Leading battery manufacturer Exide Industries has announced strong financial results for the fourth quarter of the fiscal year 2023-24, highlighting continued growth momentum across its operations. The company's net profit rose 37% to reach Rs. 284 crore compared to the same period last year, driven by robust sales growth.
Revenue from operations also witnessed an impressive increase, coming in at Rs. 4,009 crore for the quarter ending March 2024. This represents an 13% year-on-year growth from Rs. 3,543 crore generated in the corresponding quarter of the previous fiscal. Exide's success translates to a full year net profit of Rs. 1,053 crore for 2023-24, marking a 16% rise from the previous year's figure of Rs. 904 crore. Annual revenues were up 9.5% at Rs. 16,029 crore for the latest fiscal year.
The company's management expressed satisfaction with the strong demand witnessed across diverse customer segments. Exide's range of technologically advanced products enabled it to capitalize on opportunities and increase market share. With an optimistic outlook for both automotive and industrial sectors, the focus is on delivering continued sales and profitability growth going forward.
Key projects like the commissioning of a new lithium-ion cell manufacturing facility are progressing as per schedule. Once complete, this strategically important venture will allow Exide to tap into burgeoning demand for sustainable battery solutions. The results highlight the company's robust financial health and capability to leverage opportunities in existing as well as emerging domains like electric mobility. Backed by steady leadership and innovative offerings, Exide appears well-placed for further progression.
