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Sustained weakness in auto OEM demand
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Exide Industries Limited — Q2 FY25
Exide Industries reported a modest 4% YoY revenue growth in Q2 FY25, with EBITDA margin contracting 50bps to 11.3% due to lower fixed-cost absorption.
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Exide Industries reported a modest 4% YoY revenue growth in Q2 FY25, with EBITDA margin contracting 50bps to 11.3% due to lower fixed-cost absorption. The mixed demand environment saw strong double-digit growth in automotive aftermarket, solar, and industrial infrastructure, offset by sharp declines in telecom, home UPS, and auto OEM segments. Management expects a rebound in H2 as OEM inventories normalize and telecom base effects fade. The lithium-ion cell plant remains on track for mid-2025 commissioning, with INR 2,852 crore equity invested to date. Cost excellence initiatives and favorable mix shifts are expected to drive margins toward 13% in the near term. Key risk: sustained weakness in auto OEM demand or further telecom technology shift could pressure near-term revenue growth.
एक्साइड इंडस्ट्रीज की दूसरी तिमाही में कमाई पिछले साल से सिर्फ 4% बढ़ी। मुनाफा कम हुआ क्योंकि फैक्ट्री की लागत पूरी तरह नहीं वसूली जा सकी। कारों के पुर्जों, सौर ऊर्जा और उद्योगों में अच्छी बिक्री हुई, लेकिन टेलीकॉम, घरेलू यूपीएस और कार कंपनियों को बिक्री घटी। कंपनी को उम्मीद है कि साल की दूसरी छमाही में कार कंपनियों की मांग सुधरेगी। लिथियम-आयन बैटरी का कारखाना 2025 के मध्य तक तैयार हो जाएगा, जिसमें अब तक 2,852 करोड़ रुपये लगाए जा चुके हैं। लागत कम करने के प्रयासों से निकट भविष्य में मुनाफा 13% तक पहुंच सकता है। खतरा: अगर कार कंपनियों की मांग कमजोर रही या टेलीकॉम तकनीक बदली, तो कमाई पर दबाव पड़ेगा।
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Auto aftermarket growth (4W)
Double-digit
Strong YoY
Four-wheeler aftermarket grew strongly, driven by rural consumption and brand shift from unorganized sector.
Solar segment growth
25-30%
+25-30% YoY
Solar trade market saw robust growth of 25-30% in Q2, benefiting from steady demand.
Telecom segment decline
Sharp decline
Sharp decline YoY
Telecom demand fell sharply due to high base from 5G rollout last year and shift to lithium-ion.
Lithium-ion cell plant capacity (Phase I)
6 GWh
On track for mid-2025
Phase I capacity of 6 GWh remains on schedule for commissioning in mid-2025, with equipment installation ongoing.
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Guidance and risk preview
Management aims to achieve ~13% EBITDA margin in the near term, driven by cost excellence and favorable mix.
Auto OEM segment declined sharply in Q2 due to high channel inventories; recovery depends on festive season sales sustaining.
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