Exide Industries Ltd., India's lead acid storage battery manufacturer, reported a higher stand-alone net profit for the fourth-quarter on increased income.
The company envisaged a capital outlay of Rs.250 crore during the current fiscal year to increase production of industrial batteries and on modernization.
Stand-alone Results
The Kolkata-based company posted a fourth-quarter standalone net profit of Rs.146.46 crore or Re.1.72 per share, higher by three percent than the Rs.142.52 crore or Re.1.67 per share in the fourth-quarter of 2012. On a sequential basis, net profit for the quarter increased by 41 percent.
Its quarterly net sales increased by six percent to Rs.1,538.22 crore from Rs.1,446.68 crore in the year-ago quarter, while other operating income amounted to Rs.2.98 crore, compared with Rs.7.43 crore for the same period last year.
For the 12 months, the company's standalone net profit increased by 13 percent to Rs.522.78 crore from the Rs.461.17 crore in the corresponding period in the preceding year. Net sales and other operating income, grew by 18 percent to Rs.6,076.83 crore from the Rs.5,113.58 crore for the 12 month ended March 31 last year.
Consolidated Results
On a consolidated basis, the company reported fiscal year net profit, after share of profit/loss of associated and minority interest, of Rs.549.35 crore, up by 23 percent from the Rs.446.06 crore a year-ago.
Net sales and other operating income during the year stood at Rs.6,372.26 crore, compared with Rs.5,322.34 crore last year, an increase of 20 percent.
The company's Board recommended a final dividend of 60 percent or Re.0.60 per equity share of Re.1 each for the fiscal year 2013. The company continues to remain debt free.
The board further approved the appointment of P.K. Kataky, presently Director-Automotive, as Managing Director and CEO effective May 01, after T.V. Ramanathan retires on April 30 and also appointed Gautam Chatterjee, presently Director-Industrial, as Joint Managing Director effective May 01 and he will head the Automotive and Submarine batteries business from that date.
For the fiscal year 2013-14, the company has planned a capital outlay of Rs.250 crore to be spent on capacity augmentation for industrial batteries and modernization.
Managing Director & CEO T.V. Ramanathan said: "There is marked improvement in the company's performance during the fourth quarter of financial year 2012-13. The regaining of market share in the crucial automotive replacement market, that started during the first quarter of the financial year under review gained further traction during this period. However, the full impact of the volume growth did not accrue due to de-growth in the original equipment (OE) business in the 4-wheeler segment and less than expected growth in the 2-wheeler OE segment."
At the BSE, Exide Industries shares currently trading trading at Rs.136, down 2.16 percent from the previous close.
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