BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
Exide Industries Ltd.’s Q4 FY22 results were mixed where revenue outperformance continued with ~7% QoQ growth (versus flat growth expected).
However, Exide Industries' margins contracted steeply QoQ by ~140 basis points to 10.2% (our estimate: 10.6%, consensus: 11.6%), led by raw material inflation (gross margin contracted ~300 bps QoQ to lowest at 28%).
Sharp raw material inflation in the recent pat has overshadowed the tight cost control with aggregate other operating expense has declined ~170 bps/~80 bps in Q4/Q3.
We believe raw material cost inflation to continue impact gross margins as lead prices continues to rise ~3.5% so-far in Q1 FY23 (versus ~22% spike in FY22).
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