Exide Industries Ltd - Disappointment continues - Emkay

Reco: HOLD
CMP: Rs 105
Target Price: Rs 110

- Exide's Q3 revenue/EBITDA was 9%/31% below estimates as OEM, inverter and UPS segments saw significant decline

- Management indicated low visibility on demand in the aforementioned segments, contributing ~65% of revenues

- We further cut our estimates for FY14/15 and expect stock to under perform in near term; Maintain HOLD

Source : Equity Bulls

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