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Exide Industries Q3 PAT seen down 27.4% at Rs 90 cr
Exide Industries, country's largest lead acid storage battery manufacturer and stored energy solutions provider, is expected to report a profit after tax of Rs 90 crore in the third quarter of FY12, degrowth of 27.4% as compared to Rs 124 crore in the corresponding quarter of last fiscal.
Exide Industries , country's largest lead acid storage battery manufacturer and stored energy solutions provider, is expected to report a profit after tax of Rs 90 crore in the third quarter of FY12, degrowth of 27.4% as compared to Rs 124 crore in the corresponding quarter of last fiscal.
Revenues are seen going up by 14.2% to Rs 1,200 crore from Rs 1,050 crore year-on-year. Operating profit margin is expected to be at 11% versus 15.2% year-on-year and 8.9% quarter-on-quarter.
On quarter-on-quarter basis, revenues are seen going down 2% while PAT is likely to jump 36%.
Key points:
* Exide to be in revival mode this quarter after posting an all-time low margin in 2Q (due to market share loss in replacement segment and inventory of high cost lead).
* It still had some high cost lead inventory at the end of second quarter, thus it limits margin expansion this quarter.
* Thus, despite YoY revenue growth, expect lower profit due to lower margins as the company will get only partial benefit of lower lead prices in this quarter due to higher inventory.
* EBITDA margins to improve QoQ due to decline in lead prices, stable auto-replacement OEM mix and pick up in inverter demand.
