Exide Industries reported 9.31% jumps in net profit of Rs 223 crore on 6.51% rise in revenue from operations to Rs 3,405 crore in Q3 FY23 over Q3 FY22.
Profit before tax rose 9.31% to Rs 301 crore in Q3 FY23 as compared with Rs 275 crore in Q3 FY22.EBITDA rose 7.51% to Rs 401 crore in Q3 FY23 as against Rs 373 crore in Q3 FY22. EBITDA margin has increased QoQ to 11.8% in Q3FY23, compared to 11.1% in Q2FY23, as input cost pressures eased.
Revenue from storage batteries and allied products rose 6.84% to Rs 3,534.35 crore during the quarter as against Rs 3,307.97 crore in corresponding quarter last year.
In the automotive vertical, overall volumes in the replacement market continues to grow. Demand from the OEMs was also strong as supply-side constraints abated, with chip supplies increasing globally.
Demand was strong in most industrial verticals such as Railways, Projects, Telecom, Solar and Traction. The company expects the order inquiries and order flow to remain healthy in the coming quarters as well.
On consolidated basis, Exide Industries' net profit jumped 11.38% to Rs 198.61 crore on 6.85% increase in revenue from operations to Rs 3,538.50 crore in Q3 FY23 over Q3 FY22.
Subir Chakraborty, managing director & chief executive officer, said, "Our overall sales growth was 7% for the quarter, driven by volume growth in most verticals. In the coming months, we expect the demand scenario to be positive for both automotive and industrial verticals. We will also aim at improving margins by increasing the proportion of premium products in our sales mix and through aggressively driving cost optimisation initiatives.
"The multigiga watt lithium-ion cell manufacturing project undertaken by Exide Energy Solutions , a wholly owned subsidiary near Bengaluru, is progressing well and is on schedule," he added.
Exide Industries is primarily engaged in the manufacturing of storage batteries and allied products in India.
The scrip slipped 4.34% to Rs 175.10 on the BSE.
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