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Exide industries Q1 Result stock market news

ByTheCurrentScenario

Aug 1, 2023

Exide industries Q1 Result you must know some facts

images%20(2) Exide industries Q1 Result stock market news

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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 overall demand scenario to be positive in the near-term and profitability levels to increase, supported by easing of input cost inflation and further realisation 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 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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