Past 10 year's financial track record analysis by Moneyworks4me indicates that Exide Industries Ltd is a good quality company.
The key valuation ratios of Exide Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Exide Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 20.7% | 21% | 20.1% | 19.3% | 21.9% | 17% | 15.8% | 65.8% | 11.4% | 12% | - |
| Value Creation Index ⓘ | 0.5 | 0.6 | 0.5 | 0.4 | 0.6 | 0.3 | 0.2 | 3.9 | -0.2 | 0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 6,866 | 6,854 | 7,583 | 9,186 | 10,588 | 9,857 | 10,041 | 12,410 | 14,592 | 16,029 | 16,438 |
| Sales YoY Gr. | - | -0.2% | 10.7% | 21.1% | 15.3% | -6.9% | 1.9% | 23.6% | 17.6% | 9.9% | - |
| Adj EPS ⓘ | 6.4 | 7.3 | 8.1 | 8.1 | 9 | 9.8 | 8.8 | 16.1 | 9.9 | 12 | 13 |
| YoY Gr. | - | 14% | 10.4% | 0% | 10.9% | 9.4% | -10.7% | 83.3% | -38.5% | 21.5% | - |
| BVPS (₹) ⓘ | 47.4 | 53.1 | 58.4 | 63.4 | 70.4 | 74.1 | 81.1 | 124.7 | 131.9 | 154.6 | 169.9 |
| Adj Net Profit ⓘ | 547 | 623 | 688 | 688 | 762 | 834 | 745 | 1,365 | 839 | 1,019 | 1,106 |
| Cash Flow from Ops. ⓘ | 325 | 1,340 | 430 | 517 | 1,004 | 914 | 1,413 | 20.5 | 848 | 1,997 | - |
| Debt/CF from Ops. ⓘ | 0.1 | 0.1 | 0.4 | 0 | 0 | 0 | 0 | 0.5 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.9% | 8.7% | 16.9% | 9.9% | ||||
| Adj EPS ⓘ | 7.2% | 6% | 11% | 21.5% | ||||
| BVPSⓘ | 14% | 17% | 24% | 17.2% | ||||
| Share Price | 7.5% | 22.6% | 32.6% | 17.7% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14 | 14.6 | 14.5 | 13.3 | 13.4 | 13.6 | 11.3 | 15.6 | 7.7 | 8.4 | 8 |
| Op. Profit Mgn % ⓘ | 13.3 | 14.9 | 14.3 | 13.6 | 13.4 | 13.9 | 13.5 | 11.3 | 10.8 | 11.7 | 11.8 |
| Net Profit Mgn % ⓘ | 8 | 9.1 | 9.1 | 7.5 | 7.2 | 8.5 | 7.4 | 11 | 5.8 | 6.4 | 6.7 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 98 | 99 | 92 | 107 | 112 | 124 | 126 | 112 | 107 | 108 | 59 |
| Cash Conv. Cycle ⓘ | 55 | 51 | 48 | 58 | 58 | 69 | 67 | 64 | 72 | 69 | 22 |
Sales growth is growing at healthy rate in last 3 years 16.87%
Net Profit is growing at healthy rate in last 3 years 11.03%
Return on Equity has declined versus last 3 years average to 8.00%
Sales growth is not so good in last 4 quarters at 5.80%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 13 | 9.3 |
| TTM Sales (₹ Cr.) | 16,438 | 17,075 |
| BVPS (₹.) ⓘ | 169.9 | 164.5 |
| Reserves (₹ Cr.) ⓘ | 14,356 | 13,899 |
| P/BV ⓘ | 2.12 | 2.19 |
| PE ⓘ | 27.69 | 38.63 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 305.00 / 620.00 |
| All Time Low / High (₹) | 1.93 / 620.00 |
| Market Cap (₹ Cr.) | 30,630 |
| Equity (₹ Cr.) | 85 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 25.9 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income (₹ Cr.) | 6,909 | 13.2 | 6,842 | 9.8 | 7,020 | 11.5 | 7,196 | 9.8 |
| Interest Earned (₹ Cr.) | 12,307 | 25.3 | 12,746 | 21.4 | 13,216 | 18.1 | 13,428 | 13.8 |
| Total Income (₹ Cr.) | 15,285 | 27.3 | 15,675 | 18.9 | 15,900 | 17.7 | 16,050 | 13.9 |
| Adj EPS (₹) | 20.8 | 18.1 | 19 | 9.6 | 16.8 | 4.7 | 16.6 | 9.9 |
| NIM (%) | 5.28 | - | 5.02 | - | 4.91 | - | 4.93 | - |
| Net NPA to Net Advances (%) | 0.34 | - | 0.35 | - | 0.43 | - | 0.41 | - |
| CASA (%) | 45.50 | - | 43.40 | - | 43.60 | - | 42.30 | - |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Exide industries Ltd (Exide) is head quartered in Kolkata and it is considered as one of the India’s largest storage battery manufacturing company. The company has presence over six decades across the geographical territories of India. The company is also in the business of making automotive acid led batteries, industrial batteries and submarine batteries. It has plants in India, Sri Lanka, Singapore and the UK. It is covering the broadest range of applications and has a widest range of storage batteries from 2.5 Ah to 20,600 Ah capacities. It sells automotive batteries in the domestic market under the brand name EXIDE, SF, SONIC, Standard Furukawa, DYNEX, and INDEX; and submarine batteries for defense applications. Index and Sonic brands are used for export market. It sells its automotive batteries through a distribution network of dealer outlets primarily to car and two-wheeler manufacturers. It is a leading supplier of batteries for motorcycles, passenger vehicles, commercial trucks and farm equipment.
Lead prices have been trending lower since 2011 from $2400/t to ~$1800/t now. Gross margins have increased closed to 37-38%. While there is no way to forecast lead prices into future, we believe that the industry has moderate pricing power in replacement market which offsets high raw material costs. In near future, we are expecting that sales from OEMs will gain traction as opposed to replacement market as auto sales underwent slowdown from FY12-14.
Exide has been losing market share to Amara Raja due to inferior technology and average service. Amara Raja Batteries has an access to superior product from the joint venture with Johnson Controls Inc. in December 1997.
However, Exide Industries is incurring huge capex (Rs. 700-800 Cr) for implementing the punch grid technology, which will lead to superior battery life from current 3 years to 4-5 years and lower warranty costs. In FY15, Exide had 15,500 plus dealers, 14,250 plus humsafar outlets and 775 plus exide care outlets. The company supplies products to majority of its large stores. In FY17, management aims to penetrate smaller shops and strengthen its distribution network. It is also taking steps to regain share in replacement such as starting 2W courier services, which pick up the batteries from the service centers for faster replacement and develop devices which tap the touch-time of dealers. We believe that this will make the company competitive and defend its market share. Also, past relationship on OEMs (60% market share) is one of its strengths.
We had given BUY on Exide Industries in Jan’14 and Jan’16 at 108 and 118 respectively. Since Jan’16 the stock is up 45%, but unfortunately we couldn’t buy significant weight in our portfolio. We recommend HOLD on the stock. Wait for our BUY/SELL signal to time your purchase and sell decision.
All our past signals can be viewed here. You can bookmark this page for reference.
A portfolio must be held for the long term, which we define as at least 5-7 years. However, this does not mean every stock will perform in each year. Our performance should be judged on the basis of the overall portfolio over 2-3 years at least, not on the basis of short-term performance of individual stocks. Uninvested cash should be parked in money market/liquid funds/fixed deposits earning 8% pre-tax returns.
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Exide Inds | 365.6 | 5.2 (1.4%) | Mid Cap | 16,029 | 13 | 6.4 | 27.7 | 2.1 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,866 | 6,854 | 7,583 | 9,186 | 10,588 | 9,857 | 10,041 | 12,410 | 14,592 | 16,029 |
| Operating Expenses ⓘ | 5,957 | 5,837 | 6,500 | 7,944 | 9,176 | 8,490 | 8,684 | 11,011 | 13,023 | 14,157 |
| Manufacturing Costs | 497 | 469 | 565 | 609 | 665 | 652 | 581 | 693 | 807 | 879 |
| Material Costs | 4,552 | 4,241 | 4,715 | 6,010 | 6,970 | 6,266 | 6,580 | 8,580 | 10,199 | 11,068 |
| Employee Cost | 417 | 467 | 520 | 597 | 638 | 666 | 722 | 802 | 872 | 983 |
| Other Costs ⓘ | 491 | 659 | 701 | 728 | 903 | 906 | 803 | 936 | 1,146 | 1,226 |
| Operating Profit ⓘ | 909 | 1,017 | 1,083 | 1,242 | 1,413 | 1,367 | 1,357 | 1,399 | 1,569 | 1,873 |
| Operating Profit Margin (%) | 13.2% | 14.8% | 14.3% | 13.5% | 13.3% | 13.9% | 13.5% | 11.3% | 10.8% | 11.7% |
| Other Income ⓘ | 32 | 52 | 104 | 58 | 39 | 64 | 65 | 80 | 132 | 85 |
| Interest ⓘ | 3 | 3 | 5 | 7 | 7 | 11 | 25 | 40 | 30 | 50 |
| Depreciation ⓘ | 140 | 158 | 206 | 246 | 314 | 363 | 379 | 413 | 456 | 497 |
| Exceptional Items ⓘ | 0 | 0 | 0 | -42 | 108 | -22 | 0 | 4,694 | 0 | 0 |
| Profit Before Tax ⓘ | 798 | 908 | 976 | 1,006 | 1,239 | 1,035 | 1,018 | 5,720 | 1,215 | 1,410 |
| Tax ⓘ | 253 | 284 | 282 | 338 | 395 | 210 | 260 | 1,036 | 311 | 357 |
| Profit After Tax | 546 | 624 | 694 | 668 | 844 | 826 | 758 | 4,684 | 904 | 1,053 |
| PAT Margin (%) | 8.0% | 9.1% | 9.1% | 7.3% | 8.0% | 8.4% | 7.6% | 37.7% | 6.2% | 6.6% |
| Adjusted EPS (₹) | 6.4 | 7.4 | 8.2 | 7.9 | 9.9 | 9.7 | 8.9 | 55.1 | 10.6 | 12.4 |
| Dividend Payout Ratio (%) | 34% | 33% | 29% | 31% | 24% | 42% | 22% | 4% | 19% | 16% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 4,055 | 4,511 | 4,964 | 5,389 | 5,987 | 6,296 | 6,894 | 10,598 | 11,210 | 13,137 |
| Share Capital ⓘ | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 |
| Reserves ⓘ | 3,970 | 4,426 | 4,879 | 5,304 | 5,902 | 6,211 | 6,809 | 10,513 | 11,125 | 13,052 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 18 | 103 | 170 | 0 | 0 | 0 | 0 | 10 | 0 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 18 | 103 | 170 | 0 | 0 | 0 | 0 | 10 | 0 | 0 |
| Trade Payables | 648 | 745 | 768 | 1,079 | 1,143 | 1,030 | 1,642 | 1,619 | 1,526 | 2,310 |
| Others Liabilities ⓘ | 683 | 780 | 874 | 929 | 1,043 | 916 | 1,094 | 1,071 | 1,199 | 1,406 |
| Total Liabilities ⓘ | 5,403 | 6,138 | 6,776 | 7,397 | 8,172 | 8,242 | 9,629 | 13,298 | 13,935 | 16,853 |
Fixed Assets | ||||||||||
| Gross Block | 2,226 | 1,421 | 1,906 | 2,559 | 3,207 | 3,604 | 4,274 | 4,825 | 5,347 | 5,800 |
| Accumulated Depreciation | 1,136 | 155 | 360 | 601 | 910 | 1,264 | 1,636 | 2,051 | 2,497 | 2,935 |
| Net Fixed Assetsⓘ | 1,090 | 1,265 | 1,546 | 1,958 | 2,297 | 2,339 | 2,638 | 2,775 | 2,850 | 2,865 |
| CWIP ⓘ | 100 | 186 | 141 | 234 | 255 | 297 | 201 | 312 | 101 | 202 |
| Investmentsⓘ | 1,896 | 2,698 | 2,674 | 1,969 | 2,199 | 2,071 | 3,059 | 6,036 | 6,341 | 8,621 |
| Inventories | 1,523 | 1,134 | 1,527 | 1,760 | 1,804 | 2,192 | 2,346 | 2,465 | 2,989 | 3,249 |
| Trade Receivables | 555 | 604 | 622 | 943 | 1,081 | 815 | 887 | 1,194 | 1,274 | 1,264 |
| Cash Equivalents | 30 | 74 | 20 | 87 | 74 | 155 | 91 | 161 | 74 | 223 |
| Others Assetsⓘ | 209 | 178 | 246 | 445 | 462 | 373 | 407 | 355 | 305 | 429 |
| Total Assets ⓘ | 5,403 | 6,138 | 6,776 | 7,397 | 8,172 | 8,242 | 9,629 | 13,298 | 13,935 | 16,853 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 325 | 1,340 | 430 | 517 | 1,004 | 914 | 1,413 | 20 | 848 | 1,997 |
| PBT ⓘ | 798 | 908 | 976 | 1,006 | 1,239 | 1,035 | 1,018 | 5,720 | 1,215 | 1,410 |
| Adjustment ⓘ | 119 | 122 | 121 | 217 | 185 | 343 | 363 | -4,304 | 408 | 470 |
| Changes in Working Capital ⓘ | -346 | 578 | -385 | -356 | -47 | -216 | 304 | -348 | -454 | 487 |
| Tax Paid ⓘ | -248 | -268 | -281 | -350 | -373 | -249 | -272 | -1,047 | -321 | -371 |
| Cash Flow From Investing Activity ⓘ | -213 | -1,146 | -307 | -28 | -766 | -325 | -1,277 | 275 | -888 | -1,617 |
| Capex | -305 | -395 | -416 | -771 | -551 | -465 | -338 | -578 | -349 | -484 |
| Net Investments | 70 | -786 | 25 | 705 | -50 | 202 | -872 | 216 | 207 | 351 |
| Others ⓘ | 22 | 34 | 83 | 38 | -165 | -62 | -66 | 638 | -746 | -1,484 |
| Cash Flow From Financing Activityⓘ | -202 | -150 | -178 | -421 | -252 | -509 | -199 | -225 | -46 | -230 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -1 | -1 | -4 | -6 | -6 | -7 | -4 | -15 | -6 | -6 |
| Dividend Paid ⓘ | -218 | -195 | -203 | -245 | -204 | -485 | -170 | -170 | 0 | -170 |
| Others ⓘ | 18 | 46 | 28 | -170 | -42 | -17 | -24 | -40 | -41 | -54 |
| Net Cash Flow ⓘ | -90 | 44 | -55 | 67 | -14 | 80 | -62 | 71 | -86 | 149 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 14.11 | 14.62 | 14.64 | 12.91 | 14.84 | 13.44 | 11.5 | 53.56 | 8.29 | 8.65 |
| ROCE (%) | 20.66 | 21.03 | 20.13 | 19.25 | 21.91 | 17.04 | 15.81 | 65.83 | 11.42 | 11.99 |
| Asset Turnover Ratio | 1.48 | 1.34 | 1.32 | 1.33 | 1.36 | 1.2 | 1.12 | 1.08 | 1.07 | 1.04 |
| PAT to CFO Conversion(x) | 0.6 | 2.15 | 0.62 | 0.77 | 1.19 | 1.11 | 1.86 | 0 | 0.94 | 1.9 |
| Working Capital Days | ||||||||||
| Receivable Days | 26 | 27 | 26 | 30 | 35 | 35 | 31 | 31 | 31 | 29 |
| Inventory Days | 65 | 63 | 57 | 63 | 61 | 74 | 82 | 71 | 68 | 71 |
| Payable Days | 47 | 53 | 51 | 49 | 51 | 56 | 62 | 49 | 36 | 41 |
Exide Industries Limited is a public company domiciled in India and is incorporated under the provisions of the Companies Act, 2013. Its shares are listed on three recognised stock exchanges in India. The company is primarily engaged in the manufacturing of Storage Batteries and allied products in India.
Business area of the company
The company is a leader in energy storage and management solutions. It is the only company in the world manufacturing the lead acid industry’s most comprehensive range of products and services.
Products
Awards
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2018:
Milestones
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