Exide Industries Ltd

Exide Industries Ltd
Auto Parts & Equipment
FV – Rs 1; 52wks H/L – 240.55/134.65; TTQ – 7.81 Lacs; CMP – Rs 238 (As On April 20, 2017);                      

            Market Cap – Rs 20310 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)


Equity Capital
Net worth		 Long Term Debt
Total
Sales		 PAT
BV
(Rs)
EPS (Rs)
P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
85 4330 2 9615 713.7 51 8.4 28.33 22.59 4.7 45.99 0.87

 

Standalone Financials and Valuations for 9Mnths FY17


Equity Capital
Net worth		 Long Term Debt
Total
Sales		 PAT
BV
(Rs)
EPS (Rs)
P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
85 5340 – 6390 528.86 63 6.22 38.26 22.59 3.8 45.99 0.87

 

Valuation Parameters:

  1. Long Term Debt to Equity – NA
  2. ROE % – 16
  3. Market Cap/Sales – 0.5

 

  • Exide can produce around 34.2 million units of automobile batteries (including batteries for motorcycle applications) annually, and over 2824 million ampere-hours of industrial power every year.
  • The company has a planned capital expenditure of over Rs. 1400 Crs for technology up-gradation, making the organisation more cost-efficient and driving higher automation
  • The company is implementing a large scale CastOn-Strap (COS) line at Hosur, which will be manufacturing large-size batteries in FY 2016-17, enabling faster turnaround and output. At Haldia plant, they have commenced operations of another COS line for much larger batteries (traction cells).
  • Exide is one of the few battery manufacturers who are capable of manufacturing submarine batteries for a wide range of submarine designs. During FY 2015-16, submarine batteries recorded an impressive growth of around 42% over the previous year.
  • Despite a gloomy Global Automotive outlook, export of Automotive Batteries registered a marginal growth of around 2% in value. The export of Industrial Batteries, Home UPS and Solar Systems recorded a volume growth of around 6.5% over the previous year.

 

Overview:

  • Exide Industries Ltd is a storage battery company.
  • The Company designs, manufactures, markets and sells a range of lead acid storage batteries.
  • It operates through Storage Batteries & allied products, Life Insurance Business and Others segments.
  • Storage batteries & allied products segment includes the holding company and some of its subsidiaries manufacture lead acid storage batteries and allied products.
  • The Life Insurance business segment is engaged in life insurance business carried by its subsidiaries.
  • It offers a range of products, including automotive batteries, solar batteries, submarine batteries, industrial batteries, genset batteries, inverter batteries and home uninterruptible power supply systems.
  • The Company manufactures batteries for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining and defense sectors.
  • Its manufacturing units are located in West Bengal, Haryana, Maharashtra, Tamil Nadu and Uttarakhand.

 

Management:

  • R. G. Kapadia – Chairman
  • G. Chatterjee – MD & CEO
  •  A. K. Mukherjee – CFO

 

The Equity Capital is @ Rs 85 Crs consisting of 850000000 equity Shares of FV Rs 1 currently held as under

None Of the Promoter’s Holding is pledged.

 

Major Non – Promoter Holdings:

Sr. No Non – Promoters No. of Shares held % of shares held
1 ICICI Prudential Value 12606036 1.48
2 The New India Assuance Co. Ltd 17731080 2.09
3 LIC of India 32566143 3.83
4 Government Pension Fund Global 29059854 3.42
5 HDFC Standard Life Insurance Co. Ltd 10084463 1.19
6 Hathway Investments Ltd 36752730 4.32

 

 

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars FY16 FY15 FY14 FY13 FY12 FY11
Equity Paid Up 85 85 85 85 85 85
Networth 4330 3841 3450 3080 2687 2385
Total Debt 110 54 15 50 28 101
Net Sales 9615 9630 8380 6422 5360 4822
Other Income 135 95 71 56 41 56
PAT 713.7 614.55 544.66 549.35 446.06 618.82
Book Value (Rs) 51 45 41 36 32 28
EPS (Rs) 8.40 7.23 6.41 6.46 5.25 7.28

 

Sales of Automotive Batteries had a growth rate of 4.3% by volume in 2015-16.

The aftermarket sales of four wheeler batteries witnessed an overall growth of 10% in units from the previous year.

In the two wheelers aftermarket, the growth rate during the year was nearly 14%. Sale of batteries in the four wheeler OEM division was however lower by about 2% in units during the year.

In the OEM two wheelers, the Company witnessed a growth rate of 3% in sales as compared to that of previous year