EXIDE Industries Ltd net rises 5% YoY - Views on News from Equitymaster

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EXIDE Industries Ltd net rises 5% YoY

Nov 6, 2000

Exide Industries Ltd (EIL) sales have grown by only 2.4% YoY in the 2QFY01. This is mainly due to the slowdown in the automobile segment.

(Rs m) 2QFY00 2QFY01 Change
Sales 2,406 2,463 2.4%
Other income 6 1 -76.3%
Expenditure 2,035 2,063 1.4%
Operating profit (EBDIT) 371 401 8.0%
Operating profit margin (%) 15.4% 16.3%  
Interest 128 125 -2.3%
Depreciation 88 101 14.1%
Profit before Tax 161 177 9.7%
Other adjustments 9 8  
Tax 19 29  
Profit after Tax/(Loss) 134 140 5.0%
Net profit margin (%) 5.6% 5.7%  
No. of Shares (eoy) (m) 36.0 36.0  
Diluted number of shares 36.0 36.0  
Diluted Earnings per share* 14.8 15.6  
*(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.

Due to cost control measures adopted by the company, its operating margins improved from 15.4% in the 2QFY00 to 16.3% in the 2QFY01.

However due to higher depreciation costs, the net profit has improved by only 5% YoY in the 2QFY01

On the current price of Rs 100, EIL is trading at 7.4x FY2000 EPS of Rs 13.6


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