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Exide Ind gains after Q4 PAT surges 36% to Rs 320 cr

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Exide Industries rose 1.77% to Rs 181.25 after the company's consolidated net profit jumped 35.9% to Rs 320.17 crore on 31.3% surge in net sales to Rs 4,562.86 crore in Q4 FY21 over Q4 FY20.

On a standalone basis, Exide Industries reported a net turnover of Rs 2,939 crore for the quarter ended as on 31 March 2021 as compared to a net turnover of Rs 2,055 crore recorded during the quarter ended 31 March 2020, registering a growth of 43% Y-o-Y (year-on-year). Profit after tax for the same quarter ended as on 31 March 2021, were higher at Rs 244 crore as against a profit after tax of Rs 168 crore for corresponding quarter ended as on 31 March 2020, recording a growth of 45% Y-o-Y.

For the year ended as on 31 March 2021, the net turnover stood at Rs 10,041 crore over Rs 9,857 crore in the previous year, rising 1.86% Y-o-Y. The profit after tax was at Rs 758 crore in the year ended as on 31 March 2021 from profit after tax of Rs 826 crore in the previous year, falling 8.23% Y-o-Y.

G Chatterjee, the managing director (MD) and chief executive officer (CEO), said that, as a result of several strategies adopted by the company, it bounced back very strongly in the second half of the year and was able to surpass the sales it had reported for 2019-20. On the performance of the fourth quarter, Mr Chatterjee also stated that the company has posted impressive growth in both Automotive and Industrial division. The after-market demand for both Automotive and UPS batteries remained strong. The firm will focus on sales transformation and cost compression as the core strategies to improve the bottom-line.

Meanwhile, subject to the approval of the shareholders at the ensuing annual general meeting, approved the elevation of Subir Chakraborty, to the post of "managing director and CEO" for a period of three years from 1 May 2021 till 30 April 2024. Chakraborty was the "deputy managing director" (DMD) of the company since 1 May 2019. The mantle of MD & CEO passes from current managing director and CEO, Gautam Chatterjee, a veteran in the company for 39 years. He has been appointed as "whole-time advisor" to the board of the company with effect from 1 May 2021 for a period of three years.

Exide Industries manufactures batteries for automobiles, industrial use and for submarines.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 30 2021. 09:50 IST