Battery manufacturer Exide Industries Limited on April 30 reported standalone net profit at Rs 284 crore, up 37 percent on-year, for the quarter ended 31 March, 2024. The company had reported a net profit of Rs 208 crore in the year-ago period.
Revenue from operations increased 13 percent to Rs 4,009 crore from Rs 3,543 crore in the same quarter last fiscal.
Exide also announced appointment of Avik Kumar Roy as new Managing Director and Chief Executive Officer for a period of three years. from 1 May 2024 till 30 April 2027 after retirement of Subir Chakraborty.
Roy has been with the company since 2019 as President Industrial and has been on the company's Board of Directors as Whole-time Director (designated as Director-Industrial) since 1 May 2021.
The board has also recommended a dividend of Rs 2 per share.
EBITDA margin increased to 12.9 percent during the quarter from 10.4 percent in the same quarter last year. For the full financial year, the company added that the performance was "commendable with sales and operating profits growing by 10 percent and 19 percent, respectively.
"Outlook is positive both for the Automotive and Industrial verticals and we aim to deliver healthy sales growth and increase in profitability in near-to medium term."
It also mentioned that lithium-ion cell manufacturing project is progressing well and the project to be commissioned within defined timelines.
Shares of Exide Industries on April 30 were trading 5 percent up at Rs 477 a piece on BSE post Q4 earnings show.
Shares of Exide Industries recently hit a 52-week high of Rs 363 after South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation on April 8 announced a partnership with homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India.
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