Exide Industries declines after reporting lacklustre Q1 results

Exide Industries declined 3.42% to Rs 139.65 at 11:00 IST on BSE after net profit fell 16.24% to Rs 155.20 crore on 6.01% decline in total income to Rs 1802.63 crore in Q1 June 2015 over Q1 June 2014.

The result was announced after market hours yesterday, 30 July 2015.

Meanwhile, the BSE Sensex was up 220 points, or 0.79%, to 27,925.35.

On BSE, so far 1.93 lakh shares were traded in the counter, compared with an average volume of 1.48 lakh shares in the past one quarter.

The stock hit a high of Rs 140.80 in intraday trade. The stock hit a low of Rs 136.35 so far during the day, which was also a 52-week low for the stock. The stock hit a record high of Rs 206.50 on 3 February 2015.

Exide Industries' MD & CEO P K Kataky said that demand for both automotive and original equipment manufacturers (OEM) and industrial battery, including demand for Home UPS, Power and Traction battery, remained subdued in Q1 June 2015. However, growth in automotive and motorcycle battery replacement sale was encouraging in this quarter, Kataky said. Technology upgradation and cost control remain important part of the company's strategy to improve the bottom-line, Kataky said.

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

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