Exide Industries Ltd

About

Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India.
Its subsidiary, Exide Life Insurance Company Ltd (ELI) is engaged in the business of life insurance products to the customers through various distribution channels including individual agents, corporate agents, banks, etc.[1]

Key Points

Storage Batteries Segment (74% of revenues)
The company is the leading storage batteries manufacturer in India with leader in almost all categories in Automotive, Industrial, and submarine sectors.
Presently, Automotive sector accounts for 73% of revenues of the segment, followed by industrial (26%) and submarine (1%).[1]
The industrial battery customers are primarily from power, solar, railways, telecom, UPS sectors.[2]

See full details
  • Market Cap 15,810 Cr.
  • Current Price 186
  • High / Low 221 / 155
  • Stock P/E 18.5
  • Book Value 85.6
  • Dividend Yield 1.08 %
  • ROCE 17.0 %
  • ROE 11.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.99%

Cons

  • The company has delivered a poor sales growth of 10.05% over past five years.
  • Company has a low return on equity of 12.47% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
3,633 3,283 4,252 3,664 3,779 3,554 3,475 2,526 4,011 4,197 4,563 3,543
3,327 2,945 3,744 3,284 3,366 3,260 3,115 2,393 3,558 3,751 4,015 3,335
Operating Profit 306 339 508 380 412 294 360 133 453 445 548 207
OPM % 8% 10% 12% 10% 11% 8% 10% 5% 11% 11% 12% 6%
Other Income 120 10 12 27 7 -2 8 11 21 26 13 17
Interest 23 32 29 30 24 30 14 35 32 43 32 39
Depreciation 84 89 92 100 103 106 108 105 109 109 111 116
Profit before tax 320 227 398 277 292 156 246 4 333 319 418 69
Tax % 33% 38% 24% 42% 15% 24% 4% 440% 23% 25% 23% 54%
Net Profit 213 142 303 162 248 119 248 -11 257 241 322 33
EPS in Rs 2.51 1.66 3.56 1.90 2.91 1.40 2.92 -0.13 3.03 2.84 3.79 0.39

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
3,945 4,726 5,272 6,308 8,254 9,471 9,477 11,179 12,808 14,721 14,471 15,297 16,313
2,964 3,765 4,523 5,452 7,385 8,528 8,289 9,805 11,400 13,159 13,014 13,706 14,660
Operating Profit 981 961 749 855 869 944 1,187 1,374 1,408 1,562 1,457 1,591 1,654
OPM % 25% 20% 14% 14% 11% 10% 13% 12% 11% 11% 10% 10% 10%
Other Income 9 102 41 56 73 94 59 102 21 148 40 70 76
Interest 21 16 19 12 14 9 79 153 114 117 108 153 146
Depreciation 88 90 108 122 140 155 175 226 267 344 418 434 445
Profit before tax 882 957 663 777 787 874 992 1,097 1,048 1,249 972 1,074 1,139
Tax % 34% 31% 30% 31% 31% 29% 29% 27% 34% 32% 22% 25%
Net Profit 494 619 446 549 545 615 697 801 691 846 777 810 853
EPS in Rs 5.81 7.28 5.25 6.46 6.41 7.23 8.20 9.42 8.13 9.95 9.14 9.53 10.05
Dividend Payout % 17% 21% 29% 25% 28% 30% 29% 25% 30% 24% 45% 21%
Compounded Sales Growth
10 Years:12%
5 Years:10%
3 Years:6%
TTM:22%
Compounded Profit Growth
10 Years:3%
5 Years:3%
3 Years:4%
TTM:41%
Stock Price CAGR
10 Years:4%
5 Years:-1%
3 Years:-11%
1 Year:16%
Return on Equity
10 Years:15%
5 Years:13%
3 Years:12%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
85 85 85 85 85 85 85 85 85 85 85 85
Reserves 1,832 2,300 2,602 2,995 3,375 3,756 4,305 4,947 5,344 6,022 6,382 7,187
Borrowings 174 104 27 51 35 58 115 187 60 89 196 509
834 1,074 1,208 8,178 8,999 9,989 10,866 12,546 14,326 16,235 17,688 20,896
Total Liabilities 2,924 3,563 3,923 11,309 12,494 13,887 15,370 17,765 19,815 22,431 24,351 28,677
794 968 1,104 1,677 1,686 1,781 1,975 2,259 2,681 3,080 3,248 3,599
CWIP 43 52 27 61 63 115 192 149 241 300 405 431
Investments 877 861 993 6,787 7,890 8,817 10,446 11,884 12,490 14,328 15,816 19,340
1,211 1,682 1,797 2,784 2,855 3,175 2,757 3,474 4,402 4,723 4,883 5,308
Total Assets 2,924 3,563 3,923 11,309 12,494 13,887 15,370 17,765 19,815 22,431 24,351 28,677

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
534 448 602 399 872 180 1,583 937 914 1,687 1,619 2,263
-791 -241 -333 -86 -591 -61 -1,329 -727 -535 -1,438 -1,097 -2,082
248 -214 -229 -155 -215 -199 -167 -182 -386 -217 -532 -170
Net Cash Flow -9 -7 40 158 66 -79 87 28 -6 32 -9 11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 28 29 30 34 29 27 28 24 31 31 27 26
Inventory Days 135 144 122 126 118 129 106 131 120 107 138 144
Days Payable 83 72 65 79 95 77 88 85 83 74 86 111
Cash Conversion Cycle 79 102 87 81 53 79 46 70 69 63 79 59
Working Capital Days 41 53 40 40 12 23 4 16 23 18 23 -9
ROCE % 52% 40% 26% 27% 24% 23% 26% 26% 23% 22% 17% 17%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99 45.99
11.98 9.93 8.89 9.10 8.89 9.41 9.08 9.75 10.39 11.95 11.82 9.74
22.18 23.84 24.74 24.21 24.36 23.48 22.87 23.12 27.26 24.56 23.31 21.69
0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
19.84 20.23 20.37 20.69 20.76 21.12 22.06 21.13 16.36 17.49 18.87 22.58

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