Exide Shares Down In Red After Revenue Went Up 6% In Q1

Exide share price was down in the red on Tuesday after the company’s June quarter earnings failed to lift investor sentiments.

What Happened: Net profit for Exide Industries increased by 15.5% to ₹279.6 crore, compared to the ₹242 crore posted in the same quarter last year. Revenue for the review period rose by 6% year-on-year to ₹4,312.8 crore.

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EBITDA for the April-June period grew by 14.5% to ₹494.4 crore, with margins expanding by 90 basis points to 11.5% from 10.6% last year. The company said that the EBITDA growth was supported by revenue growth and cost optimisation initiatives.

“In the automotive division, we are witnessing healthy demand, both in the domestic and international markets. Our focus remains on enriching our product portfolio, increasing our market reach and offering exemplary after-sale services to
customers,” the company said in a press release.

Price Action: Exide’s share price was down 2.64% to trade at ₹537.35 in the late hours of trading on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.