Exide Industries Q1 Results: Net profit rises 10.7% to ₹224 crore; revenue up 5.6% YoY
- Exide Industries' revenue in Q1FY24 increased 5.6% to ₹4,245.5 crore from ₹4,021.7 crore, YoY.
Exide Industries, the storage battery manufacturer, reported a net profit of ₹224.1 crore in the quarter ended June 2023, registering a growth of 10.7% as compared to a profit of ₹202 crore in the corresponding quarter of last year.
The company’s revenue in Q1FY24 increased 5.6% to ₹4,245.5 crore from ₹4,021.7 crore, YoY.
Operational performance of the company during the quarter improved despite raw material costs remaining firm.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 13.1% to ₹438.1 crore from ₹387.3 crore in the year-ago quarter. EBITDA margin expanded by 70 basis points (bps) to 10.3% from 9.6%, YoY.
“Steady sales expansion in key verticals along with cost optimisation benefits resulted in healthy EBITDA growth. 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, MD & CEO, Exide Industries.
In the automotive division, the company said, demand was steady in the domestic market.
Most industrial sectors, such as IUPS, solar, telecom, traction, railways, etc., are enjoying strong order flow on account of large investments flowing into these sectors, it said.
On the progress of the lithium-ion cell manufacturing project, housed under wholly owned subsidiary Exide Energy Solutions Ltd, the company said that the site enablement works had been completed and construction activity was progressing as per schedule.
Moreover, regular collaboration with technology partner SVOLT Energy Technology Co. Limited (Svolt) is underway, including training of R&D personnel, it added.
At 1:55 pm, Exide Industries share price was trading at day's low level, falling 2.89% to ₹248.55 apiece on the BSE.
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