Exide Industries posts consolidated profit of Rs 32 crore in first quarter

Exide Industries on Friday posted a consolidated net profit of Rs 32 crore for the quarter ended June 30.

The company had reported a consolidated net loss of Rs 14 crore in the April-June period of the previous fiscal.

Revenue from operations stood at Rs 3,543 crore during the quarter as against Rs 2,526 crore in Q1 FY20, Exide Industries said in a regulatory filing.

On a standalone basis, the company posted a net profit of Rs 125 crore as compared to Rs 44 crore in the April-June quarter of last fiscal.

Exide Industries MD and CEO Subir Chakraborty said despite the COVID-related business disruptions during major part of the quarter, the company achieved an impressive growth in both automotive and industrial divisions.

"While replacement volume for both automotive and UPS batteries remain extremely encouraging, infra, OEM and export markets registered better than expected growth during the quarter," he added.

As an ongoing focus area, sales transformation and cost compression remain the core strategies to improve efficiencies within the company, Chakraborty noted.

Shares of the company on Friday ended 2.44 per cent up at Rs 178.55 apiece on the BSE.