Exide profit down
Automobile and industrial battery maker Exide Industries posted a consolidated net profit of Rs 235.57 crore for the fourth quarter ended March 31, 2020, lower than Rs 302.94 crore in the corresponding quarter of the previous year.
Total income of the company during the quarter was Rs 3,482.69 crore against Rs 4,263.43 crore in the corresponding year-ago period.
On a standalone basis, profit after tax during the quarter was Rs 168 crore against Rs 210.68 crore a year ago.
A combination of slowdown in demand in the automotive original equipment segment along with technology shifts and regulatory changes had affected the company.
Besides, year-end sales across segments were severely impacted by the lockdown, G. Chatterjee, MD and CEO of the company, said.
The profitability of the life insurance business improved during the quarter in contrast to the storage batteries and allied products business.
In its filing to the bourses, the company said it was unsure of the impact of the pandemic on Exide Life Insurance with respect to revenue, claims, value of investment and solvency.
The board of the company, which met on Friday, did not declare any final dividend for 2019-20.
The Exide scrip was up 0.96 per cent to Rs 173 over the previous close at the Bombay Stock Exchange.