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- Jul 28, 2016 - Exide Ind.: Strong Start to the Year
Exide Ind.: Strong Start to the Year
Exide Industries announced first quarter results of the financial year 2016-2017 (1QFY17). The company has reported a 14% YoY and 10% YoY growth in revenues and net profits respectively. Here is our analysis of the results.
Performance summary
- Revenues grow by 14% YoY during 1QFY17 as demand for both automotive and industrial batteries show some improvement.
- Operating margins improve by 0.7% to 15.7% during the quarter on account of lower staff costs and other expenditure (as percentage of sales).
- Net profits grow by 10% YoY, lower than the growth in operating profits on account of the reduction in other income and higher tax expenses.
Standalone financials: A snapshot (Rs m) 1QFY16 1QFY17 Change Net sales 17,656 20,111 13.9% Expenditure 15,004 16,961 13.0% Operating profit (EBDITA) 2,652 3,150 18.8% EBDITA margin (%) 15.0% 15.7% Other income 226 143 -36.9% Depreciation 439 491 11.8% Interest 0 17 Profit before tax 2,439 2,784 14.2% Tax 662 824 24.4% Profit after tax / (loss) 1,776 1,961 10.4% Net profit margin (%) 10.1% 9.7% No. of shares (m) 850.0 850.0 Diluted earnings per share (Rs)* 7.8 Price to earnings ratio (x)* 22.8 * based on 12 month trailing earnings & excluding extraordinary items
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