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IDBI Capital Report
Exide Industries Ltd.'s Q1 FY23 sales was above our estimate while Ebitda margin was in-line with our forecast. Its revenue increased by 59% YoY to Rs 38,994 million mainly on strong growth in automotive volumes.
Ebitda jumped 48.4% YoY and 10.8% QoQ to Rs 3,886 million. Ebitda margin contracted by only 57 basis points YoY and 32 bps QoQ to 9.9% despite rising prices of key inputs.
Adjusted net profit jumped 80.5% YoY to Rs 2,263 million on account of fall in interest costs (down 42% to Rs 64 million).
Exide aims to accelerate process of setting up lithium ion cell manufacturing project.
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