Exide Industries Ltd. share price target

Q4FY18 revenue grew by 26%YoY led by price hike & healthy volume growth in automobile, UPS telecom and infrastructure batteries. EBITDA margin expanded by 90bps due to relaxation in lead price inflation, & product mix impact (higher OE sales in auto segment) Newer cost effective brands like Boss/Dynex at competitive price are expected to support market share gain from the unorganized players. We upgrade our revenue estimate for FY19 & FY20 by 2%/3% to factor in 3% price hike and higher auto sales....

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 growth. Spot lead price increased 0.6% QoQ (+6.3% YoY) to INR162 per kg. In Apr-18, lead prices grew 7.6% YoY, but were still down 4.8% v/s 4QFY18 average.

Exide Industries Limited (Exide) is India's most reliable brand and largest manufacturer of all types of batteries. Exide has become front runner with its lead acid batteries and power storage solutions. The company luxuriates in strategically located factories across 9 destinations in India, of which 7 are devoted to batteries and the other 2 are devoted to manufacture Home UPS systems. The company manufactures a wide range of products for automotive battery namely 4W batteries, 3W batteries, 2W batteries , Inverter batteries, Genset...

Q3 revenue growth (+32% YoY) beat estimate by 12% on higher-than-expected growth in industrial segment and price hikes in automotive segment. However, higher Lead prices (+11% YoY/ +7% QoQ) hurt EBITDA margin (12.4%), as gross margin contraction offset operating leverage benefits.

Exide Industries Ltd Q3FY18 results comment Revenue decreased by 3.4% to Rs. 2276.54 Cr in Q3FY18 when compared to the previous quarter. On the other hand, it rose by 32.74% when compared with Q3FY17

ICICI Securities Ltd | Retail Equity Research Exide Industries' (EIL) revenues grew 31.6% YoY to | 2,277 crore vs. our estimate of | 2,079 crore. According to the management, volumes in 4-W, 2-W battery remained good while growth in UPS, telecom and other infrastructure segments were buoyant in Q3FY18 EBITDA margins contracted 87 bps YoY to 12.4% below our estimate of 12.8%. Its operating margin was impacted mainly due to higher raw material cost (average lead price for Q3FY18 increased 11% YoY...

Exide's net sales were ahead of our expectations and stood at Rs22.8 bn (+32.7% YoY, -3.4% QoQ) due to higher-than-expected volumes. However, EBITDA margin was 161bps below our forecast at 12.4% due to higher...

As per the management, the volume growth in Automotive and Motorcycle batteries remained good; whiledemand for home UPS batteries, Telecom as well as other Infrastructure segments were buoyant during the third quarter. However rising lead prices remains a major concern for the Company. The company is focusing on cost control and technology upgradation strategies to improve bottom-line. Gross Margins were lower on a YoY basis due to higher lead prices. We believe Exide is likely to be a key beneficiary of GST implementation in India and...

As per the management, the volume growth in Automotive and Motorcycle batteries improved significantly; at the same time demand for home UPS batteries, Telecom as well as other Infrastructure segments were encouraging during the second quarter. However rising lead prices remains major concern for the Company. The company is...

Q2FY18 revenue growth (+23% YoY) beat estimates by 9% on channel restocking post GST and probable price hikes in OE segment. However, higher lead prices (+20% YoY/+6% QoQ) hurt EBITDA margin (12.5%; ~170 bps below est).