Exide Industries Ltd registered almost a 95 per cent drop in standalone net profit at ₹208 crore during the quarter ended March. However, the net profit last year was mainly on account of exceptional items to the tune of ₹4,694 crore representing gain on disposal of the company’s entire shareholding in Exide Life Insurance Company.

Net profit excluding the exceptional gain would have been ₹201 crore in Q4FY22 and therefore on a like-to-like basis, the company’s net profit is up by around three per cent, the company said in a press statement.

Revenue from operations on a standalone basis increased by four per cent at ₹3,543 crore during the quarter under review.

The company’s board of directors has proposed a final dividend of ₹2 per equity share for FY23.

Also read: Valuation of cos with growth prospects remain high despite challenges: Report

In Q4FY23, EBITDA and PBT grew at five per cent and three per cent respectively, despite inflationary trends persisting in the economy. EBITDA and PBT margins respectively were 10.4 per cent and 7.9 per cent in Q4FY23, compared to 10.2 per cent and 8 per cent same period last year, the company said.

For FY23, the company’s net profit declined by about 81 per cent at ₹904 crore. However, on a like-to-like basis, the net profit has grown by around 18 per cent as compared to ₹765 crore (excluding the exceptional item due to sale of life insurance business).

Strong demand

In the automotive vertical, overall volumes in the domestic market continued to register growth on a YoY basis. Demand was strong from OEMs, with supply side constraints easing out during the quarter, the release said.

Industrial verticals, such as industrial UPS, solar, traction, telecom, and power, continue to seize opportunities presented by increase in capex and economic activity. Order inquiry has also been strong during the quarter.

The company has secured all necessary approvals and permissions required for the construction of its lithium-ion cell manufacturing project under wholly-owned subsidiary Exide Energy Solutions Ltd.

Also read: Q4 results indicate India Inc’s revenue growth is moderating

“Site enabling works with regards to site preparation for construction activity is largely completed and leading construction vendors for civil and PEB works have been onboarded. Recruitment of top tier team comprising experienced and senior personnel in all key functions to support project execution and delivery has been completed,” it said.

“We are positive on the demand scenario in the near term and our focus remains on delivering profitable growth,” Subir Chakraborty, MD & CEO, said. He added, “We are working towards providing technologically advanced products and solutions to our customers in the lead-acid battery business. Our digitalisation and cost optimisation initiatives have enabled us to achieve efficiencies across processes, which will continue to help us deliver excellent product quality at competitive prices. Our lithium-ion cell manufacturing project is on track and is progressing as per the timelines. With this, we look forward to becoming one of the leading domestic players offering state-of-the-art products and solutions in the fast-growing electric mobility space and stationary space.”

Related Topics
comment COMMENT NOW