Saturday, January 21, 2012

Exide Industries Limited=QTRLY RESULTS = Q3 FY 2012 = Q/E DEC,2011 = NET SALES UP 6.32%QoQ;YP 19.11%YoY; NPT UP 104%QoQ AND DOWN 16%YoY. = =4th Qtr LIKELY TO BE BETTER


Exide Industries Limited
 
NSE Symbol        EXIDEIND

EXIDE INDUSTRIES has declared results for 3rd qtr ending Dec,2011.

Net Sales stands at Rs.1249.57 cr in Q3 FY 12, the current Qtr  – up by 6.32% from Q2 FY 12, the previous qtr  and up by 19.11% from Q3 FY11, the corresponding Qtr.

Total Expenditure for Q3 FY 12 stands at Rs.1109.74 Cr – down by  -0.07 from Q2 FY 12 (mainly due to decrease in SIT / WIP  and reduction in other expenditure)and up by 21.78% from Q3 FY 11.

Profit from Operations stands at Rs.140.48 cr in Q3 FY 12 – up by 114.1% from Q2 FY 12 and up by 1.12% from Q3 FY 11.

Other Income     at Rs.9.95 cr in Q3 FY 12 is up by 26.11% from Q2 FY 12 but down by -70% from Q3 FY 11.

Interest expense on the other hand stands at Rs.4.38 cr – up by 172.1% from Q2 FY 12 and up by 133% from Q3 FY 11.

Profit before tax therefore stands at Rs.146.05 Cr  up by 103.1% from Q2 FY 12; but down by  -14.2% from Q3 FY 11.

Tax expense stands at Rs.41.75 cr in Q3 FY 12 – up by 101.2% from Q2 FY 12 ; but down by  -8.74% from Q3 FY 11.

Net Profit finally stands at Rs.104.30 cr in Q3 FY 12 – compared to rs.51.15 in Q2 FY 12 (Up by 103.9%) ; and Rs.124.42 cr in Q3 FY 11 (down by -16.2%).

Basic EPS on a FV of Rs.1 stands at  Rs.1.23 in Q3 FY 12; Rs.0.6 in Q2 FY 12; Rs.1.92 in Q1.FY 12; Rs.1.93 in Q4 FY 11; and Rs.1.46 in Q3 FY 11. While there is improvement with reference to previous quarters, there is a fall with reference to earlier quarters. This is due to lesser other income and more interest and  tax expenses.

Annual EPS may come to Rs.4.98.

Current Market price is Rs.126; while the 52 week high price is Rs.188.20 and the  52 week low price  is Rs.98.70

PE Ratio comes to 25.3.

WHAT COMPANY SAYS :

For the first 9 months – net turnover is Rs.3668 Cr and Net Profit is Rs.319 Cr.

Operating Margin improved by 560 basis points. Exchange loss is Rs.10.36 Cr due to currency depreciation. NPT higher 104% sequentially.

Sales Volume of SBU-Automotive remained subdued in both OEM and replacement segments the volume growth in 2 wheeler batteries  was nearly 20% in Q3.

Lead Prices remained comparatively soft. But, rupee depreciation negated this advantage.
The overall margins should further improve in 4th Qtr.

In case of SBU- Industrial, despite the significant growth in Telecom Batteries, overall Growth for the Qtr was nearly 13% due to increased demand for inverter and VRLA Batteries.

CAPEX for FY 12 is expected to be around Rs.270 Cr.

RESULTS TABLE

EXIDE IND
31-Dec-11
30-Sep-11
%DIF1
30-Jun-11
31-Mar-11
31-Dec-10
%DIF2
Net Sales
124957
117528
6.32
124367
122606
104913
19.11
Other Operating Income
65
82
-20.73
74
2199
104
-37.5
Increase in SIT / WIP
-4547
14165
-132.1
-10620
-12131
-2900
56.79
Raw Materials
88581
70634
25.41
89621
87921
69848
26.82
 Traded Goods
246
190
29.47
58
1161
1360
-81.9
Employees Cost
7524
6441
16.81
7195
8542
6361
18.28
Depreciation
2504
2467
1.5
2370
2268
2121
18.06
Other Expenditure
16666
17151
-2.83
15962
15926
14335
16.26
Total Expenditure
110974
111048
-0.07
104586
103687
91125
21.78
Profit from Operations
14048
6562
114.1
19855
21118
13892
1.12
Other Income
995
789
26.11
3078
2156
3313
-70
Interest
438
161
172.1
113
82
188
133
Profit before tax
14605
7190
103.1
22820
23192
17017
-14.2
Tax expense
4175
2075
101.2
6500
6825
4575
-8.74
Net Profit
10430
5115
103.9
16320
16367
12442
-16.2
Face Value (In Rs
1
1
0
1
1
1
0
Paid Up Equity
8500
8500
0
8500
8500
8500
0
Basic EPS
1.23
0.6
105
1.92
1.93
1.46
-15.8
Public holding (%)
54.01
54.01
0
54.01
54.01
54.01
0

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