Exide Industries

Exide-Is Turnaround on the cards?

Just a brief as the Industry will be well known to members here due to Amara Raja.

Exide Industries is a leading manufacturer of lead acid batteries for automotive, telecom, traction, UPS, naval, and motive power markets, Its a duopoly market, Exide a major player with Amara Raja fast catching up and sufficient space for both to grow in the industry, further the growth in replacement market in Automotives is high, importance of distribution in this industry is relevant (Exide having a good hold in both areas and also original Equipment segment). Further with its launch in the home UPS segment around two quarters back with focus to consolidate and increase the presence here, the theory of the inevitable need of an UPS (sufficient addressable market) also plays here. No doubt the company will have to fight harder in this segment.

Well the hammering of Exide on the bourses is knowna may be a few weeks before one could have justified it through an excellent comparison with Amara raja.

But a few things have changed due to which my attention drifted towards the industry leader. Some may argue why to look here when we have Amara Raja, which is no doubt undervalued as compared to Exide and is perfectly playing on the duopoly theory mechanism envisaged by the members at the forum.

I will compare the cause for dismal performance of Exide (mainly which has lead to the hammering and according to me foremost would be its comparison with Amara Raja) and what has changed: -

Concern: - Pressure on margins due to a spike in the lead prices and currency devaluation

Recent development: - Exide Industries Ltd will raise prices for replacement auto batteries by 5-6 percent due to rising input costs, a company source with direct knowledge of the matter told Reuters on this Friday.

Concern: - Amara Rajaas better technology advantage due to Johnson Tie-up leading to higher battery Life and recommendation from suppliers in the replacement market and also market gain in telecom and OEMs. The point to note here is it is the replacement market which will mainly drive the growth of this industry till order from OEMs and Telecom pick up, in short till the gloom over economy settles. If OEMs pick up it will benefit Exide more due to larger presence.

Recent Development: - Exide Industries has entered into an additional Technical License and Assistance Agreement with Shin-Kobe Electric Machinery Company- Japan (Shin-Kobe) to implement new manufacturing processes for automotive batteries.

Under this Agreement Shin-Kobe will provide Exide the technology and extensive technical support and assistance to enable the company to manufacture quality automotive batteries in its various plants in India. This new technology would enable Exide to not only manufacture superior quality batteries but is also expected to result in cost reduction. Shin-Kobe Electric Machinery Company is a leading manufacturer inter alia of automotive and industrial batteries and part of the renowned Hitachi Group and is a wholly owned subsidiary of Hitachi Chemical Company, Japan.

Concern: - Reducing Market share

**Recent Development: - **Well all the members would agree that market share depends on better product (recent technological tie-up will help), Distribution Network (being a leader the company does have good presence) and Management aggressiveness. For the Last point I will like to draw the attention to Mr. Mukherjeeas Interview after Q3 results and Emkays report on Jan 24.

The response of Mr. Mukherjee to a CNBC reporter

Q: I believe you have had higher marketing costs as well in order to regain the kind of market share that you have lost. Where does market share stand at for Exide now at the end of this quarter?

A: We are slowly regaining the market share and this quarter as well we had regained some market share. It is on the positive direction. We will Endeavour further in the coming quarters to get more market share and get back to our original position which we are quite confident of but it will take its own time.

A point from Emkays Report: )- * The company has gained around 800 bps replacement market share in last three quarters, but at the cost of margins as increase in cost heads were not passed on completely. But now can be passed to some extent due to the price increase.

Concern: - The ING SAGA

Recent Development: )- The one anomaly I donat understand is the market is betting huge on the opening up of the insurance sector and it literally wants the insurance sector to open further. Various reports have been published reflecting how the opening up of the sector will benefit insurance company (Recent IRDA decision to allow insurers exposure to equities up to 15% /faster online insurances etc. etc

Now when Exide sees some bright future ahead for the insurance sector and buys the remaining stake in ING. It is hammered.

A cursory Look at the Financials of Exide and Amara Raja

The data appears rosier for Amara Raja but figures of Exide arenat bad. Well the focus is not on figures. But to only get an idea and be aware of not getting into next Opto or Arshiya.

**Technicals: - **

First time I heard of something like 50 DMA etc., was at valuepickr from Hitesh sir/Hemant Sir/ Tony and all.

So not getting into it but after some searching some technical experts are suggesting a good upward movement with strong support at around Rs. 120-125 (which may be wrong).

PS: - I have holdings in Amara Raja and I am interested in Exide due to/may be short term gain opportunity.

I would request all the members to discuss this opportunity at the forum so that we can take a wise decision.

Exide-vs-Amara-raja-Financials.xls (26 KB)



I think it makes sense to look at a stock like exide especially when it is passing through a bad phase. Best returns are made when a good company is passing through bad times.

Most of the things and positives you have highlighted – I concur with these.

Exide is on my watchlist.



Yes exactly your point that we can gain maximum when a good company is going through some bad time drew my attention to these…

Amara Raja also has a significant capacity constraint for Fy14 and Exide would increase its market share in the next 1-2 years vis-a-vis ARBL. I am looking at switching fully or partially from ARBL to Exide. Not yet decided. However, the valuations for both Exide and ARBL are not low enough.

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Conference Call by Capital Market

Exide Industries held a conference call on 17 July 2013. The call was addressed by P.K. Kataky, MD and CEO, and AK Mukherjee, CFO, of the company.

Key Points from the discussion:

  • Exide Industries reported a top-line growth of 5% to Rs 1627.47 crore in Q1FY14 at a time when the automotive OE business has suffered severely due to slack in demand from the industry and performance of the industrial batteries business also remained damp due to overall stagnation. Even Home UPS battery sales were depressed during the quarter due to advance onset of the monsoon.
  • Better than expected growth in topline and expansion in margin was driven by the healthy demand for company's after-market segment of the automotive battery business and due to the emphasis on value engineering business.
  • In the replacement market, while the invertors segment saw de-growth of 23%, the replacement vehicle segment did well with 4-wheeler grew by 7-8% and 2-wheeler saw 22% growth.
  • The company believes that they doesn't need to raise prices of its batteries till the dollar-rupee exchange rate remain at 60-level. Also the company would consider for cut in product price if dollar rate declines from present level.
  • The company has hiked the product prices of around 5-7% across the board effective from April 1, 2013.
  • The management has decided to lose further market share in order to protect margins. In the OEM segment, market share of 4-wheeler came down to 66% from 75%, and market share for 2-wheeler came down to 75%.
  • Capacity utilization of the company during the quarter came down to 72% for automotive segment and 73% for industrial segment because of the slowdown of the automotive OEM sector and industrial sector.
  • The industrial battery million amperes for the quarter was at 467.
  • Lead and lead alloy consumed during quarter 62000 and average cost is Rs 147000.
  • The company is sourcing 35% of Lead and lead-alloy from own smelter, 35-45% from Hindustan Zinc, and remaining balance from import.
  • Automotive price realization as a whole has grown by 6%. 2-wheler improved by 15% YoY, 4-wheeler improved by 6% and industrial realization grown by 11%.
  • Owing to sluggish OEM sales, the Auto mix was favorable. The replacement ratio was at 1.74x for 4-wheeler for the quarter, while for two wheeler it was around 0.49x.
  • The inventory level has grown up to 118 days by end of June 2013 from 109 days in year ended March 2013. In rupee term, inventory level was more than RS 1200 crore.
  • The company expects the overall replacement growth for the FY14 will be around 8%. 4-wheeler segment would grow by 10% and 2-wheeler would rise by 17-18%.
  • The company expected batteries demand from solar application will be in encouraging growth trend due to government initiative for solar activities.
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What is the revenue and profit break-up wrt all its segments?


Hi Hemant,

Where did you get the con call. Have they mentioned their intentions regd their insurance venture. This business is not their forte and they face stiff competition from the established players.

Hi Manish,

As i mentioned ,these were highlights by Capital Market magazine.You can go through whole Con call transcript @http://www.researchbytes.com

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Conference Call by Capital Mkt
The call was addressed by P.K. Kataky, MD and CEO, and AK Mukherjee, CFO, of the company.

Key Points from the discussion:

  • Exide Industries, India's largest lead battery manufacturer, posted a 26% YoY drop in net profit to Rs 77.52 crore in Q3FY14 on 11% fall in net sales to Rs 1303.93 crore. Notably, OPM declined 313 bps sequentially and 30 bps from corresponding previous period.
  • The slide in topline came on account of sluggish demand for industrial batteries, demands de-growth from OEM's segments, and subdued demand from replacement market. Meanwhile, cost escalation at operating level, rise in depreciation expenses, drop in other income, and hike in effective tax rate hit bottom-line.
  • The demand from replacement market particular passenger car segment was not good.
  • On the industrial side, the Company is having very high market share in power project i.e. about 80% and for traction battery which used for electric vehicles like forklifts having nearly 90% market shares. The market for these segments were shrinking because lot of power project order either not cleared or order not placed. Similarly, because of de-growth in the industry, the companies are not running on full capacity, and not planning for replacement of their traction battery.
  • On invertor battery side, the Company, capturing more than 80% market shares in the organized sector, saw demand contraction due to non favourable weather condition, improvement in power condition and decline in power demand in the industry. As a result, domestic users are getting more power than before. The company has lost market of about 600000 batteries compared to corresponding last year. With general elections slated in the next six months, the power situation is unlikely to deteriorate further, leading to difficulty in revival of volumes in this segment, which has dropped ~17% YoY
  • The company's automotive capacity stands at 12.2 million units batteries per annum, motorcycle battery capacity at 22 million units per annum industrial battery capacity at 2.5 billion ampere per annum.
  • Capacity utilization of the company during the quarter came down to 71% for automotive segment 76% for motorcycle segment and 63% for industrial segment because of the slowdown of the automotive OEM sector and industrial sector.
  • In the replacement market, which has mainstay for the company is running profitable and all business is based on cash in trading. Out of total business, nearly 62% of total business based on cash in trading, that comes as replacement market have hardly outstanding of 1 day. In OEM market shares- Auto segment have 64% of market share and motorcycle have 74% market share.
  • In terms of replacement to OE mix for the 4-W space, it stands at 1.55 (1.46 in Q2) while for 2-W it stands at 0.52 (0.52 in Q2)
  • The company at present is having 8 million consumers which are using Exide battery. The company is having 20000 direct dealers and 5000 indirect dealers.
  • The company plans to re-enter into telecom segment in a large way, with market share of 8% this year to 20% by next fiscal year by doing some value engineering and value added to the business.
The call was addressed by P.K. Kataky, MD and CEO, and AK Mukherjee, CFO, of the company.

Key Points from the discussion by Capital Mkt:

  • Exide Industries, India's largest lead battery manufacturer, posted a 10% YoY drop in net profit to Rs 132.14 crore in Q4FY14 despite 5% increase in net sales to Rs 1612.98 crore. The slide in bottom-line came on account of rise in depreciation expenses, drop in other income, and hike in effective tax rate.
  • The growth in topline came on account of sales improvement in across the segment with automotive and industrial battery segment contributed the most. Invertor battery segment also supported the topline growth to certain extant.
  • The Company sales of telecom segment battery also improved significantly after re-entering into telecom business. The company margin in telecom business improved due to various cost cutting measures.
  • The Company has achieved nearly 90% of capacity utilization in telecom business. The company telecom business has reached breakeven and made marginal profit in FY14 year and expects profit would improve further in FY15.
  • The Company capex was around Rs 140 crore during FY14. The Company however not planned any major capacity expansion plan for FY15E.
  • The Company said its sales of invertor battery improved during summer season, but there would not be major growth in the invertor battery business this fiscal year, as invertor battery demand mostly comes down when power supply situation improved. The company is bearish on invertor battery demand outlook for the long term, citing its shrinking business.
  • The Company CV's battery contributed around 10-15% of total revenue of the automotive battery business during FY14, due to sluggish demand growth.
  • The company invertor battery business revenue contribution was around 30% of total revenue in Q1 and Q4 while contribution was nearly 10-15% of total revenue in Q2 and Q3 during FY14.
  • The Company lead price premium under LME was under downward trend in Q4FY14 and INR also appreciated during the period, so all together had positive impact. On the other hand, recycle lead started going up due to invertor battery season. So recycle lead price was more, but pure lead price was in downward trend.
  • The company automotive capacity stood at 12.2 million units batteries per annum, motorcycle battery capacity at 22 million units per annum industrial battery capacity at 2.6 billion ampere per annum.
  • Capacity utilization of the company during the quarter was 75% for automotive segment 80% for motorcycle segment and 70% for industrial segment.
  • In terms of replacement to OE mix for the 4-W space, it stands at 1.46 while for 2-W it stands at 1.5.
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Call add by P.K. Kataky, MD & CEO,& AK Mukherjee, CFO, of the Co.Key Points by Capital Mkt:

  • Exide Industries, India’s largest lead battery manufacturer, revenue stood at Rs 1912.36 crore for the first quarter ended June 2014, higher by 18% from corresponding previous quarter. The net profit grew by 17% to Rs 185.30 crore.
  • The growth in topline came on account of sales improvement across the segments, with automotive and industrial battery segment contributed the most. The Company revenue contribution from automotive and industrial segment was in the ratio of 60:40.
  • In automotive business, the Company sales grew every month during the quarter. The recent price correction with OEM segment also contributed to sales growth.
  • The company automotive volume growth for 4-Wheeler business was 8% and motorcycle business was 5%. In value term, the automotive business grew 9%.
  • Industrial business grew by around 33% in value term and 9% in volume term. The breakup of industrial segment volume growth- railway business grew by 23% in term of unit ampere, telecom business grew 865%, infra (which includes power projects & traction) business grew 5%, UPS business grew 31%. Also growth in industrial segment contributed by export order which jumped 60% during quarter.
  • The Company market share in telecom business grown up from 8% to 21% by the end on June quarter. The telecom business contributed 7% of total industrial business in Q1FY15.
  • The Company expects a slowdown in replacement automotive business due to weak OEM sales during last two fiscal years. The Company already sees replacement demand slowdown from CV segment, meanwhile replacement demand from other automotive segments also short of expectation.
  • Capacity utilization of the company during the quarter was 76% for 4-W automotive segment. Capacity utilization was above 100% for industrial segment. The Company capacity utilization of smelter subsidiaries was almost 80%.
  • The Company market share stood at 63.1% for 4-W automotive segment and 66.3% for 2-Wheeler segment.The Company plans a capex of Rs 350 crore for FY15. Of this, around Rs 200 crore allotted for automotive segment and remaining Rs 150 crore for industrial segment.
  • The Company replacement to OEM mix ratio for the 4-Wheeler space was 1.66 in term of quantity and 3.2 in term of value. For 2-W Wheeler, it stands at 0.48 in term of quantity and 0.71 in term of value.

Call add by P.K. Kataky, MD & CEO, & AK Mukherjee, CFO.Key Points by Capital Mkt;

  • Exide Industries, India’s largest lead battery manufacturer,total income from operation inclined 20% to Rs 1558.65 crore for the third quarter ended December 2014. Operating profit margin (OPM) of the company expanded by 60 bps to 11.6%, thanks to continued focus on cost control and technology upgradation, as a result, operating profit growth widened to 26% at Rs 180.20 crore. Net profit increased 25% YoY to Rs 97.23 crore.

  • The Company topline growth drivers for Q3 were: -in automotive -replacement market;in industrialâtelecom and UPS segment. The subdued businesses during Q3 were OEM, solar, power & project, and manufacturing sector.The Other Expenses rose in Q3 due to technology upgradation and marketing expenses. The Company expects technology upgradation cost continues to grow by 2%.Other income declined during Q3 primarily due to no interim dividend income from subsidiaries and lower dividend income from liquid investments.The Company revenue contribution from automotive and industrial segment was in the ratio of 63:37.

  • The replacement market saw a volume growth ofmore than 20% in Q3, with 2-wheeler contributed around 15% to the growth. OEM business growth was flat.The solar business contributes around 5% of total industrial segmentbusiness. The Company has 40% market shares in solar business.

  • Industrial business contributes around 37% of total revenue.The breakup of industrial segment value growth- invertor business contributes 40%.In automotive business, the OEM contributes 30% of total automotive revenue and replacement business contributes 70% of total automotive revenue.

  • Capacity utilization of the company automotive segment improved substantially in 9MFY15, with 4-W capacity utilization rose to 79% as compared 70% corresponding previous period, while 2-W capacity utilization rose to 83% from 75% last year.Industrial segmentcapacity utilization increased to 83% for 9MFY15 from 65% last year.

  • The Company plans a capex of Rs 400 crore for FY 2015. Of this, around Rs 220 crore was utilized in first nine month of current fiscal.The Company replacement to OEM mix ratio for the 4-Wheeler space was 65:35in term of value. For 2-W Wheeler, it stands at34:66in term of value.The Company focus on margin improvement mainly through cost cutting and expenses control. The company expects a 15-16% EBITDAmargin in FY 2016.

  • The Company business highly linked with growth in economy. Market shares stood around 60% in OEM, close to 80% in power segment, more than 80% in manufacturing, more than 50% in projects, and around 40% in solar business. Thus, if economy improves, the company expects to reap benefits from rising demand from core business drivers.

Call was add by P.K. Kataky, MD & CEO, & AK Mukherjee, CFO…Key Points by Capital Mkt:
Exide Industries sales revenue inclined 2% to Rs 1651.82 crore for the fourth quarter ended March 2015. Operating margin (OPM) has expanded to 14.4% from 13.6%. Thus, increase in OPM lead to 9% increase in Operating Profit (OP) to Rs 238.16 crore. Net profit escalated by 4% to Rs 137.57 crore.
The company clocked a 15% rise in the Standalone Income from Operations to Rs 6883.73 crore for the financial year ended March 2015 (FY15). Of the total revenue, 62% generated from automotive segment, 37% from industrial segment, and remaining 1% from others. Operating margin (OPM) fell by 50 bps to 13.3%. As a result, Operating Profit grew modest 11% to Rs 917.19 crore.PAT rose by 12% to Rs 545.87 crore.
The subdued businesses were OEM (market shares of 60%), solar (market shares of 35%), power & project (market shares of 52%), and manufacturing sector (market shares of 83%). The company expects performance will improve going forward with development in economic condition. The company will remain focus on cost cutting measures and technology improvement.
In industrial segment, topline jumped by 24% for FY15. PBT growth was 24%. The key growth drivers in industrial segment were telecom business (accounts 6% of total industrial segment revenue), UPS business, and inverter battery business (accounts 40% of total industrial segment revenue).Telecom businessjumped 34% and UPS businessjumped 26%.
In automotive segment- Topline grew by 14%for FY15, PBT growth was 12%. The key growth drivers in automotive segment were replacement business, OEM business, and invertor business (accounts 16% of total automotive revenue).Vehicle segment grew by 17.4% and non-vehicle segment grew by 11.1%. Motorcycle segment grew by 11.3%. Automotive volume wise grew by 14%.For Q4FY15:- Vehicle segment grew by 22% and non- vehicle segment grew by 34%. Motorcycle segment grew by 7%.
Automotive invertor segment de-grew by 34%, while industrial invertor segment registered a growth of 11% in Q4FY15, as investors moved toward tubular batteries.
The Company replacement to OEM mix ratio-For four wheelers was 63:37 and for two wheelers was 34:66 in volume terms for FY15. Utilization of industrial segment was ~81% (up from 68% last year), two wheeler utilization was ~82% (up from 77% last year) and four wheeler utilization was 79%(up from 72% last year).
The Company plans a capex of Rs 800 crore for FY16. The company plans to expand automotive capacity to 13.8 million units batteries per annum from present 12.2 million units batteries per annum, motorcycle battery capacity to 26 million units per annum from 22 million units per annum, and industrial battery capacity to 3.2 billion ampere per annum from 2.8 billion ampere per annum.The company expects a 15-16% EBITDA margin in FY16.
The Company plans to expand market shares of telecom battery segment to 30% in FY16 from 18% in FY15.

Dear Seniors, hope u r well… I m doing a deep dive into the battery industry primarily bcz of Amara Raja but don’t like it on the corporate governance issues…

So started looking into exide. What excited me was why exide performance was muted in last 5 years while Amara posted exemplary performance… And after my analysis i come to the conclusion that Exide is a clear example of how a bad management can screw a good business by capital misallocation and bad strategy.

Exide loose significant market share in period 2011-14 because of not adding capacity at the right time while focusing on non-core business of life insurance…

But investing is looking into future and with an improving outlook for indian auto sector exide looks to get benefitted the most but given the management has learnt the lessons from past mistakes and focus on core business. For the past 3-4 years management is not able to meet the guidance.

Do you guys have a view on the management and any recent interview by management citing their strategy going forward?

Clearly they are adding the capacity( which is a good sign) and can easily regain the share if they focus on right things.



Call add by P.K. Kataky, MD & CEO,& AK Mukherjee, CFO.Key Points by Capital Mkt
Exide Industries sales revenue dropped 6% to Rs 1799.53 crore for the quarter ended June 2015.
Operating margin (OPM) has reduced by 50 bps to 14.8%.Thus, decline in OPM leads to 9% drop in Operating Profit (OP) to Rs 265.96 crore.Profit Before Tax (PBT)dropped by 13% to Rs 232.10 crore. The net profit declined by 16% to Rs 155.20 crore.The drop in top line was largely due to subdued demand for both Automotive OEM and industrial battery including sluggish demand for home UPS, power and traction battery. However, growth in Automotive and Motorcycle battery replacement sale was encouraging during the quarter.The Company Automotive OEM battery sales declined during the quarter due to lower OEM product and fixture cost.The telecom battery business has shrunk during the quarter, as the telecom company have invested heavily in e-bidding, thus, many telecom companies are not able to pay to the tower operator. As a result, tower operators are not able to placing orders. Also, better power availability during the quarter has increased life of the battery, thus, lessened demand for UPS batteries.The traction battery specially used in manufacturing sector witnessed a slowdown in Q1 FY16, resulting, subdued traction battery demand.The Company has able to retain its market share despite the subdued demand. Market share for automotive OEM battery increased to 60% and telecom business market shares rose to 22%. The Company has market share of 37% for solar battery business, 78% for power battery business, 57% for projects battery business, and 85% for traction battery business. Unfortunately, all the segment the company operates faced a slowdown during quarter due to current economic situation of the country. The company expects financial performance will improve going forward with development in economic condition.In the automotive OEM segment, the company has maintained its market share but has decided to continue business with only profitable original equipment manufacturers. Exide has a market share of about 60% in four-wheelers and around 66% in two-wheelers.The Company replacement to OEM mix ratio-For four wheelers was 64:36 and for two wheelers was 37:63 in volume terms for Q1 FY16. In Value term, replacement to OEM mix ratio was 44:56 for Q1 FY16.The Company plans not to initiate price cut in near term despite of drop in key raw material prices, because of wage increment this year as per labour agreement.In industrial segment, capacity utilization increased from 83% to 102% in Q1 FY16 due seasonal requirement.The company plans to continue focus on cost cutting measures and technology improvement to increase productivity, reduce costs and become more competitive. On cost cutting front- the Company has reduced cost by 1.84% in Q1 FY16 over full FY 2015. On technology front- the company has entered into technological tie-ups with Shin-Kobe Electric Machinery of Japan and East Penn of USA for technology. The company has invested in technology up-gradation in two of our factories. Mass production will start in one by the end of current FY 2016 and another by second quarter of FY 2017.The Company is hopeful to convert the entire production technology to a different level than at present within a 2-3 year timeline, which will help to reduce costs and increase productivity and have more consistent quality.

Exide has given good result and on the other hand amara raja has disappointed.Amara raja can’t grow at the pace it has been growing for the last five years.moreover valuation has skyrocketed with pe of 35 and pb of 10. On the other hand exide is at very moderate 20 and 3 respectively. It is more likely that amara raja stock underperformed exide for the next five years as exide has low valuation base and operating at lowest ever margin. It has invested heavily in technology and capacity enhancement which will start bearing fruit shortly. During earlier good cycle for exide between 2005 and 2010 both book value and pb multiple grew and took it from around 10-15 to 150. Just one more point book value of exide grew from 25 to 50 during last five years but price is same as market is seeing only the current earning and earning gowth totally disregarding the book value growth and Earnings power being created by the company. indications are that cycle may repeat itself. Cheery concensus about amara raja is scary.

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ET reporting GS has upgraded exide. Anybody having GS report may upload/ paste the link.

Good results from Exide…

  • Co has over 60% market share in automotive OEMs
  • Management has set a target for EBIDTA of 15% for the next 3 years
  • For industrial battery segment, the short term growth may be seen as overall industrial sector pick-up is seen in India. However, longer term, better power availability may be a dampener for this segment.
  • Management has indicated that both Automotive & Industrial battery segment has witnessed improvement during the quarter.
  • Impact of good monsoon and 7th pay commission is likely to drive the automotive (both 2W & 4W) growth
  • Co plans to invest 1400 cr between FY17-19 in technology upgradation.

Amara Raja-Exide Industries battle enters new phase http://www.livemint.com/Money/p1hT0GD7MPvqkL4XcFAxCK/Amara-RajaExide-Industries-battle-enters-new-phase.html

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Nalanda Capital offloads almost entire holding in Exide for $105m

Read more at: http://www.dealstreetasia.com/stories/india-nalanda-capital-offloads-almost-entire-holding-exide-105m-50516/