Homegrown storage battery maker Exide Industries reported an over six-fold rise in consolidated net profit after tax to Rs 202.44 crore for the first quarter that ended June 30, driven by higher revenue.
The Kolkata-based company had posted a consolidated net profit after tax of Rs 31.81 crore in the same quarter last fiscal, Exide Industries said in a regulatory filing.
The company’s consolidated revenue from operations during the first quarter stood at Rs 4,021.77 crore as against Rs 2,565.54 crore in the year-ago period, the report added further.
Total expenses during the quarter were higher at Rs 3,771.75 crore in comparison to Rs 2,420.79 crore in the same period during the previous fiscal year.
“In the automotive vertical, volumes have jumped sharply for the Q1FY23 as compared to the Q1FY22, driven by the strong demands, primarily from the replacement market,” the company said.
Demand across the industrial vertical was significantly upbeat than the previous year and a pick-up in commercial and business activity also contributed to the overall buoyancy in the market, the report stated.
Exide Industries Managing Director and CEO, Subir Chakraborty said while there was a strong growth momentum, high commodity prices leading to an escalation in raw material costs along with a hike in fuel and freight costs continued to be a drag in the quarter.
On the outlook, he said, “We expect the demand scenario to remain buoyant in the near term, both in automotive and industrial verticals. This, combined with expected stabilisation and softening of the commodity prices is likely to support the growth and operating margins in the immediate future”. Chakraborty also said the company’s lithium-ion cell manufacturing plans are on track.