Exide Industries Q4 Results Review - Downgrade To Add; Lithium-Ion Battery Ramp-Up A Key Ahead: Yes Securities

Yes Securities Report

Exide Industries Ltd.'s Q4 FY24 results were better with Ebitda/adjusted profit after tax of ~9%/5% to our and consensus estimates. This was led by higher-than-expected gross margins at 33% (estimate: 31.2%, +300 basis points/+150 bp YoY/QoQ), led by favorable product mix and benign raw material.

The demand outlook is stable to positive for the base business for auto/industrial vertical, as current volume growth is expected to sustain over near-mid term. Co indicated,

1. market share gains in the domestic market,

2. increased distribution to +115,000 in FY24 (versus +95,000 in FY23),

3. double digit growth in industrial vertical and positive response to new product launches in exports were the factors which led growth in FY24.

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