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Exide: FY01 net declines 15% YoY - Views on News from Equitymaster
 
 
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  • Apr 27, 2001

    Exide: FY01 net declines 15% YoY

    Exide Industries Ltd (EIL) sales grew by only 1.5% YoY to Rs 7,702 m for FY01, due to the slowdown in the auto segment. The company's third quarter was the worst hit. However due to a pick in demand for passenger car segment in 4QFY01, the company's overall sales in this quarter improved by 10% YoY.

    (Rs m) 4QFY00 4QFY01 Change FY00 FY01 Change
    Sales 2,157 2,377.8 10.2% 7,586 7,701.8 1.5%
    Other income 52 4.10 -92.1% 58 10.50 -81.9%
    Expenditure 1,740 2,006.00 15.3% 6,129 6,303.90 2.9%
    Operating profit (EBDIT) 417 372 -10.8% 1,457 1,398 -4.1%
    Operating profit margin (%) 19.3% 15.6%   19.2% 18.2%  
    Interest 164 88.00 -46.3% 539 453.00 -16.0%
    Depreciation 100 115.80 15.8% 396 433.80 9.5%
    Profit before Tax 206 172 -16.3% 581 522 -10.2%
    Other adjustments (13) -11.5   (29) -35.5  
    Tax 20 25   63 70  
    Profit after Tax/(Loss) 173 136 -21.4% 489 416 -14.8%
    Net profit margin (%) 8.0% 5.7%   6.4% 5.4%  
    No. of Shares (eoy) (m) 36.0 36.0   36.0 36.0  
    Diluted number of shares 36.0 36.0   36.0 36.0  
    Diluted Earnings per share* 19.2 15.1   13.6 11.6  
    *(annualised)            

    As a result of higher competition in the auto battery segment and the rising raw material prices, the company's operating profits fell by 4% YoY to Rs 1,398 m in FY01. In 4QFY01, the company's operating profits declined by 11% due to a sharp fall in margins.

    The company's operating margins have declined to 18.2% in FY01 from 19.2% in FY00, due to its worst performance in the third quarter., the company reported a 6% increase in net profit to Rs 211 m and an improvement in operating margins to 16.5% from 15.6% in the 1HFY00. The company's operating margins have declined by 160 basis points YoY to 13.9% in the 3QFY01.

    EIL is India's largest automotive storage battery manufacturer. It also manufactures industrial batteries which find use in heavy-duty applications like power and telecommunications. After it took over Standard Batteries in FY98, Exide commands a 92% market share of the automobile battery market in the organised OEM segment and 85% of the organised replacement market.

    The company's net profit declined by 14.8% YoY to Rs 416 m for FY01 and by 21% to Rs 136 m for 4QFY01. We were expecting a full year net profit of Rs 422 m for FY01, as these results are close to our projections, we will continue to mainatin our forecast for FY02E at Rs 459 m and FY03E at Rs 531m.

    On the current price of Rs 64, Exide is trading at 5.5x FY01 EPS of Rs 11.6.

     

     

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