Exide Industries hits three-year high post Q1 results

The company's board has recommended interim dividend of 150% or Rs 1.50 per equity share on the face value of Re 1/- each.

Exide Industries has surged 6% to Rs 167 after reporting 16% year on year (yoy) increase in net profit at Rs 185 crore for the first quarter ended June 30, 2014 (Q1), due to higher realisation. The company had posted a net profit of Rs 159 crore in the same period of previous fiscal.

Net sales of the company rose by 17% to Rs 1,910 crore in the first quarter, as against Rs 1,626 crore in the same period of previous fiscal, Exide Industries said in a filing to the BSE.

Improvement in automotive replacement battery sale accompanied by robust growth in inverter battery sale for both automotive and industrial strategic business unit (SBU) along with re-entry into telecom business helped improving performance, says P K Kataky, managing director and chief executive officer, Exide Industries.

Meanwhile, the company's board has also recommended interim dividend of Rs 1.50 per equity share (150% on the face value of Re.1/- each).

The stock opened at Rs 165 and touched high of Rs 169, its highest level since July 2011 on BSE. A combined 4.86 million shares changing hands on the counter so far on BSE and NSE.