Exide Industries declared a total net profit of Rs 3,953 crore for the fourth quarter ending March 2022 on Thursday.
In the January-March quarter of the 2020-21 fiscal year, the corporation made a net profit of 320 crore.
On January 1, 2022, the battery manufacturer completed the sale of its unit, Exide Life Insurance Company Ltd, for a profit of Rs 4,694 crore
Exide Industries stated in a regulatory filing that revenue from operations increased to 3,523 crores in the fourth quarter, up from 3,024 crore the year before.
The company reported a combined net profit of Rs 4,357 crore for the fiscal year ending March 31, 2022. In FY 2021, it was Rs. 803 crores.
In the previous financial year, revenue from operations was 12,789 crores, compared to 10,359 crores in 2020-21.
Exide Industries MD & CEO Subir Chakraborty said, “The company was successful in appreciably lowering fixed costs; however, this could not fully neutralise the inflationary impact of sharp and continued escalation in input prices, coupled with runaway fuel and freight costs, leading to a decline in operating margins.”
Fixed expenses were reduced as a consequence of aggressive initiatives in sales transformation and cost compression techniques, which are now showing positive returns, he noted.
Exide Energy Solutions, a newly formed wholly-owned subsidiary, proposes to build a multi-gigawatt-hour lithium-ion cell production facility. said Chakraborty.
“With two popular cell chemistries and three cell forms, this unit will be well positioned to meet the diversified needs of Indian clients,” he added.
The company announced that its board of directors has declared an interim dividend of Re 2 per share for the fiscal year 2021-22.
