Exide Industries Ltd., incorporated in the year 1947, is a Mid Cap company (having a market cap of Rs 14875.00 Crore) operating in Auto Ancillaries sector.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 3559.30 Crore, down -22.21 % from last quarter Total Income of Rs 4575.49 Crore and up 40.27 % from last year same quarter Total Income of Rs 2537.55 Crore. Company reported net profit after tax of Rs 31.54 Crore in latest quarter.
Investment Rationale
The stock trades at 17.2x/13.1x FY22E/FY23E standalone EPS. The brokerage cuts P/E multiple to 14x from 15x to account for risk from EVs. Valuing it ~14x standalone Mar’23E EPS + INR25/share for the Life Insurance business, the brokerage maintains Buy rating with a TP of ~INR215 per share.
Promoter/FII Holdings
Promoters held 46 per cent stake in the company as of June 30, 2021, while FIIs held 11.8 per cent, DIIs 23.3 per cent and public and others 18.9 per cent.
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