India's Exide Industries beats first-quarter profit estimates on better demand
The company's profit after tax rose 14.6% year-on-year to 3.2 billion rupees ($36.45 million) in the three-month period ended June 30. Analysts, on average, expected a profit of 3.02 billion rupees, as per data compiled by LSEG.
Revenue from operations rose 4.6% to 45.1 billion rupees, while total expenses rose 3.7%, led by a 9% growth in cost of materials consumed.
For further earnings highlights, click (Full Story)
KEY CONTEXT
Exide operates through two primary verticals, business-to-business and business-to-consumer, both of which serve automotive clients, with roughly two-thirds of its revenue derived from the automotive sector.
Exide makes batteries for two-, three- and four-wheelers.
Earnings before interest, taxes, depreciation, and amortization margin improved to 12.2% during the quarter compared to 11.5% a year ago, driven by better price realisation, improved product mix, the company said in a statement.
Rivals Bosch (BOSH.NS), opens new tab reported a higher first-quarter profit on Monday, while Amara Raja Energy & Mobility (AMAR.NS), opens new tab is yet to report quarterly results.
PEER COMPARISON
* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 87.7860 Indian rupees
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