Exide Industries Q2 results: Net profit declines 4% to Rs 229 crore

Exide Industries Ltd reported a 3.59% drop in its standalone net profit at Rs 228.77 crore in the second-quarter (Q2) ended September 30, 2020, compared to Rs 237.29 crore profit clocked in the corresponding period last year.

Revenue from operations grew by 5.5 % on a standalone basis to Rs 2,753.38 crore during the period under review as against Rs 2,610.86 crore same period last year.

According to Exide Industries MD & CEO G Chatterjee, demand for replacement sales of automotive and UPS batteries during the second quarter has improved. Demand of OEM and other institutional customers has also started showing some positive traction towards the latter part of the quarter. Operations at some manufacturing plants were intermittently disrupted due to the pandemic, affecting supplies.

The company is focussing on cost control, technology upgradation and cash flow management as strategies to improve profitability and liquidity, Chatterjee said in a press statement.

On a consolidated basis, net profit was up by 3.81% at Rs 256.62 crore (Rs 247.18 crore) during the quarter under review.