4QFY2013 Result Update | Auto Ancillary

May 3, 2013

Exide Industries
Performance Highlights
Y/E March (` cr) Net Sales EBITDA EBITDA Margin (%) Adj. PAT 4QFY13 1,541 204 13.3 146 4QFY12 1,454 213 14.6 143 % chg (yoy) 6.0 (3.9) (136)bp 2.8 3QFY13 1,464 165 11.2 104 % chg (qoq) 5.3 24.2 202bp 40.7

ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Auto Ancillary 11,564 (76) 0.5 166/113 155,360 1 20,027 5,944 EXID.BO EXID@IN

`136 `150
12 Months

Source: Company, Angel Research

For 4QFY2013, Exide Industries (EXID) operating performance was slightly ahead of our estimates, led by a sharp expansion in EBITDA margins on a sequential basis driven by price hikes (~10%) carried out in 2HFY2013. The top-line growth though was restricted due to the slowdown in the four-wheeler (4W) and two-wheeler (2W) OEM segments. EXID has managed to regain 8-10% market share in the 4W replacement battery segment in FY2013 largely at the expense of profitability as the company refrained from passing on the cost increases to the consumers. However, the Management has indicated that it will focus on improving profitability going ahead through price increases and cost reduction initiatives. We expect EBITDA margins to improve ~130bp in FY2014 as the full benefits of price hikes taken in 3QFY2013 will accrue in FY2014. Further, softening of lead prices coupled with cost reduction initiatives will also aid margin expansion, in our view. As a result, we expect earnings to register a CAGR of ~22% over the same period. We maintain our Accumulate rating on the stock. Better-than-expected 4QFY2013 performance: EXIDs top-line grew broadly in-line with our estimates and stood at `1,541cr (6% yoy and 5.3% qoq) led by continued traction in the 4W replacement battery segment. However, sluggish demand in the 4W and 2W OEM battery segments restricted the growth in the top-line. The growth in the industrial battery segment too remained healthy led by pick-up in the home UPS battery segment. The EBITDA margin improved by a sharp 202bp qoq to 13.3%, slightly ahead of our estimates of 12.5%, driven by price hikes carried out in 3QFY2013. The other expenditure witnessed a decline of 7% qoq and amounted to 13.8% of sales (down 190bp sequentially). Consequently, the net profit surged 40.7% qoq (2.8% yoy) to `146cr as against our estimates of `126cr. The net profit also benefitted from a sharp jump of 148.8% qoq (105.9% yoy) in other income to `30cr. Outlook and valuation: At `136, the stock is trading at 14.9x FY2015E earnings. We maintain our Accumulate rating on the stock with an SOTP based target price of `150. We value the core battery business of the company at 15x FY2015E earnings at `137/ share. We value EXIDs 100% stake in ING Vysya Life Insurance at `13/ share (at the deal value).

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 46.0 25.4 18.1 10.5

Abs. (%) Sensex Exide Industries

3m (1.0) 11.2

1yr 14.1 11.7

3yr 15.2 13.7

Key financials (Standalone)

Y/E March (` cr) Net Sales % chg Net Profit % chg EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

FY2012 5,110 12.4 461 (27.1) 13.4 5.4 25.1 3.8 15.9 19.3 1.9 14.6

FY2013E 6,072 18.8 523 13.4 12.9 6.2 22.1 3.4 16.1 19.9 1.6 12.6

FY2014E 7,053 16.1 666 27.3 14.2 7.8 17.4 3.0 18.1 22.9 1.4 9.5

FY2015E 8,061 14.3 776 16.6 14.5 9.1 14.9 2.5 18.2 23.4 1.1 7.9

Yaresh Kothari
022-3935 7800 Ext: 6844 yareshb.kothari@angelbroking.com

Please refer to important disclosures at the end of this report

Exide Industries | 4QFY2013 Result Update

Exhibit 1: Quarterly financial performance (Standalone)

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Purchases of TG (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM (%) Interest Depreciation Other Income PBT (excl. Extr. Items) Extr. Income/(Expense) PBT (incl. Extr. Items) (% of Sales) Provision for Taxation (% of PBT) Reported PAT Adj PAT Adj. PATM Equity capital (cr) Reported EPS (`)
Source: Company, Angel Research

4QFY13 1,541 1,030 66.8 90 5.8 4 0.3 213 13.8 1,337 204 13.3 1 29 30 205 205 13.3 59 28.7 146 146 9.5 85.0 1.7

4QFY12 1,454 973 66.9 75 5.1 1 0.1 193 13.3 1,241 213 14.6 1 27 15 199 199 13.7 57 28.4 143 143 9.8 85.0 1.7

% chg (yoy) 6.0 5.9 20.7 298.0 10.2 7.7 (3.9) (22.0) 5.5 105.9 3.1 3.1 3.9 2.8 2.8 0.0 2.8

3QFY13 1,464 983 67.1 85 5.8 2 0.1 229 15.7 1,299 165 11.2 1 29 12 147 147 10.0 43 29.1 104 104 7.1 85.0 1.2

% chg (qoq) 5.3 4.8 5.4 122.9 (7.1) 2.9 24.2 (25.7) (0.5) 148.8 39.8 39.8 37.6 40.7 40.7

FY2013 6,077 4,024 66.2 349 5.7 15 0.2 899 14.8 5,287 790 13.0 4 113 70 742 742 12.2 220 29.6 523 523 8.6 85.0

FY2012 5,114 3,429 67.1 286 5.6 7 0.1 704 13.8 4,426 687 13.4 5 101 64 645 645 12.6 184 28.5 461 461 9.0 85.0 5.4

% chg (yoy) 18.8 17.4 22.0 98.9 27.8 19.5 14.9 (21.3) 12.7 10.5 15.1 15.1 19.3 13.4 13.4 0.0 13.4

40.7

6.2

Exhibit 2: 4QFY2013 Actual vs Angel estimates

Y/E March (` cr) Net Sales EBITDA EBITDA margin (%) Adj. PAT
Source: Company, Angel Research

Actual 1,541 204 13.3 146

Estimates 1,552 193 12.5 126

Variation (%) (0.7) 5.8 81bp 16.4

Top-line growth broadly in-line with estimates: For 4QFY2013, EXIDs top-line grew broadly in-line with our estimates and stood at `1,541cr (6% yoy and 5.3% qoq) led by continued traction in the 4W replacement battery segment. However, sluggish demand in the 4W and 2W OEM battery segments restricted further growth in the top-line. The growth in the industrial battery segment too remained healthy led by pick-up in the home UPS battery segment.

May 3, 2013

Exide Industries | 4QFY2013 Result Update

Exhibit 3: Lower-than-expected growth in top-line

(` cr) 1,800 1,600 1,400 1,200 1,000 800 600
1,248

Net sales (LHS)

yoy growth (RHS)

(%) 35.0 30.0 25.0

29.7 24.5 21.2 19.0 16.5 17.1

20.0 15.0

8.3
1,248 1,173 1,250 1,454 1,554 1,521 1,464

200 0

1,541

400

4.0

6.0

10.0 5.0 0.0

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

Source: Company, Angel Research

Operating margin surprises positively: On the operating front, EBITDA margins improved sharply by 202bp qoq to 13.3%, which was slightly ahead of our estimate of 12.5%. The margin expansion was driven by price increases (~5% in October 2013 and ~5% in January 2013) carried out by the company in 2HFY2013. The other expenditure witnessed a decline of 7% qoq and amounted to 13.8% of sales (down 190bp sequentially). Further, the raw-material and staff cost as a percentage of sales remained stable on a sequential basis in 4QFY2013. On a yoy basis, EBITDA margins declined 136bp as employee expenditure and other expenditure witnessed an increase of 20.7% and 10.2% yoy respectively. We believe that other expenditure for the company has increased largely due to increase in power costs and also due to increase in distribution expenses.

Exhibit 4: Average lead price trend

(US $/tonne) 5,000 4,000 3,000 2,000 1,000 0 Lead inventory (RHS) Lead prices (LHS) (tonne) 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0

Exhibit 5: Operating performance deteriorates sharply

(%) 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 18.7 17.8 13.2 14.6 15.0 12.4 11.2 13.3 71.2 62.8 63.9 67.4 66.9 65.2 66.4 67.2 67.1 EBITDA margin Raw material cost/sales

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

Mar-07

Mar-08

Source: Company, Angel Research

Dec-12

Apr-06

Feb-09

Feb-10

Source: Company, Angel Research

Net profit beats estimates: Led by a strong operating performance, net profit surged 40.7% qoq (2.8% yoy) to `146cr as against our estimate of `126cr. The net profit also benefitted from a sharp jump of 148.8% qoq (105.9% yoy) in other income to `30cr.

May 3, 2013

4QFY13

7.7

Jan-11

Jan-12

4QFY13

Exide Industries | 4QFY2013 Result Update

Exhibit 6: Bottom-line down 13.4% sequentially

(` cr) 180 160 140 120 100 80 60 40
164 163 104 143 152 120 104

Net profit (LHS)

Net profit margin (RHS)

(%) 16.0 14.0

13.1

13.1 9.8 8.3 4.4

146

9.8 7.9 7.1

9.5

12.0 10.0 8.0 6.0 4.0 2.0 0.0

4QFY11

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

Source: Company, Angel Research

May 3, 2013

4QFY13

51

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Exide Industries | 4QFY2013 Result Update

Investment arguments
Demand scenario for automotive and industrial batteries to remain positive in the long run: We expect growth traction in the automotive battery segment to continue 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 Tandon Metals (FY2008) and Leadage Alloys (51% in FY2009 and 49% in 2QFY2011) to recycle lead and lessen the vulnerability of rising lead prices. This reduced the company's dependence on imported lead in FY2011 to 28-30% (~32% in FY2010). Total lead supplied by the captive smelter increased to 45-50% in FY2012. 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 ~13% each in the auto and industrial battery segments, over FY2013-15E.

Outlook and valuation

We broadly retain our revenue and earnings estimates for EXID for FY2014/15E. We expect the company to register a ~15% revenue CAGR over FY2013-15, driven by 12-13% volume CAGR in the automotive and industrial battery segments, respectively. We expect EBITDA margins to improve ~130bp in FY2014 as the full benefits of price hikes taken in 3QFY2103 will accrue in FY2014. Further, softening of lead prices coupled with cost reduction initiatives will also aid margin expansion in our view. As a result, we expect earnings to register a CAGR of ~22% over the same period.

May 3, 2013

Exide Industries | 4QFY2013 Result Update

Exhibit 7: Change in estimates

Y/E March Net Sales (` cr) OPM (%) EPS (`)
Source: Company, Angel Research

Earlier Estimates 7,026 14.2 7.7 8,026 14.2 8.9

Revised Estimates 7,053 14.2 7.8 8,061 14.5 9.1

% chg 0.4 0bp 1.3 0.4 30bp 3.1

FY2014E FY2015E FY2014E FY2015E FY2014E FY2015E

At the current market price of `136, the stock is trading at 14.9x FY2015E earnings. We maintain our Accumulate rating on the stock with an SOTP based target price of `150. We value the core battery business of the company at 15x FY2015E earnings at `137/ share. We value EXIDs 100% stake in ING Vysya Life Insurance at `13/ share (at deal value).

Exhibit 8: Key assumptions

FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E Automotive battery volumes (mn units) Four-wheeler yoy change (%) Two-wheeler yoy change (%) Total Automotive volumes yoy change (%) Industrial battery vol. (mnAH) yoy change (%)
Source: Company, Angel Research

7.5 12.9 8.7 5.4 16.2 8.7 1,565 18.9

8.2 10.4 10.8 23.2 19.0 17.3 1,760 12.5

7.8 (4.6) 13.9 28.6 21.7 14.2 1,830 4.0

8.3 6.0 16.9 22.0 25.2 16.2 2,105 15.0

9.3 12.0 19.3 14.0 28.6 13.3 2,400 14.0

10.4 12.0 21.6 12.0 32.0 12.0 2,688 12.0

Exhibit 9: Angel vs consensus forecast

Angel estimates FY14E Net sales (` cr) EPS (`) 7,053 7.8 FY15E 8,061 9.1 Consensus FY14E 7,120 7.7 FY15E 8,281 9.2 Variation (%) FY14E (0.9) 2.1 FY15E (2.7) (1.0)

Source: Company, Angel Research

Exhibit 10: One-year forward P/E band

(` ) 200 180 160 140 120 100 80 60 40 20 0 CMP (`) 6x 12x 18x 24x

Exhibit 11: One-year forward P/E chart

(x) 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 One-yr forward P/E Long term average P/E Five-yr average P/E

Apr-01

Apr-02

Apr-03

Apr-04

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Apr-13

Apr-01

Apr-02

Apr-03

Apr-04

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Source: Company, Angel Research

Source: Company, Angel Research

May 3, 2013

Apr-13

Exide Industries | 4QFY2013 Result Update

Exhibit 12: Auto Ancillary Recommendation summary

Company Amara Raja Batteries Automotive Axle^ Bharat Forge* Bosch India
#

Reco. Buy Neutral Neutral Neutral Accumulate Neutral Buy Accumulate

CMP (`) 261 270 229 8,892 136 1,422 190 26

Tgt. price (`) 326 150 222 30

Upside (%) 25.0 10.2 16.6 14.2

P/E (x) FY14E FY15E 13.2 18.5 15.8 23.8 17.4 16.1 15.2 4.8 12.0 11.4 13.2 20.3 14.9 13.0 12.9 3.5

EV/EBITDA (x) FY14E 8.6 6.6 6.6 14.9 9.5 9.5 7.1 3.7 FY15E 7.6 4.9 5.7 12.3 7.9 7.3 6.1 3.1

RoE (%) FY14E 27.1 8.1 13.6 18.0 18.1 15.5 27.5 11.1 FY15E 23.7 12.6 14.7 17.9 18.2 16.5 25.8 13.7

FY13-15E EPS CAGR (%) 8.4 (10.8) 18.6 19.9 21.8 6.9 23.0 49.0

Exide Industries FAG Bearings# Motherson Sumi* Subros

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

Company background
Exide 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. EXID also has a 50% stake in ING Vysya Insurance Ltd, a JV with ING Group, Netherlands.

May 3, 2013

Exide Industries | 4QFY2013 Result Update

Profit and loss statement (Standalone)

Y/E March (` cr) Total operating income % chg Total expenditure Net raw material costs Other mfg costs Employee expenses Other EBITDA % chg (% of total op. income) Depreciation & amortization EBIT % chg (% of total op. income) Interest and other charges Other income (% of PBT) Recurring PBT % chg PBT (reported) Tax (% of PBT) PAT (reported) ADJ. PAT % chg (% of total op. income) Basic EPS (`) Adj. EPS (`) % chg FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E 3,794 11.8 2,902 2,158 231 230 283 892 62.8 23.5 81 811 69.0 21.4 14 12 1.5 810 86.2 811 273 33.7 537 537 89.7 14.2 6.3 6.3 78.5 4,547 19.9 3,666 2,823 283 283 277 881 (1.2) 19.4 83 798 (1.7) 17.5 9 151 16.7 940 16.0 907 274 30.2 666 633 17.8 13.9 7.8 7.4 17.8 5,110 12.4 4,426 3,436 326 286 377 684 (22.4) 13.4 101 583 (26.9) 11.4 5 67 10.4 645 (31.4) 645 184 28.5 461 461 (27.1) 9.0 5.4 5.4 (27.1) 6,072 18.8 5,288 4,039 423 349 478 784 14.6 12.9 113 671 15.0 11.0 4 76 10.2 742 15.1 742 220 29.6 523 523 13.4 8.6 6.2 6.2 13.4 7,053 16.1 6,051 4,616 490 413 532 1,001 27.7 14.2 128 874 30.3 12.4 6 83 8.8 951 28.1 951 285 30.0 666 666 27.3 9.4 7.8 7.8 27.3 8,061 14.3 6,892 5,264 552 472 605 1,169 16.7 14.5 144 1,025 17.3 12.7 8 92 8.3 1,109 16.6 1,109 333 30.0 776 776 16.6 9.6 9.1 9.1 16.6

May 3, 2013

Exide Industries | 4QFY2013 Result Update

Balance sheet statement (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity share capital Reserves & surplus Shareholders Funds Total loans Deferred tax liability Other long term liabilities Long term provisions Total Liabilities APPLICATION OF FUNDS Gross block Less: Acc. depreciation Net Block Capital work-in-progress Investments Long term loans and adv. Other noncurrent assets Current assets Cash Loans & advances Other Current liabilities Net current assets Total Assets 1,336 660 677 38 1,335 912 3 48 861 593 319 2,369 1,561 725 836 47 1,378 31 1,314 15 63 1,236 747 567 2,860 1,777 810 967 27 1,555 18 1 1,528 58 96 1,375 896 632 3,198 1,947 924 1,024 29 1,640 52 1 1,802 75 48 1,679 999 803 3,549 2,204 1,051 1,153 33 1,932 52 1 2,122 102 141 1,879 1,225 897 4,068 2,480 1,195 1,285 37 2,231 52 1 2,459 152 161 2,146 1,368 1,091 4,697 85 2,135 2,220 90 59 2,369 85 2,657 2,742 68 3 46 2,860 85 2,972 3,057 83 4 54 3,198 85 3,339 3,424 98 7 21 3,549 85 3,858 3,943 98 7 21 4,068 85 4,487 4,572 98 7 21 4,697 FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E

May 3, 2013

Exide Industries | 4QFY2013 Result Update

Cash flow statement (Standalone)

Y/E March (` cr) Profit before tax Depreciation Change in working capital Others Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in fixed assets (Inc.)/Dec. in investments Other income Cash Flow from Investing Issue of equity Inc./(Dec.) in loans Dividend paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in cash Opening Cash balances Closing Cash balances FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E 810 81 (59) (23) (12) (273) 524 (100) (667) 12 (755) 530 (227) 56 (159) 200 (31) 34 3 940 83 (238) 37 (151) (274) 398 (234) (43) 151 (126) (0) (90) 95 (265) (260) 12 3 15 645 101 (29) 42 (67) (184) 508 (195) (177) 67 (304) 0 (0) 140 (281) (140) 43 15 58 (157) 17 58 75 (147) 27 75 102 (147) 50 102 152 742 113 (155) (48) (76) (220) 357 (173) (86) 76 (183) 0 0 157 (83) (285) 643 (260) (292) 83 (469) 0 0 147 (92) (333) 684 (280) (299) 92 (488) 0 0 147 951 128 (67) 1,109 144 (144)

May 3, 2013

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Exide Industries | 4QFY2013 Result Update

Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Int.) (0.6) (1.4) 60.1 (0.5) (1.6) 91.8 (0.5) (2.4) 110 (0.5) (2.2) 161 (0.5) (2.0) 142 (0.5) (2.0) 125 2.9 50 23 42 26 3.1 59 25 46 35 3.1 65 27 52 40 3.3 64 27 48 39 3.4 65 27 48 39 3.4 66 27 50 39 40.8 81.1 31.0 30.5 55.4 25.5 19.3 37.4 15.9 19.9 37.1 16.1 22.9 43.5 18.1 23.4 44.8 18.2 21.4 0.7 4.0 57.4 4.4 57.4 17.5 0.7 3.7 45.6 45.6 11.4 0.7 3.4 27.8 27.8 11.0 0.7 3.6 28.0 12.4 0.7 3.7 32.0 12.7 0.7 3.8 33.4 6.3 6.3 7.3 1.0 25.8 7.8 7.4 8.4 1.5 31.9 5.4 5.4 6.6 1.5 35.7 6.2 6.2 7.5 1.6 40.0 7.8 7.8 9.3 1.5 46.1 9.1 9.1 10.8 1.5 53.5 21.5 18.7 5.3 0.7 2.7 11.6 4.4 17.4 16.1 4.3 1.1 2.2 11.5 3.6 25.1 20.6 3.8 1.1 1.9 14.6 3.1 22.1 18.2 3.4 1.2 1.6 12.6 2.8 17.4 14.6 3.0 1.1 1.4 9.5 2.3 14.9 12.6 2.5 1.1 1.1 7.9 2.0 FY2010 FY2011 FY2012 FY2013E FY2014E FY2015E

13.5 12,628

May 3, 2013

11

Exide Industries | 4QFY2013 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources 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 this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, 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 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 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 the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Exide Industries No No No No

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

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

May 3, 2013

12