- 09 May 2023
- ICICIdirect Research
EXIDE INDUSTRIES REPORTS MUTED PERFORMANCE IN Q4FY23
EXIDEIND - 381 Change: -1.15 (-0.30 %)News: Exide Industries reported a muted performance in Q4FY23 with gross margin contraction taking centre stage. On a standalone basis, topline for the quarter was at Rs 3,543 crore, up 4% QoQ. EBITDA in Q4FY23 was at Rs367.2 crore with corresponding EBITDA margins at 10.4%, down 140 bps QoQ. Consequently PAT for Q4FY23 was at Rs 207.8 crore, down 6.9% QoQ
View: The topline performance was on expected lines. Gross margin contraction of 240 bps QoQ was also broadly on expected line (with lead prices up by ~10% QoQ in Q3FY23) but positive operating leverage mitigated the overall dent in margin profile. On new energy initiatives, the company has kick started execution on its first phase of Li-Ion manufacturing Plant with 6 GWh Li-On cell manufacturing capacity and is likely to start by specified timeframe
Impact: Neutral