Exide posts Q4 net profit of Rs 181 cr, lithium-ion cell project on track

Battery maker Exide Industries on Monday posted a consolidated net profit of Rs 181 crore for the fourth quarter ended March 2023.The company had logged a net profit of Rs 3,953 crore in the year-ago period, boosted by income on account of sale of its subsidiary Exide Life Insurance Company Ltd.Revenue from operations rose to Rs 3,677 crore in January-March 2023 as against Rs 3,523 crore in the year-ago period, Exide said in a regulatory filing.During the quarter in the automotive vertical, overall volumes in the domestic market continued to register growth year-on-year.

Battery maker Exide Industries on Monday posted a consolidated net profit of Rs 181 crore for the fourth quarter ended March 2023.

The company had logged a net profit of Rs 3,953 crore in the year-ago period, boosted by income on account of sale of its subsidiary Exide Life Insurance Company Ltd.

Revenue from operations rose to Rs 3,677 crore in January-March 2023 as against Rs 3,523 crore in the year-ago period, Exide said in a regulatory filing.

During the quarter in the automotive vertical, overall volumes in the domestic market continued to register growth year-on-year. Demand was strong from OEMs (Original Equipment Manufacturers), with supply-side constraints easing out during the quarter, the company said.

For the year ended March 31, 2023, the company reported a net profit of Rs 823 crore. It stood at Rs 4,357 crore in FY22 on account of the sale of the insurance subsidiary.

Revenue from operations stood at Rs 15,078 crore against Rs 12,789 crore in FY22.

The company said its board had recommended a final dividend of Rs 2 per equity share of face value of Re 1 each for 2022-23.

''We are positive about the demand scenario in the near term and our focus remains on delivering profitable growth. We are working towards providing technologically advanced products and solutions to our customers in the lead-acid battery business,'' Exide Managing Director & Chief Executive Officer Subir Chakraborty said. ''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,'' he said.

The company in the past announced that the first phase of the plant (6 gigawatt-hour), is likely to entail an investment of around Rs 4,000 crore.

Shares of Exide settled 1.74 per cent higher at Rs 190.25 apiece on NSE.