Latest News | Exide Q2 Net Up 5pc to Rs 246cr

Kolkata, Nov 11 (PTI) Exide Industries on Friday announced a net profit of Rs 246 crore for the second quarter ended September, a five per cent rise over the corresponding quarter of last year's profit of Rs 234 crore.

Sales momentum remains healthy and revenue from operations grew strongly by 13 per cent to Rs 3719 crore during the quarter under review, Exide said sharing standalone numbers in a statement.

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EBITDA margin was slightly lower at Rs 412 crore during the quarter vs Rs 413 in the comparable period of FY22.

High input costs continue to impact profits on a year-on-year basis. EBITDA margin increased to 11.1 per cent in Q2FY23 as compared to 9.9 per cent in Q1FY'23, the company said.

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"From the current quarter onwards, our profitability margins have also started recovering compared to the immediate previous quarter. Easing of unprecedented inflationary pressures in input costs and benefits of the cost optimisation strategies have contributed to margin increase," Exide MD & CEO Subir Chakraborty said.

"We expect buoyant demand scenario to remain in the medium-term across most verticals," he said.

Exide Leclanche Energy Private Limited, the JV subsidiary company, through a scheme, bought back the entire paid-up capital, making it a 100 per cent subsidiary of Exide.

Exide Energy Solutions Limited, another wholly owned subsidiary company, conducted the Bhoomi Poojan ceremony of its lithium-ion cell manufacturing facility in Bengaluru in September 2022.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)