buy) Weak auto OEM/telecom sector hurts performance EXID’s 3QFY20 operating performance was weak as benefit of lead prices was more than offset by the operating deleverage. As expected, the aftermarket continued to witness strong growth, ratifying our view of value migration from the unorganized to the organized sector. We downgrade our EPS estimates by ~4% for FY21, ...
EXIDE INDUSTRIES: Below est.; Benefit of mix more than offset by operating deleverage (EXID IN, Mkt Cap USD2.2b, CMP INR187, TP INR232, 24% Upside, Buy) Weak Auto OEM and telecom segment hurts performance: 2QFY20 net sales declined ~4% YoY to ~INR26b (v/s est. ~INR28b) due to decline in demand from Auto OEMs and telecom segment. However, demand from auto replacement, UPS, solar and Infrastructure segment (except telecom) witnessed growth. 1HFY20 revenue/EBITDA/PAT grew -2%/7%/15%. Healt...
EXIDE INDUSTRIES: In-line; Muted topline, RM cost savings boost margins (EXID IN, Mkt Cap USD2.2b, CMP INR181, TP INR228, 26% Upside, Buy) Automotive segment's pain offset by Industrial segment growth: Net sales were flat YoY (+7% QoQ) to INR27.8b (v/s est. ~INR28.2b), driven by growth in UPS, Telecom and Infrastructure battery segments. However, Automotive batteries remained weak in 1QFY20. Also, weakness in lead prices (-18% YoY, -9% QoQ) restricted revenue growth due to pass-through me...
Exide Industries: Op. performance above estimates; Mr. Chatterjee re-appointed as MD & CEO for two more years (EXID IN, Mkt Cap USD2.6b, CMP INR214, TP INR281, 31% Upside, Buy) Volume growth in automotive, UPS and solar segment drive revenues: Net sales grew 5.7% YoY (+4.1% QoQ) to INR26b driven by growth in automotive, UPS, solar and infrastructure batteries’ segments. Average spot lead price for 4QFY19 increased 1% QoQ (-11.5% YoY) to INR143/kg. In Apr’19, lead prices declined further by 6...
Exide Industries: In-line operating performance; muted lead prices to continue aiding margins in 4Q (EXID IN, Mkt Cap USD2.7b, CMP INR224, TP INR280, 25% Upside, Buy) Volume growth in automotive, UPS and solar drives revenues: Net sales grew by 9.6% YoY (-8.2% QoQ) to ~INR25b driven by growth in automotive, UPS and solar batteries. Average spot lead prices for 3QFY19 declined by 3.4% QoQ (-12% YoY) to INR142 per kg. In Jan'19, lead prices declined further by 0.4% (v/s 3QFY19). Operat...
Exide Industries: Below est.; Adverse currency, higher other expense dents EBITDA (EXID IN, Mkt Cap USD2.9b, CMP INR251, TP INR304, 21% Upside, Buy) Volume growth in automotive, inverter and industrial segment drives revenues: Net sales grew by 15.3% YoY (-1.9% QoQ) at INR27.2b driven by growth in automotive, inverter and industrial batteries. Further cumulative price increase of ~3-3.5% in the automotive segment has also aided revenues. Average spot lead price for 2QFY19 declined 8% Q...
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 cap...
Exide Industries: Operating performance better than expected; PAT in-line (EXID IN, Mkt Cap USD3.4b, CMP INR270, TP INR316, 17% Upside, Buy) Volume growth in Automotive, UPS, Inverter, Telecom, Solar and Infra segments drives revenue: Net sales grew 31.8% YoY (and 12.7% QoQ) to INR27.7b, driven by growth in Automotive, UPS, Inverter, Telecom, Solar and Infrastructure batteries. Our channel check suggests that the company has taken cumulative price increase of 1-1.5% during the quarter, wh...
Exide Industries: Above estimates; healthy operating performance drives PAT (EXID IN, Mkt Cap USD3.3b, CMP INR262, TP INR301, 15% Upside, Buy) Volume growth in automotive, UPS, inverter, telecom, solar and infra drives revenue: Net sales rose 25.8% YoY to INR24.6b (in-line), driven by growth in automotive, UPS, inverter, telecom, solar and infrastructure batteries. According to our channel checks, EXID took a cumulative price increase of ~2-2.5% in the quarter, which also aided revenue gr...
Exide Industries: Above-estimate; healthy revenue growth drives profitability (EXID IN, Mkt Cap USD3.0b, CMP INR224, TP INR268, 20% Upside, Buy) Volume growth in automotive, UPS, telecom and infra segments drives revenue: Net sales grew 32.7% YoY to INR22.8b (est. of INR19.9), driven by growth in automotive, UPS, telecom and infrastructure batteries. Our channel check suggests the company took cumulative price increase of ~3% during the quarter, which also aided revenue growth. Spot le...
​Exide Industries: EBITDA margin below estimate; lead inflation, mix dent performance(EXID IN, Mkt Cap USD2.9b, CMP INR209, TP INR254, 22% Upside, Buy)Volume growth in Automotive, UPS, Telecom and Infra drives revenue: Net sales increased 23.2% YoY to INR23.7b (est. of INRb21.7), driven by growth in Auto OEM and replacement market (both 2Ws and 4Ws), UPS, Telecom and Infrastructure batteries. Our channel check suggests that the company has taken a cumulative price increase of ~1-2% during the ...
A director at Exide Industries bought 10,000 shares at 204.744INR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
​EXIDE: EBITDA margin above estimates; higher tax dents PAT(EXID IN, Mkt Cap USD2.9b, CMP INR217, TP INR269, 24% Upside, Buy)Volume growth in automotive segment, price hikes drive revenues: Net sales increased 4.6% YoY to INR21b (est. of INR21.9), driven by growth in auto OEM and replacement market (both 2Ws and 4Ws), and infrastructure batteries. Our channel check suggests that EXID has taken cumulative price increase of ~10-14% since Nov-16 in the replacement segment to offset lead price inc...
​Exide Industries: Higher RM cost pushes EBITDA margin to nine-quarter low(EXID IN, Mkt Cap USD3.1b, CMP INR236, TP INR274, 16% Upside, Buy)Volume growth across segments and price hikes drive revenues: Net sales grew ~11.3% YoY to INR19.6b (in line with est. of INR19.9), driven by growth in auto OEM and replacement market (both 2W and 4W), and UPS. Our channel check suggests that EXID has taken cumulative price hikes of ~10% since November 2016 in the replacement segment to offset the impact o...
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