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The country’s largest automobile battery maker, Exide Industries, reported a near seven per cent, year-on-year rise in net profit to Rs 224 crore for the first quarter of the fiscal ending June 30, 2019. Standalone profit in the year-ago-period stood at Rs 210 crore.
During the quarter under review, the standalone turnover (revenue from operations) remained near flat at Rs 2,779 crore. Revenues in Q1FY19 stood at Rs 2,772 crore.
According to Gautam Chatterjee, MD and CEO, Exide Industries, the demand for automotive batteries remain under pressure while growth in UPS, telecom and other infrastructure segments continued during the quarter.
“The company is focusing on cost control and technology upgrade as strategies to improve the bottomline,” the company said in a press release.
Exide’s consolidated numbers show that the parent company had a loss (before tax) in the life insurance business to the tune of Rs 65.37 crore. Exide Life Insurance in a subsidiary of Exide Industries.
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