Indian battery maker Exide Industries Ltd reported a better-than-expected second-quarter revenue on Friday pushed by a rise in volumes and easing enter prices.
There was additionally an uptick in demand from the alternative and the unique gear producer (OEM) segments as demand for passenger autos surged, with automakers reporting robust gross sales.
Exide’s revenue rose 5.13% to Rs 246 crore ($30.43 million) within the June-September quarter, in contrast with Rs 234 crore a yr in the past, the corporate stated in an change submitting. Analysts on common had anticipated a revenue of Rs 236 crore, in keeping with Refinitiv IBES information.
The automotive and industrial sectors had been below strain resulting from pandemic-induced supply-chain crunches and as uncooked materials costs rose after Russia’s invasion of Ukraine.
Nonetheless, the sectors noticed some reduction as costs of commodities resembling lead and crude oil cooled off and supply-chain constraints step by step eased. Additional, the commercial vertical witnessed a powerful restoration from the earlier yr as enterprise exercise picked up, the corporate stated.
“We count on buoyant demand situation to stay within the medium-term throughout most verticals and margin restoration to be supported by respite in enter prices to some extent,” Subir Chakraborty, managing director and chief govt officer, stated.
Income from operations rose 13.04% to Rs 3,719 crore within the second quarter from Rs 3,290 crore a yr in the past. As much as final shut, shares had been up 4.63%% YTD.
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