Lower revenue growth dents overall performance

Company

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.