Exide Industries Ltd - On the right track; Maintain BUY - Emkay

Reco: BUY
CMP: Rs 127
Target Price: Rs 160

- Exide's Q1FY14 revenue growth of 6% YoY was a tad below est on weak OEM demand and cyclical/seasonal weakness in industrials; replacement demand grew in double-digits

- ~15% price hike in the last one year, matched by competition, underscores pricing discipline has improved

- Annual report analysis suggests that having gained back desired market share, focus is now on healthy profitability

- We retain earnings estimates; re-iterate BUY with a TP of Rs 160, based on 15x FY15E EPS.

Source : Equity Bulls

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