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  1. Exide Industries Q2 results: Net profit falls 13.6% to ₹233.4 crore, revenue up 2%

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Exide Industries Q2 results: Net profit falls 13.6% to ₹233.4 crore, revenue up 2%

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2 min read | Updated on November 04, 2024, 14:25 IST

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SUMMARY

Exide Industries' revenue from operations increased 1.79% to ₹4,450 crore, compared to ₹4,371.52 crore in the corresponding period last fiscal.

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Battery manufacturer Exide Industries posted a 13.6% decline in its consolidated net profit to ₹233.4 crore in the second quarter of the financial year 2024-25. In the year-ago period, the net profit stood at ₹270.32 crore.

Revenue from operations increased 1.79% to ₹4,450 crore, compared to ₹4,371.52 crore in the corresponding period last fiscal.

The total income of the compeny rose 1.8% year-on-year (YoY) to ₹4,490.25 crore in the latest July-September quarter.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were down 5.5% YoY to ₹472 crore, while the margin declined 80 basis points (bps) to 10.6%.

Exide Industries share price down

Shares of Exide Industries were trading 2.9% lower at ₹445.6 apiece on the National Stock Exchange (NSE). On the BSE, the stock was down 2.9% to ₹445.5 a unit.

The stock has declined 9.77% in the past month and 1.7% in the last six months. Year-to-date, the scrip has gained 39%.

In an exchange filing, the company informed that it had invested ₹250 crores in the wholly owned subsidiary, Exide Energy Solutions Limited. "Additionally, nearly Rs.100 crore has been invested in October 2024. With this, the total equity investment made in EESL till date, stands at ₹2,852.24 crore (including investment made in erstwhile merged subsidiary EEPL)," Exide Industries said.

Sharing details about the lithium-ion cell manufacturing project, EESL, the company said main building construction, mechanical works, equipment installation and other supporting workstreams are underway.

On earnings, Avik Roy, MD and CEO of Exide Industries, said, "In the first half of the year, we have delivered EBITDA and PBT margins of 11.4% and 9.0%, respectively. Efficient procurement coupled with cost optimisation initiatives has led to stability in operating performance despite high commodity prices. For the near term, the business outlook is positive, and commodity prices have started easing, which is expected to support profitability."

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About The Author

WhatsApp Image 2024-06-20 at 9.58.49 AM.jpeg
Kamal Joshi is a business journalist who covers industries, markets and IPOs. He is passionate about breaking news and enjoys playing tennis, where he loves flexing his backhand.

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