Exide Industries's profit after tax surged 16% to Rs 280 crore in Q1 FY24, driven by growth in both automobile and industrial verticals. Learn more.
New Delhi, Jul 30 (PTI) Battery maker Exide Industries on Tuesday said its profit after tax increased 16 per cent to Rs 280 crore for the first quarter ended June 30, 2024.
The company had reported a profit after tax of Rs 242 crore in the April-June quarter of the preceding fiscal.
Its revenue from operations rose to Rs 4,313 crore for the June quarter compared to Rs 4,073 crore in the year-ago period, Exide Industries said in a regulatory filing.
"Both automobile and industrial verticals have delivered growth in the current quarter, and near-term drivers are promising," Exide Industries MD and CEO Avik Roy said.
Despite rising raw material prices, cost optimisation initiatives led to lower cost of production and gross margin improvement, he added.
"In our lithium-ion project, onsite construction and installation of production line equipment is currently underway," Roy said.
Shares of Exide Industries ended 3.54 per cent down at Rs 532 apiece on the BSE.
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