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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Exide Industries Ltd - Q1FY12 Result Update
Exide Industries Ltd (EIL) declared its Q1FY12 results which are below Unicon’s estimates. Net turnover during the quarter rose 8% YoY to INR 12.43 bn while the net profit remained flat at INR 1.63 bn.
EBITDA in Q1FY12 is at INR 2,223 mn, 15.6% lower than INR 2,632 mn in Q1FY11.
PAT at INR 1,632 mn in Q1FY12 was 1.3% lower on an annual basis whereas it had registered a PAT of INR 1653 mn in Q1FY11. Despite lower EBITDA, PAT was salvaged by an increase in other income.
Out Look & Valuation
The company is trading at PE multiple of 17x of its FY12e earnings which seems attractive considering the robust revenue growth and improved profitability which is expected to continue going forward. In addition to this the company is a total debt free company which shields it from the high inflationary market. We have BUY rating on the stock with a price target of INR200.
Thanks & Regards
Unicon Wealth Research
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