Exide Industries is the top loser on the BSE, opening with a loss of over 2.3% at Rs.169 and going down almost 8.5% to an intraday low at Rs.158.50. Its 10% LC for the day stands at Rs.155.70.
The company had a poor set of numbers for Q4FY20 with net sales coming in 20% (YoY) lower at Rs.2055 crore. Net profit came in at Rs.168 crore, 20.5% decline and this was depsite a 43% drop in current tax expenses.
The company stated that the Automotive Sector is facing a lot of challenges due to regulatory changes, technology shifts and demand uncertainty, due to which there was a distinct slowdown in Auto OE segment. On top of it, the year-end Sales across all segments of the Company were severely impacted after the complete lockdown was imposed in the country as a result of COVID19.
The company said that it is focusing on cost control and technology upgradation as strategies to improve the bottom-line.