Exide Industries - F1Q14; Good Results - Morgan Stanley

Exide posted a good set of numbers with top-line, EBITDA and net income growth of 5% YoY, 13% YoY, and 4% YoY, respectively. Net income was 15% ahead of our expectations and 8% ahead of consensus expectations, according to Bloomberg. The entire beat came from gross margin expansion, reflecting better mix and lower commodity prices. We expect both trends to reverse in part in F2Q as lead prices in INR terms are up 7% currently vs. QE June average. Remain Equal Weight(EW).

Source : Equity Bulls

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