Exide Industries Q2 net up 15.57 pc to Rs 247 cr

Battery manufacturer Exide Industries on Wednesday reported a 15.57 per cent increase in consolidated net profit to Rs 247.18 crore in the September quarter.

The company had posted a consolidated net profit of Rs 213.87 crore in the same quarter last fiscal, Exide industries said in a regulatory filing.

Revenue from operations during the period under review stood at Rs 3,778.51 crore as compared to Rs 3,632.95 crore in the corresponding quarter last fiscal, a growth of 4 per cent.

The company said storage batteries and allied products posted revenue of Rs 2,695.86 crore in the second quarter as against Rs 2,784.88 crore in the same quarter a year ago.

Life insurance business recorded a revenue of Rs 1,075.3 crore as compared to Rs 833.54 crore in the year-ago quarter.

Commenting on the financial performance, Exide Industries MD and CEO G Chatterjee said while demand of automotive batteries for OEMs (original equipment manufacturers) remains under pressure, there is growth in replacement sales segment.

Solar as well as other infrastructure segments, other than telecom, continued to do well during the second quarter, he added.

The company said it is focussing on cost control and technology upgradation as strategies to improve bottomline.