Replacement demand drives Exide’s auto vertical

Net profit was down 15 percent in Q3

By Shahkar Abidi calendar 31 Jan 2022 Views icon13504 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

Exide Batteries reported a 15 percent drop in its standalone net profit to Rs 204 crore during Q3FY2022 (YoY)  on account of 'unprecedented' input cost inflation, despite 14 percent jump in  its revenues  to Rs 3,197 crore during the same period. 

The company said that its volumes in the automotive vertical grew over the last year mainly driven by demand recovery in the replacement market. Subir Chakraborty, MD & CEO, said, "We maintained our strong growth momentum in the third quarter as well, with sales growing at 14 percent  year-on-year. Volume uptick, coupled with calibrated product-market strategies implemented across segments contributed to this growth. However, due to unprecedented input cost inflation, profitability has been adversely impacted. Overall, volumes have grown in both automotive and industrial verticals.”

Exide Industries during the past quarter, granted approval to set up  a multi gigawatt Li-ion cell manufacturing plant in India. The company had participated in the Production Linked Incentive {PU) scheme for the National Programme on Advanced Chemistry Cell (ACC) Battery Storage issued by the Ministry of Heavy Industries

'Need for long-term outlook, continuation of stable policies': Santosh Iyer

auther Autocar Pro News Desk calendar28 Jan 2023

The managing director and CEO of Mercedes-Benz India expects the upcoming Budget 2023-24 to be forward-looking and to ac...

SMEV bats for GST rationalisation on components for the EV segment to charge ahead

auther Autocar Pro News Desk calendar28 Jan 2023

A uniform levying of the GST on different components of an electric vehicle along with supply-side support and strengthe...

All new Mahindra XUV400 booking open for Rs 21,000

auther Autocar Pro News Desk calendar27 Jan 2023

Mahindra XUV400 prices were announced earlier this month, with the SUV introductory price costing between Rs 15.99 lakh-...