A one-time gain from the sale of erstwhile subsidiary Exide Life Insurance to HDFC Life Insurance has boosted the standalone net profit of automotive and industrial battery maker Exide Industries for the quarter ended March 31, 2022.
The company on Thursday reported a net profit of Rs 4,120 crore for the quarter ended March 31 compared with Rs 244 crore a year ago. Profit before tax without considering exceptional earning was Rs 271 crore during the fourth quarter compared with Rs 330 crore in the corresponding previous quarter.
Revenue from operations was Rs 3,409 crore compared with Rs 2,939 crore a year ago — a growth of 16 per cent.
Exide said gains from fixed cost optimisation could not fully neutralise the inflationary impact due to escalation in input costs, coupled with high fuel and freight costs.
“The company was successful in appreciably lowering fixed costs. However, this could not fully neutralise the inflationary impact of sharp and continued escalation in prices of inputs, coupled with runaway fuel and freight costs, leading to decline in operating margins,” said Subir Chakraborty, MD & CEO, Exide Industries.
“Under the newly formed wholly owned subsidiary, Exide Energy Solutions, Exide plans to set-up a multi-gigawatt hour lithium-ion cell manufacturing facility,” he added.
AMNS India earnings
Gujarat-based AMNS India has reported an EBITDA of $470 million for March 2022 quarter, registering a growth of 16.62 per cent over the year-ago period, parent ArcelorMittal said on Thursday.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortisation. The company had posted an EBITDA of $403 million in the year-ago quarter, the world’s largest steel maker said in a statement.
Dabur net declines
Homegrown FMCG major Dabur India on Thursday reported a 21.98 per cent decline in consolidated net profit at Rs 294.34 crore for the fourth quarter ended March 2022.
In terms of turnover, Dabur has now become a Rs 10,000 crore company, a milestone that very few homegrown FMCG firms have achieved. Revenue from operations in FY22 touched Rs 10,888.68 crore. Revenue from operations rose 7.74 per cent to Rs 2,517.81 crore against Rs 2,336.79 crore a year ago.
Adani Power net leaps
Adani Power’s consolidated net profit jumped multi-fold to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the year-ago period, mainly on the back of higher revenues.
Total income surged 93 per cent to Rs 13,308 crore from Rs 6,902 crore a year ago.
Cognizant income up
US-based IT services company Cognizant, which has 70 per cent of its workforce in India, on Thursday posted an 11.48 per cent increase in net income at $563 million for the first quarter ended March 2022 on account of growth in digital revenue. The company had registered a net income of $505 million a year ago. With inputs from PTI
