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Exide Industries share price gains 7% post Q1 earnings

Share price of Exide Industries gained 6.93% to Rs 165.2 against previous close of Rs 154.50 on BSE

twitter-logoBusinessToday.In | August 4, 2020 | Updated 10:19 IST
Exide Industries share price gains 7% post Q1 earnings
Exide Industries stock is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages

Exide Industries share price rose in early trade today despite the company reporting a net loss of Rs 13.5 crore in Q1 against a profit of Rs 161.6 crore, last year corresponding quarter. Share price of Exide Industries gained 6.93% to Rs 165.2 against previous close of Rs 154.50 on BSE.

Exide Industries stock is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The stock has lost 11.44% in one year and 14.05% since the beginning of this year.

Total 2.59 lakh shares changed hands amounting to turnover of Rs 4.22 lakh crore. Market cap of the firm rose to Rs 13,604 crore. Meanwhile, revenue in Q1 fell 31.1% to Rs 2,526 crore against Rs 3,664.2 crore, in same quarter last year.

Commenting on earnings, Exide MD and CEO G Chatterjee said COVID-19 pandemic and the consequent lockdowns to curb its spread caused severe disruption in manufacturing, supply chain, and sales and distribution operations of the company.

"This has caused an adverse impact on its sales as well as profitability during the quarter. The company is focusing on cost control and technology upgradation as strategies to improve the bottom-line," he added.

After Q1 earnings, Edelweiss maintained buy call on the stock with a revised taret price of Rs 184 (Rs 205 earlier).

Stocks in news: Yes Bank, Jubilant Life, Exide, Bank of India, Dhanlaxmi Bank

"Exide Industries 44% YoY dip  in  Q1FY21  sales  came  in  line  with consensus  estimates,  but  10%  below  our  estimate  as  automotive  OEM demand   for   batteries   waned   during   the   lockdown. We  expect replacement  volumes  to  touch  FY20  peak  in FY22. Net  sales  plunged  44%  YoY  in  Q1FY21  with  multiple  challenges  during  the  pandemic. Automotive  OEM  demand  remained  subdued  during  Q1FY21;  however,  demand  in home UPS segment and via automotive  trade channels improved. Further, operations were shut owing to the lockdown resuming mid-May, and scaled up thereafter, "the brokerage said.

Exide Industries Limited is a storage battery company. The company designs, manufactures, markets and sells a range of lead acid storage batteries. It operates through storage batteries and allied products, life insurance business and others segments.

Storage batteries and allied products segment includes the holding company and some of its subsidiaries manufacture lead acid storage batteries and allied products. Its manufacturing units are located in West Bengal, Haryana, Maharashtra, Tamil Nadu and Uttarakhand.

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