EXIDEIND

Jan 28 (Reuters) - Indian battery maker Exide Industries EXID.NS reported third-quarter profit below analysts' estimates on Tuesday, hurt by sluggish vehicle sales.

The company's standalone profit after tax rose 2% to 2.45 billion rupees ($28.3 million) in the October-December quarter, falling short of analysts' estimate of 3.09 billion rupees, according to data compiled by LSEG.

Exide, which is one of India's biggest battery makers and gets nearly 70% of its sales from automotive clients, has now missed profit estimates for a third straight quarter.

While battery replacements on automobiles remained strong, demand from manufacturers of new vehicles was muted in the quarter, the company said.

Several auto parts makers, including battery manufacturers like Exide, have relied on customers replacing older vehicle parts with newer ones to offset the impact of slowing new car sales.

Car sales rose 4.5% in the December quarter, helped partly by festive demand, albeit at a slower rate than the 8.3% growth seen in the year-earlier period.

Exide's revenues grew a mere 0.2% to 38.49 billion rupees and fell short of analysts' average estimate of 44.39 billion rupees.

Separately, Chief Executive Avik Roy said in a statement that Exide's lithium-ion cell manufacturing project in Bengaluru is expected to start commercial operations from fiscal year 2026.

Exide's shares closed 1.3% lower ahead of results.

($1 = 86.5350 Indian rupees)

(Reporting by Nandan Mandayam and Hritam Mukherjee in Bengaluru; Editing by Subhranshu Sahu)

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Jan 17 (Reuters) - Exide Industries Ltd EXID.NS:

• RECEIVES TAX DEMAND ORDER FOR PENALTY OF 1.5 MILLION RUPEES

Source text: ID:nBSE4H8J8Z

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Jan 15 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTS 1.5 BILLION RUPEES IN SUBSIDIARY

• TOTAL INVESTMENT IN EXIDE ENERGY SOLUTIONS NOW 33.02 BILLION RUPEES

Source text: ID:nBSE6WM5Td

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Dec 19 (Reuters) - Hyundai Motor Co 005380.KS:

• HYUNDAI MOTOR INDIA - SIGNED BINDING TERM SHEET WITH EXIDE ENERGY SOLUTIONS

• HYUNDAI MOTOR INDIA LTD - AGREEMENTS FOR SUPPLY OF BATTERY CELLS FOR COS EVS IN INDIA

Source text: ID:nBSE5FBnZs

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Dec 17 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTS 1 BILLION RUPEES IN SUBSIDIARY

• TOTAL INVESTMENT IN EESL STANDS AT 31.52 BILLION RUPEES

Source text: ID:nNSE2q9Nzx

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Nov 4 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES Q2 NET PAT 2.98 BILLION RUPEES; IBES PROFIT EST. 3.09 BILLION RUPEES

• EXIDE INDUSTRIES Q2 REVENUE FROM OPERATIONS 42.67 BILLION RUPEES; IBES EST. 44.39 BILLION RUPEES

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By Aditi Shah

NEW DELHI, Sept 6 (Reuters) - India's Reliance Infrastructure RLIN.NS is considering plans to manufacture electric cars and batteries, and has hired the former India head at China's BYD Co 002594.SZ to advise on its plans, two sources briefed on the matter told Reuters.

The company, part of Anil Ambani's Reliance Group, has hired external consultants to conduct a "cost feasibility" study for setting up an EV plant with an initial capacity of about 250,000 vehicles a year, to be scaled up to 750,000 over some years, the first source said.

It is also looking at the feasibility of building a battery plant starting with 10 gigawatt hours (GWh) of capacity and scaling up over a decade, the person added.

Reliance Infrastructure did not respond to a request for comment on its plans, which are being reported for the first time.

Former BYD executive Sanjay Gopalakrishnan, who has joined as a consultant to advise on the EV project, did not respond to a request for comment.

Anil Ambani is the younger brother of Mukesh Ambani, Asia's richest man and head of Reliance Industries RELI.NS, which has interests ranging from oil and gas to telecoms and retail. The brothers split the family business in 2005.

Mukesh's company is already working to locally manufacture batteries and this week won a bid to receive government incentives for 10 GWh of battery cell production.

If Anil's group decides to press ahead with its plans, the brothers will go head-on in a market where EVs have a niche presence but are growing fast.

Electric models made up less than 2% of the 4.2 million cars sold in India last year, but the government wants to grow this to 30% by 2030. It has budgeted over $5 billion in incentives for companies locally manufacturing EVs and their components, including batteries.

Battery making is yet to take-off in India but some local manufacturers like Exide EXID.NS and Amara Raja AMAR.NS have tied-up with Chinese players for technology to manufacture lithium-ion battery cells in the country.

Reliance Infrastructure is also looking for partners, including Chinese companies, and is aiming to finalise its plans within a few months, the first source said.

India's Tata Motors TAMO.NS is the country's largest EV player with a nearly 70% share of the market, with rivals like SAIC's 600104.SS MG Motor and BYD gaining pace. Overall auto market leaders Maruti Suzuki MRTI.NS and Hyundai Motor 005380.KS plan to launch EVs in 2025.

Gopalakrishnan retired from BYD this year after spending more than two years there, setting up BYD's India business, launching three EVs, and establishing a dealership network.

Government records reviewed by Reuters show Reliance Infrastructure in June formed two new wholly-owned subsidiaries related to autos.

One is named Reliance EV Private Ltd, whose "main objective" is to "manufacture, deal, in vehicles of every description and components for transport and conveyance using any nature of fuel".

(Reporting by Aditi Shah
Editing by Mark Potter)

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Aug 20 (Reuters) - Exide Industries Ltd EXID.NS:

• FURTHER INVESTMENT IN WHOLLY OWNED SUBSIDIARY THROUGH RIGHTS ISSUE

• INVESTED 750 MILLION RUPEES IN EXIDE ENERGY SOLUTIONS

Source text for Eikon: ID:nBSE5lJX2Y

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(Reporting by VijayDattaram Malkar)

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July 30 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES Q1 NET PAT 2.80 BILLION RUPEES; IBES PROFIT EST. 3.31 BILLION RUPEES

• EXIDE INDUSTRIES Q1 REVENUE FROM OPERATIONS 43.13 BILLION RUPEES; IBES EST. 44.6 BILLION RUPEES

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July 16 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTED ABOUT 750 MILLION RUPEES IN EXIDE ENERGY SOLUTIONS ON RIGHTS BASIS

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BENGALURU, June 24 (Reuters) - Indian battery maker Amara Raja Energy and Mobility AMAR.NS said on Monday it signed a licensing agreement with Gotion-InoBat-Batteries (GIB), a unit of China-based Gotion High Tech Co 002074.SZ, to produce lithium-ion batteries in India.

GIB EnergyX Slovakia, a joint venture between Gotion and Slovakia-based InoBat, will license Gotion's lithium iron phosphate technology for lithium-ion cells to a unit of Amara Raja, the Indian battery maker added.

Under the licensing agreement, the Indian company will get access to cell technology IP, support for establishing Gigafactory facilities, and be integrated into Gotion's global supply chain network.

Gotion, whose largest shareholder is the German automaker Volkswagen VOWG_p.DE , specializes in lithium-ion rechargeable batteries for new energy vehicles.

Indian automakers mostly import EV batteries from China and South Korea and, along with domestic battery suppliers, have been investing in developing lithium-ion battery production capabilities within the country.

Amara Raja’s rival Exide Energy Solutions EXID.NS partnered with SVOLT in 2022 to build its own lithium-ion battery plant, which is expected to begin operations later this year.

In April, the South Korean auto duo, Hyundai Motor Co 005380.KS and Kia Corp 000270.KS signed a memorandum of understanding with Exide Energy Solutions to supply batteries for their electric vehicles, to boost competitiveness in the Indian auto market.

Earlier this year, Reliance Industries RELI.NS, JSW Neo Energy and Amara Raja Advanced Cell Technologies were among seven companies that submitted bids to set up battery manufacturing gigafactories in India.

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Tasim Zahid)

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June 12 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES - INVESTED ABOUT 750 MILLION RUPEES VIA SUBSCRIPTION IN SHARE CAPITAL OF UNIT

• EXIDE INDUSTRIES - INVESTED VIA SUBSCRIPTION IN SHARE CAPITAL OF EXIDE ENERGY SOLUTIONS ON RIGHTS BASIS

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Adds Kellen comment

By Foo Yun Chee

BRUSSELS, May 29 (Reuters) - A group of car starter battery makers will contest European Union accusations of operating a cartel to fix battery prices at a closed hearing next week, people with direct knowledge of the matter said on Wednesday.

The companies are Banner, Clarios, Exide, FIAMM Energy Technology (FET) and its predecessor Elettra, and Rombat

Together with trade body Eurobat and its service provider Kellen, which were also charged by the European Commission, the companies will present their arguments at a week-long hearing in Brussels, they said.

Companies usually plead their case at such events before senior Commission officials and their peers from national competition agencies, rivals and customers. That could lead to regulators narrowing their charges, although this is rare.

The EU executive, which also acts as the EU competition watchdog, accused the group last year of colluding to increase the prices of automotive starter batteries sold to car producers in Europe.

It said this took place between 2004 and 2017, during which the seven participants created, published and agreed to use new indexes in their price negotiations with carmakers in the so-called Eurobat Premium system.

The Commission, Banner and FET declined to comment.

Kellen said it has submitted its defence to the Commission rejecting the claims and allegations.

"Our lawyers will defend Kellen at the hearing next week," a spokesperson said.

Clarios, Exide, Rombat and Eurobat did not immediately respond to requests for comment.

The companies, which make 12-volt lead batteries used to start most combustion engine cars, risk fines as much as 10% of their global turnover if found guilty of breaching EU antitrust rules.

(Reporting by Foo Yun Chee; Editing by Mark Potter)

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BENGALURU, May 28 (Reuters) - Indian battery maker Amara Raja Energy & Mobility AMAR.NS posted a rise in quarterly profit on Tuesday, helped by strong demand for its batteries from the automobile companies.

The company's standalone net profit rose nearly 62% to 2.28 billion rupees ($27.4 million) in the three months to March 31, still shy of analysts' average estimate of 2.33 billion rupees, according to LSEG data.

The automobile industry's requirement for batteries rose in the quarter as vehicle production increased more than 21% year-on-year, according to data from industry body Society of Indian Automobile Manufacturers (SIAM).

Amara Raja has top automakers, including Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS, and Hero MotoCorp HROM.NS, as its clients.

Revenue grew nearly 15% to 27.97 billion rupees, boosted by a 19% rise in the company's lead-acid batteries and allied products segment, which accounts for nearly all its revenue.

The segment also includes its industrial business, which benefitted from the expansion of India's 5G network, as Amara Raja also supplies batteries to telecom equipment manufacturers.

The company's expenses rose nearly 14%, led by increased inventory purchases. Raw material costs, including lead, a key input for battery makers, rose 2%.

Rival battery maker Exide Industries beat its fourth-quarter profit estimates last month.

($1 = 83.1768 Indian rupees)

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Ravi Prakash Kumar)

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May 14 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTED 750 MILLION RUPEES VIA SUBSCRIPTION IN SHARES OF EXIDE ENERGY SOLUTIONS

Source text for Eikon: ID:nBSE4gyGTf

Further company coverage: EXID.NS

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BENGALURU, April 30 (Reuters) - Indian battery-maker Exide Industries EXID.NS beat fourth-quarter profit expectations on Tuesday, helped by higher demand in its automotive and industrial products segments.

WHY IT'S IMPORTANT

Battery makers are set to benefit as sales of electric vehicles, which are powered by lithium-ion batteries, are expected to rise 66% this year in India after nearly doubling in 2023, according to research firm Counterpoint.

Exide, which earns two-thirds of its revenue from the automotive market, plans to deepen its presence in the sector as it aims to start making lithium-ion cells by the current fiscal year.

Earlier this month, South Korea's Hyundai Motor 005380.KS and Kia Corp 000270.KS partnered with Exide Industries' unit Exide Energy Solutions to supply batteries for their EVs.

BY THE NUMBERS

Exide's standalone profit after tax rose 36.6% from a year ago to 2.84 billion rupees ($34 million) in the quarter ended March 31, beating analysts' estimate of 2.72 billion rupees as per LSEG data.

Revenue from operations climbed 13.2% to 40.09 billion rupees, while total expenses rose to 36.31 billion rupees.

Analysts had expected revenue of 40.31 billion rupees.

MARKET REACTION

Shares of the company, which were up 2.5% earlier in the day, jumped as much as 5.7% to 481.65 rupees following the results.

KEY QUOTES

"Outlook is positive both for the automotive and industrial verticals and we aim to deliver healthy sales growth and increase in profitability in near-to-medium term," CEO Subir Chakraborty said.

"Our lithium-ion cell manufacturing project is progressing well and is expected to be commissioned within defined timelines."

($1 = 83.4852 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Varun H K)

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April 9 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES LTD - ENTERED INTO AN AGREEMENT FOR ACQUIRING 26% EQUITY STAKE IN CLEAN MAX ARCADIA

• EXIDE INDUSTRIES LTD - COST OF ACQUISITION 53.5 MILLION RUPEES

Source text for Eikon: ID:nBSE62CRXt

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Adds Hyundai statement, Exide Industries shares

By Heekyong Yang and Joyce Lee

SEOUL, April 8 (Reuters) - Hyundai Motor Co 005380.KS and Kia Corp 000270.KS on Monday signed a memorandum of understanding with India's Exide Energy Solutions Ltd to supply batteries for their electric vehicles in a bid to boost competitiveness in the world's No.3 auto market.

The South Korean auto duo said in a statement that the partnership with Exide Energy, a unit of Exide Industries Ltd EXID.NS, aims to localise their EV battery production in India, specifically focusing on lithium-iron-phosphate (LFP) cells.

Hyundai and Kia are set to expand in India - one of its their four biggest revenue generating markets along with the United States, South Korea and Western Europe.

Hyundai has said it plans to invest about 3.25 trillion won($2.40 billion) for 10 years from 2023 for the Indian market, including for the launch of six EV models by 2028 and charging stations.

Kia plans to introduce locally optimised small-sized EVs starting 2025, Wednesday's statement said.

Exide Energy is aiming to produce EV battery cells at the end of this year.

Automakers such as Tesla TSLA.O and VinFast 0TL.F are looking to tap India to build EV production facilities.

"India's average manufacturing labour cost is estimated to be about one-fourth of labour cost in China, and the country's massive lithium mines would help automakers that plan to make EVs in the country to better source necessary battery materials," said Shin Yoon-chul, an analyst at Kiwoom Securities.

Shares of Hyundai Motor and Kia Corp closed 3.1% and 3.3% higher, respectively, versus the benchmark KOSPI's KS.11 0.1% rise.

Shares of Exide Industries rallied as much as 15% to a record high.

($1 = 1,352.9100 won)

(Reporting by Heekyong Yang and Joyce Lee in Seoul; Additional reporting by Jihoon Lee and Chris Thomas in Bengaluru; Editing by Ed Davies, Kirsten Donovan)

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March 27 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES LTD - FURTHER INVESTMENT IN WHOLLY OWNED SUBSIDIARY THROUGH RIGHTS ISSUE

• EXIDE INDUSTRIES - INVESTED 350 MILLION RUPEES IN EXIDE ENERGY SOLUTIONS ON RIGHTS BASIS

• EXIDE INDUSTRIES LTD - TOTAL INVESTMENT MADE BY CO IN EESL STANDS TO 20 BILLION RUPEES

Source text for Eikon: ID:nBSE5sSdFh

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March 22 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTED 1.1 BILLION RUPEES BY WAY OF SUBSCRIPTION IN EQUITY CAPITAL OF UNIT CHLORIDE METALS ON RIGHTS BASIS

Source text for Eikon: ID:nBSE2sNFCV

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March 6 (Reuters) - Exide Industries Ltd EXID.NS:

• TO INVEST 700 MILLION RUPEES IN SHARE CAPITAL OF CHLORIDE METALS

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Feb 27 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES LTD - INVESTED 250 MILLION RUPEES IN EXIDE ENERGY SOLUTIONS

Source text for Eikon: ID:nBSE613JBS

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BENGALURU, Feb 6 (Reuters) - Battery maker Eveready Industries India ERDY.NS reported a 55% jump in third-quarter profit on Tuesday, helped by diminishing input costs.

Lithium prices, a key raw material for battery makers, were down in the quarter, helping offset beleaguered rural demand for batteries and flashlights.

Eveready's total expenses fell almost 9% to 2.95 billion rupees, led by a 29% decline in raw material costs. As a result, consolidated net profit rose to 84.1 million rupees ($1 million) in the three months to Dec. 31.

The softness in prices of battery-making metals also helped Amara Raja Energy & Mobility AMAR.NS and Exide Industries EXID.NS post profit climbs in the third quarter.

While the two also make batteries, Amara Raja and Exide cater more to automobile and industrial needs while Eveready's products are for household use.

Eveready's revenue, however, fell almost 8% to 3.05 billion rupees.

"The pattern of softer rural consumption in key battery-flashlight segments and continuing industry phenomenon of value diminution in the lighting segment reflected the third-quarter performance," the company said in a statement.

($1 = 83.0310 Indian rupees)

(Reporting by Varun Vyas in Bengaluru; Editing by Janane Venkatraman)

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Jan 24 (Reuters) - Exide Industries Ltd EXID.NS:

• Q3 NET PAT 2.4 BILLION RUPEES; LSEG IBES PROFIT EST. 2.62 BILLION RUPEES

• Q3 REVENUE FROM OPERATIONS 38.41 BILLION RUPEES

• Q3 YEAR AGO NET PAT 2.23 BILLION RUPEES, REVENUE 34.12 BILLION RUPEES

Source text for Eikon: ID:nBSEbQR8hd

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Dec 27 (Reuters) - Exide Industries Ltd EXID.NS:

• EXIDE INDUSTRIES LTD - FURTHER INVESTMENT IN WHOLLY OWNED SUBSIDIARY THROUGH RIGHTS ISSUE

• EXIDE INDUSTRIES LTD - FURTHER INVESTMENT OF 400 MILLION RUPEES

Source text for Eikon: ID:nBSE2wfC1v

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Adds Eurobat, Clarios comment, details

By Foo Yun Chee

BRUSSELS, Nov 30 (Reuters) - A group of automotive starter battery makers, trade body Eurobat and its service provider Kellen were accused by EU antitrust regulators on Thursday for breaching antitrust laws by operating a cartel to fix battery prices.

"The five starter batteries manufacturers created, published and agreed to use new indices in their price negotiations with car producers (the so-called 'Eurobat Premium System')," the European Commission said in a statement.

The five manufacturers are Banner, Clarios, Exide, Elettra and Rombat. They make 12-volt lead batteries which are currently used to start most combustion engine cars. The batteries are used for basic back-up functions in cars such as lighting and centralized locks.

The Commission said it had sent a statement of objections to the group, saying the cartel, which ran between 2004 and 2017, aimed to fix an important element of the final battery price.

The EU competition enforcer said Eurobat and its service provider Kellen were aware of the alleged conduct and actively contributed to it by assisting the battery manufacturers in creating and running the Eurobat premium system.

Clarios declined to comment on ongoing investigations and legal proceedings.

"But we do not believe that we are exposed to any material risk. We are co-operating with the authorities in their investigations," the German company said.

The other manufacturers could not be immediately reached for comment.

Eurobat said it has seen the Commission's press statement but not the official document.

"We have not received nor studied the official statement of objections yet, so we cannot make any comment at this point," a spokesperson said.

Companies face fines of as much as 10% of their global turnover for breaching EU antitrust rules. The Commission has in previous years penalised nearly a dozen cartels in the car industry, among them suppliers of automotive bearings, car seats and braking systems.

(Reporting by Foo Yun Chee, additional reporting by Christoph Steitz in Frankfurt and Gilles Guillaume in Paris; Editing by Susan Fenton)

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Nov 21 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTED 1 BILLION RUPEES BY SUBSCRIPTION IN EQUITY SHARE CAPITAL OF EXIDE ENERGY SOLUTIONS ON RIGHTS BASIS

Source text for Eikon: ID:nBSEb2Dt0Y

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Nov 7 (Reuters) - Exide Industries Ltd EXID.NS:

• FURTHER INVESTMENT IN WHOLLY OWNED SUBSIDIARY THROUGH RIGHTS ISSUE

• FURTHER INVESTMENT OF 500 MILLION RUPEES

Source text for Eikon: ID:nBSE35kRQB

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BENGALURU, Nov 6 (Reuters) - India's Exide Industries EXID.NS on Monday reported a better-than-expected second-quarter profit helped by steady sales, and said it was optimistic on the near-to-medium term demand outlook.

The battery maker posted a standalone net profit after tax of 2.87 billion rupees ($34.50 million) for the quarter to Sept. 30, up 16.5% year-on-year.

It also beat analysts' estimate of 2.6 billion rupees, per LSEG data.

A jump in vehicle sales was key to Exide's earnings, as the company derives over two-thirds of revenue from its automotive segment that supplies batteries to vehicle manufacturers.

Exide's revenue rose 10% – its largest growth in four quarters – helped by record sales of passenger vehicles and three-wheelers, offsetting the 9.5% rise in expenses.

"In the near-to-medium-term, we are optimistic of the demand scenario and believe we will continue to deliver sustainable and profitable growth," said CEO Subir Chakraborty.

Shares of the company rose 3.3% to 264.65 rupees, and were last up 2.6%.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)

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Oct 17 (Reuters) - Exide Industries Ltd EXID.NS:

• INVESTED 1 BILLION RUPEES VIA SUBSCRIPTION IN SHARE CAPITAL OF ITS UNIT EXIDE ENERGY SOLUTIONS

Source text for Eikon: ID:nBSE45ksnz

Further company coverage: EXID.NS

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