PL First Cut - Exide Industries Q2FY24

PL First Cut – Exide Industries Q2FY24 – Himanshu Singh – Research Analyst, Prabhudas Lilladher Pvt Ltd

[Exide Industries | EXID IN | TP: INR 295 | ACCUMULATE]

Exide Industries' Q2FY24 total revenue was Rs. 41 bn, showing a 10.4% YoY growth. It was in line with our estimates and slightly higher than the Bloomberg consensus by 1.2%. EBITDA stood at Rs. 4.8 bn, reflecting a 17.1% YoY growth, exactly in line with PLe and surpassing BBGe by 6.6%. The EBITDA margin increased by 67 bps YoY to 11.8%, in line with PLe and 59 bps higher than BBGe.

First Cut Q2FY24 results:

Revenue grew YoY by 10.4% to Rs. 41bn, was flattish QoQ by 0.8%, and in-line vs PLe

EBITDA grew YoY by 17.1% to Rs. 05bn, and QoQ by 11.8%, and in-line vs PLe

APAT grew YoY by 16.6% to Rs. 03bn, and QoQ by 18.6%, and in-line vs PLe

EBITDA margin expanded YoY by 67 bps to 11.8%, and QoQ by 115 bps, and in line vs PLe