Exide Industries December quarter earning flat
Kolkata/New Delhi: Battery maker Exide Industries Ltd on Wednesday reported a net profit of Rs154.27 crore for the quarter ended December, almost unchanged from Rs151.52 crore in the same period last year, impacted by “continued escalation in lead prices” and higher taxes.
December quarter revenue jumped 15.9% year-on-year to Rs2,287.59 crore, but expenses rose 16.57% to Rs2,057.43 crore.
In the year-ago period, revenue from operations was at Rs 1,935.37 crore, the company said.
Following implementation of GST in July last year, revenue from operations are disclosed net of GST, accordingly it is not comparable with the year-ago period, it added.
Exide Industries MD and CEO G. Chatterjee said volumes in automotive and motorcycle batteries remained good while UPS, telecom and other infrastructure segments were buoyant.
“However, continued escalation in lead prices remains a major concern,” he added. The company said it is focused on cost control and technology upgradation as strategies to improve the bottomline.
Expenses in the third quarter were higher at Rs 2,057.43 crore, up from Rs 1,764.84 crore in the same quarter last fiscal. Shares of Exide Industries ended the day at Rs 223.80 apiece, down 0.69 per cent from the previous close on BSE.
- Amit Shah says ordinance shows Modi govt’s commitment to women’s safety
- Sanskrit most suitable for machine learning, AI: Ram Nath Kovind
- Aadhaar seeding must for bank accounts under KYC norms, says new RBI guidelines
- IMF, World Bank must develop strategy for enhancing public debt transparency: India
- CPM rules out alliance with Congress, but to have ‘understanding’