Exide Industries reports Q1 net loss of Rs 13.56 cr due to Covid-19 crisis
The company had posted a net profit of Rs 161.58 crore in the corresponding quarter a year ago
 "Exide Industries reports Q1 net loss of Rs 13.56 cr due to Covid-19 crisis")
premium
Battery major Exide Industries on Monday reported a consolidated net loss of Rs 13.56 crore in the quarter ended June 30, 2020 due to the impact of disruptions caused by the Covid-19 pandemic.
The company had posted a net profit of Rs 161.58 crore in the corresponding quarter a year ago.
Total income during the quarter under review stood at Rs 2,537.55 crore as against Rs 3,691.33 crore in the quarter ended June 30, 2019, Exide Industries said in a BSE filing.
Commenting on the 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.
Shares of Exide Industries on Monday settled 0.74 per cent lower at Rs 154.50 apieceon the BSE.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%