Exide Industries advanced 3.68% to Rs 472.30 after the company reported 36.55% jump in net profit to Rs 283.75 crore on 13.16% rise in revenue from operations to Rs 4,009.39 crore in Q4 FY24 over Q4 FY23.
Profit before tax climbed 36.01% year on year (YoY) to Rs 381.94 crore in the quarter ended 31 March 2024.During the quarter, EBITDA grew 40.6% YoY to Rs 516 crore while EBITDA margin has increased to 12.9%, compared to 10.4% in same quarter last year.
The company stated that the profitability was supported by strong sales growth and lower raw material costs.
In the automotive division, volumes in the domestic market have seen good growth, supported by strong demand momentum both with the OEMs as well as in the replacement market. Export volumes are also recovering through a gradual pace.
In the industrial division, most verticals (such as I-UPS, solar, power, traction, etc.) have recorded double digit growth driven by increase in private/public capex and governments thrust on building infrastructure. The companys recent foray into roof-top solar solutions through the brand offering Exide Sunday has started receiving excellent response.
On full year basis, Exide Industries' net profit increased 7.29% to Rs 882.82 crore on 11.21% increase in revenue from operations to Rs 16,769.73 crore in FY24 over FY23.
More From This Section
Subir Chakraborty, managing director & chief executive officer, said, We had one of the best quarterly performances, with sales and operating profits growing by 13% and 41%, respectively. Demand scenario was upbeat, and our diversified and technologically advanced product offerings helped us capture the opportunities across end customer markets. EBITDA margin increased to 12.9% during the quarter from 10.4% in the same quarter last year.
For the full financial year, our performance was commendable with sales and operating profits growing by 10% and 19%, respectively. Outlook is positive both for the automotive and industrial verticals and we aim to deliver healthy sales growth and increase in profitability in near-to-medium term.
Our lithium-ion cell manufacturing project is progressing well and is expected to be commissioned within defined timelines. We are positive about the future and are very well positioned to capitalize on opportunities both in the lead-acid as well as in the lithium-ion battery space.
Meanwhile, the company's board declared a final dividend of Rs 2 per share for the financial year 2023-24, subject to the approval of shareholders.
Exide Industries is primarily engaged in the manufacturing of storage batteries and allied products in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
