Accumulate Exide Industries; target of Rs 238: Prabhudas Lilladher

February 12
21:25 2019

Prabhudas Lilladher’s research report on Exide Industries

Exide Industries’ Q3FY19 operating performance was broadly in-line with our estimates, wherein operating margins stood at 12.5%, up 10bps YoY / 30bps QoQ, marginally missing our expectations of 13%. With lead prices lower ~21% YoY (down ~7% QoQ) over Q3FY19, gross margins were higher 60bps YoY / 200bps QoQ. Staff costs as a % of sales too dipped 20bps YoY (up 40bps QoQ) while other expenses as a % of sales rose 70bps YoY (up 130bps QoQ).


We maintain “Accumulate” with a price target of Rs238, based on 19xSep’19E standalone EPS plus value of investments. The stock is currently trading at 21.1x FY20E and 20.0x FY21E standalone EPS.

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