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Exide Industries: Q2FY22 results show healthy QoQ uptick

News: Net sales for the quarter were higher by 32.3% QoQ to Rs.3,290 crore. EBITDA margins expanded by 210 bps sequentially to 12.6% with PAT higher by 87% QoQ on a low base to Rs.234 crore. Higher inventories led to sharp working capital deterioration, with H1FY22 CFO at Rs.309 crore vs. Rs.1,307 crore in H1FY21. 

Views: Top line performance was aided by strength in automotive replacement demand, UPS and industrial segments. Margin reading was favourably influenced by ~130 bps gross margin expansion, likely as a result of product mix improvement. Going forward, firm actions on new technology front i.e. lithium ion batteries remains a key monitorable for EIL.