India's Amara Raja drops after Q2 profit misses estimates

Exide Industries

05/11/2024 04:40

** Shares of Amara Raja Energy & Mobility Ltd  AMAR.NS  drop
3.9% to 1,320.50 rupees
    ** Battery maker's Q2 profit grew 6.6% YoY, but was lower
than analysts' expectation of a 15% increase, as per data
compiled by LSEG 
    ** Motilal Oswal says earnings miss driven by
higher-than-expected other expenses, which offset unchanged raw
material costs
    ** Analysts tracking AMAR rate it "hold" on average, same as
rival Exide  EXID.NS  - LSEG data
    ** AMAR trims YTD gains to 63% but outperforms EXID's ~39%
rise this year

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))