Exide Inds says operations disrupted due to COVID-19

Exide Industries after market hours on Thursday informed that the operations at some of the company's manufacturing units are temporarily affected and have been scaled down due to second wave of COVID-19

Exide said the uncertainties have been increased as the customer orders have started getting impacted. The auto ancillary company said it is reviewing the demand & supply situation and re-calibrating its operations accordingly while protecting the interest of its customers, dealers and suppliers.

The company aims to ensure optimal level of inventory at plants & dealerships in order to be prepared for a rebound in demand once the situation returns to normalcy. The company further said that it continues to work closely with its dealers and suppliers to minimize the impact of disruption in operations due to localized lockdown restrictions in various parts of the country.

 

Exide said the expected impact on its business is difficult to assess at present as the situation continues to evolve. However, all operations are in full compliance of the regulatory norms. The company added that it is following all relevant government directives and guidelines regarding health and safety of the workforce.

The company said that is continuously monitoring the situation and is ready with its business continuity plans to be able to quickly resume and scale up operations as and when the situation improves.

Shares of Exide Industries rose 0.32% to Rs 187.40 on BSE.

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

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