Motilal Oswal's research report on Exide
Exide (EXID)’s 3QFY21 performance was driven by strong gross margins, partially offset by higher staff cost. We expect strength in the aftermarket to continue with the shift from the unorganized to the organized segment. n We upgrade our EPS by 9.4%/3.8% for FY21/FY22E, factoring in stronger revenues and gross margins. Maintain Buy, with TP of ~INR233/share.
Outlook
The stock trades at 22.4x/18.3x FY22/FY23E S/A EPS. Maintain Buy, with TP of ~INR233 (~16x S/A Mar’23E EPS + INR25/share for the Life Insurance business).
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