Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹394, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹275 per share. Reported Earnings • May 06
Full year 2026 earnings released: EPS: ₹5.50 (vs ₹9.35 in FY 2025) Full year 2026 results: EPS: ₹5.50. Revenue: ₹181.0b (up 5.0% from FY 2025). Net income: ₹8.54b (up 7.4% from FY 2025). Profit margin: 4.7% (up from 4.6% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Announcement • May 05
Exide Industries Limited announces Annual dividend, payable on August 09, 2026 Exide Industries Limited announced Annual dividend of INR 2.0000 per share payable on August 09, 2026, ex-date on July 03, 2026 and record date on July 03, 2026. Buy Or Sell Opportunity • Apr 15
Now 20% overvalued Over the last 90 days, the stock has fallen 4.4% to ₹330. The fair value is estimated to be ₹275, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Buy Or Sell Opportunity • Feb 03
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to ₹328. The fair value is estimated to be ₹272, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: ₹2.29 (vs ₹1.84 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.29 (up from ₹1.84 in 3Q 2025). Revenue: ₹42.0b (up 4.6% from 3Q 2025). Net income: ₹1.94b (up 24% from 3Q 2025). Profit margin: 4.6% (up from 3.9% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Dec 29
Exide Industries Limited to Report Q3, 2026 Results on Jan 30, 2026 Exide Industries Limited announced that they will report Q3, 2026 results on Jan 30, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹2.02 (vs ₹2.72 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.02 (down from ₹2.72 in 2Q 2025). Revenue: ₹44.2b (flat on 2Q 2025). Net income: ₹1.72b (down 26% from 2Q 2025). Profit margin: 3.9% (down from 5.2% in 2Q 2025). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Sep 24
Exide Industries Limited to Report Q2, 2026 Results on Oct 30, 2025 Exide Industries Limited announced that they will report Q2, 2026 results on Oct 30, 2025 Board Change • Sep 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Director, Director of Finance & CFO Manoj Agarwal was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: ₹3.21 (vs ₹2.59 in 1Q 2025) First quarter 2026 results: EPS: ₹3.21 (up from ₹2.59 in 1Q 2025). Revenue: ₹47.2b (up 6.5% from 1Q 2025). Net income: ₹2.73b (up 24% from 1Q 2025). Profit margin: 5.8% (up from 5.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 25 August 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Reported Earnings • Jul 03
Full year 2025 earnings released: EPS: ₹9.35 (vs ₹10.31 in FY 2024) Full year 2025 results: EPS: ₹9.35 (down from ₹10.31 in FY 2024). Revenue: ₹172.4b (up 2.8% from FY 2024). Net income: ₹7.95b (down 9.3% from FY 2024). Profit margin: 4.6% (down from 5.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 02
Exide Industries Limited to Report Q1, 2026 Results on Aug 05, 2025 Exide Industries Limited announced that they will report Q1, 2026 results on Aug 05, 2025 Declared Dividend • May 02
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 18th July 2025 Payment date: 25th August 2025 Dividend yield will be 0.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 89% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 02
Full year 2025 earnings released: EPS: ₹9.35 (vs ₹10.31 in FY 2024) Full year 2025 results: EPS: ₹9.35 (down from ₹10.31 in FY 2024). Revenue: ₹173.5b (up 3.5% from FY 2024). Net income: ₹7.95b (down 9.3% from FY 2024). Profit margin: 4.6% (down from 5.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Exide Industries Limited announces Annual dividend, payable on August 25, 2025 Exide Industries Limited announced Annual dividend of INR 2.0000 per share payable on August 25, 2025, ex-date on July 18, 2025 and record date on July 19, 2025. Announcement • Apr 30
Exide Industries Limited, Annual General Meeting, Jul 26, 2025 Exide Industries Limited, Annual General Meeting, Jul 26, 2025. Announcement • Apr 02
Exide Industries Limited to Report Q4, 2025 Results on Apr 30, 2025 Exide Industries Limited announced that they will report Q4, 2025 results on Apr 30, 2025 Price Target Changed • Jan 30
Price target decreased by 7.4% to ₹433 Down from ₹468, the current price target is an average from 19 analysts. New target price is 20% above last closing price of ₹360. Stock is up 7.7% over the past year. The company is forecast to post earnings per share of ₹13.16 for next year compared to ₹10.31 last year. Reported Earnings • Jan 29
Third quarter 2025 earnings released: EPS: ₹1.84 (vs ₹2.36 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.84 (down from ₹2.36 in 3Q 2024). Revenue: ₹40.2b (flat on 3Q 2024). Net income: ₹1.57b (down 22% from 3Q 2024). Profit margin: 3.9% (down from 5.0% in 3Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 26
Exide Industries Limited to Report Q3, 2025 Results on Jan 28, 2025 Exide Industries Limited announced that they will report Q3, 2025 results on Jan 28, 2025 Reported Earnings • Nov 05
Second quarter 2025 earnings released: EPS: ₹2.72 (vs ₹3.16 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.72 (down from ₹3.16 in 2Q 2024). Revenue: ₹44.9b (up 2.7% from 2Q 2024). Net income: ₹2.31b (down 14% from 2Q 2024). Profit margin: 5.2% (down from 6.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
Exide Industries Limited Approves Declaration of Final Dividend for the Financial Year Ended March 31, 2024 Exide Industries Limited approved Declaration of final dividend of INR 2.00 per share (200%) for the financial year ended March 31, 2024. Upcoming Dividend • Jul 15
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.1%). In line with average of industry peers (0.5%). Reported Earnings • Jul 07
Full year 2024 earnings released: EPS: ₹10.31 (vs ₹9.68 in FY 2023) Full year 2024 results: EPS: ₹10.31 (up from ₹9.68 in FY 2023). Revenue: ₹167.7b (up 11% from FY 2023). Net income: ₹8.77b (up 6.6% from FY 2023). Profit margin: 5.2% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 26
Exide Industries Limited to Report Q1, 2025 Results on Jul 30, 2024 Exide Industries Limited announced that they will report Q1, 2025 results on Jul 30, 2024 Price Target Changed • Jun 20
Price target increased by 8.0% to ₹448 Up from ₹415, the current price target is an average from 21 analysts. New target price is 22% below last closing price of ₹572. Stock is up 149% over the past year. The company is forecast to post earnings per share of ₹15.38 for next year compared to ₹10.31 last year. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹529, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 27x in the Auto Components industry in India. Total returns to shareholders of 179% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹219 per share. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Price Target Changed • May 02
Price target increased by 7.1% to ₹382 Up from ₹357, the current price target is an average from 22 analysts. New target price is 18% below last closing price of ₹464. Stock is up 140% over the past year. The company is forecast to post earnings per share of ₹15.24 for next year compared to ₹10.31 last year. Declared Dividend • May 02
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 22nd July 2024 Payment date: 28th August 2024 Dividend yield will be 0.4%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 01
Exide Industries Limited, Annual General Meeting, Jul 29, 2024 Exide Industries Limited, Annual General Meeting, Jul 29, 2024. Reported Earnings • May 01
Full year 2024 earnings released: EPS: ₹10.31 (vs ₹9.68 in FY 2023) Full year 2024 results: EPS: ₹10.31 (up from ₹9.68 in FY 2023). Revenue: ₹168.6b (up 12% from FY 2023). Net income: ₹8.77b (up 6.6% from FY 2023). Profit margin: 5.2% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 17
Price target increased by 9.3% to ₹357 Up from ₹326, the current price target is an average from 22 analysts. New target price is 22% below last closing price of ₹460. Stock is up 144% over the past year. The company is forecast to post earnings per share of ₹12.28 for next year compared to ₹9.68 last year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹377, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 25x in the Auto Components industry in India. Total returns to shareholders of 118% over the past three years. Announcement • Mar 29
Exide Industries Limited to Report Fiscal Year 2024 Results on Apr 30, 2024 Exide Industries Limited announced that they will report fiscal year 2024 results at 12:15 PM, Indian Standard Time on Apr 30, 2024 Reported Earnings • Jan 25
Third quarter 2024 earnings released: EPS: ₹2.36 (vs ₹2.34 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.36 (up from ₹2.34 in 3Q 2023). Revenue: ₹40.1b (up 13% from 3Q 2023). Net income: ₹2.00b (flat on 3Q 2023). Profit margin: 5.0% (down from 5.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 26
Exide Industries Limited to Report Q3, 2024 Results on Jan 24, 2024 Exide Industries Limited announced that they will report Q3, 2024 results at 12:15 PM, Indian Standard Time on Jan 24, 2024 Price Target Changed • Nov 09
Price target increased by 8.8% to ₹283 Up from ₹260, the current price target is an average from 19 analysts. New target price is 5.4% above last closing price of ₹269. Stock is up 53% over the past year. The company is forecast to post earnings per share of ₹12.79 for next year compared to ₹9.68 last year. Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: ₹3.16 (vs ₹2.83 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.16 (up from ₹2.83 in 2Q 2023). Revenue: ₹43.7b (up 14% from 2Q 2023). Net income: ₹2.69b (up 12% from 2Q 2023). Profit margin: 6.2% (down from 6.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 29
Exide Industries Limited to Report Q1, 2024 Results on Nov 06, 2023 Exide Industries Limited announced that they will report Q1, 2024 results on Nov 06, 2023 Price Target Changed • Aug 01
Price target increased by 8.1% to ₹247 Up from ₹228, the current price target is an average from 16 analysts. New target price is 6.3% below last closing price of ₹263. Stock is up 66% over the past year. The company is forecast to post earnings per share of ₹12.76 for next year compared to ₹9.68 last year. Reported Earnings • Jul 29
First quarter 2024 earnings released: EPS: ₹2.85 (vs ₹2.39 in 1Q 2023) First quarter 2024 results: EPS: ₹2.85 (up from ₹2.39 in 1Q 2023). Revenue: ₹40.9b (up 1.7% from 1Q 2023). Net income: ₹2.42b (up 19% from 1Q 2023). Profit margin: 5.9% (up from 5.0% in 1Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of ₹2.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 07 September 2023. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.8%). Announcement • Jun 27
Exide Industries Limited to Report Q1, 2024 Results on Jul 28, 2023 Exide Industries Limited announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • May 09
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹9.68 (up from ₹8.29 in FY 2022). Revenue: ₹152.0b (up 19% from FY 2022). Net income: ₹8.23b (up 17% from FY 2022). Profit margin: 5.4% (down from 5.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: ₹2.34 (vs ₹2.34 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.34 (up from ₹2.34 in 3Q 2022). Revenue: ₹35.4b (up 6.8% from 3Q 2022). Net income: ₹1.99b (flat on 3Q 2022). Profit margin: 5.6% (down from 6.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Announcement • Aug 27
Exide Industries Limited to Report Q3, 2023 Results on Feb 14, 2023 Exide Industries Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: ₹2.39 (vs ₹0.39 in 1Q 2022) First quarter 2023 results: EPS: ₹2.39 (up from ₹0.39 in 1Q 2022). Revenue: ₹40.5b (up 14% from 1Q 2022). Net income: ₹2.03b (up ₹1.70b from 1Q 2022). Profit margin: 5.0% (up from 0.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Reported Earnings • May 06
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹8.29 (down from ₹9.53 in FY 2021). Revenue: ₹128.5b (down 16% from FY 2021). Net income: ₹7.04b (down 13% from FY 2021). Profit margin: 5.5% (up from 5.3% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 8.3%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Director of Industrial & Additional Director Avik Roy was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 01
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.34 (down from ₹2.84 in 3Q 2021). Revenue: ₹33.3b (down 21% from 3Q 2021). Net income: ₹1.99b (down 18% from 3Q 2021). Profit margin: 6.0% (up from 5.8% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Director of Industrial & Additional Director Avik Roy was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS ₹2.31 (vs ₹3.03 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹47.7b (up 19% from 2Q 2021). Net income: ₹1.96b (down 24% from 2Q 2021). Profit margin: 4.1% (down from 6.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 20% share price gain to ₹190, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 20x in the Auto Components industry in India. Total loss to shareholders of 29% over the past three years. Reported Earnings • Aug 02
First quarter 2022 earnings released: EPS ₹0.39 (vs ₹0.13 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹35.4b (up 40% from 1Q 2021). Net income: ₹328.8m (up ₹435.6m from 1Q 2021). Profit margin: 0.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • May 02
Full year 2021 earnings released: EPS ₹9.53 (vs ₹9.14 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2021 results: Revenue: ₹153.0b (up 5.7% from FY 2020). Net income: ₹8.10b (up 4.3% from FY 2020). Profit margin: 5.3% (down from 5.4% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings.