Battery maker Exide Industries on Friday reported an over five-fold rise in consolidated net profit after tax to Rs 202.44 crore for the first quarter ended June 30, driven by higher revenue.
The company had posted a consolidated net profit after tax of Rs 31.81 crore in the same quarter last fiscal, Exide Industries Ltd said in a regulatory filing.
Its consolidated revenue from operations during the first quarter stood at Rs 4,021.77 crore against Rs 2,565.54 crore in the year-ago period, it added.
Total expenses during the quarter were higher at Rs 3,771.75 crore compared to Rs 2,420.79 crore in the same period previous fiscal.
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"In the automotive vertical, volumes jumped sharply in Q1FY23 compared to Q1FY22, driven by strong demand, primarily from the replacement market," the company said.
Demand across the industrial vertical was significantly upbeat than the previous year and a pick-up in commercial and business activity also contributed to overall buoyancy in the market, it added.
Exide Industries Managing Director and CEO Subir Chakraborty said while there was a strong growth momentum, high commodity prices leading to an escalation in raw material costs along with a hike in fuel and freight costs continued to be a drag in the quarter.
On the outlook, he said, "We expect the demand scenario to remain buoyant in the near term, both in automotive and industrial verticals. This, combined with expected stabilisation and softening of commodity prices is likely to support growth and operating margins in the immediate future".
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Chakraborty also said the company's lithium-ion cell manufacturing plans are on track.
