Exide Industries Ltd. saw its income dip and miss estimates in the July-September 2024 quarter.
Consolidated net profit of the battery maker fell 13.7% over the previous year to Rs 233 crore in the three months ended Sept. 30, even as revenue rose 1.8% year-on-year to Rs 4,450 crore, according to an exchange filing on Monday. Analysts polled by Bloomberg had estimated the top line at Rs 4,549 crore and the bottom line at Rs 259 crore.
Exide Industries Q2 FY25 (Consolidated, YoY)
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Revenue up 1.8% at Rs 4,450 crore (Estimate: Rs 4,549 crore).
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Ebitda down 5.5% at Rs 472 crore.
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Ebitda margin down 80 basis points at 10.6%.
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Net profit down 13.7% at Rs 233 crore (Estimate: Rs 259 crore).
One basis point is one-hundredth of a percentage point.
On a standalone basis, however, net profit rose 3.83% year-on-year to Rs 298 crore, on the back of revenue that increased 3.89% to Rs 4,267 crore.
"Efficient procurement coupled with cost optimisation initiatives has led to stability in operating performance, despite high commodity prices," Avik Roy, chief executive officer at Exide Industries, said in a media statement. "For the near-term, business outlook is positive and commodity prices have started easing, which is expected to support profitability."
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Li-ion Battery Plant
To be sure, the standalone numbers do not include the investments the company has made its electric mobility unit.
During the second quarter, Exide Industries invested Rs 250 crore as equity in Exide Energy Solutions Ltd. including Rs 100 crore in October alone. In all, Exide has invested Rs 2,852.24 crore in its wholly owned subsidiary.
EESL is building a 12 GWh lithium-ion battery manufacturing plant near Bengaluru. The investments will go towards the construction of the main building, and procurement and installation of equipment.
"We are in the process to identify and onboard domestic and international suppliers…," the company said in the media statement. "…and we are making continuous efforts to onboard large customers across mobility, industrial and stationary applications."
EESL already has a plant in Prantij, Gujarat, for production, assembly and sale of lithium-ion battery modules and packs.
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