exide industries, 1q fy 2014

7/28/2019 Exide Industries, 1Q FY 2014

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Please refer to important disclosures at the end of this report 1

Y/E March (` cr) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq)Net Sales 1,627 1,554 4.7 1,541 5.6EBITDA 263 232 13.3 204 28.5

EBITDA Margin (%) 16.1 14.9 122bp 13.3 287bp

Adj. PAT 159 152 4.6 146 8.6Source: Company, Angel Research

For 1QFY2014, Exide Industries (EXID) posted a better-than-expectedperformance, driven by sharp expansion in operating margins on the back of thecontinued traction in the automotive replacement segment and cumulative priceincreases of ~10% since 1HFY2013. Going ahead, the Management has

indicated that the focus will be on improving profitability and has also stated thatit is willing to forgo some business in the unprofitable OEM segment. Recently, thecompany has raised prices again by ~5% across segments (excluding OEM) tomitigate the impact of INR depreciation, indicating pricing discipline and return ofpricing power. We broadly retain our revenue and earnings estimates for thecompany for FY2014/15. We expect EBITDA margins to improve ~180bp inFY2014 reflecting full benefits of the price hikes taken since 1HFY2013. As aresult, we expect earnings to register a strong CAGR of ~21% over FY2013-15E.We maintain our Accumulate rating on the stock.Pricing discipline aids margin expansion: For 1QFY2014, the companys top-linegrew broadly in-line with our estimates and stood at `1,627cr (up 4.8% yoy and5.6% qoq). The growth was driven by ~7% and ~20% yoy growth in the four-

wheeler and two-wheeler replacement battery segments, respectively, offsettingthe ~23% yoy decline in inverter battery segment and ~10% yoy decline in theOEM segment. Additionally, continued growth in the four-wheeler replacementsegment has turned the replacement: OEM mix (1.74:1 vs 1.48:1 qoq) favorablefor the company, resulting in a strong growth in net average realization. EBITDAmargins improved 122bp yoy (287bp qoq) to 16.1%, which is significantly aheadof our estimates of 13.6%. The margins improved on account of the superiorproduct mix and price increases taken across the segments. Led by a strongoperating performance, the net profit posted a better-than-expected growth of4.6% yoy (8.6% qoq) to `159cr.

Outlook and valuation: At `134, the stock is trading at 14.8x FY2015E earnings.We maintain our Accumulate rating on the stock with an SOTP based target priceof `148. We value the core battery business of the company at 15x FY2015Eearnings at `135/ share and the companys 100% stake in ING Vysya LifeInsurance at `13/ share (at the deal value).

Key financials (Standalone)Y/E March (` cr) FY2012 FY2013 FY2014E FY2015ENet Sales 5,110 6,072 6,899 7,873% chg 12.4 18.8 13.6 14.1

Net Profit 461 523 674 768% chg (27.1) 13.4 28.8 13.9

EBITDA (%) 13.4 12.9 14.7 14.7

EPS (`) 5.4 6.2 7.9 9.0P/E (x) 24.6 21.7 16.9 14.8

P/BV (x) 3.7 3.3 2.9 2.5

RoE (%) 15.9 16.1 18.3 18.0

RoCE (%) 19.4 20.0 23.2 23.1

EV/Sales (x) 1.9 1.6 1.3 1.1

EV/EBITDA (x) 14.2 12.3 9.1 7.7

Source: Company, Angel Research

ACCUMULATECMP `134

Target Price `148

Investment Period 12 Months

Stock Info

Sector

Bloomberg Code

Shareholding Pattern (%)

Promoters

MF / Banks / Indian Fls

FII / NRIs / OCBs

Indian Public / Others

Abs. (%) 3m 1yr 3yr

Sensex 5.9 17.1 12.1

Exide Industries 3.9 2.1 (1.2)

18.1

10.5

46.0

25.4

Auto Ancillary

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

Net Debt (`cr) (256)

Face Value (`)

BSE Sensex

1

20,128

EXID@IN

11,356

0.5

166/115

172,157

Nifty

Reuters Code

6,038

EXID.BO

Yaresh Kothari022-3935 7800 Ext: 6844

[email protected]

Exide IndustriesPerformance Highlights

1QFY2014 Result Update | Auto Ancillary

July 18, 2013


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Exide Industries | 1QFY2014 Result Update

July 18, 2013 2

Exhibit 1:Quarterly financial performance (Standalone)Y/E March (` cr) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq) FY2013 FY2012 % chg (yoy)Net Sales 1,627 1,554 4.7 1,541 5.6 6,077 5,114 18.8Consumption of RM 1,045 1,011 3.4 1,030 1.5 4,024 3,429 17.4(% of Sales) 64.2 65.1 66.8 66.2 67.1

Staff Costs 94 84 11.6 90 4.1 349 286 22.0

(% of Sales) 5.8 5.4 5.8 5.7 5.6

Purchases of TG 1 1 (23.4) 4 (72.3) 15 7 98.9

(% of Sales) 0.1 0.1 0.3 0.2 0.1

Other Expenses 225 225 (0.3) 213 5.4 899 704 27.8

(% of Sales) 13.8 14.5 13.8 14.8 13.8

Total Expenditure 1,365 1,322 3.3 1,337 2.1 5,287 4,426 19.5Operating Profit 263 232 13.3 204 28.5 790 687 14.9OPM (%) 16.1 14.9 13.3 13.0 13.4

Interest 0 1 (73.5) 1 (53.8) 4 5 (21.3)

Depreciation 30 28 8.8 29 4.4 113 101 12.7

Other Income 6 16 (60.4) 30 (79.6) 70 64 10.5

PBT (excl. Extr. Items) 238 219 9.1 205 16.2 742 645 15.1Extr. Income/(Expense) - - - - - - - -

PBT (incl. Extr. Items) 238 219 9.1 205 16.2 742 645 15.1(% of Sales) 14.7 14.1 13.3 12.2 12.6

Provision for Taxation 79 67 19.5 59 35.0 220 184 19.3

(% of PBT) 33.3 30.4 28.7 29.6 28.5

Reported PAT 159 152 4.6 146 8.6 523 461 13.4Adj PAT 159 152 4.6 146 8.6 523 461 13.4

Adj. PATM 9.8 9.8 9.5 8.6 9.0

Equity capital (cr) 85.0 85.0 0.0 85.0 85.0 85.0 0.0

Reported EPS (`) 1.9 1.8 4.6 1.7 8.6 6.2 5.4 13.4Source: Company, Angel Research

Exhibit 2:1QFY2014 Actual vs Angel estimatesY/E March (` cr) Actual Estimates Variation (%)Net Sales 1,627 1,618 0.6EBITDA 263 219 19.7

EBITDA margin (%) 16.1 13.6 258bp

Adj. PAT 159 145 10.0Source: Company, Angel Research

Top-line growth broadly in line with estimates: For 1QFY2014, the top-line grewbroadly in-line with our estimates and stood at `1,627cr (up 4.8% yoy and 5.6%

qoq). The growth was driven by ~7% and ~20% yoy growth in the four-wheeler

and two-wheeler replacement battery segments respectively, offsetting the ~23%

yoy decline in inverter battery segment and ~10% yoy decline in the OEM

segment. Additionally, continued growth in the four-wheeler replacement segment

has turned the replacement: OEM mix (1.74:1 vs 1.48:1 qoq) favorable for the

company, resulting in a strong growth in net average realization. The

replacement: OEM mix during the quarter stood at 1.74:1 for the four-wheeler

segment and 0.49:1 in the two-wheeler segment.


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July 18, 2013 3

The Management has indicated that the market share of the company in the

replacement segment has reached comfortable levels (in excess of 50%). The OEM

market share of the company in the four and two wheeler segments currently

stands at ~66% and ~75% respectvely. The capacity utilization for EXID remainslow and is currently in the range of 72-75% in the automtive battery segment and

~73% in the industrial battery segement.

Exhibit 3:Net sales in line with estimates


Operating margin surprises positively: On the operating front, EBITDA marginsimproved 122bp yoy (287bp qoq) to 16.1%, which was significantly ahead of our

estimates of 13.6%. Margins improved on account of the superior product mix and

price increases taken across segments. While the net average realization grew by

11% yoy in the industrial battery segment; four and two wheeler replacement

battery segments witnessed a growth of ~6% and 18% yoy respectively. According

to the Management, in addition to the price hikes in the replacement market, the

company has succeeded in increasing the prices in the OEM segment by 5-7%.

Additionally, the Management has stated that it is willing to forgo some business in

the OEM segment if the orders do not meet the margin threshold.

Exhibit 4:Average lead price trend


Exhibit 5:EBITDA margin recovers to 16.1%


Net profit beats estimates: Led by a strong operating performance, net profitposted a better-than-expected growth of 4.6% yoy (8.6% qoq) to `159cr.

1,2

48

1,1

73

1,2

50

1,4

54

1,5

54

1,5

21

1,4

64

1,5

41

1,6

27

8.3

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19.016.5

24.5

29.7

17.1

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35.0

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(%)(`cr) Net sales (LHS) yoy growth (RHS)

0

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(tonne)(US $/tonne)

Lead inventory ( RHS) Lead prices (LHS)

17.8

7.713.2 14.6 14.9 12.4 11.2 13.3

16.1

63.9

71.267.4 67.3 65.2 66.4 67.3 67.2 64.3

0.0

10.0

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30.0

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1QFY12

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3QFY13

4QFY13

1QFY14

(%)EBITDA margin Raw material cost/sales


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July 18, 2013 4

Exhibit 6:Bottom-line beats estimates


163

51

104

143

152

120

104

146

159

13.1

4.4

8.3

9.8 9.8

7.97.1

9.5 9.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0

20

40

60

80

100

120

140160

180

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

(%)(`cr) Net profit (LHS) Net profit margin (RHS)


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July 18, 2013 5

Investment arguments

Demand scenario for automotive and industrial batteries to remain positive inthe long run: We expect growth traction in the automotive battery segment tocontinue in the long term, driven by OEM sales and a steady increase of

10-12% in the auto replacement segment, given that average battery life is

3-4 years. Further, revival in demand for telecom and UPS batteries is also

likely to sustain industrial battery demand going ahead. However, due to the

prevailing slowdown in economic activity, higher interest rates and increase in

fuel prices; consumer sentiments remain dampened, which could potentially

lead to a sluggish growth in the 4W as well as 2W OEM battery segments in

the near term.

Captive sourcing reduces impact of lead price volatility: EXID acquired TandonMetals (FY2008) and Leadage Alloys (51% in FY2009 and the rest 49% in

2QFY2011) to recycle lead and lessen the vulnerability of rising lead prices.This reduced the company's dependence on imported lead to ~25% in

FY2013 from ~32% in FY2010. Total lead supplied by the captive smelter

increased to 40-45% of total consumption in FY2013. EXID has benefitted

from its captive sourcing strategy, as lead sourcing from captive smelters is

10-12% cheaper compared to market rates. Going forward, EXID plans to

increase sourcing from its smelters to ~70% by FY2014. Our sensitivity

analysis suggests that for every 10% increase in sourcing from captive

smelters, the companys EBITDA margin expands by ~50bp (assuming stable

lead prices).

Capacity expansion to increase volume growth: EXID has been operating at~90% utilization levels over the past five years. Hence, the company is in the

process of increasing its battery capacity to cater to growing demand.

With increased capacity, we believe EXID is well placed to meet the rising auto

battery demand. We estimate the companys overall utilization level to remain

at ~80% in FY2015. Further, we expect EXID to post a volume CAGR of ~10%

and ~8% in the auto and industrial battery segments respectively, over

FY2013-15E.

Outlook and valuation

Going ahead, the Management has indicated that the focus will be on improving

profitability and has also stated that they are willing to forgo unprofitable business

in the OEM segment. Recently, the company has raised the prices again by ~5%

across the segments (excluding OEM) to mitigate the impact of INR depreciation,

indicating pricing discipline and return of pricing power. We broadly retain our

revenue and earnings estimates for the company for FY2014/15. We expect

EBITDA margins to improve by ~180bp in FY2014 reflecting full benefits of the

price hikes taken since 1HFY2013. As a result, we expect earnings to register a

strong CAGR of ~21% over FY2013-15E.


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July 18, 2013 6

Exhibit 7:Change in estimatesY/E March Earlier Estimates Revised Estimates % chg

FY2014E FY2015E FY2014E FY2015E FY2014E FY2015ENet Sales (` cr) 7,044 8,052 6,899 7,873 (2.1) (2.2)OPM (%) 14.2 14.5 14.7 14.7 45bp 20bp

EPS (`) 7.8 9.1 7.9 9.0 1.8 (0.5)Source: Company, Angel Research

At `134, the stock is trading at 14.8x FY2015E earnings. We maintain ourAccumulate rating on the stock with a SOTP based target price of `148. We valuethe core battery business of the company at 15x FY2015E earnings at `135/ share

and the companys 100% stake in ING Vysya Life Insurance at `13/ share (at the

deal value).

Exhibit 8:Key assumptionsFY2010 FY2011 FY2012 FY2013 FY2014E FY2015E

Automotive battery volumes (mn units)Four-wheeler 7.5 8.2 7.8 8.1 8.4 9.5

yoy change (%) 12.9 10.4 (4.6) 3.5 4.0 12.0

Two-wheeler 8.7 10.8 13.9 16.5 18.1 20.3

yoy change (%) 5.4 23.2 28.6 19.0 10.0 12.0

Total Automotive volumes 16.2 19.0 21.7 24.6 26.6 29.8yoy change (%) 8.7 17.3 14.2 13.4 8.0 12.0

Industrial battery vol. (mnAH) 1,565 1,760 1,830 1,995 2,075 2,324yoy change (%) 18.9 12.5 4.0 9.0 4.0 12.0


Exhibit 9:Angel vs consensus forecastAngel estimates Consensus Variation (%)FY14E FY15E FY14E FY15E FY14E FY15E

Net sales (` cr) 6,899 7,873 6,855 7,840 0.6 0.4EPS (`) 7.9 9.0 7.8 9.1 1.2 (1.2)


Exhibit 10:One-year forward P/E band


Exhibit 11:One-year forward P/E chart


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(x) One-yr forward P/E Five-yr average P/ELong term average P/E


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July 18, 2013 7

Exhibit 12:Auto Ancillary Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%)

P/E (x) EV/EBITDA (x) RoE (%) FY13-15E EPSFY14E FY15E FY14E FY15E FY14E FY15E CAGR (%)

Amara Raja Batteries Accumulate 252 285 13.1 13.6 12.4 8.9 7.3 26.6 23.8 8.4Automotive Axle^ Neutral 200 - - 11.6 7.4 4.6 3.5 9.5 14.0 (4.7)

Bharat Forge* Neutral 220 - - 15.1 12.7 6.4 5.5 13.6 14.7 18.6

Bosch India# Accumulate 8,608 9,213 7.0 23.0 19.6 14.7 12.1 18.0 17.9 22.9

Exide Industries Accumulate 134 148 11.1 16.9 14.8 9.1 7.7 18.3 18.0 21.1FAG Bearings# Neutral 1,435 - - 16.2 13.1 9.6 7.4 15.5 16.5 6.9

Motherson Sumi* Neutral 217 - - 17.4 14.7 7.8 6.8 27.5 25.8 23.0

Subros Buy 22 27 24.8 4.5 3.2 3.5 3.0 10.0 12.7 42.2

Source: Company, Angel Research; Note: * Consolidated results; # December year end; ^ September year end

Company backgroundExide Industries (EXID) is a leading automobile and industrial battery manufacturer

in India. The company commands an ~70% and ~60% market share in the OEM

and organized replacement battery segment respectively and a 40-45% share in

the industrial battery segment. EXID has technological tie-ups with majors such as

Shin Kobe and Furukawa Battery. The automotive and industrial battery segments

accounted for ~65% and ~35% of the company's total revenue in FY2012,

respectively.


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July 18, 2013 8

Profit and loss statement (Standalone)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ETotal operating income 3,794 4,547 5,110 6,072 6,899 7,873% chg 11.8 19.9 12.4 18.8 13.6 14.1Total expenditure 2,902 3,666 4,424 5,287 5,888 6,716Net raw material costs 2,158 2,823 3,436 4,039 4,519 5,157

Other mfg costs 231 283 325 412 466 528

Employee expenses 230 278 286 349 397 457

Other 283 282 376 487 507 575

EBITDA 892 881 686 786 1,011 1,157% chg 62.8 (1.2) (22.1) 14.5 28.6 14.5

(% of total op. income) 23.5 19.4 13.4 12.9 14.7 14.7

Depreciation & amortization 81 83 101 113 127 145

EBIT 811 798 585 672 884 1,013% chg 69.0 (1.7) (26.6) 14.8 31.5 14.6


Interest and other charges 14 9 8 6 3 3

Other income 12 151 67 76 82 87

(% of PBT) 1.5 16.7 10.4 10.2 8.5 7.9

Recurring PBT 810 940 645 742 963 1,097% chg 86.2 16.0 (31.4) 15.1 29.7 13.9

PBT (reported) 811 907 645 743 963 1,097Tax 273 274 184 220 289 329

(% of PBT) 33.7 30.2 28.5 29.6 30.0 30.0

PAT (reported) 537 666 461 523 674 768ADJ. PAT 537 633 461 523 674 768% chg 89.7 17.8 (27.1) 13.4 28.8 13.9


Basic EPS (`) 6.3 7.8 5.4 6.2 7.9 9.0Adj. EPS (`) 6.3 7.4 5.4 6.2 7.9 9.0% chg 78.5 17.8 (27.1) 13.4 28.8 13.9


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July 18, 2013 9

Balance sheet statement (Standalone)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity share capital 85 85 85 85 85 85Reserves & surplus 2,135 2,657 2,972 3,339 3,866 4,488

Shareholders Funds 2,220 2,742 3,057 3,424 3,951 4,573Total loans 90 - - - - -

Deferred tax liability 59 68 83 98 98 98

Other long term liabilities - 3 4 7 7 7

Long term provisions - 46 16 21 21 21

Total Liabilities 2,369 2,860 3,160 3,549 4,077 4,698APPLICATION OF FUNDSGross block 1,336 1,561 1,777 1,900 2,117 2,411

Less: Acc. depreciation 660 725 810 906 1,033 1,177

Net Block 677 836 967 994 1,084 1,233Capital work-in-progress 38 47 27 59 42 48

Investments 1,335 1,378 1,555 1,640 1,937 2,232Long term loans and adv. - 31 62 52 52 52Other noncurrent assets - - 1 1 1 1Current assets 912 1,314 1,481 1,802 2,139 2,439

Cash 3 15 58 75 231 262

Loans & advances 48 63 51 48 69 79

Other 861 1,236 1,372 1,679 1,839 2,099

Current liabilities 593 747 931 999 1,178 1,307

Net current assets 319 567 550 803 961 1,132Total Assets 2,369 2,860 3,160 3,549 4,077 4,698


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July 18, 2013 10

Cash flow statement (Standalone)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EProfit before tax 810 940 645 742 963 1,097

Depreciation 81 83 101 113 127 145Change in working capital (59) (238) 7 (237) (2) (141)

Others (23) 37 9 37 - -

Other income (12) (151) (67) (76) (82) (87)

Direct taxes paid (273) (274) (184) (220) (289) (329)

Cash Flow from Operations 524 398 510 360 717 685(Inc.)/Dec. in fixed assets (100) (234) (195) (156) (200) (300)

(Inc.)/Dec. in investments (667) (43) (177) (86) (296) (295)

Other income 12 151 67 76 82 87

Cash Flow from Investing (755) (126) (304) (165) (415) (508)Issue of equity 530 - - - - -

Inc./(Dec.) in loans (227) (90) - - - -

Dividend paid (Incl. Tax) 56 95 140 145 146 146

Others (159) (265) (281) (290) - -

Cash Flow from Financing 200 (260) (140) (145) (146) (146)Inc./(Dec.) in cash (31) 12 43 17 156 31

Opening Cash balances 34 3 15 58 75 231Closing Cash balances 3 15 58 75 231 262


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July 18, 2013 11

Key ratios

Y/E March FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 21.1 17.0 24.6 21.7 16.9 14.8P/CEPS 18.4 15.9 20.2 17.8 14.2 12.4

P/BV 5.2 4.2 3.7 3.3 2.9 2.5

Dividend yield (%) 0.7 1.1 1.1 1.2 1.1 1.1

EV/Sales 2.7 2.2 1.9 1.6 1.3 1.1

EV/EBITDA 11.3 11.3 14.2 12.3 9.1 7.7

EV / Total Assets 4.3 3.5 3.1 2.7 2.3 1.9

Per Share Data (`)EPS (Basic) 6.3 7.8 5.4 6.2 7.9 9.0

EPS (fully diluted) 6.3 7.4 5.4 6.2 7.9 9.0

Cash EPS 7.3 8.4 6.6 7.5 9.4 10.7

DPS 1.0 1.5 1.5 1.6 1.5 1.5

Book Value 25.8 31.9 35.7 40.0 46.2 53.5

Dupont AnalysisEBIT margin 21.4 17.5 11.5 11.1 12.8 12.9

Tax retention ratio 0.7 0.7 0.7 0.7 0.7 0.7

Asset turnover (x) 4.0 3.7 3.5 3.6 3.7 3.9

ROIC (Post-tax) 57.4 45.6 28.3 28.4 33.5 34.9

Cost of Debt (Post Tax) 4.4 13.5 - - - -

Leverage (x) - - - - - -

Operating ROE 57.4 45.6 28.3 - - -

Returns (%)ROCE (Pre-tax) 40.8 30.5 19.4 20.0 23.2 23.1

Angel ROIC (Pre-tax) 81.1 55.4 38.5 37.1 46.9 46.4

ROE 31.0 25.5 15.9 16.1 18.3 18.0

Turnover ratios (x)Asset Turnover (Gross Block) 2.9 3.1 3.1 3.3 3.4 3.5

Inventory / Sales (days) 50 59 65 64 66 65

Receivables (days) 23 25 27 27 27 27

Payables (days) 42 46 51 48 46 45

WC cycle (ex-cash) (days) 26 35 37 37 39 37

Solvency ratios (x)Net debt to equity (0.6) (0.5) (0.5) (0.5) (0.5) (0.5)

Net debt to EBITDA (1.4) (1.6) (2.3) (2.2) (2.1) (2.2)

Interest Coverage (EBIT / Int.) 60.1 91.8 78 117 295 338


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July 18 2013 12

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking

or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or

in the past.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from

or in connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.

Disclosure of Interest Statement Exide Industries

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

exide industries, 1q fy 2014

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