Companies

Exide Industries appoints new MD, CEO

Our Bureau Kolkata | Updated on April 29, 2021

It reported a near 45% jump in the standalone net profit to ₹244 crore

Exide Industries, the country’s largest automotive battery maker has elevated Subir Chakraborty as its new Managing Director and CEO, for a three-year-period beginning May 1. Chakraborty, who is currently the Deputy MD, will succeed Gautam Chatterjee.

Chatterjee, whose two year term ends on April 30, will be reappointed as “whole-time advisor” to the Board of the company, for a three-year-period, it said in a notification. Chatterjee will also relinquish his board position.

Consequent to his term coming to an end on 30th April 2021, he wouId cease to be MD & CEO as well as member of Board of Directors of the Company ….the Board approved the elevation of Subir Chakraborty as Managing Director and Chief Executive Officer for a period of three years from May 1 2021 till April 30, 2024,” the regulatory filing to the bourses said.

The board has also approved the appointment of Avik Kumar Roy as Whole-time Director, designated as Director-Industrial, for a period of five years, beginning May 1. He will be responsible for “overall industrial division” of Exide. He is currently the “President- Industrial”.

Results

Meanwhile, Exide Industries reported a near 45 per cent jump in the standalone net profit to ₹244 crore for the quarter ending March 31, 2021 as against the ₹168 crore it reported in the year-ago-period.

During the quarter under review, the company saw its revenue from operations (net of trade discounts) report a 43 per cent increase year-on-year to ₹2,939 crore. Revenue from operations in the corresponding quarter last fiscal stood at ₹2,055 core.

For the full fiscal, net profit, on a standalone basis saw a near 8 per cent decline yoy to ₹758 crore, while revenue from operations witnessed a near 2 per cent jump to ₹10,040 crore.

According to Gautam Chatterjee, MD and CEO, Exide Industries, several strategies helped it bounce back “very strongly in the second half of the year” with sales surpassing that of FY20.

In the just concluded Q4FY21, the company saw growth in both automotive and industrial division offerings; while the “after market demand” (replacement market) in categories like automotive and UPS batteries “remained strong”.

“The company will focus on sales transformation and cost compression as the core strategies to improve the bottom-line,” he said.

Published on April 29, 2021

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