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IDBI Capital Report
Exide Industries Ltd.'s Q3 FY23 result was slightly below our expectations. Its revenue increased by 6.5% YoY to Rs 34,053 million mainly on strong growth from automotive segment.
Ebitda grew by 7.5% YoY but it fell by 2.9% QoQ to Rs 4,005 million. Ebitda margin remained flat YoY although it expanded by 67 basis points QoQ to 11.8% due to price hikes taken by the company.
Adjusted net profit increased 9.3% YoY while it fell by 9.4% QoQ to Rs 2,232 million. Exide aims to accelerate process of setting up lithium ion cell manufacturing project.
We introduce FY25 forecasts in this report and make minor changes to our FY23/FY24 estimates.
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