Exide Industries Ltd - Pain in OEM-Industrial segments; Downgrade to HOLD - Emkay

Reco: HOLD
CMP: Rs 123
Target Price: Rs 120

- Exide's Q2FY EBITDA saw a significant 14% miss, as OEM, inverters and UPS segments saw significant decline

- Management indicated to low visibility on demand in the aforementioned segments, contributing ~60% of revenues

- Downgrade to HOLD, as the near-term de-growth in cyclical segments are likely to offset replacement segment growth

Source : Equity Bulls

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