AgenciesPrabhudas Lilladher has buy call on Exide Industries with a target price of Rs 234. The current market price of Exide Industries Ltd. is Rs 193.
Exide Industries Ltd., incorporated in the year 1947, is a Mid Cap company (having a market cap of Rs 16400.75 Crore) operating in Auto Ancillaries sector.
Financials
For the quarter ended 30-09-2020, the company has reported a Consolidated sales of Rs 4011.39 Crore, up 58.80 % from last quarter Sales of Rs 2526.11 Crore and up 6.16 % from last year same quarter Sales of Rs 3778.51 Crore Company reported net profit after tax of Rs 256.26 Crore in latest quarter.
Investment Rationale
The brokerage maintains BUY with revised price target of Rs234 (v/s Rs194) as it raises target multiple to 16x Mar’23E EPS (v/s 14x Sep’22 EPS) to factor in structural market share gains plus Rs23 for value of insurance arm. It has tweaked FY22/23 EPS estimates by 1-3% to factor in higher trading content in replacement segment
Promoter/FII Holdings
Promoters held 45.99 per cent stake in the company as of Sept 30, 2020, while FIIs held 9.75 per cent, DIIs 23.12 per cent and public and others 21.13 per cent.
Exide Industries Ltd., incorporated in the year 1947, is a Mid Cap company (having a market cap of Rs 16400.75 Crore) operating in Auto Ancillaries sector.
Financials
For the quarter ended 30-09-2020, the company has reported a Consolidated sales of Rs 4011.39 Crore, up 58.80 % from last quarter Sales of Rs 2526.11 Crore and up 6.16 % from last year same quarter Sales of Rs 3778.51 Crore Company reported net profit after tax of Rs 256.26 Crore in latest quarter.
Investment Rationale
The brokerage maintains BUY with revised price target of Rs234 (v/s Rs194) as it raises target multiple to 16x Mar’23E EPS (v/s 14x Sep’22 EPS) to factor in structural market share gains plus Rs23 for value of insurance arm. It has tweaked FY22/23 EPS estimates by 1-3% to factor in higher trading content in replacement segment
Promoter/FII Holdings
Promoters held 45.99 per cent stake in the company as of Sept 30, 2020, while FIIs held 9.75 per cent, DIIs 23.12 per cent and public and others 21.13 per cent.
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