Exide Industries slides nearly 2 percent in trade after reporting flattish performance in the first quarter of FY24.

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The revenues grew 5.6 percent year on year to Rs 4,245 crore versus Rs 4,022 crore in the same quarter of last year. on the operating level, the earnings before interest, tax, depreciation and amortisation (EBITDA) is 13 percent higher at Rs 438 crore versus Rs 387 crore in the corresponding quarter of previous year. EBITDA margins growth was marginal 70 bps to 10.3 percent.

The net profits are 10 percent higher at Rs 224 crore versus Rs 202 crore in the same quarter of last year.

"We expect the overall demand scenario to be positive in the near-term and profitability levels to increase, supported by easing of input cost inflation and further realisation of cost efficiency initiatives," said Subir Chakraborty, managing director and CEO at Exide Industries.

Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India.

The shares of Exide Industries are trading at rs 251 in the last hour of trade on July 28.