Exide Industries (500086) Q2 24/25 earnings summary

Executive summary

• Revenue for Q2FY25 was ₹4,267 crore, up 3.9% YoY, and ₹8,580 crore in H1FY25, up 4.9% YoY, driven by strong automotive aftermarket and industrial demand, while Home-UPS and auto OEM segments were soft due to high base and seasonal factors.

• Double-digit growth achieved in two-wheeler and four-wheeler replacement markets, industrial UPS, solar, and infrastructure (excluding telecom) segments.

• Strategic realignment and new leadership hires underway to strengthen B2C and B2B go-to-market strategies.

• Board approved unaudited financial results for Q2 and H1FY25; appointment of Mr. Jaidit Singh Brar as Independent Director.

• Export business achieved double-digit growth, supported by expansion into new geographies and premium product portfolios.

Financial highlights

• Standalone Q2FY25 revenue: ₹4,267 crore (up 4% YoY); H1FY25: ₹8,580 crore (up 5% YoY); consolidated Q2FY25 revenue: ₹4,450 crore; H1FY25: ₹8,885.71 crore.

• Standalone EBITDA margin for Q2FY25: 11.3%; H1FY25: 11.4%; PAT margin at 7.0% in Q2FY25 and 6.7% in H1FY25.

• Gross profit margin improved to 31.1% in H1FY25 from 29.7% YoY.

• Standalone PBT for Q2FY25: ₹399 crore (margin 9.4%); H1FY25: ₹773 crore (margin 9.0%).

• Standalone EPS for Q2FY25: ₹3.50; H1FY25: ₹6.79.

Outlook and guidance

• Near-term business outlook remains positive, with easing commodity prices expected to support profitability.

• Expectation of rebound in auto OEM, telecom, and inverter segments in H2, with continued double-digit growth in strong segments.

• Replacement demand across end-user markets is expected to further increase.

• Industrial infrastructure order inflow anticipated to rise with improving economic indicators.

• Lead-acid business outlook remains positive in the near to medium term.