Exide Industries (500086) Q4 04/05 earnings summary

Executive summary

• FY05 consolidated net sales reached Rs 12,701.4 million and profit after tax Rs 793.8 million; EPS was Rs 11.00.

• Production rose across automotive and two-wheeler batteries; leadership remained strong in domestic automotive, motorcycle and industrial markets.

• Associated Battery Manufacturers (Ceylon) became a subsidiary after the ownership stake rose to 61.5%, effective 10 August 2004.

Financial highlights

• Consolidated gross sales Rs 15,698.4 million; net sales Rs 12,701.4 million, versus Rs 12,487.5 million and Rs 10,063.0 million, respectively, in FY04.

• Consolidated profit before tax Rs 1,168.4 million versus Rs 1,117.7 million; profit after tax Rs 793.8 million versus Rs 742.0 million.

• Standalone net sales Rs 11,841.8 million versus Rs 9,619.7 million; PAT Rs 772.8 million versus Rs 728.6 million.

• Consolidated expenses included materials consumed of Rs 7,236.3 million, personnel costs of Rs 1,052.4 million and interest and finance costs of Rs 122.7 million.

Outlook and guidance

• FY06 outlook was supported by automotive growth and infrastructure investment; telecom and power battery demand was expected to continue expanding.

• Telecom, power and inverter demand offered opportunities; submarine battery deliveries were expected to return to normal after fresh Navy orders.

• Caldyne Automatics forecast turnover growth of about 20% for FY06, supported by a Rs 53 million order book at 31 March 2005.