Exide Industries slips 8% on weak March quarter results

The automotive sector is facing a lot of challenges due to regulatory changes, technology shifts and demand uncertainty due to which there was a distinct slowdown in auto OE segment, the company said.

Shares of Exide Industries slipped 8 per cent to Rs 158.50 on the BSE on Monday in the intra-day trade after the company reported 21 per cent year on year (YoY) drop in net turnover at Rs 2,055 crore in the March quarter (Q4FY20) due to lockdown. The auto ancillary company had posted net turnover of Rs 2,598 crore in the year-ago quarter.

The company’s profit after tax too declined 20 per cent YoY to Rs 168 crore as against Rs 211 crore reported in the corresponding quarter of the previous fiscal.

The management said the automotive sector is facing a lot