 "Exide Industries")
Storage battery maker, Exide Industries, on Tuesday recorded a 2.56 per cent year-on-year (Y-o-Y) increase in net profit on a consolidated basis in Q4 FY24 on the back of a 13.49 per cent increase in revenue.
Consolidated net profit stood at Rs 184.74 crore in Q4 FY24 compared to Rs 180.12 crore a year back. On a standalone basis, net profit was up 36.54 per cent Y-o-Y.
Revenue from operations on a consolidated basis at Rs 4,172.90 crore in Q4 FY24, was up by 13.49 per cent Y-o-Y. Sequentially, revenue was up 4.85 per cent and net profit down by 7.73 per cent.
For the entire financial year, FY24, revenue at Rs 16,769.73 crore increased 11.2 per cent Y-o-Y; net profit at Rs 876.68 crore increased 6.56 per cent Y-o-Y.
The board has proposed a final dividend of Rs 2 per equity share for FY24.
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The company on Tuesday announced changes in key management positions effective 1 May 2024.
Subir Chakrabarty, managing director and chief executive officer, is retiring from the services of the company and Avik Roy, director industrial, was appointed managing director and chief executive officer effective 1 May.
In a statement, Exide said that the changes were in keeping with the long-term requirements for smooth succession planning as well as keeping in mind the strategic initiatives of the company.
The company said that the wholly-owned subsidiary of Exide engaged in the manufacture of lithium-ion cells, modules, and packs – Exide Energy Solutions (EESL) – was gearing up to start its operations in the near future.
In order to bring in added focus to this pivotal venture at this crucial juncture, the present director automotive of EIL (Exide Industries), Arun Mittal, is being recommended for appointment to the position of managing director and chief executive officer of EESL, the company said.
EESL, it may be mentioned, is setting up a multi-giga lithium-ion battery manufacturing facility at Bengaluru, Karnataka.
The wholly-owned subsidiary recently signed a non-binding memorandum of understanding with Hyundai Motor Company and Kia Corporation for strategic cooperation in India’s electric vehicle (EV) market. As per the alliance, both parties would work together for development, production, and supply of battery cells for Hyundai Motor’s EV programme for the Indian market.
