Exide Industries‘ share price saw a sudden spike on Tuesday as the company posted its earnings for the quarter ended March.
What Happened: The battery major’s standalone net profit came in at ₹284 crore for the quarter ended March 31, 2024, marking a 36.5% increase compared to ₹208 crore reported in the corresponding period of the previous year. The company’s revenue from operations grew 13%, reaching ₹4,009 crore compared to ₹3,543 crore in the same quarter last year.
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The company also announced the appointment of Avik Kumar Roy as the new Managing Director & CEO, succeeding Subir Chakraborty upon his retirement. He has been appointed for a period of three years from May 1, 2024, till April 30, 2027. Roy joined the company in January 2019. Before joining Exide he was working with Siemens Ltd.
The company also announced a ₹2 divided for the year ended March 2024.
Shares of the company that were upbeat ahead of the results received a further boost as soon as the results came out. The stock surged up close to 6% to hit an intraday high of ₹481.65 — a smidge below its all-time high of ₹481.70. Shares of the company have been upbeat ever since it announced partnering with Hyundai and Kia.
Price Action: Exide shares were up 3.38% to trade at ₹470.95 on Tuesday mid-day.
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