Exide Industries reported 26% fall in consolidated net profit to Rs 178.32 crore on a despite a 15% increase in revenue from operations to Rs 3,311.71 crore in Q3 FY22 over Q3 FY21.
On a standalone basis, the company's net profit declined 15% to Rs 204.1 crore in Q3 FY22 from Rs 241.4 crore in Q3 FY21. Revenue from operations during the quarter rose by 14% YoY to Rs 3,196.7 crore. EBITDA fell by 7% to Rs 372.6 crore in Q3 FY22 over Q3 FY21.
Exide said that the volumes in the automotive vertical grew over the last year mainly driven by demand recovery in the replacement market.
Demand for industrial UPS remained high as pickup in the commercial activity led to increase in orders from offices and industries. This is in addition to the high order inflow seen from the makeshift home offices and data centres.
Subir Chakraborty, MD & CEO, said: Volume uptick, coupled with calibrated product-market strategies implemented across segments contributed to this growth. However, due to unprecedented input cost inflation, profitability has been adversely impacted. Overall, volumes have grown in both automotive and industrial verticals.
During the quarter, the board of directors has approved the proposal to setup a multi-gigawatt lithium-ion cell manufacturing plant. The company has also participated in the production-linked incentive scheme for advanced chemistry cell manufacturing.
Exide designs, manufactures, markets, and sells the widest range of lead acid storage batteries in the world from 2.5 Ah to 20,600 Ah capacity, to cover the broadest spectrum of applications. The batteries are manufactured for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining, and defence sectors. The company enjoys leadership position in India and its exports span 60 countries across six continents.
The scrip shed 0.60% to currently trade at Rs 174.25 on the BSE.
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