Q3FY21 Result Update - Exide Industries - ICICI Direct

Exide Industries (EIL) reported a healthy Q3FY21 performance. Net sales for the quarter were at Rs. 2,801 crore (up 16.2% YoY). EBITDA in Q3FY21 was at Rs. 403 crore with corresponding EBITDA margins at 14.4% (up 14 bps QoQ, 112 bps YoY). Resilience in margins was on account of gross margin expansion (up ~90 bps QoQ). Consequent standalone PAT for the quarter came in at Rs. 241 crore. EIL declared an interim dividend of Rs. 2/share for FY21.

Valuation & Outlook

We believe EIL trades at fairly reasonable valuations (~13.6x FY23E core EPS) and turn positive on the stock. We upgrade EIL from HOLD to BUY with a revised SOTP target price of 225 (earlier target Rs. 200), valuing battery business at Rs. 180 i.e., 16.5x P/E & insurance & smelting operations at Rs. 45.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_ExideInds_Q3FY21.pdf

Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.193.45 as compared to the previous close of Rs. 198.05. The total number of shares traded during the day was 444440 in over 5645 trades.

The stock hit an intraday high of Rs. 202.55 and intraday low of 191.1. The net turnover during the day was Rs. 87710642.

Source : Equity Bulls

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