Exide Industries, India’s largest auto battery manufacturer, clocked 0.3% y-o-y decline in net sales to Rs903.5 crore (Rs906.5) for Q1FY2010.
This was better than our estimate of Rs797 crore on the back of better q-o-q growth in total volumes during Q1FY2010. The company’s OE and replacement sales, which had started improving in Q4FY09, extended the same during 1QFY2010.
While OE sales growth y-o-y was subdued, improving growth in replacement sales aided the company’s auto battery segment clock better growth during the quarter.
This was also supported by the robust growth registered by the Industrial Battery Segment during the quarter. The company’s bottomline growth at 48.9% y-o-y to Rs122.4 crore also came in substantially above our estimate.
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