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EXIDE Industries Ltd - net up 8% YoY - Views on News from Equitymaster
 
 
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  • Jul 25, 2000

    EXIDE Industries Ltd - net up 8% YoY

    Exide Industries Ltd (EIL) sales have reported a marginal improvement in the 1QFY01 from Rs 1,950 m in 1QFY00 to Rs1,963 m in 1QFY01, a growth of just 0.7% YoY.

    However operating profit for this period grew by 7.3% YoY to Rs 328 m in the 1QFY01, due to a marginal drop in operating expenses. The other adjustments in 1QFY01 relate to amortisation of expenses in relation to Y2K and payments under the company's voluntary retirement schemes

    (Rs m) 1QFY00 1QFY01 Change
    Sales 1,950 1,963 0.7%
    Other Income 1 3 480.0%
    Expenditure 1,644 1,635 -0.5%
    Operating Profit (EBDIT) 306 328 7.3%
    Operating Profit Margin (%) 15.7% 16.7%  
    Interest 125 130 4.1%
    Depreciation 104 109 4.9%
    Profit before Tax 78 93 18.6%
    Other Adjustments 2 8  
    Tax 11 14 27.3%
    Profit after Tax/(Loss) 65 70 8.2%
    Net profit margin (%) 3.3% 3.6%  
    No. of Shares (eoy) (m) 36.0 36.0  
    Diluted number of shares 36.0 36.0  
    Diluted Earnings per share* 7.2 7.8  
    *(annualised)      

    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 has reported a net sales of Rs 7,622 m in FY2000.

    EIL's overall performance showed a strong improvement in FY2000, as the automobile industry had recovered smartly in the previous financial year. The company being the industry leader powers a wide range of cars and vehicles. However the above results are an indication of the slowdown across all automobile segments in the current financial year and hence demand is lower for automotive batteries in the 1QFY01. Due to the implementation of uniform sales tax, many buyers have postponed their purchases hence resulting in a slowdown in demand from the original equipment automotive battery market.

    The company plans on increasing its capacity in the Hosur factory from the current capacity of 40,000 batteries per month. It plans to spend Rs 770 m for capital expenditure in FY2001 and Rs 600 m in FY2002. EIL's dealer network has increased to over 4,000 in FY2000. It is also planning on e-commerce initiative and will leverage on its existing well established distribution network through out the country for this.

    On the current price of Rs124, EIL is trading on a price to earnings multiple of 9.1x FY2000 earnings.

     

     

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