Exide Industries reports Rs 31.8 crore profit in Q1FY22 after losses in last financial year

Battery maker Exide Industries on July 30 reported a consolidated net profit of Rs 31.8 crore in the first quarter ended June 30. The company had posted a loss of Rs 13.5 crore in the same period of the last financial year, it said in a regulatory filing.

Consolidated revenue was Rs 3,542 crore during the quarter under review, against Rs 2,526 crore in the same period of the last fiscal, it added. Loss of Rs 91 crore in its life insurance subsidiary dragged down the profit during the quarter. In the same quarter of the previous fiscal, the life insurance subsidiary reported a loss of Rs 44 crore.

On a standalone basis, Exide Industries reported a profit of Rs 125 crore on a net turnover of Rs 2,486 crore during the quarter. "The company has achieved impressive growth in both automotive and industrial divisions. While replacement volume for both automotive and UPS batteries remain extremely encouraging, infra and OEM markets registered better than expected growth during the quarter," Exide Industries Managing Director and CEO Subir Chakraborty said.

"As an ongoing focus area, sales transformation and cost compression remain the core strategies to improve efficiencies within the company," he added.