Exide Industries - Q3FY21 First Cut - ICICI Direct

(CMP: Rs. 199, MCap: Rs. 16,915 crore)

Exide Industries reported healthy performance in Q3FY21, with beat on gross and operating margins being the key highlight for the quarter.

Q3FY21 Earnings Summary

- Net sales for the quarter stood at Rs. 2,801 crore (up 16.2% YoY), below our estimates of Rs. 2,952 crore. The top line growth was driven by healthy demand in the automotive and UPS segment, with OEM and other infrastructure segments also showing positive signs in the period

- EBITDA in Q3FY21 stood at Rs. 403 crore with corresponding EBITDA margins at 14.4% (up 14 bps QoQ, up 112 bps YoY) vs. our estimate of Rs. 359 crore at 12.2%. Margins beat was on account of gross margin expansion (up ~90 bps QoQ vs. our expectation of ~130 bps contraction). Employee costs and other expenses rose sequentially despite marginal QoQ increase in sales

- Consequent standalone PAT for the quarter came in at Rs. 241 crore vs. our expectation of Rs. 197 crore. Higher than expected margins and other income led to beat at the PAT level

- Exide Industries declared an interim dividend of Rs. 2/share for FY21

We will be coming out with a detailed report soon.

Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.193.45 as compared to the previous close of Rs. 198.05. The total number of shares traded during the day was 444440 in over 5645 trades.

The stock hit an intraday high of Rs. 202.55 and intraday low of 191.1. The net turnover during the day was Rs. 87710642.

Source : Equity Bulls

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