Sharekhan's research report on Exide Industries
Exide Industries (Exide) reported mixed results in Q1FY23, with revenues exceeding our expectations by 9.5%, while EBITDA margins contracting by 90 bps more than expectations. Exide is expected to benefit from a recovery in automotive demand, greater share of replacement sales, and rising sales of industrial batteries. Company procured land in Karnataka to set up multi-gigawatt lithium-ion cell manufacturing plant in technical collaboration with SVOLT Energy Solutions.
Outlook
Stock trades at attractive valuations at P/E multiple of 10.3x and EV/EBITDA multiple of 6.1x its FY2024E estimates.
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