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IDBI Capital Report
Exide Industries Ltd.'s Q3 FY22 result was stronger than our forecasts due to higher than expected sales growth in replacement segment.
Revenue increased by 14% YoY to Rs 31 billion. However, gross margin contracted 485 basis points YoY to 31% as the prices of key raw materials rose sharply.
Hence, Ebitda declined 7.5% YoY to Rs 3.7 billion. Other income fell 25% YoY to Rs 150 million which led to net profit falling by 16% YoY to Rs 2,041 million.
During Q3 FY22, Exide Industries' board approved setting up a multi-gigawatt Li-ion cell manufacturing plant.
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