Exide Industries (EXID)
Automobiles
Impressive quarter but stock valuations factoring in sharper recovery. Exide
reported a >20% yoy growth in inverter volumes and ~16-19% yoy growth in
automotive four-wheeler replacement battery volumes in 1QFY13, which is impressive
in our view. EBITDA margins remained flattish qoq despite improvement in product mix
which is a cause for concern due to higher publicity/marketing spends. We retain our
SELL rating on the stock on expensive valuations and limited pricing power.
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link :http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19072012lu.pdf
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