Auto Parts & Equipment company Exide Industries announced Q3FY24 & 9MFY24 results: Key Financial Highlights: Q3FY24 vs Q3FY23: Revenue Growth: Q3FY24 Revenue from Operations increased to Rs 3,841 crore, showing a significant growth of 12.4% compared to Q3FY23 (Rs 3,412 crore). EBITDA Improvement: EBITDA for Q3FY24 reached Rs 440 crore, marking a solid YoY growth of 9.7% from Q3FY23 (Rs 401 crore). Profitability Increase: Both PBT and PAT demonstrated growth in Q3FY24. PBT rose to Rs 321 crore, reflecting a 6.6% YoY increase from Q3FY23 (Rs 301 crore). PAT increased to Rs 240 crore, indicating a YoY growth of 7.6% from Q3FY23 (Rs 223 crore). Earnings Per Share (EPS): The EPS for Q3FY24 stood at Rs 2.83, showcasing a positive trend compared to Q3FY23 (Rs 2.63). 9MFY24 vs 9MFY23: Revenue Growth: In 9MFY24, Revenue from Operations reached Rs 12,020 crore, reflecting a growth of 8.9% compared to 9MFY23 (Rs 11,049 crore). EBITDA Expansion: EBITDA for 9MFY24 expanded to Rs 1,355 crore, indicating a YoY growth of 12.4% from 9MFY23 (Rs 1,201 crore). Profitability Surge: PBT increased to Rs 1,028 crore, representing a YoY growth of 10.0% from 9MFY23 (Rs 934 crore). PAT surged to Rs 769 crore, reflecting a YoY growth of 10.5% from 9MFY23 (Rs 696 crore). Earnings Per Share (EPS): The EPS for 9MFY24 stood at Rs 9.05, indicating a positive trajectory compared to 9MFY23 (Rs 8.19). Business Highlights: Cost Optimization: Other expenses decreased to 13.6% of sales from 14.3% in Q3FY23. Automotive Division: Notable uptrend in demand in both OEM and Replacement markets with broad-based demand recovery. Industrial Division: Benefiting from large investments in various sectors like BFSI, Renewables, Telecom, and Infrastructure. Equity Investment: Exide invested Rs 730.01 crore in the wholly owned subsidiary, Exide Energy Solutions Limited (EESL), with a cumulative investment of Rs 1,820.01 crore till December 2023. Lithium Cell Manufacturing Plant: Onsite construction works and organizational setup are progressing at a planned pace, with ongoing training of the technical team. Commenting on the performance, Subir Chakraborty, MD & CEO, said, 'It was another quarter of strong performance, with sales and operating profits growing by 13% and 10%, respectively. Demand was positive in both automotive and industrial divisions, and we achieved healthy growth in our key end-customer markets. However, EBITDA margin was marginally lower than the same quarter in the previous year mainly on account of input cost inflation. We are optimistic about the future and are witnessing signs of demand pick-up across key verticals. Input cost inflationary pressures have started easing, which coupled with our cost optimisation initiatives is expected to support margins. We will continue to focus on delivering healthy sales growth and improvement in profitability levels in the near-to-medium term. Our lithium-ion cell manufacturing project is progressing as per scheduled timelines. Design and construction works are on track, and we are focusing on the onboarding of customers on the one hand and securing strong raw material supply-chain linkages on the other. We are excited about the future and look forward to becoming one of the leading domestic players offering state-of-the-art products and solutions in the fast-growing electric mobility space as well as stationary applications.' Result PDF
Auto Parts & Equipment company Exide Industries announced Q2FY24 & H1FY24 results: 1. Financial Performance: Standalone Q2FY24: Revenue from operations increased from Rs 3,730 crore in Q2FY23 to Rs 4,107 crore in Q2FY24, indicating a growth of 10.0%. EBITDA increased from Rs 413 crore in Q2FY23 to Rs 483 crore in Q2FY24, reflecting a growth of 16.9%. PBT increased from Rs 330 crore in Q2FY23 to Rs 385 crore in Q2FY24, showing a growth of 16.7%. PAT increased from Rs 246 crore in Q2FY23 to Rs 287 crore in Q2FY24, representing a growth of 16.7%. Earnings Per Share (EPS) increased from Rs 2.90 in Q2FY23 to Rs 3.38 in Q2FY24. Standalone H1FY24: Revenue from operations increased from Rs 7,637 crore in H1FY23 to Rs 8,179 crore in H1FY24, indicating a growth of 7.1%. EBITDA increased from Rs 800 crore in H1FY23 to Rs 915 crore in H1FY24, reflecting a growth of 14.4%. PBT increased from Rs 633 crore in H1FY23 to Rs 707 crore in H1FY24, showing a growth of 11.7%. PAT increased from Rs 473 crore in H1FY23 to Rs 529 crore in H1FY24, representing a growth of 11.8%. Earnings Per Share (EPS) increased from Rs 5.56 in H1FY23 to Rs 6.22 in H1FY24. 2. Cost Management: - The company achieved lower fixed costs, with other expenses as a percentage of sales declining in Q2FY24. - Effective cost optimization initiatives contributed to the growth in profits. 3. Cash Flow and Balance Sheet: - Exide Industries generated high cash flows and maintained a comfortable balance sheet with zero debt levels. - Working capital management and healthy profits contributed to the positive cash flow. 4. Sales and Demand: - Demand for Exide batteries started picking up in both the OEM and replacement markets, supporting sales growth. - Large-scale public and private sector investments in various sectors are driving sales growth in the industrial division. 5. Investment in Exide Energy Solutions Limited (EESL): - Exide invested Rs 275 crore in EESL during Q2FY24, bringing the total equity investment in EESL to Rs 1,530 crore. - The lithium-ion cell manufacturing project under EESL is progressing well, with construction works underway. Commenting on the performance, Subir Chakraborty, MD & CEO, said, "We continue to deliver an upbeat performance with operating profits growing by 17% and 14% in the second quarter and the first half of the current financial year respectively. Sales growth of 10% during the quarter was broad-based with both automotive and industrial verticals growing at a healthy pace. Input costs were slightly lower, and this with effective cost optimisation initiatives aided growth in profits. In the near-to-medium-term, we are optimistic about the demand scenario and believe that with our future-ready product portfolio, pan-India market presence and cost efficiencies, we will continue to deliver sustainable and profitable growth. Our lithium-ion cell manufacturing project is progressing well. We are excited about the future and look forward to becoming one of the leading domestic players offering state-of-the-art products and solutions in the fast-growing electric mobility space as well as for stationary applications." Result PDF