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 3^rd 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 4^th 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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