Exide Industries report a net loss of Rs 13.56 crore
Exide Industries on Monday reported a consolidated net loss of Rs 13.56 crore for the quarter ended June 30, 2020 amid disruptions caused by the Covid-19 pandemic. The lead acid battery major had posted a net profit of Rs 161.58 crore in the corresponding quarter a year ago.
Total income during the quarter under review stood at Rs 2,537.55 crore against Rs 3,691.33 crore in the quarter ended June 30, 2019.
While the storage battery business saw profit, the bottomline of the life insurance business was impacted during the quarter.
Exide said demand from original equipment manufacturer for automotive batteries remained subdued, but there was a surge in demand for automotive and UPS batteries with the business volumes in other segments gradually picking up.
Exide MD and chief executive officer G. Chatterjee said the pandemic and the consequent lockdowns to curb its spread caused severe disruption in manufacturing, supply chain and sales and distribution operations of the company.
“This has caused an adverse impact on sales as well as profitability during the quarter. The company is focusing on cost control and technology upgradation as strategies to improve the bottomline,” he added.
Exide shares on Monday closed at Rs 154.50, down 0.74 per cent, on the BSE.