Exide Industries rallies 7%, inches to record high on improved Q1 earnings
Shares of Exide Industries hit an over four-year high at Rs 266.50, as they rallied 7 per cent on the BSE in Tuesday’s intra-day trade amid heavy volume on improved operational performance in June quarter (Q1FY24). The stock of storage batteries and allied product companies was quoting at its highest level since January 2019. It had hit a record high of Rs 305 on August 24, 2018.
Despite raw material costs remaining firm during the quarter, Exide Industries recorded impressive growth in operating profits. The company’s standalone earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 11.7 per cent year-on-year (YoY) to Rs 432 crore. EBIDTA margin improved 10.6 per cent in Q1FY24 compared to 9.9 per cent in Q1FY23.
