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New Delhi:
Indian multinational storage battery manufacturer Exide Industries on Friday reported a growth of 57% year-on-year in its revenue from operation in Q1FY23. Meanwhile, PAT (Profit after Tax) stood at INR 226.34 crore in Q1FY23 compared to INR 125.42 crore in Q1FY22.In the automotive vertical, volumes jumped sharply in Q1FY23 compared to Q1FY22, driven by strong demand, primarily from the replacement market.
Subir Chakraborty, Managing Director, and CEO, Exide Industries, said,” Our strong growth momentum is demonstrated in the first quarter performance as well with sales and profit before taxes growing at a robust rate of 57% and 85% respectively.”
Despite high input cost inflation, PBT (Profit before Tax) has grown by 85% year-on-year in Q1FY23 supported by revenue growth and lower fixed expenses as a percentage of sales. The PBT margin has also increased to 7.8% in Q1FY23 from 6.6% in Q1FY22.
The EBITDA margin of the company for Q1FY23 stood at INR 387 crore, a company regulatory filing stated.
Demand across industrial verticals was significantly upbeat than the previous year, especially in I-UPS, solar, and power & project segments. Pick-up in commercial and business activity contributes to overall buoyancy in the market.
It further reported that the total fixed expenses (employee and other expenses) were 18% of sales in Q1FY23 compared to 21.0% in Q1FY22.
On the outlook, Chakraborty said, “We expect the demand scenario to remain buoyant in the near term, both in automotive and industrial verticals. This, combined with expected stabilization and softening of commodity prices is likely to support growth and operating margins in the immediate future.”
Exide, through its wholly-owned subsidiary, Exide Energy Solution Ltd, has also procured 80 acres of land for the lithium-ion cell manufacturing project in Karnataka. On this, Chakraborty said that the company’s lithium-ion cell manufacturing plans are on track.
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The company has acquired 80 acres at Hitech, Defence & Aerospace Park, Phase-2, Bengaluru, to establish a lithium-ion battery cell manufacturing facility for the new-age electric mobility and stationary application businesses in India.
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