Exide Industries Ltd, storage battery manufacturer. It is the largest manufacturer of automotive and industrial lead-acid batteries in India and fourth largest in the world. It has plants in India and Sri Lanka and dealership network in 46 countries spanning 5 continents.
A market leader in storage batteries in India, Exide Industries holds a market share of 60% in the industry. Its segment includes automotive & industrial batteries and it controls 86 percent of the 2W market.
"Exide has a stronger balance sheet after the divestment of its life insurance business to HDFC Life. The company will be able to maintain its cash position and fund the CAPEX through internal accruals. We remain positive on a medium to long-term basis owing to its concentration on the development of EV batteries and respite in the market price.
On a 1 yr. forward basis, EIL is currently trading at 13.5x (25% lower than its 3yr avg.) near to its all-time low at 12x. We value EIL's at 15x (I yr. avg.) FY24E EPS and recommend Buy rating with a target price of ₹191 per share." - Geojit Securities.
Exide Industries Ltd, storage battery manufacturer. It is the largest manufacturer of automotive and industrial lead-acid batteries in India and fourth largest in the world. It has plants in India and Sri Lanka and dealership network in 46 countries spanning 5 continents.
A market leader in storage batteries in India, Exide Industries holds a market share of 60% in the industry. Its segment includes automotive & industrial batteries and it controls 86 percent of the 2W market.
"Exide has a stronger balance sheet after the divestment of its life insurance business to HDFC Life. The company will be able to maintain its cash position and fund the CAPEX through internal accruals. We remain positive on a medium to long-term basis owing to its concentration on the development of EV batteries and respite in the market price.
On a 1 yr. forward basis, EIL is currently trading at 13.5x (25% lower than its 3yr avg.) near to its all-time low at 12x. We value EIL's at 15x (I yr. avg.) FY24E EPS and recommend Buy rating with a target price of ₹191 per share." - Geojit Securities.
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