Automotive and industrial battery major Exide Industries on Monday reported a 3.82 per cent rise in standalone net profit for the quarter ended September 30. Net profit during the quarter was ₹298 crore compared with ₹287 crore in the corresponding quarter of the previous year.

Revenue from operations on a standalone basis during the quarter was ₹4,267 crore, up 3.89 per cent from ₹4,107 crore in the corresponding quarter of the previous year.

Consolidated profit after tax during the quarter was ₹233.40 crore compared with ₹270.32 crore a year ago

The company said the two-wheeler and four-wheeler replacement markets have seen robust demand. However, excess channel inventories for automobile OEMs (original equipment manufacturers) dampened the demand in that category. The company also saw strong demand in the industrial UPS and solar category, but demand was soft in the home UPS segment.

“Efficient procurement with cost optimisation initiatives has led to stability in operating performance, despite high commodity prices. For the near term, the business outlook is positive, and commodity prices have started easing, which is expected to support profitability,” said Avik Roy, managing director and CEO, Exide Industries.

During the quarter, Exide invested ₹250 crore as equity in its wholly-owned subsidiary Exide Energy Solution Limited.

Nearly ₹100 crore was invested into the subsidiary in October, taking the total investment to ₹2,852.24 crore.

“Onsite construction work of the lithium-ion project is proceeding well. All the functions, including manufacturing, procurement, R&D, IT, finance, quality and safety, HR are working to ensure project completion,” said Roy.

Exide shares at ₹445.40 were down 2.92 per cent over the previous close on the BSE.

Analysts at PL Capital – Prabhudas Liladher said that the standalone revenue was lower than Street estimates.