External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>To invest in Li-ion cell manufacturing without PLI incentive</li></ul><div><ul><li>Operating leverage partially offsets cost inflation - <span style="font-size: var(--content-font-size);">Revenue grew 16% YoY to INR34.1b, while EBITDA/PAT fell 15%/ 8% YoY to INR3.5b/INR2.25b in 4QFY22. The same grew 23%/3%/ 11% YoY in FY22.</span></li></ul><div><div><div><div><ul><li>Highlights from the management interaction - EXID has set up a wholly-owned subsidiary – Exide Energy Solutions, which will house its greenfield multi-gigawatt hour Li-ion cell manufacturing facility. It is in advanced talks for procuring a land parcel in Karnataka.</li></ul></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

To invest in Li-ion cell manufacturing without PLI incentiveOperating leverage partially offsets cost inflation - Revenue grew 16% YoY to INR34.1b, while EBITDA/PAT fell 15%/ 8% YoY to INR3.5b/INR2.25b in 4QFY22. The same grew 23%/3%/ 11% YoY in FY22.Highlights from the management interaction - EXID has set up a wholly-owned subsidiary – Exide Energy Solutions, which will house its greenfield multi-gigawatt hour Li-ion cell manufacturing facility. It is in advanced talks for procuring a land parcel in Karnataka.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide - Mixed Bag; Strong Revenue Growth, but Margin Weak

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive &amp; industrial applications.</li><li>Segment mix: -automotive sales~73% &amp; industrial application ~26%</li><li>Target Price and Valuation: We value EIL at revised SOTP-based TP of Rs 195 (Rs 122 for battery business at 12x FY24E EPS, Rs 73 for investments; earlier TP Rs 210).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive &amp; industrial applications.Segment mix: -automotive sales~73% &amp; industrial application ~26%Target Price and Valuation: We value EIL at revised SOTP-based TP of Rs 195 (Rs 122 for battery business at 12x FY24E EPS, Rs 73 for investments; earlier TP Rs 210).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide Industries: Await Bigger, Firm Investments in Li-On Battery Space

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Exide Industries Limited (EIL) is a leader in storage battery business with a market share of 60% in India. Its segment includes automotive &amp; industrial batteries and holds 86% market share in the 2W space. Q1FY22 revenue grew by 61% YoY primarily due to lower base and strong growth from the Aftermarket &amp; UPS segment. As a result, EBITDA margin expanded by 90bps YoY.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Exide Industries Limited (EIL) is a leader in storage battery business with a market share of 60% in India. Its segment includes automotive &amp; industrial batteries and holds 86% market share in the 2W space. Q1FY22 revenue grew by 61% YoY primarily due to lower base and strong growth from the Aftermarket &amp; UPS segment. As a result, EBITDA margin expanded by 90bps YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Exide Industries: Superior Product Mix and Cost Optimization

India

Exide Industries Limited is an Indian multinational company that designs, manufactures, and markets lead-acid storage batteries and power storage solutions. Its product range includes batteries for automotive, industrial, inverter, home UPS, solar, and submarine applications. The company is headquartered in Kolkata, India, and was founded in 1947.

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Exide Industries (EXID IN)

Exide - Mixed Bag; Strong Revenue Growth, but Margin Weak

EXID’s performance was impacted by higher RM cost inflation, but the same was partially offset by operating leverage. We expect a sustained recovery

Motilal Oswal

Exide Industries: Await Bigger, Firm Investments in Li-On Battery Space

Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive & industrial...

ICICI Securities Limited

Exide Industries: Superior Product Mix and Cost Optimization

Exide Industries Limited (EIL) is a leader in storage battery business with a market share of 60% in India. Its segment includes automotive &...

Geojit

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