You are here: Home » Companies ยป Results
Mahindra & Mahindra posts Rs 2,089 crore Q2 PAT, revenue at Rs 20,839 cr
India wearables mkt grows 56.4% YoY; 37.2 mn units shipped in Q3FY22: IDC
Business Standard

Exide posts better-than-expected Q2 net at Rs 246 cr on easing input costs

Analysts on average had expected a profit of Rs 236 crore, according to Refinitiv IBES data

Exide Industries | Q2 results

Reuters  |  Bengaluru 

Illustration: Ajay Mohanty

Indian battery maker Ltd reported a better-than-expected second-quarter profit on Friday driven by an increase in volumes and easing input costs.

There was also an uptick in demand from the replacement and the original equipment manufacturer (OEM) segments as demand for passenger vehicles surged, with automakers reporting strong sales.

Exide's profit rose 5.13% to Rs 246 crore ($30.43 million) in the June-September quarter, compared with Rs 234 crore a year ago, the company said in an exchange filing. Analysts on average had expected a profit of Rs 236 crore, according to Refinitiv IBES data.

The automotive and industrial sectors had been under pressure due to pandemic-induced supply-chain crunches and as raw material prices rose after Russia's invasion of Ukraine.

However, the sectors saw some relief as prices of commodities such as lead and crude oil cooled off and supply-chain constraints gradually eased. Further, the industrial vertical witnessed a strong recovery from the previous year as business activity picked up, the company said.

"We expect buoyant demand scenario to remain in the medium-term across most verticals and margin recovery to be supported by respite in input costs to some extent," Subir Chakraborty, managing director and chief executive officer, said.

Revenue from operations rose 13.04% to Rs 3,719 crore in the second quarter from Rs 3,290 crore a year ago. Up to last close, shares were up 4.63%% YTD.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, November 11 2022. 16:01 IST