Exide Industries Posts Net Profit Of Rs 3,953 Crore In Q4

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New Delhi:

Battery manufacturer Exide Industries on Thursday reported a consolidated net profit of Rs 3,953 crore for the fourth quarter ended March 2022.

The company had posted a net profit of Rs 320 crore in the January-March quarter of 2020-21 fiscal.

The battery maker completed the sale of its unit — Exide Life Insurance Company Ltd on January 1, 2022, resulting in a gain of Rs 4,694 crore.

Revenue from operations rose to Rs 3,523 crore in the fourth quarter as against Rs 3,024 crore in the year-ago period, Exide Industries said in a regulatory filing.

For the year ended March 31, 2022, the company posted a consolidated net profit of Rs 4,357 crore. It was Rs 803 crore in FY 2021.

Revenue from operations stood at Rs 12,789 crore in the last financial year, as against Rs 10,359 crore in 2020-21.

“The company was successful in appreciably lowering fixed costs; however, this could not fully neutralise the inflationary impact of sharp and continued escalation in prices of inputs, coupled with runaway fuel and freight costs, leading to a decline in operating margins,” Exide Industries MD & CEO Subir Chakraborty said.

Lowering of fixed costs came about from the bold initiatives undertaken in sales transformation and cost compression strategies, which are presently yielding handsome results, he added.

Under the newly formed wholly-owned subsidiary, Exide Energy Solutions, the company plans to set-up a multi-gigawatt hour lithium-ion cell manufacturing facility, Chakraborty said.

“Spread out across two popular cell chemistries and three cell formats, this unit shall be uniquely placed to cater to the diverse requirements of customers in India,” he added.

The company said its board has declared an interim dividend of Rs 2 per share on the face value of Re 1 each for the year 2021-22.

Author: desi123

Desi123.com is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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