Exide Industries on Monday reported a net profit of Rs 287 crore for the quarter ended September 30, a growth of 16.67 per cent over Rs 246 crore in the corresponding quarter of the previous year.

The company’s board on Monday also gave its approval to further invest Rs 1,100 crore in its wholly owned subsidiary Exide Energy Solutions Limited (EESL), which is setting up a greenfield lithium ion manufacturing plant.

“The board at its meeting held on Monday has decided to further invest up to Rs 1,100 crore in one or more tranches, aggregating total equity investment up to Rs 3,000 crore,” the company said in a stock exchange filing. So far, the company has invested Rs 1,530 crore as equity in EESL, including an investment of Rs 440 crore in October 2023.

Revenue from operations during the quarter for the automotive and industrial battery maker stood at Rs 4,107 crore, up 10.10 per cent over Rs 3,730 crore in corresponding quarter of the previous year. In the automotive division, demand has started to pick up both in OEMs and replacement market.

“In the near-to-medium term, we are optimistic of the demand scenario and believe that with our future-ready product portfolio, pan-India market presence and cost efficiencies, we will continue to deliver sustainable and profitable growth,” said Subir Chakraborty, MD & CEO, Exide Industries.