Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Exide Industries
Exide Industries (Exide) reported lower-than-expected 1QFY2012 performance, missing
our sales and net profit estimates by 6.9% and 12.8%, respectively. For 1QFY2012, Exide
reported 8% yoy growth (1.4% qoq) in net sales to `1,244cr. Top-line growth was restricted
due to 1) slower growth in the automotive vehicle segment, resulting in lower OE demand
for automotive batteries and 2) pleasant weather conditions in north Indian markets,
leading to lower demand for inverter batteries. On the operating front, EBITDA margin
came in 144bp below our estimates at 17.9%, impacted largely by lack of buoyancy in
industrial and automotive batteries demand and increased lead prices. EBITDA margin
declined substantially by 498bp on a yoy basis and by 88bp on a sequential basis. As a
result, Exide reported a 1.3% yoy decline in net profit to `163cr, as against our estimate of
`187cr. Higher other income at `31cr (up substantially from `6cr in 1QFY2011) and lower
tax outgo (down 22% yoy) restricted further fall in net profit to a certain extent. We shall
release a detailed result note post our interaction with the management. The stock rating is
currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Exide Industries
Exide Industries (Exide) reported lower-than-expected 1QFY2012 performance, missing
our sales and net profit estimates by 6.9% and 12.8%, respectively. For 1QFY2012, Exide
reported 8% yoy growth (1.4% qoq) in net sales to `1,244cr. Top-line growth was restricted
due to 1) slower growth in the automotive vehicle segment, resulting in lower OE demand
for automotive batteries and 2) pleasant weather conditions in north Indian markets,
leading to lower demand for inverter batteries. On the operating front, EBITDA margin
came in 144bp below our estimates at 17.9%, impacted largely by lack of buoyancy in
industrial and automotive batteries demand and increased lead prices. EBITDA margin
declined substantially by 498bp on a yoy basis and by 88bp on a sequential basis. As a
result, Exide reported a 1.3% yoy decline in net profit to `163cr, as against our estimate of
`187cr. Higher other income at `31cr (up substantially from `6cr in 1QFY2011) and lower
tax outgo (down 22% yoy) restricted further fall in net profit to a certain extent. We shall
release a detailed result note post our interaction with the management. The stock rating is
currently under review.
No comments:
Post a Comment