India's Exide Industries tops Q2 profit view, says "optimistic" on demand

Exide Industries

06/11/2023 08:11

BENGALURU, Nov 6 (Reuters) - India's Exide Industries
 EXID.NS  on Monday reported a better-than-expected
second-quarter profit helped by steady sales, and said it was
optimistic on the near-to-medium term demand outlook.
    The battery maker posted a standalone net profit after tax
of 2.87 billion rupees ($34.50 million) for the quarter to Sept.
30, up 16.5% year-on-year.
    It also beat analysts' estimate of 2.6 billion rupees, per
LSEG data.
    A jump in vehicle sales was key to Exide's earnings, as the
company derives over two-thirds of revenue from its automotive
segment that supplies batteries to vehicle manufacturers.
    Exide's revenue rose 10% – its largest growth in four
quarters – helped by record sales of passenger vehicles and
three-wheelers, offsetting the 9.5% rise in expenses.
    "In the near-to-medium-term, we are optimistic of the demand
scenario and believe we will continue to deliver sustainable and
profitable growth," said CEO Subir Chakraborty.
    Shares of the company rose 3.3% to 264.65 rupees, and were
last up 2.6%.

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H
K)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))