- 02 May 2024
- ICICI Securities
Reports highest ever EBITDA with margins at 12.9%
EXIDEIND - 482 Change: 19.25 (4.16 %)News: Exide Industries reported healthy performance in Q4FY24. Topline for the quarter came in at ₹4,009 crore, up 13.2% YoY. EBITDA for Q4FY24 came in at ₹516 crore, highest ever, with EBITDA margins at 12.9% (up 140 bps QoQ). PAT in Q4FY24 stood at ₹284 crore (up 37% YoY). EIL generated healthy CFO in FY24 and continues remain debt free despite aggressive capex spending in the Li-On cell domain.
Views: As per company’s commentary its automotive division witnessed uptick across OEM and replacement market while it continues to witness healthy demand prospects in the industrial domain. Exports recovery was however gradual in nature. EIL surprised us positively by reporting 12.9% as EBITDA margins in Q4FY24 largely led by 150 bps expansion in gross margins amid likely price hike in replacement market and decline in RM costs. We retain our positive stance on Exide Industries and are enthused by its recent OEM tie-up (Hyundai Motors group) in Li-On cell domain.
Impact: Positive