ICICI Direct: Exide Industries - Fair Valuations Prompt Downgrade  
Exide Home UPS manufacturing facility in Haridwar. (Image: Company website)

ICICI Direct: Exide Industries - Fair Valuations Prompt Downgrade  


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Exide Industries Ltd. reported a steady Q2 FY21 performance.

Net standalone sales in Q2FY21 were at Rs 2,753 crore (up 5.5% YoY). The topline growth was driven by healthy replacement demand in the automotive and UPS segment with OEM and institutional demand gaining traction during the latter part of the quarter.

Ebitda in Q2FY21 was at Rs 392 crore with corresponding Ebitda margins at 14.2%. The margin performance was steady amid RM costs that were at 65% of sales, partly mitigated by savings in other expenses.

Consequent standalone PAT came in at Rs 229 crore.

Click on the attachment to read the full report:

IDirect -ExideInds - Q2FY21.pdf


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