Exide Ind dips on lower-than-expected Q2 profit

Q2 net profit at Rs 120 crore against anlaysts forecast of Rs 146 crore.

Exide Industries has dipped 7% to Rs 151, falling almost 10% from intra-day high after reporting a lower-than-expected net profit at Rs 120 crore for the second quarter ended September 2012 due to higher raw material cost and other expenditure. Analysts on an average had forecast profit at Rs 146 crore. Revenues however, grew 29% at Rs 1,517 crore on year-on-year basis.

The raw material cost jumped by 59% at Rs 1,097 crore, while other expenditure increased 28% at Rs 236 crore over the previous year.

Meanwhile, the board has approved the payment of an interim dividend @ 100% i.e. Re 1/- per equity share of Re 1 each for the financial year 2012-2013.

The stock opened at Rs 164 and hit a high of Rs 166 on the NSE. A combined 6.47 million shares have changed hands on the counter so far on both the exchanges.