Earnings Review
Exide Ind Oct-Dec PAT misses estimates, growth slows
This story was originally published at 19:20 IST on 28 January 2025
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--Exide Ind Oct-Dec net profit INR 2.45 bln
--Analysts saw Exide Ind Oct-Dec net profit INR 2.71 bln
--Exide Ind Oct-Dec net profit INR 2.45 bln vs INR 2.40 bln year ago
--Exide Ind Oct-Dec revenue INR 38.49 bln vs INR 38.41 bln year ago
--Exide Ind Apr-Dec net profit INR 8.22 bln vs INR 7.69 bln year ago
--Exide Ind Apr-Dec revenue INR 124.29 bln vs INR 120.20 bln year ago
--Exide Ind to invest up to INR 3 bln in arm Exide Energy Solutions
--Exide Ind Oct-Dec EBITDA INR 4.49 bln vs INR 4.40 bln year ago
--Exide Ind Apr-Dec EBITDA INR 14.26 bln vs INR 13.55 bln year ago
--Exide Ind Oct-Dec EBITDA margin 11.7% vs 11.5% year ago
--Exide Ind Oct-Dec EBITDA margin up 20 bps on year, up 40 bps on qtr
--Exide Ind expects to start lithium-ion cell unit ops in FY26
By Akash Mandal
MUMBAI – A muted performance in its automotive original equipment manufacturing and industrial infrastructure verticals led to Exide Industries' net profit for the December quarter falling below analysts' estimates. The profit grew at the slowest pace in seven quarters while the top line growth was the slowest in 18 quarters.
The company's net profit for the quarter grew just under 2% on year at INR 2.45 billion. Analysts had expected the company to report a net profit of INR 2.71 billion. The net profit fell 17.7% sequentially from INR 2.98 billion. The company's revenue was largely flat on year at INR 38.49 billion, missing the Streets' view of INR 41.61 billion. The revenue was down almost 10% sequentially.
The company's earnings before interest, taxes, depreciation, and amortisation was INR 4.49 billion, up from INR 4.40 billion in the same quarter a year ago. Its EBITDA margin for the reporting quarter was 11.7%, up 20 basis points from 11.5% a year ago. Sequentially, the EBITDA margin expanded by 40 basis points.
The company's total expenses were flat on year, but were down almost 10% on quarter at INR 35.36 billion. Its cost of materials consumed fell nearly 11% on year and 17% sequentially to INR 25.71 billion. The company's depreciation and amortisation cost was INR 1.24 billion, down 2.3% on year.
The company said its two-wheeler and four-wheeler replacement segments both grew in double digits for the quarter, driven by robust demand. Its solar segment also posted double-digit growth in revenues on the back of government incentives and various solarisation programs. The company said its automotive exports vertical continued to register robust growth.
However, the company said its industrial infrastructure segment was subdued due to a slowdown in the industry, caused by lower government spending on infrastructure. The company said private capital expenditure was also muted in the quarter.
Exide said it will invest an additional up to INR 3 billion in its wholly-owned subsidiary Exide Energy Solutions Ltd. in order to meet the funding requirement for setting up a green field multi-gigawatt Lithium-ion cell manufacturing facility. The company expects the unit to start operations in 2025-26 (Apr-Mar).
For Apr-Dec, the company's net profit rose almost 7% on year to INR 8.22 billion. Revenue during the same period rose 3.4% to INR 124.29 billion. On Tuesday, shares of the company ended at INR 343.35 on the National Stock Exchange, down 1.3% from the previous close. The company announced the results after market hours. End
Edited by Saji George Titus
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