Exide Industries is trading higher by 3% at Rs 126 after reporting a better-than-expected 4.6% year-on-year (yoy) growth in net profit at Rs 159 crore for the quarter ended June 30, 2013 on back of strong operating performance.Analyst on an average had expected profit of Rs 152 crore from the auto parts and equipment makers.
Net sales grew 4.8% at Rs 1,627 crore on yoy basis, led by continued traction in the automotive replacement battery segment.
“The company’s performance driven by sharp expansion in operating margins led by continued growth in the automotive replacement battery segment and also due to around 10% qoq decline in lead prices,” says analyst at Angel Broking in a note.
On the operating front, EBITDA margins improved by 116 bp yoy to 16.1%, primarily on account of around 10% qoq decline in lead prices which resulted in a 80 bp yoy savings on the raw-material front, said analyst.
The stock opened at Rs 122 and touched high of Rs 131 on NSE. The counter has seen heavy trading activities with a combined 2.66 million shares already changed hands till 1000 hours against an average sub 2 million shares that were traded daily in past two weeks on NSE and BSE.
Net sales grew 4.8% at Rs 1,627 crore on yoy basis, led by continued traction in the automotive replacement battery segment.
“The company’s performance driven by sharp expansion in operating margins led by continued growth in the automotive replacement battery segment and also due to around 10% qoq decline in lead prices,” says analyst at Angel Broking in a note.
On the operating front, EBITDA margins improved by 116 bp yoy to 16.1%, primarily on account of around 10% qoq decline in lead prices which resulted in a 80 bp yoy savings on the raw-material front, said analyst.
The stock opened at Rs 122 and touched high of Rs 131 on NSE. The counter has seen heavy trading activities with a combined 2.66 million shares already changed hands till 1000 hours against an average sub 2 million shares that were traded daily in past two weeks on NSE and BSE.
