India`s Exide Industries tops Q2 profit view, says `optimistic` on demand
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India's Exide Industries on Monday reported a better-than-expected second-quarter profit helped by steady sales, and said it was optimistic on the near-to-medium term demand outlook.
The battery maker posted a standalone net profit after tax of 2.87 billion rupees ($34.50 million) for the quarter to Sept. 30, up 16.5% year-on-year.
It also beat analysts' estimate of 2.6 billion rupees, per LSEG data.
A jump in vehicle sales was key to Exide's earnings, as the company derives over two-thirds of revenue from its automotive segment that supplies batteries to vehicle manufacturers.
Exide's revenue rose 10% – its largest growth in four quarters – helped by record sales of passenger vehicles and three-wheelers, offsetting the 9.5% rise in expenses.
"In the near-to-medium-term, we are optimistic of the demand scenario and believe we will continue to deliver sustainable and profitable growth," said CEO Subir Chakraborty.
Shares of the company rose 3.3% to 264.65 rupees, and were last up 2.6%.
