Exide Industries Q2 consolidated net dips 24% at Rs 194 crore

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Exide Industries on Friday said its consolidated net profit declined by 24 per cent to Rs 194.24 crore for the second quarter ended September.

The battery maker had reported a net profit after tax of Rs 256.62 crore in the corresponding quarter of the preceding fiscal.

Revenue from operations, however, rose to Rs 4,758.22 crore in the second quarter as against Rs 4,011.39 crore in the year-ago period, Exide Industries said in a regulatory filing.

On a standalone basis, the company posted a net profit after tax of Rs 234.36 crore as compared with Rs 228.77 crore in the corresponding period of previous fiscal.

"The company has delivered strong growth with sales growing at 20 per cent in the second quarter of the current financial year. Both the automotive and the industrial verticals are seeing demand recovery compared to the same quarter previous year and to the previous quarter of the current year. However, gross profit increase was restricted due to unprecedented cost inflation of inputs," Exide Industries MD & CEO Subir Chakraborty stated.

The company has taken multiple initiatives in the past few quarters which should drive sales and help improve performance, he added.

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