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Exide: Charging ahead

Jan 21, 2004

Buoyancy in automobile sales seems to have had a cascading effect on Exide, the largest automotive battery manufacturer in the country. The company has reported robust results for the third quarter ending December 2003. Revenues grew by 8% in 3QFY04. But thanks to improvement in operating margins and reduction in interest outgo, the bottomline of the company has grown at a higher rate of 36% during the same period. The company has not done badly on an aggregated basis either. For the nine months ending December 2003, the topline of the company has grown by 12%, while the bottomline has swelled by 49% as compared to the same period last year.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net Sales 2,171 2,333 7.5% 6,380 7,122 11.6%
Other Income 3 4 20.7% 12 13 7.7%
Expenditure 1,790 1,891 5.6% 5,234 5,807 10.9%
Operating Profit (EBDITA) 381 443 16.2% 1,146 1,315 14.7%
Operating Profit Margin (%) 17.5% 19.0%   18.0% 18.5%  
Interest 62 49 -20.2% 255 120 -53.1%
Depreciation 117 131 12.2% 345 403 16.7%
Profit before Tax 205 266 29.5% 558 806 44.5%
Extraordinary items       (12)    
Tax 80 96 20.0% 200 290 45.0%
Profit after Tax/(Loss) 125 170 35.5% 346 516 49.1%
Net profit margin (%) 5.8% 7.3%   5.4% 7.2%  
No. of Shares (m) 35.7 71.2   35.7 71.2  
Diluted Earnings per share (Rs)* 7.0 9.5   6.5 9.7  
P/E Ratio (x)   15.3     15.1  
(* annualised)            

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