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Dolat Capital Report
Exide Industries Ltd. has displayed a decent operating performance in a relatively challenging environment led by cost control measures.
The net revenue was Rs 15.47 billion, down 44% YoY in Q1, due to weak demand from auto original equipment manufacturers and industrial batteries, impacted by lockdown.
Ebitda beat estimates, stood at Rs 1.48 billion (versus estimate Rs 774 million) with margin of 9.6%, (down 356 basis points QoQ).
Although in last two quarters Exide has underperformed Amara Raja, we expect Exide to make a strong comeback primarily due to its core strengths including a strong dealer network (approximately 48,000 direct plus indirect dealers), diverse geographic footprint with deep presence in rural market, manufacturing units spread across regions and digital marketing engagement.
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