X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Exide Industries: Good show amid the broad based recovery! - Views on News from Equitymaster
StockSelect
  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  
  • Home
  • Outlook Arena
  • Oct 28, 2016 - Exide Industries: Good show amid the broad based recovery!

Exide Industries: Good show amid the broad based recovery!
Oct 28, 2016

Exide Industries ltd has announced its financial results for the second quarter of the financial year 2016-17 (2QFY17). During the quarter, company reported decent numbers, with revenue growing by 10.6% YoY and net profits growing by 23.3%.

Performance summary
  • For 2QFY17, net sales grew by 10.6% YoY on the back of strong volume growth. The growth has been broad-based across both the automotive and industrial segments.
  • The growth in automotive and motorcycle battery replacement segment continues to improve, with some good response in the OEM volumes.
  • Operating profits grew by 14.7% YoY on the back of lower raw material cost which stood 54.2% of sales as against 55.2% in the same quarter last year. Further, the EBIDTA margins expanded by 50bps to 13.5%.
  • The management indicated the company remains committed to cost reduction measures and technology upgrades in the coming quarters.
  • Net profit grew by 23.3% YoY, this was both a function of good operating performance and huge jump in the other income which was 1.2x same quarter last year.
  • The net profit numbers for the previous year has been adjusted in the tune of IND AS. This has reduced 2Q net profits by ~5%.
  • For 1HFY17, revenue grew by 10.8% YoY and net profits grew by 23.8%.
  • Further, the company has declared an interim dividend of Rs 1.6 per share.

    Standalone Financial Performance Snapshot
    (Rs m) 2QFY16 2QFY17 Change 1HFY16 1HFY17 Change
    Net sales 19,654 21,746 10.6% 40,073 44,402 10.8%
    Expenditure 17,101 18,818 10.0% 34,865 38,325 9.9%
    Operating profit (EBDITA) 2,553 2,927 14.7% 5,207 6,077 16.7%
    EBDITA margin (%) 13.0% 13.5% 11.7% 15.2%
    Other income 84 190 125.6% 115 333 188.6%
    Depreciation 378 506 33.9% 740 997 34.8%
    Interest 0 6 5700.0% 2 23 940.9%
    Profit before tax 2,259 2,606 15.3% 4,581 5,390 17.7%
    Exceptional item -71 11 -81 -25
    Tax 709 793 11.9% 1,473 1,616 9.7%
    Profit after tax / (loss) 1,479.7 1,824.0 23.3% 3,027 3,749 23.8%
    Net profit margin (%) 7.5% 8.4% 6.8% 9.4%
    No. of shares (m) 850
    Diluted earnings per share (Rs)* 8.1
    P/E ratio (x)* 25

    *trailing twelve-month earnings

To Read the Full Story, Subscribe or Sign In



DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT:
For the terms and conditions for research reports click here.

DETAILS OF ASSOCIATES:
Details of Associates are available here.

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report
  2. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company.
  3. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.
  4. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report.
DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION:
  1. Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months.
  2. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months.
  3. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  4. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  5. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report.
GENERAL DISCLOSURES:
  1. The Research Analyst has not served as an officer, director or employee of the subject company.
  2. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company.
Definitions of Terms Used:
  1. Buy recommendation: This means that the subscriber could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service.
  2. Hold recommendation: This means that the subscriber could consider holding on to the shares of the company until further update and not buy more of the stock at current market price.
  3. Buy at lower price: This means that the subscriber should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service.
  4. Sell recommendation: This means that the subscriber could consider selling the stock at current market price keeping in mind the objective of the recommendation service.
Feedback:
If you have any feedback or query or wish to report a matter, please do not hesitate to write to us.

Become A Smarter Investor In
Just 5 Minutes

Multibagger Stocks Guide 2017
Get our special report, Multibagger Stocks Guide (2017 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

EXIDE INDUSTRIES SHARE PRICE


Sep 22, 2017 (Close)

TRACK EXIDE INDUSTRIES

  • Track your investment in EXIDE INDUSTRIES with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

MORE ON EXIDE INDUSTRIES

EXIDE INDUSTRIES 5-YR ANALYSIS

Detailed Financial Information With Charts

COMPARE EXIDE INDUSTRIES WITH

MARKET STATS