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Exide: Is the worst over for margins? - Views on News from Equitymaster

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Exide: Is the worst over for margins?

Aug 26, 2005

Exide Industries (EIL) announced it 1QFY06 results last month. While the topline registered decent growth, operating profits, burdened by higher input costs, grew marginally. However, higher other income with a significant reduction in interest outgo propped up the net profits.

Rs m) 1QFY05 1QFY06 Change
Net sales 2,714 3,274 20.6%
Expenditure 2,206 2,749 24.6%
Operating profit (EBDITA) 508 525 3.2%
Operating profit margin (%) 18.7% 16.0%  
Other income 5 19 280.0%
Interest 94 34 -63.7%
Depreciation 130 137 5.5%
Profit before tax 289 372 28.7%
Extraordinary items - -  
Tax 105 130 23.8%
Profit after tax/(loss) 184 242 31.6%
Net profit margin (%) 6.8% 7.4%  
No. of shares (m) 71.2 75.0  
Diluted earnings per share (Rs)* 10.3 12.9  
P/E ratio (x)   14.9  
(* annualised)      

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