Angel Broking is bullish on Exide Industries and has recommended accumulate rating on the stock with a target of Rs 149 in its July 17, 2012 research report.
"Exide Industries (EXID) reported better-than-expected results for 1QFY2013, driven by strong volume growth in the two-wheeler (+28% yoy) and industrial battery (+19% yoy) segments. EBITDA margin however, remained suppressed led by higher input costs and other expenditure. We have raised our top-line estimates slightly for FY2013E/14E as we believe the anticipated improvement in auto OEM sales and pick-up in the auto replacement battery segment will benefit the company. We maintain our Accumulate rating on the stock."
"For 1QFY2013, EXIDs top-line surprised positively, registering robust 24.5% yoy (7.3% qoq) growth to `1,554cr, driven by strong growth in the two-wheeler (+28% yoy) and industrial battery volumes (+19% yoy). Growth in the industrial battery segment was led by growth in inverter and UPS batteries. Four-wheeler