Exide posts 7% rise in Q1 net profit at Rs 242 crore

Exide Industries said it remains optimistic about its growth prospects for the next quarters.

Leading battery manufacturer Exide Industries on Friday reported a 7.1 per cent rise in standalone net profit at Rs 242 crore for the June quarter, as against Rs 226 crore in the year-ago period.

Revenue from operations witnessed an increase of 4.2 per cent year-on-year at Rs 4,073 crore in the first quarter (Q1) of the current financial year, compared to Rs 3,907 crore a year ago.

Earnings before interest taxes depreciation and amortisation (EBITDA) rose 11.7 per cent to Rs 432 crore in Q1, as against Rs 387 crore in the corresponding quarter of the previous fiscal year. The EBITDA margin in the April-June period stood at 10.6 per cent, higher than the 9.9 per cent in Q1, 2022-23.

Earnings per share also rose to Rs 2.85 in Q1 from Rs 2.66 a year ago. "Despite facing firm raw material costs during the quarter, the company achieved impressive growth in operating profits,” the company said in a statement.

Exide Industries said it remains optimistic about its growth prospects for the next quarters. Exide stock ended at Rs 251.15 per share at the National Stock Exchange, down 1.8 per cent from its previous close.