Industrial and automotive battery manufacturer Exide Industries reported 15% rise in net profit to Rs 189.56 crore on the back of 26% growth in income from operation to Rs 2459.41 crore for the fourth quarter ended March 2018. Operating margin (OPM) improved by 90 bps to 13.7%. Thus, operating profit grew 34% to Rs 338.03 crore.
Standalone Quarterly Performance
The gross total income from operation inclined 26% to Rs 2459.41 crore for the fourth quarter ended march 2018. OPM increased by 90 bps to 13.7%, as gain in raw material costs by 170 bps to 66.2% as a percentage of sales overshadowed by reduction in employee costs by 40 bps to 6% and other expenses by 220 bps to 14.2% as a percentage of sales. Thus, Operating Profit (OP) grew 34% to Rs 338.03 crore.
Other income dropped 34% to Rs 20.28 crore, thus, the PBDIT gained by 27% at Rs 358.31 crore. After accounting Rs 0.63 crore on interest outflow and depreciation cost of Rs 67.43 crore (up 24%), the PBT, as a result, was up 27% to Rs 290.25 crore. The tax outgo increased by 57% to Rs 100.69 crore. Thus, net profit grew by 15% to Rs 189.56 crore.
Annual Financial Performance
For the financial year ended March 2018 (FY 2018), sales of the company inclined 21% to Rs 9186.32 crore. OPM shrank by 80 bps to 13.5%, chiefly due to spike in raw material cost by 230 bps 65.7% as percentage to sales and net of stock adjustments. As a result, Operating Profit grew 15% to Rs 1240.76 crore.
With slide in other income by 44% to Rs 58.41 crore, along with interest cost of Rs 5.24 crore (up 22%) and depreciation cost of Rs 245.94 crore (up 19%), the PBT before EO inclined by 7% to Rs 1047.99 crore. EO expenditure for the period was Rs 41.83 crore toward settlement of dispute with Exide Technologies, USA, in relation to the usage of the name or mark Exide. The PBT after EO was up 3% to Rs 1006.16 crore. The tax outgo was up 20% at Rs 337.81 crore. Thus, the net profit was down 4% to Rs 668.35 crore.
DIVIDEND
The board has recommended payment of a final dividend of 80% (Re.0.80 per share of face value of Re. 1/- each) for the FY ended 31st March, 2018, subject to approval of the shareholders at the ensuing Annual General Meeting of the Company. Consequently, the total dividend for the year ended 31st March, 2018 including the interim dividend of 160% (Re. 1.60 per share of face value of Re. 1/- each) paid during the year amounts to 240% (Rs.2.40 per share of face value of Re. 1/- each).
The scrip hovers around Rs 262.15 (07 May 2018) on the BSE.
Exide Inds: Standalone Results
Particulars 1803(3) 1703(3) Var % 1803(12) 1703(12) Var %
Income from Operations
2459.41
1954.59
26
9186.32
7583.47
21
OPM (%)
13.7
12.9
13.5
14.3
Operating Profit
338.03
251.90
34
1240.76
1082.48
15
Other income
20.28
30.88
-34
58.41
103.88
-44
PBIDT
358.31
282.78
27
1299.17
1186.36
10
Interest
0.63
0.00
5.24
4.31
22
PBDT
357.68
282.78
26
1293.93
1182.05
9
Depreciation
67.43
54.44
24
245.94
206.32
19
PBT before EO
290.25
228.34
27
1047.99
975.73
7
Exceptional Income/Expenses
0.00
0.00
41.83
0.00
PBT after EO
290.25
228.34
27
1006.16
975.73
3
Taxation
100.69
64.08
57
337.81
282.09
20
Net Profit
189.56
164.26
15
668.35
693.64
-4
EPS (Rs)*
8.9
7.7
7.9
8.2
* Annualized On Current Equity Of Rs 85 Crore. Face Value: Rs 1
" />
Exide Industries
Industrial and automotive battery manufacturer Exide Industries reported 98% rise in net profit to Rs 268.41 crore on the back of 15% growth in income from operation to Rs 2720.35 crore and gains from exceptional income for the first quarter ended June 2018. Operating margin (OPM) reduced by 30 bps to 12.2%. Thus, operating profit grew 12% to Rs 332.71 crore. Exceptional Item of Rs. 108.29 crore for the quarter represents Profit on Sale of property.
For the half year ended September 2018, the net turnover was Rs.5492.81 crore as compared to Rs. 4448.61 crore in the same period of previous year, representing a growth of 23%.
Commenting on the quarter performance, Mr G Chatterjee, MD & CEO said that Volumes in Automotive , Motorcycle, Inverter and Industrial Batteries have shown good growth during the second quarter. However, currency depreciation and higher fuel cost had adverse impact on the margin of the business as a whole. The company is focussing on Cost Control and Technology upgradation as strategies to improve the bottom-line.
Standalone Quarterly Performance
The gross total income from operation inclined 15% to Rs 2720.35 crore for the second quarter ended September 2018. OPM decreased by 30 bps to 12.2%, as gain in raw material costs by 350 bps to 66.5% as a percentage of sales overshadowed fall in other expenses by 50 bps to 15% and reduction in employee costs by 90 bps to 6.1% as a percentage of sales. Thus, Operating Profit (OP) grew 12% to Rs 332.71 crore.
Other income dropped 16% to Rs 11.64 crore, thus, the PBDIT gained by 11% at Rs 344.35 crore. After accounting Rs 1.38 crore on interest outflow and depreciation cost of Rs 76.81 crore (up 29%), the PBT before EO, as a result, was up 7% to Rs 266.16 crore. EO income during the quarter Rs 108.29 crore represents Profit on Sale of property, thus, PBT after EO was up 82% to Rs 374.45 crore. The tax outgo increased by 50% to Rs 106.04 crore. Thus, net profit grew by 98% to Rs 268.41 crore.
Half yearly performance
Sales of the company inclined 23% to Rs 5492.81 crore for first half of the current fiscal year ended September 2018. OPM shrank by 70 bps to 13.2%, chiefly due to spike in raw material cost by 110 bps 65.7% as percentage to sales and net of stock adjustments. As a result, Operating Profit grew 17% to Rs 725.56 crore.
With slide in other income by 49% to Rs 13.91 crore, along with interest cost of Rs 2.50 crore (down 32%) and depreciation cost of Rs 148.69 crore (up 28%), the PBT before EO inclined by 12% to Rs 588.28 crore. EO income during the period Rs 108.29 crore represents Profit on Sale of property, thus, PBT after EO was up 43% to Rs 696.57 crore. The tax outgo was up 35% to Rs 218.24 crore. Thus, the net profit gained by 47% to Rs 478.33 crore.
Annual Financial Performance
For the financial year ended March 2018 (FY 2018), sales of the company inclined 21% to Rs 9186.32 crore. OPM shrank by 80 bps to 13.5%, chiefly due to spike in raw material cost by 230 bps 65.7% as percentage to sales and net of stock adjustments. As a result, Operating Profit grew 15% to Rs 1240.76 crore.
With slide in other income by 44% to Rs 58.41 crore, along with interest cost of Rs 5.24 crore (up 22%) and depreciation cost of Rs 245.94 crore (up 19%), the PBT before EO inclined by 7% to Rs 1047.99 crore. EO expenditure for the period was Rs 41.83 crore toward settlement of dispute with Exide Technologies, USA, in relation to the usage of the name or mark Exide. The PBT after EO was up 3% to Rs 1006.16 crore. The tax outgo was up 20% at Rs 337.81 crore. Thus, the net profit was down 4% to Rs 668.35 crore.
The scrip hovers around Rs 250.75 (5th November 2018) on the BSE.
Exide Inds: Standalone Results
0 thoughts on “Exide Industries”