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Kolkata, July 28 Exide Industries Ltd registered seven per cent growth in standalone net profit at Rs 242 crore for the quarter ended June 30, 2023, as against Rs 226 crore in the same period last year.
Revenue from operations on a standalone basis increased by four per cent at Rs 4,073 crore during the quarter under review, as compared with Rs 3,907 crore in the same period last year.
Though raw material costs remained firm during the quarter, operating profits increased. EBITDA grew by around 12 per cent, and the EBIDTA margin was 10.6 per cent in Q1FY24, compared to 9.9 per cent in Q1FY23, the company said in a press statement.
The company’s automation and cost optimisation initiatives support enhanced levels of profitability.
Exide has been registering steady demand in the domestic automotive division and continues to focus on strengthening its market position through a technologically advanced product portfolio. Most industrial sectors (such as IUPS, solar, telecom, traction, railways, etc.) enjoy strong order flow on account of large investment flows into these sectors.
Site enablement works at the lithium-ion cell manufacturing project, housed under the wholly-owned subsidiary Exide Energy Solutions Ltd, has been completed and construction activity is progressing on schedule, it said.
“Steady sales expansion in key verticals, along with cost optimisation benefits, have 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. With technological advancements, demand for more efficient products and solutions is growing at a rapid pace. Our futuristic product portfolio, along with unparalleled customer service, keeps us ahead of the curve and well prepared for the future. Our lithium-ion cell manufacturing project is progressing on schedule,” Subir Chakraborty, MD & CEO, said in the statement.
The scrip was trading at Rs 251.50, down by 1.74 per cent on the BSE on Friday.
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