The board of directors of Exide Industries on Tuesday approved the appointment of Avik Kumar Roy as the managing director and CEO of the company for a period of three years from May 1, 2024, with the company’s current MD and CEO Subir Chakraborty announcing his retirement.

Roy, who had joined Exide on January 2, 2019 from his earlier stint as the VP and business unit head of Siemens India, is currently serving on the board of directors of the company as director-industrial since May 1, 2021.

In a separate filing, Exide said that Arun Mittal, director-automotive, will cease to be on the board of Exide Industries and will take up the new position as the MD and CEO of Exide Energy Solutions Limited (EESL), a wholly owned subsidiary of Exide Industries, effective from May 1, 2024.

EESL is engaged in the business of manufacture of lithium-ion cells, modules and battery packs and is currently in the process of setting up a greenfield unit in Bengaluru. Exide has made a total equity investment of ₹2,302 crore in EESL till March 2024.

The automotive and industrial battery maker registered a standalone net profit of ₹284 crore for the fourth quarter ended March 31, 2024 compared with ₹208 crore for the corresponding quarter of previous fiscal, a growth of 36.53 per cent.

Revenue from operations during the quarter was ₹4,009 crore compared with ₹3,543 crore in the year ago period, a growth of 13.15 per cent.

“We had one of the best quarterly performances, with sales and operating profits growing by 13 per cent and 41 per cent, respectively. Demand scenario was upbeat and our diversified technology and advanced product offerings helped us capture opportunities across end customer markets,” said Chakraborty.