Financial News

Exide appoints Subir Chakraborty as new MD & CEO, posts 36% jump in Q4 net profit

Products You May Like

The after market demand for both automotive and UPS batteries remained strong.

As Exide Industries (EIL) MD & CEO Gautam Chatterjee’s five-year term is coming to an end on April 30, the board of directors on Thursday approved the elevation and appointment of Subir Chakraborty as the new managing director and chief executive officer of the country’s largest storage battery maker for a period of three years from May 1.

Chatterjee, a veteran in the company for last 39 years, was re­appointed as MD & CEO for two years from May 1, 2019 till April 30, 2021. He will also cease to be a member of the board of directors of the company with effect from May 1.

Related News

Based on the recommendation of the nomination and remuneration committee (NRC) and subject to approval of the shareholders, the board of directors approved the appointment of Chakraborty as MD and CEO, Exide said in a stock exchange filing.

Chakraborty, a mechanical engineer from IIT, Madras and PGDM from IIM, Calcutta, was appointed as deputy managing director (DMD) of the company since May 1, 2019. He joined the company in 1996 and has been serving as a director on the board for last eight years.

On Thursday, the company reported a 36% year-on-year jump in its consolidated net profit to Rs 320.17 crore for the fourth quarter ended March 31, from Rs 235.57 crore for the corresponding period a year ago. During the period under review, its revenue from operations soared around 31% y-o-y at Rs 4562.86 crore, the company said in a BSE filing.

Commenting on the performance of the fourth quarter, Gautam Chatterjee said Exide “posted impressive” growth in both automotive and industrial division. The after market demand for both automotive and UPS batteries remained strong. As a result of several strategies adopted by the company, it bounced back very strongly in the second half of the last financial year and was able to surpass the sales it had reported for 2019-20.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Products You May Like