Exide Industries Q2 Results Review - Sales Growth Robust But Profitability Weak: IDBI Capital
Ebitda was flat YoY and 6.7% QoQ to Rs 4,125 million as rising prices of key inputs hit its margin.
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IDBI Capital Report
Exide Industries Ltd.'s Q2 FY23 sales was above our estimate while Ebitda margin was in-line with our forecast. Its revenue increased by 13% YoY to Rs 37,189 million mainly on strong growth in automotive volumes.
However, Ebitda was flat YoY and 6.7% QoQ to Rs 4,125 million as rising prices of key inputs hit its margin. Ebitda margin contracted by 147 bps YoY although it expanded by 118 bps QoQ to 11.1%.
Adjusted net profit increased 5% YoY and 9% QoQ to Rs 2,462 million.
Exide Industries aims to accelerate process of setting up lithium ion cell manufacturing project. We raise our FY23 sales/Ebita estimates by 4%/6% given better than expected Q2 FY23 results.
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