Exide Industries - Q4FY21 First Cut - ICICI Direct

(CMP: Rs. 179, MCap: Rs. 15,173 crore)

Exide Industries reported healthy operational performance in Q4FY21, with all key readings being above I-Direct estimates. Resilience at the margin level was a particular highlight for the quarter.

Q4FY21 Earnings Summary

- Net sales for Q4FY21 stood at Rs. 2,939 crore (up 43% YoY; I-Direct estimate: Rs. 2,655 crore). The company commented that top line performance was driven by strong demand across automotive and industrial segments, including aftermarket offtake in automotive and UPS. In what will likely be a departure from much of the auto universe, the company posted YoY sales growth for FY21, with revenues up 1.9% to Rs. 10,041 crore

- EBITDA in Q4FY21 stood at Rs. 412 crore with corresponding EBITDA margins at 14% (down 35 bps QoQ) vs. our estimate of Rs. 344 crore at 13%. Margin beat was on account of savings realised in employee costs sequentially (down 108 bps QoQ). Gross margins contracted by 159 bps QoQ. On a full year basis, margins dipped 30 bps YoY to 13.5%

- Consequent standalone PAT for the quarter came in at Rs. 244 crore (up 45% YoY, nearly flat QoQ) vs. our expectation of Rs. 190 crore. Higher than expected revenues and margins led to beat at the PAT level. FY21 PAT declined 8% YoY to Rs. 758 crore

- Exide Industries reported standalone CFO of Rs. 1,413 crore for FY21, up from Rs. 914 crore in FY20 primarily tracking increase in current liabilities. FCF for FY21 stood at Rs. 1,074 crore vs. Rs. 447 crore in FY20

We will be coming out with a detailed report soon.

Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.177.9 as compared to the previous close of Rs. 178.1. The total number of shares traded during the day was 440465 in over 5235 trades.

The stock hit an intraday high of Rs. 182.7 and intraday low of 176.9. The net turnover during the day was Rs. 79095859.

Source : Equity Bulls

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