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