Exide Inds posts net loss of Rs 14 cr in June quarter

Exide Industries reported a consolidated net loss of Rs 13.56 crore in Q1 June 2020 as against net profit of Rs 161.58 crore in Q1 June 2019.

Revenue from operations tumbled 31% to Rs 2,526.11 crore in Q1 June 2020 over Q1 June 2019. Profit before tax (PBT) stood at Rs 3.99 crore in Q1 June 2020, dropping 98.6% over the same period last year. Total tax expense tumbled 85% to Rs 17.55 crore in Q1 June 2020 over Q1 June 2019. The result was announced after market hours yesterday, 3 August 2020.

G Chatterjee, MD & CEO, said that the onset of COVID-19 pandemic and the consequent lockdowns to curb its spread caused severe disruption in manufacturing, supply chain, and sales & distribution operations of the company. This has caused an adverse impact on its sales as well as profitability during the quarter. The manufacturing operations were resumed only in mid-May and thereafter scaled up. The company responded with agility, speed and resilience, together with a structured process of proactive planning, to operate in the 'new normal'. A series of concerted actions were taken to realign the distribution infrastructure so as to respond to the multiple challenges arising out of restricted mobility of people and goods, curbs on working hours and outlet operations.

Exide Industries manufactures batteries for automobiles, industrial use and for submarines.

Shares of Exide Industries were trading 5.31% higher at Rs 162.7 on BSE. The scrip traded in the range of Rs 154 to Rs 165.20 so far during the day.

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