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Exide Ind.: Strong Start to the Year - Views on News from Equitymaster

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Exide Ind.: Strong Start to the Year
Jul 28, 2016

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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