Exide Industries Q4 Results: Firm posts standalone profit of Rs 208 crore

Storage battery maker Exide Industries on Monday reported a standalone net profit of Rs 208 crore for the fourth quarter ending March.

The company had earned a net profit of Rs 4120 crore in the year-ago period, on account of Rs 4696 crore of one-time income from the sale of its subsidiary Exide Life Insurance Company.

Its net profit for the December 2022 quarter was Rs 223 crore.

"Increase in raw material prices compared to the immediate previous quarter
has impacted profitability on a sequential basis," managing director Subir Chakraborty was quoted as saying in a statement issued by the company.

Exide's revenue from operations rose 3.7% to Rs 3,543 crore in the fourth quarter as against Rs 3,417 crore in the year-ago period.

"We are positive about the demand scenario in the near term and our focus remains on delivering profitable growth. We are working towards providing technologically advanced products and solutions to our customers in the lead-acid battery business," the MD said.

He said that the company's lithium-ion cell manufacturing project is on track and is progressing as per the timelines.

Exide board recommended a final dividend of Rs 2 per equity share of the face value of Re 1 for FY23.