Exide Posts Turnover of Rs 2486.40 Crores For First Quarter of FY21

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Exide has collaborations with more than 70 OEMs in India alone. It invested close to Rs 100 crore in two subsidiaries

Exide Industries have recorded double-digit growth in its automobile batteries’ export business. The company’s business in the international markets including the United States and South Africa is on a constant rise. Exide’s export figures accounted for over eight per cent contribution in its overall revenue figures. The company has reported revenue figures of over Rs 10,000 crore during FY21.

“Expanding distributor base, launching products and investing in strengthening of brands led to record growth in the export market”, the company said in its annual report. The industrial segment contributed to around 26 per cent in company’s revenues whereas the rest came from the automotive sector.

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Subir Chakrabmiy, MD & CEO, while commenting on Company’s overall performance in the first quarter of FY 2021-22, said that despite Covid related business disruptions during major part of the quarter, the Company has achieved an impressive growth in both Automotive and Industrial divisions. While replacement volume for both Automotive and UPS batteries remain extremely encouraging, Infra, OEM and Export markets registered better than expected growth during the quarter. As an ongoing focus area, Sales Transformation and Cost Compression remain the core strategies to improve efficiencies within the company.”

The company recently reported net turnover of Rs 2486.40 crores for the quarter ended 30 June 2021 as compared to net turnover Rs 1547.62 crores recorded during the quatier ended 30 June 2020 registering an impressive growth of 61 per cent. It is worth mentioning here that Exide has entered agreements with Maruti Suzuki, Nissan and Tata Motors during the last year. These OEMs had, as part of the agreements, launched Exide batteries only car models in the market. As a matter of fact Exide has collaborations with more than 70 OEMs in India alone.

Exide also invested close to Rs 100 crore in two subsidiaries. The company invested Rs 66 crore into raising 80 per cent stake in its lithium-ion battery subsidiary Exide Leclanche Energy Private Limited (NexCharge).

The rest Rs 35 crore was invested as capital in Exide’s upcoming greenfield facility located in West Bengal (Chloride Metals Limited). The latter is a secondary smelting & refining unit that is promoted as a part of backward integration to meet the lead and lead alloys demand of the company.

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