Exide Industries reports Q1 net loss of Rs 13.56 cr due to Covid-19 crisis

Battery major Exide Industries on Monday reported a consolidated net loss of Rs 13.56 crore in the quarter ended June 30, 2020 due to the impact of disruptions caused by the Covid-19 pandemic.

The company 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 as against Rs 3,691.33 crore in the quarter ended June 30, 2019, Exide Industries said in a BSE filing.

Commenting on the earnings, Exide MD and CEO G Chatterjee said Covid-19 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 its sales as well as profitability during the quarter. The company is focusing on cost control and technology upgradation as strategies to improve the bottom-line," he added.

Shares of Exide Industries on Monday settled 0.74 per cent lower at Rs 154.50 apieceon the BSE.