External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>EXID's standalone revenue increased by 3.9% YoY, coming in 4.1% lower than street estimates.</li><li>Gross profit grew by 5.4% YoY, while gross margin improved by 43bps YoY to 31.5%, aided by stable RM prices and pricing action.</li><li>EBITDA remained flat, while margin contracted by 43bps YoY to 11.3%, impacted by higher other expenses, which stood at 13.9% as a percentage of sales compared to 13.1% in Q2FY24. PAT increased by 3.8% YoY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

EXID's standalone revenue increased by 3.9% YoY, coming in 4.1% lower than street estimates.Gross profit grew by 5.4% YoY, while gross margin improved by 43bps YoY to 31.5%, aided by stable RM prices and pricing action.EBITDA remained flat, while margin contracted by 43bps YoY to 11.3%, impacted by higher other expenses, which stood at 13.9% as a percentage of sales compared to 13.1% in Q2FY24. PAT increased by 3.8% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide Industries - Soft Quarter Owing to Slowdown in OEM Demand

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong.</li><li>Li-ion project on track , while management is emphasising on an increase in penetration in export markets.</li><li>Outlook We retain a Buy with a revised SOTP-based PT of Rs 534 on the expectation of continued recovery in replacement demand, improvement in EBITDA margins on steady raw material costs and timely execution of Li-ion cell project.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong.Li-ion project on track , while management is emphasising on an increase in penetration in export markets.Outlook We retain a Buy with a revised SOTP-based PT of Rs 534 on the expectation of continued recovery in replacement demand, improvement in EBITDA margins on steady raw material costs and timely execution of Li-ion cell project.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide Industries Ltd - Q2 Misses Mark Despite Strong Replacement Demand

<ul><li>Sharekhan's research report onExide Industries Exide has signed a MoU with Hyundai Motors and Kia for their EV project- offers long-term business visibility.</li><li>Uptrend in existing business along with steady input cost trend offers near-term earnings visibility.</li><li>Outlook We maintain a Buy rating on Exide with a SOTP-based PT of Rs.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sharekhan's research report onExide Industries Exide has signed a MoU with Hyundai Motors and Kia for their EV project- offers long-term business visibility.Uptrend in existing business along with steady input cost trend offers near-term earnings visibility.Outlook We maintain a Buy rating on Exide with a SOTP-based PT of Rs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide Industries Ltd - Onboarding OEMs for EV Project

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><ul><li>To invest in Li-ion cell manufacturing without PLI incentive</li></ul><div><ul><li>Operating leverage partially offsets cost inflation - <span style="font-size: var(--content-font-size);">Revenue grew 16% YoY to INR34.1b, while EBITDA/PAT fell 15%/ 8% YoY to INR3.5b/INR2.25b in 4QFY22. The same grew 23%/3%/ 11% YoY in FY22.</span></li></ul><div><div><div><div><ul><li>Highlights from the management interaction - EXID has set up a wholly-owned subsidiary – Exide Energy Solutions, which will house its greenfield multi-gigawatt hour Li-ion cell manufacturing facility. It is in advanced talks for procuring a land parcel in Karnataka.</li></ul></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

To invest in Li-ion cell manufacturing without PLI incentiveOperating leverage partially offsets cost inflation - Revenue grew 16% YoY to INR34.1b, while EBITDA/PAT fell 15%/ 8% YoY to INR3.5b/INR2.25b in 4QFY22. The same grew 23%/3%/ 11% YoY in FY22.Highlights from the management interaction - EXID has set up a wholly-owned subsidiary – Exide Energy Solutions, which will house its greenfield multi-gigawatt hour Li-ion cell manufacturing facility. It is in advanced talks for procuring a land parcel in Karnataka.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide - Mixed Bag; Strong Revenue Growth, but Margin Weak

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive &amp; industrial applications.</li><li>Segment mix: -automotive sales~73% &amp; industrial application ~26%</li><li>Target Price and Valuation: We value EIL at revised SOTP-based TP of Rs 195 (Rs 122 for battery business at 12x FY24E EPS, Rs 73 for investments; earlier TP Rs 210).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive &amp; industrial applications.Segment mix: -automotive sales~73% &amp; industrial application ~26%Target Price and Valuation: We value EIL at revised SOTP-based TP of Rs 195 (Rs 122 for battery business at 12x FY24E EPS, Rs 73 for investments; earlier TP Rs 210).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide Industries: Await Bigger, Firm Investments in Li-On Battery Space

India

Exide Industries Ltd. manufactures a wide range of lead and electric storage batteries. The Company's batteries for automobiles, railways, aircrafts, power stations, telephone exchanges, and other uses.

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Exide Industries (EXID IN)

Exide Industries - Soft Quarter Owing to Slowdown in OEM Demand

Gross profit grew by 5.4% YoY, while gross margin improved by 43bps YoY to 31.5%, aided by stable RM prices and pricing action.

Prabhudas Lilladhar

Exide Industries Ltd - Q2 Misses Mark Despite Strong Replacement Demand

A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong.Li-ion project on track , while management is emphasising on...

Sharekhan

Exide Industries Ltd - Onboarding OEMs for EV Project

Sharekhan's research report onExide Industries Exide has signed a MoU with Hyundai Motors and Kia for their EV project- offers long-term business...

Sharekhan

Exide - Mixed Bag; Strong Revenue Growth, but Margin Weak

EXID’s performance was impacted by higher RM cost inflation, but the same was partially offset by operating leverage. We expect a sustained recovery

Motilal Oswal

Exide Industries: Await Bigger, Firm Investments in Li-On Battery Space

Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive & industrial...

ICICI Securities Limited

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