Buy Exide Industries, target price Rs 268.8 : ICICI Direct

ICICI Direct has buy call on Exide Industries with a target price of Rs 268.8. The current market price of Exide Industries is Rs 266.15. Time period given by analyst is Intra Day when Exide Industries price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 263.6.

Exide Industries, incorporated in the year 1947, is a Mid Cap company (having a market cap of Rs 22614.25 Crore) operating in Auto Ancillaries sector.

Exide Industries key Products/Revenue Segments include Batteries (Storage), Export Incentives, Other Operating Revenue and Scrap for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 4267.78 Crore, up 14.95 % from last quarter Total Income of Rs 3712.88 Crore and up 5.35 % from last year same quarter Total Income of Rs 4051.09 Crore. Company has reported net profit after tax of Rs 223.85 Crore in latest quarter.

Investment Rationale
Price resuming uptrend after higher base formation above 20 day EMA suggest further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 45.99 per cent stake in the company as of 30-Jun-2023, while FIIs owned 12.86 per cent, DIIs 19.76 per cent.