Exide Industries Q4 Review - Healthy Revenue Growth Drives Beat: Prabhudas Lilladher
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Prabhudas Lilladher Report
Exide Industries Ltd.’s Q4 FY21 results exceeded expectations as Ebitda/adjusted profit after tax came 8- 12% higher to our estimate, led by effective cost control.
While there was a significant pick up in automotive segment (both original equipment and replacement), industrial and UPS division too started picking up.
Going forward we believe stronger growth in replacement segment (approximately 65% of industry) to continue coupled with new product launches across segments.
Consequently, operating leverage and cost control to offset lead inflation keeping FY22 margins stable and expanding ~100 basis point in FY23.
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