Exide Industries hits 52-week low after weak Q3 results

Exide Industries lost 3.75% to Rs 107.85 at 13:04 IST on BSE after net profit declined 25.52% to Rs 77.52 crore on 11.28% fall in total income to Rs 1308.85 crore in Q3 December 2013 over Q3 December 2012.

The result was announced during trading hours today, 13 January 2014.

Meanwhile, the BSE Sensex was up 255.56 points, or 1.24%, to 21,016.40

On BSE, so far 8.71 lakh shares were traded in the counter compared with average volume of 2.25 lakh shares in the past one quarter.

The stock hit a 52-week low of Rs 106.65 in intraday trade today, 13 January 2014. The stock hit a high of Rs 113.25 so far during the day. The stock hit a 52-week high of Rs 148 on 16 January 2013.

The stock had underperformed the market over the past one month till 10 January 2014, sliding 5.24% compared with the Sensex's 2.34% fall. The scrip also underperformed the market in past one quarter, falling 16.38% as against Sensex's 2.4% rise.

The large-cap company has an equity capital of Rs 85 crore. Face value per share is Re 1.

Commenting on the performance, the managing director & CEO Mr P K Kataky said that continued sluggish demand had its impact on the performance of the company. In the replacement market, the demand for heavy duty and light duty commercial vehicles including passenger cars used for commercial application (taxi) remained subdued. Automobile OEMs had a degrowth. In industrial batteries, the demand for infrastructure, motive power, telecom and inverter batteries continued to be sluggish. The company's cost control and technological upgradation initiatives are progressing well. This will enable the company to succeed in its marketing efforts in a high competitive market in the future.

Exide Industries is a leading manufacturer of lead acid batteries for automotive, telecom, traction, UPS, naval and motive power markets.

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