Exide Industries Registers 16% Profit Growth in Q1

Exide Industries reported a 16% rise in profit after tax, reaching Rs 280 crore for Q1 ending June 30, 2024. Revenue rose to Rs 4,313 crore compared to the previous year's Rs 4,073 crore. Despite rising raw material costs, cost optimization improved margins. Shares ended 3.54% down at Rs 532 on the BSE.

Exide Industries on Tuesday announced a 16% increase in its profit after tax, amounting to Rs 280 crore for the first quarter ending June 30, 2024.

The company had earlier reported a profit after tax of Rs 242 crore during the same period last fiscal year. Revenue from operations also witnessed a rise, reaching Rs 4,313 crore compared to Rs 4,073 crore in the previous year, according to a regulatory filing.

“Both automobile and industrial verticals have delivered growth in the current quarter, and near-term drivers are promising,” stated Exide Industries MD and CEO Avik Roy. Despite the surge in raw material prices, cost optimisation initiatives contributed to reduced production costs and improved gross margins. Roy also mentioned the ongoing onsite construction and installation of production line equipment for their lithium-ion project.

Shares of Exide Industries fell 3.54% to close at Rs 532 on the BSE.