Exide Industries battery maker on 30 July reported the consolidated net income of Rs 31.8 Crore in the first quarter which ended June 30. The company has posted a loss of Rs 13.5 Crore in the same period of the last financial year, he said in the submission of regulations. ,
Consolidated income is Rs 3,542 Crore during the quarter that is being reviewed, against Rs 2,526 Crore in the last fiscal period last, he added. Losing Rs 91 Crore in his life insurance subsidiary dragged the advantage during the quarter. In the previous fiscal quarter, the life insurance subsidiary reported the loss of Rs 44 Crore.
With a standalone base, Exide Industries reported Rs 125 Crore’s profit on a clean turnover of Rs 2,486 Crore during the quarter. “The company has achieved impressive growth in the automotive and industrial division. While the volume of replacement for automotive batteries and UPS remains very encouraging, infra and the OEM market registering expected growth better during the quarter,” said Industrial Managing Director and the CEO of Subir Chakraborty. ,
“As a sustainable focus area, sales transformation and fixed compression costs are core strategies to improve efficiency in the company,” he added.
