Buy Exide Industries; target of Rs 210: Anand Rathi

Anand Rathi's research report on Exide Industries

For Exide Industries, volumes across most verticals improved during the quarter. Raw material inflation continued to ease, aiding gross margins. Automotive demand was strong for OEMs while replacements saw modest growth. Within Industrials, railways, telecoms and other verticals saw strong growth. The lithium-ion-cell manufacturing plant construction is on track.

Outlook

We retain our Buy rating at a revised TP of Rs210 (14x FY25e).

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Exide Industries - 01 -01-2023 - anand