Exide Industries Q1 Review – Revenue Beat; Margin Impacted By Higher Raw Material Costs: Motilal Oswal

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Exide Industries Ltd.’s topline performance was driven by growth in both auto and industrial segments in Q1 FY22, while margin was restricted due to commodity cost inflation.

We expect a cyclical recovery in demand from the original equipment manufacturer segment in FY22, along with strength in the aftermarket segment, with a continuous shift from the unorganised to the organised segment.

We largely maintain our earnings estimate.

We prefer Exide Industries as it offers a superior risk-reward considering its market leadership, technological alliances, backward integration, and better mix.

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Motilal Oswal Exide Industries Q1FY22 Result Update.pdf


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