Exide Industries Q2 profit up 98% at Rs 268 crore

KOLKATA: Battery maker Exide Industries reported a 98.05 % rise in its standalone net profit for the second-quarter (Q2) of the financial year 2018-19. The company reported a standalone net profit of Rs 268.41 crore for the quarter-ended September 30, 2018 compared to Rs 135.52 crore reported during the corresponding period of 2017-18.

Revenue from operations during the period under review saw a growth of 15.3 % at Rs 2,720.35 crore against Rs 2,358.37 crore in the corresponding period previous fiscal. According to a company release, exceptional item of Rs 108.29 crore for the quarter represents profit on sale of property.

The board of directors have declared an interim dividend of Rs 1.60 (160%) per equity share of Re 1 each fully paid up for the financial year 2018-19.


Commenting on the results, Exide Industries' MD & CEO Gautam Chatterjee said: “Volumes in automotive, motorcycle, inverter, and industrial batteries have shown good growth during the second quarter. However, currency depreciation and higher fuel cost had adverse impact on the margin of the business as a whole."

He also informed that the company is currently focusing on cost control and technology upgradation as strategies to improve the bottom-line.

For the half year (H1) ended September 30, 2018, the company's net turnover was Rs 5,492.81 crore compared to Rs 4,448.61 crore in the same period of previous year, representing a growth of 24%.