The shares of India’s largest battery-selling firm rose up to 0.63 percent after the company invested Rs. 40 crore in the equity share capital of its wholly-owned subsidiary.
With a market capitalization of Rs 25,653.00 crore, The shares of Exide Industries Ltd were trading at Rs 301.80 per share, increasing around 0.35 percent as compared to the previous closing price of Rs 300.90 apiece.
According to the corporate filing, Exide Industries Ltd has invested Rs. 40 crore in its wholly-owned subsidiary, Exide Energy Solution Ltd, through the subscription of 1,29,03,225 equity shares of Rs. 10/- each at a premium of Rs. 21/- per share.
Furthermore, with this investment, the Company’s total investment in EESL now stands at Rs. 1,820.01 crore. Under such a purchase, the Company’s ownership stake in EESL remains unchanged.
Orders for lithium-ion packs and modules from the company’s subsidiary were over Rs 700 crore during the year. Exide Energy Solutions Limited, a 100% subsidiary specializing in lithium-ion cell production, has already begun construction on the nation’s single-site, multi-gigawatt lithium-ion cell manufacturing facility.
In terms of performance, revenue grew by 13% from Rs 3,841 crore in Q2FY23 to Rs 4,372 crore in Q2FY24. Net profit climbed by 12% within the same time, from Rs 241 crore to Rs 270 crore.
Exide Industries Ltd. runs ten production sites, manufactures 54 million vehicle batteries per year, supplies 5.8 billion watt-hours of industrial electricity per year, and has three recycling plants with a capacity of 252 KMT of lead recycling each year.
Throughout the year, orders for lithium-ion packs and modules from the company’s subsidiary reached around Rs 700 crore. Exide Energy Solutions Limited, a 100% subsidiary specializing in the production of lithium-ion cells, has already begun construction on the nation’s single-site, multi-gigawatt lithium-ion cell manufacturing facility.
Exide Industries manufactures batteries for the automotive sector like 2-wheelers, 4-wheelers, 3-wheelers, E-rickshaws, and H-UPS. It produces batteries ranging from 2.5 Ah for two-wheelers to 260 Ah for non-vehicular applications.
Written by:- Abhishek Singh
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