Exide Industries Ltd. share price target

Revenue increased by 14.28% to Rs. 1971.68 Cr in Q4FY17 when compared to the previous quarter.

Exide's Q4 EBITDA/PAT was a 10% miss. EBITDA margin 13.3% (180 bps YoY) missed estimate of 14.5%. Revenue growth of 12% YoY was marginally lower than estimated. We reckon revenue growth was driven more by ASP increase given the 29% YoY/5% QoQ increase in lead prices (usually a pass-through).

xP/E and valuing insurance business at `52 (2.6xFY16 EV). We reiterate our BUY rating on the stock with a target price of `294. Way2Wealth Brokers Pvt. Ltd. (CIN...

Exide posted net sales of Rs 19,757mn witnessing double digit growth of 12.1% this growth has been highest growth in sales posted by the company in last 8 quarters. The sales were primarily driven by healthy growth seen in Automotive and 2-wheelers battery replacement market along with strong growth witnessed in home inverter and UPS segment. These segments combined are responsible for 49% revenues of Exide Industries. With the recovery in OEM sales and improving competitiveness with onset of GST we expect Exide to continue to post healthy volume growth. Exide has also filled in the Portfolio gaps (like dry batteries, telecom batteries) it had earlier compared to Amron which has further enhanced its market opportunity. Hence for FY18 and FY19 we expect net sales for company to...

EXID posted mixed 4Q numbers. Net revenue came in at Rs 19.75bn ( 12% YoY, in line with estimates), led by a healthy traction in replacement and UPS batteries sales, and a price hike in 3QFY17. EBIDTA margin at 13.3% (-178bps YoY) was below expectations, mainly led by higher lead prices ( 6% QoQ). However, APAT was marginally above estimates at Rs 1.64bn (-6% YoY), led by a lower effective tax rate.

ICICI Securities Ltd | Retail Equity Research Exide Industries' (EIL) Q4FY17 revenues grew by 11.6% YoY to |1,976 crore above our estimates of |1,910 crore. According to the management, growth in replacement sale of 4-W & Motorcycle batteries continues to be encouraging; however demand in OEM business has shown improvement in Q4FY17. The growth in the UPS batteries also witnessed improvement during the quarter EBITDA margins contracted 178bps YoY & 3bps QoQ to 13.3% below...

Exide Industries reported Q4FY17 results with standalone revenue of Rs.19.8bn, a growth of 12.2% / 14.2% YoY/QoQ, respectively, on account of better volume growth in automotive replacement, industrial segment and UPS segment. EBITDA for the quarter shrunk by 2.1% YoY to Rs. 2.6bn and margin contracted by ~ 193 bps / 2.9 bps to 13.25% vs 15.2% / 13.28% YoY / QoQ respectively. Reported PAT stood at Rs. 1.6 bn, a de-growth of ~7.2% YoY. The company's total income / Net Profit rose...

Revenue in line with street expectations: Exide's top-line growth was in-line with streetestimates. Net sales grew 11.6% YoY and 14.2% QoQ to Rs19,757 mn. Margins contract on higher raw material costs: Gross margin contracted 181bps YoY and 260bps QoQ to 37.4%. This was mainly due to higher prices of raw materials (lead). Average lead prices rose 25.8% YoY and 6.6% QoQ to $2,278/tonne during Q4FY17. EBITDA was lower by 8.3% and net profit lower by 7.0% vs. the street estimates. EBITDA and net profit stood at Rs2,618 mn and Rs1,648 mn, representing a de-growth of 1.7% and 6.0% on a YoY basis, respectively. Management upbeat on replacement segment and Motrocycles: As per the Management, growth in replacement market and motorcycles continues to be encouraging while demand in...

Exide's Q3sales growth of 13% YoY was commendable {Amara Raja's (AMRJ) sales growth was 10% YoY}. We believe this was partly driven by value growth given the sharp jump in lead prices during the quarter. Growth has been driven by 4W and 2W aftermarket (even AMRJ aftermarket grew 18%), but offset..