Exide Industries:: Q3FY12 – Q-o-Q performance improves::GEPL

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


Q3FY12 – Q-o-Q performance improves, PAT increases 103.8% to `1.04 bn
• Exide Industries (Exide) revenues increased by 19.0% Y-o-Y to `12.5 bn in Q3FY12; Q-o-Q it grew
6.3%.
• EBITDA grew 3.3% Y-o-Y to `1.66 bn in Q3FY12; Q-o-Q it grew significantly by 83.3% led by lower
raw material costs in the quarter due to better inventory management.
• However, PAT declined 16.7% Y-o-Y to `1.04 bn in Q3Y12 as compared to `1.24 bn in Q3FY12
due to lower other income and higher depreciation; Q-o-Q it increased 103.8%.
Result Highlights
EBITDA margins improve 560bps Q-o-Q to 13.2%
EBITDA increased 83.3% Q-o-Q to `1.66 bn. EBITDA margins improved significantly by 560bps Q-o-Q
to 13.2% in Q3FY12 despite `106 mn foreign exchange loss.
Automotive Sales remains subdued, Industrial volumes grew 13%
Automobile Sales remained subdued in both OEM as well as Replacement market in Q3FY12.
However, two wheeler volumes increased nearly  20%. Volume growth for Industrial segment was
13% due to increased demand from Inverter and  VRLA batteries despite significant de growth in
telecom batteries.

Valuation & Viewpoint
At the CMP of `127.8, the stock is trading at a P/E multiple of 14.2x its consensus FY13E earnings
of `9.0 which is significantly lower than its historical one year forward P/E multiple of 18x.