India’s largest battery manufacturer Exide Industries Ltd on Monday reported 3 per cent increase in standalone profit before exceptional items and tax at Rs 281 crore for the quarter ending March 31, 2023. It reported standalone profit of Rs 272 crore in the year-ago period.
The company's Board has announced a final dividend of Rs 2 (200 per cent on the face value of Re 1 per share) for FY23. The company, in a stock exchange filing, also said that dividend is subject to approval of the shareholders at the ensuing 76th Annual General Meeting. Dividend, if approved by the shareholders, will be paid within 30 days after the conclusion of the AGM. The Annual General meeting of the Company will be help on August 8, 2023.
Exide’s standalone revenue from core operations rose 4 per cent to Rs 3,543 crore for the fourth quarter ended March 2023 as compared to Rs 3,417 crore a year ago. Other income of the company also grew 5% to Rs 42 crore as against Rs 40 crore, a year ago.
On the other hand, expenses of the company have climbed marginally to Rs 3,302 crore as compared to Rs 3,184 crore a year ago. EBITDA (Earnings before interest, depreciation, tax and amortization expenses) was up 4% at Rs 367 crore against Rs 353 crore last year.
“Our liquidity position is strong with healthy cash flow generation in FY23, and we maintained our zero-debt position in the balance sheet as on March 31, 2023," the company said in a regulatory filing. “In automotive vertical, overall volumes in the domestic market continues to register growth year-on-year. Demand was strong from OEMs, with supply side constraints easing out during the quarter. Industrial verticals such as industrial UPS, Solar, Traction, Telecom and Power continue to seize opportunities presented from increase in capex and economic activity. Order inquiry has also been strong during the quarter.”
After the results announcement, Exide’s scrip on BSE was trading nearly 2% higher at Rs 190.55 at 1455 hours on Monday.