Exide Industries, the country’s largest automotive battery maker, reported a 185 per cent jump in net profit at ₹125 crore for the quarter ended June 30. Net profit in the corresponding quarter last fiscal stood at ₹44 crore.
The company’s revenue from operations reported a 61 per cent jump to ₹2,486 crore.
On a sequential basis, net profit and turnover reported a 49 per cent and 15 per cent decline.
According to Subir Chakraborty, MD & CEO, Exide Industries Ltd, despite Covid-related business disruptions during the major part of the quarter, the company achieved “impressive growth in both automotive and industrial divisions”.
While replacement volume for both automotive and UPS batteries remain extremely encouraging, the infra, OEM and export markets registered better-than-expected growth during the quarter.
“As an ongoing focus area, sales transformation and cost compression remain core strategies to improve efficiencies,” he said, according to press release.