Exide Industries, a leading industrial and automotive battery manufacturer, reported a 10.7 percent growth in its net profit of Rs 224.1 crore in the quarter ended June 2023 (Q1 FY24) as compared to a profit of Rs 202 crore in the corresponding quarter of last year.
The company’s revenue in Q1FY24 increased 5.6 percent to Rs 4,245.5 crore from Rs 4,021.7 crore in the same period year ago. Despite raw material costs remaining firm during the quarter, the company’s EBITDA grew by 11.7 percent in Q1 FY24 and the EBIDTA margin was 10.6 percent in Q1FY24 compared to 9.9 percent in Q1FY23.
According to Subir Chakraborty, MD & CEO, Exide’s operating profits grew at a handsome rate of 11. 7 percent during the first quarter of the year. “Steady sales expansion in key verticals, along with cost optimization benefits, resulted in healthy EBITDA growth. We expect the overall demand scenario to be positive in the near-term and profitability levels to increase, supported by an easing of input cost inflation and further realization of cost efficiency initiatives,” Chakraborty said.
He also highlighted that the company’s lithium-ion cell manufacturing project is progressing well as per schedule. “We are excited about the future and 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 as well as for stationary applications,” he added.