Exide Industries - Q1FY2013-14 Result Preview - Angel Broking

Exide Industries (EXID) is slated to announce its 1QFY2014 results today. We expect EXID to register a modest revenue growth of ~4% yoy, with growth in the automotive replacement market offsetting weak OEM sales. We expect EBITDA margins to decline ~140bp yoy to 13.6% on account of increase in lead prices (up ~5% yoy) and also due to increase in power costs and distribution expenses, leading to an ~5% yoy decline in net profit to Rs. 145cr. At Rs. 124, the stock is trading at 13.6x FY2015E earnings.

Currently, we have a Buy rating on the stock with a target price of Rs. 150.

Source : Equity Bulls

Keywords