Stock Market Updates
Indian lead-acid battery maker Exide Industries reported a smaller-than-expected rise in first-quarterly profit on Friday, hurt by high raw material costs and rising expenses. The Kolkata-based company said its net profit after tax for the quarter ended June 30 stood at 2.42 billion rupees ($29.41 million), compared with 2.26 billion rupees. Analysts on average expected a profit of 2.66 billion rupees, according to Refinitiv data. Raw material costs “remained firm” during the quarter, and total expenses grew nearly 4% to 37.70 billion rupees, the company said in a statement.“We expect the overall demand scenario to be positive in the near-term and profitability levels to increase, supported by easing of input cost inflation and further realization of cost efficiency initiatives“, Managing Director and Chief Executive Subir Chakraborty said in a statement. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins expanded 10.6% from 9.9% a year earlier, the company said in an exchange filing. Auto parts suppliers in the country have benefited during the April-June quarter from demand for new models and the festive season. Exide’s shares have gained 33.01% in the quarter but fell 2.9% after the results were announced.
($1 = 82.2881 Indian rupees)
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