InCred Equities - Exide Industries Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	160,292	171,897	190,908	209,951
Operating EBITDA (Rsm)	18,714	20,104	23,228	25,771
Net Profit (Rsm)	10,530	11,447	13,358	14,968
Core EPS (Rs)	12.4	13.5	15.7	17.6
Core EPS Growth	16.5%	8.7%	16.7%	12.1%
FD Core P/E (x)	34.02	31.30	26.82	23.94
DPS (Rs)	7.0	7.5	9.0	10.0
Dividend Yield	1.66%	1.78%	2.14%	2.37%
EV/EBITDA (x)	14.42	13.27	11.30	9.99
P/FCFE (x)	47.05	57.84	51.66	42.91
Net Gearing	(1.7%)	(1.7%)	(1.2%)	(1.1%)
P/BV (x)	2.73	2.63	2.52	2.41
ROE	8.6%	8.5%	9.6%	10.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	160,292	171,897	190,908	209,951
Gross Profit	49,609	54,291	62,227	69,084
Operating EBITDA	18,714	20,104	23,228	25,771
Depreciation And Amortisation	(4,975)	(5,413)	(5,976)	(6,508)
Operating EBIT	13,740	14,691	17,251	19,263
Financial Income/(Expense)	(486)	(400)	(500)	(450)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	845	972	1,060	1,144
Profit Before Tax (pre-EI)	14,099	15,263	17,811	19,958
Exceptional Items
Pre-tax Profit	14,099	15,263	17,811	19,958
Taxation	(3,569)	(3,816)	(4,453)	(4,989)
Exceptional Income - post-tax
Profit After Tax	10,530	11,447	13,358	14,968
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,530	11,447	13,358	14,968
Recurring Net Profit	10,530	11,447	13,358	14,968
Fully Diluted Recurring Net Profit	10,530	11,447	13,358	14,968

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	18,714	20,104	23,228	25,771
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,331	(5,841)	(3,073)	(3,653)
(Incr)/Decr in Total Provisions	(37)	1,299	640	677
Other Non-Cash (Income)/Expense	1,591
Other Operating Cashflow
Net Interest (Paid)/Received	360	572	560	694
Tax Paid	(3,864)	(3,358)	(3,918)	(4,391)
Cashflow From Operations	22,094	12,776	17,436	19,099
Capex	(6,132)	(3,332)	(5,250)	(5,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(8,347)	(3,250)	(5,250)	(5,250)
Other Investing Cashflow
Cash Flow From Investing	(14,479)	(6,582)	(10,500)	(10,750)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(5,950)	(6,375)	(7,650)	(8,500)
Preferred Dividends
Other Financing Cashflow	(22)	50	50	50
Cash Flow From Financing	(5,972)	(6,325)	(7,600)	(8,450)
Total Cash Generated	1,643	(131)	(664)	(101)
Free Cashflow To Equity	7,615	6,194	6,936	8,349
Free Cashflow To Firm	8,101	6,594	7,436	8,799

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,227	2,256	1,692	1,691
Total Debtors	14,644	16,470	17,714	19,431
Inventories	32,493	33,908	37,135	40,840
Total Other Current Assets	2,561	2,600	2,700	2,800
Total Current Assets	51,925	55,235	59,241	64,762
Fixed Assets	29,001	28,588	27,862	26,854
Total Investments	86,206	89,206	94,206	99,206
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	115,207	117,794	122,068	126,059
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	23,199	21,193	22,491	24,159
Other Current Liabilities	10,312	10,828	11,369	11,938
Total Current Liabilities	33,511	32,020	33,860	36,096
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	3,917	4,564	5,296	6,104
Total Liabilities	37,428	36,584	39,156	42,200
Shareholders Equity	131,372	136,445	142,153	148,621
Minority Interests
Total Equity	131,372	136,445	142,153	148,621

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	9.8%	7.2%	11.1%	10.0%
Operating EBITDA Growth	19.3%	7.4%	15.5%	11.0%
Operating EBITDA Margin	11.7%	11.7%	12.2%	12.3%
Net Cash Per Share (Rs)	2.62	2.65	1.99	1.99
BVPS (Rs)	154.56	160.52	167.24	174.85
Gross Interest Cover	28.28	36.73	34.50	42.81
Effective Tax Rate	25.3%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	56.5%	55.7%	57.3%	56.8%
Accounts Receivables Days	28.91	29.43	29.91	29.59
Inventory Days	102.86	103.04	100.76	101.02
Accounts Payables Days	63.58	68.89	61.95	60.44
ROIC (%)	28.0%	32.5%	34.8%	37.4%
ROCE (%)	11.0%	10.6%	12.0%	12.7%
Return On Average Assets	7.2%	7.0%	7.8%	8.3%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg