- 25 Jan 2024
- ICICI Securities
TOTAL OPERATING INCOME FOR THE QUARTER CAME IN
EXIDEIND - 383 Change: -1.35 (-0.35 %)News: Total operating income for the quarter came in at ₹3,841 crore, up 12.8% YoY. EBITDA for the quarter came in at ₹440 crore with corresponding EBITDA margins at 11.5% (down 30 bps QoQ). PAT in Q3FY24 stood at ₹240 crore (up 8% YoY, however down 16% QoQ). In the Automotive division, the company witnessed uptick which was broad-based, with most end-user markets showing signs of demand recovery. While in the industrial segment, the company benefitted from large investments in sectors such as Renewables, Telecom, Infrastructure (Power, Railways etc).
Views: Both topline and margin performance at the company came in below our expectations. Topline growth at the company at 13% YoY lagged the OEM sales volumes growth for Q3FY24 at 16% on YoY basis. On the margins front, gross margin expansion of 40 bps came in as a surprise however high other expenses (up 50 bps QoQ) dented the overall margin profile. The company however is taking tangible steps in the Li-On Cell manufacturing space and is well poised to be India’s first EV cell manufacturing company providing its first movers advantage in this space.
Impact: Neutral