Exide Industries (500086) Q4 02/03 earnings summary

Executive summary

• FY03 gross sales reached a record Rs 10,953.1m, up from Rs 9,848.4m; standalone PAT rose to Rs 523.3m from Rs 314.2m. EPS was Rs 14.70 versus Rs 8.80.

• Consolidated PAT after minority interest was Rs 560.1m and consolidated EPS was Rs 15.60, versus Rs 306.8m and Rs 8.60 in FY02.

Financial highlights

• Standalone net sales were Rs 8,784.9m versus Rs 7,877.7m; PBT was Rs 808.3m versus Rs 424.2m.

• Operating profit was Rs 1,616.5m versus Rs 1,322.4m; cash profit rose to Rs 984.7m from Rs 754.2m.

• Consolidated net sales were Rs 9,204.6m versus Rs 8,263.7m; PBT was Rs 845.2m versus Rs 420.8m.

• Standalone net cash from operations was Rs 1,432.9m; net cash used in financing was Rs 1,065.5m.

Outlook and guidance

• Management expected Indian growth above 6% if budget measures were implemented; global slowdown and the Iraq war clouded the near-term outlook.

• Export growth was targeted through developing ties in Peru, Algeria and Indonesia; traction and other battery exports to Europe were expected to increase.

• New products targeted CNG three-wheelers, sealed maintenance-free batteries and other domestic and export niches; continued two-wheeler market growth was expected.