Exide Industries Ltd

About

Exide Industries is primarily engaged in the manufacturing of Storage Batteries and allied products in India.(Source : 201903 Annual Report Page No: 126)

  • Market Cap 13,519 Cr.
  • Current Price 159
  • High / Low 208 / 122
  • Stock P/E 22.5
  • Book Value 76.1
  • Dividend Yield 2.58 %
  • ROCE 17.0 %
  • ROE 12.3 %
  • Face Value 1.00

Pros

  • Company is virtually debt free.
  • Market value of investments Rs.15967.57 Cr. is more than the Market Cap Rs.13519.25 Cr.
  • Company has been maintaining a healthy dividend payout of 32.84%

Cons

  • The company has delivered a poor growth of 8.85% over past five years.
  • Company has a low return on equity of 13.14% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
3,553 3,633 3,283 4,252 3,664 3,779 3,554 3,475 2,526
3,154 3,327 2,945 3,744 3,284 3,366 3,260 3,115 2,393
Operating Profit 399 306 339 508 380 412 294 360 133
OPM % 11% 8% 10% 12% 10% 11% 8% 10% 5%
Other Income 6 120 10 12 27 7 -2 8 11
Interest 23 23 32 29 30 24 30 14 35
Depreciation 78 84 89 92 100 103 106 108 105
Profit before tax 305 320 227 398 277 292 156 246 4
Tax % 38% 33% 38% 24% 42% 15% 24% 4% 440%
Net Profit 188 213 142 303 162 248 119 248 -11
EPS in Rs 2.21 2.51 1.66 3.56 1.90 2.91 1.40 2.92 -0.13
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
3,372 3,945 4,726 5,272 6,308 8,254 9,471 9,477 11,179 12,808 14,721 14,471 13,333
2,789 2,964 3,766 4,524 5,453 7,385 8,528 8,289 9,805 11,400 13,159 13,021 12,135
Operating Profit 583 981 960 748 855 868 943 1,187 1,374 1,408 1,561 1,450 1,198
OPM % 17% 25% 20% 14% 14% 11% 10% 13% 12% 11% 11% 10% 9%
Other Income 7 9 103 41 56 73 95 59 102 21 148 48 24
Interest 66 21 16 19 12 14 9 79 153 114 117 108 102
Depreciation 72 88 90 108 122 140 155 175 226 267 344 418 422
Profit before tax 452 882 957 663 777 787 874 992 1,097 1,048 1,249 972 699
Tax % 35% 34% 31% 30% 31% 31% 29% 29% 27% 34% 32% 22%
Net Profit 191 494 619 446 549 545 615 697 801 691 846 777 604
EPS in Rs 2.39 5.81 7.28 5.25 6.46 6.41 7.23 8.20 9.42 8.13 9.95 9.14 7.10
Dividend Payout % 25% 17% 21% 29% 25% 28% 30% 29% 25% 30% 24% 45%
Compounded Sales Growth
10 Years:14%
5 Years:9%
3 Years:9%
TTM:-10%
Compounded Profit Growth
10 Years:4%
5 Years:5%
3 Years:-1%
TTM:-20%
Stock Price CAGR
10 Years:-0%
5 Years:1%
3 Years:-9%
1 Year:-19%
Return on Equity
10 Years:16%
5 Years:14%
3 Years:13%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
80 85 85 85 85 85 85 85 85 85 85 85
Reserves 913 1,832 2,300 2,602 2,995 3,375 3,756 4,305 4,947 5,344 6,022 6,382
Borrowings 361 174 104 27 51 35 58 115 187 60 89 196
591 834 1,074 1,208 8,178 8,999 9,989 10,866 12,546 14,326 16,235 17,688
Total Liabilities 1,945 2,924 3,563 3,923 11,309 12,494 13,887 15,370 17,765 19,815 22,431 24,351
774 794 968 1,104 1,677 1,686 1,781 1,975 2,259 2,681 3,080 3,248
CWIP 20 43 52 27 61 63 115 192 149 241 300 405
Investments 276 877 861 993 6,787 7,890 8,817 10,446 11,884 12,490 14,328 15,816
876 1,211 1,682 1,797 2,784 2,855 3,175 2,757 3,474 4,402 4,723 4,883
Total Assets 1,945 2,924 3,563 3,923 11,309 12,494 13,887 15,370 17,765 19,815 22,431 24,351

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
501 534 448 602 399 872 180 1,583 937 914 1,687 1,619
-322 -791 -241 -333 -86 -591 -61 -1,329 -727 -535 -1,438 -1,097
-147 248 -214 -229 -155 -215 -199 -167 -182 -386 -217 -532
Net Cash Flow 31 -9 -7 40 158 66 -79 87 28 -6 32 -9

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 40% 52% 40% 26% 27% 24% 23% 26% 26% 23% 22% 17%
Debtor Days 29 28 29 30 34 29 27 28 24 31 31 27
Inventory Turnover 3.92 3.50 3.16 3.20 3.39 3.15 3.33 3.15 3.43 3.47 3.66 3.03

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99
10.44 10.61 11.23 11.22 11.98 9.93 8.89 9.10 8.89 9.41 9.08 9.75
22.82 23.11 23.20 23.37 22.18 23.84 24.74 24.21 24.36 23.48 22.87 23.12
0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
20.74 20.28 19.57 19.41 19.84 20.23 20.37 20.69 20.76 21.12 22.06 21.13

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