Indian battery-maker Exide Industries beat fourth-quarter revenue expectations on Tuesday, helped by increased demand in its automotive and industrial merchandise segments.
Battery makers are set to learn as gross sales of electrical autos, that are powered by lithium-ion batteries, are anticipated to rise 66% this 12 months in India after almost doubling in 2023, in keeping with analysis agency Counterpoint.
Exide, which earns two-thirds of its income from the automotive market, plans to deepen its presence within the sector because it goals to start out making lithium-ion cells by the present fiscal 12 months.
Earlier this month, South Korea’s Hyundai Motor and Kia Corp partnered with Exide Industries’ unit Exide Power Options to produce batteries for his or her EVs.
Exide’s standalone revenue after tax rose 36.6% from a 12 months in the past to 2.84 billion rupees (USD 34 million) within the quarter ended March 31, beating analysts’ estimate of two.72 billion rupees as per LSEG knowledge.
Income from operations climbed 13.2% to 40.09 billion rupees, whereas complete bills rose to 36.31 billion rupees.
Analysts had anticipated income of 40.31 billion rupees.
Shares of the corporate, which had been up 2.5% earlier within the day, jumped as a lot as 5.7% to 481.65 rupees following the outcomes.”Outlook is constructive each for the automotive and industrial verticals and we intention to ship wholesome gross sales development and enhance in profitability in near-to-medium time period,” CEO Subir Chakraborty stated.
“Our lithium-ion cell manufacturing undertaking is progressing nicely and is anticipated to be commissioned inside outlined timelines.”
