Exide Industries Ltd reports lower top line in Q4 FY2020

Exide Industries Limited, on Friday reported Net Turnover for the quarter ended March 31, 2020 of Rs. 2,055.09 crores as compared to Net Turnover Rs. 2,598.66 crores during the quarter ended March 31, 2019. Profit After Tax for the same quarter ended March 31, 2020, was lower at Rs. 168 crores respectively as against Profit After Tax of Rs. 210.68 crores for corresponding quarter ended March 31, 2019.

For the year ended March 31, 2020, the net turnover was Rs. 9,856.66 crores as compared to Rs. 10,588.31 crores in the previous year. The profit after tax was Rs. 825.51 crores in the year ended March 31, 2020 compared to profit after tax of Rs. 844.05 crores in the previous year, inclusive of 'exceptional items' reported in both the years.

Mr G Chatterjee, MD & CEO said that the Automotive Sector is facing a lot of challenges due to Regulatory changes, Technology shifts and Demand uncertainty, due to which there was a distinct slowdown in Auto OE segment. On top of it, the year-end Sales across all segments of the Company were severely impacted after the complete lockdown was imposed in the country as a result of COVID-19.

The Company is focussing on Cost Control and Technology upgradation as strategies to improve the bottom-line.

Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.173 as compared to the previous close of Rs. 171.35. The total number of shares traded during the day was 118378 in over 2331 trades.

The stock hit an intraday high of Rs. 174.1 and intraday low of 170.6. The net turnover during the day was Rs. 20405252.

Source : Equity Bulls

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