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Dolat Capital Report
Exide Industries Ltd. posted a strong operating performance in Q3 led by strong replacement demand.
Revenue grew 16% YoY to Rs 28 billion led by improvement in automotive replacement demand and traction in uninterruptible power supply batteries.
Ebitda was in line with estimates, at Rs 4 billion (up 26% YoY) with margin of 14.4% (up 112 basis points YoY) led by cost control measures.
The key near to medium term tailwinds for the company include -
Strong pickup in replacement demand led by increasing preference of personal mobility, traction in used car sales, pick up in logistics movement and change in rural versus urban sales mix,
recovery in original equipment manufacturers volume
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