India’s largest lead acid battery manufacturer Exide Industries Limited (Exide) disappointed the street in Q3FY19. Standalone revenue was up 9.7% yoy (down 8% qoq) at Rs2,497cr, slightly lower than the expectation of Rs2,565cr. EBITDA was up 10.6% yoy (down 6% qoq) at Rs312.53cr, which was significantly lower than the expectation of Rs360cr. The EBITDA margin expanded 10bps yoy (29bps qoq) to 12.5%. Higher depreciation further pulled down the net profit. Standalone PAT was flat yoy (down 3% qoq, adjusted) at Rs155cr. PAT significantly missed the expected value of Rs193cr.
Lead prices have cooled down significantly in recent times (down 11% yoy, 5% qoq in rupee terms). Hence, the street was expecting the EBDITA to go as high as 14% in Q3FY19. Hence, the sub-13% EBITDA margin has disappointed investors.
According to the company's press release, top-line growth (up 10% yoy) was led by volume growth in automotive, motorcycles, UPS, and solar batteries.
Exide Industries Ltd is currently trading at Rs. 224, down by 2.55 points or 1.13% from its previous closing of Rs. 226.55 on the BSE.
The scrip opened at Rs. 229.45 and has touched a high and low of Rs. 229.45 and Rs. 216.85 respectively. So far 77,30,015 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
Please use the temporary password sent on your email id or mobile no.
Update Mobile no.
Why you need to update your Mobile number ?
By providing verified mobile number we provide more exclusive information in the website.
Update Mobile no.
Terms & Conditions
By clicking on submit button, you authorize IIFL & its representatives & agents to provide information about various products, offers and services provided by IIFL through any mode including telephone calls, SMS, letters etc. . you confirm that laws in relation to unsolicited communication referred in National Do Not Call Registry as laid down by Telecom Regulatory Authority of India will not be applicable for such information/ communication.