Sharekhan's research report on Exide Industries
The stock trades at an attractive valuation at P/E multiple of 11.4x and EV/EBITDA multiple of 6.8x its FY2024E estimates. Exide Industries (Exide) reported mixed results in Q2FY23, with revenues below our expectations by 9.5%, while EBITDA margins expanded 30 bps more than expectations. Exide is expected to benefit from a robust automotive and industrial demand and expects its market share to grow in both OEMs and replacement markets.
Outlook
The company plans its 12-gigawatt lithium-ion cell manufacturing plant to start production by FY24 and fully operative by FY26, with a total investment of Rs6,000 crore from internal accruals.
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