Lower revenue growth dents overall performance

25 Jan 2024
5 Min read 
  • Exide's 3QFY24 results were weak due to lower-than-expected revenue growth.
  •  EBITDA margin declined due to higher lead prices and lower volumes.
  •  The company expects the EBITDA margin to improve in 4QFY24.
  •  The current valuations reflect anticipated demand recovery and development in li-ion business.
  •  The stock has been downgraded to Neutral with a TP of INR340.
  •  The electrification of 2Ws/3Ws poses a risk for lead acid battery players.
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