Buy Exide Industries, target of Rs 61: Angel Broking
Angel Broking has maintained its buy rating on Exide Industries with a target price of Rs 61 in its April 27, 2009 research report.
“Exide Industries, India’s largest Auto Battery manufacturer, for 4QFY2009 clocked 0.5% yoy growth in Net Sales to Rs 799.5 crore, which was largely in line with our estimate of Rs 800 crore, aided by 18% Total Volume growth during the quarter. The company’s Bottom-line growth at 8.6% yoy to Rs 68.2crore, however, came in slightly above our estimate of Rs 63.7crore. During 4QFY2009, Exide witnessed a 212bp yoy increase in EBITDA Margins owing to a 487bp yoy fall in Raw Material costs, which accounted for around 64.7% of Sales (68.5% in 4QFY2008). We maintain a Buy on the stock, with a Target Price of Rs 61,” says Angel Broking’s research report.
Tags: angel broking, buy, Exide Industries, nse buy stocks
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