Kolkata
Battery maker Exide Industries has appointed Avik Kumar Roy as its MD and CEO for a period of three years.
Roy, who joined the company in January, 2019 as President Industrial, has been on the board of directors since May 1, 2021. He will be replacing Subir Chakraborty, who ceased to be the MD and CEO as well as a member of the board of directors of the company with effect from the close of the business hours on April 30.
In a stock exchange filing on Tuesday, Exide said that based on the recommendation of the Nomination and Remuneration Committee (NRC) and subject to the approval of the shareholders of the company, the board of directors appointed Roy as MD and CEO from May 1, 2024, till April 30, 2027.
Surge in profit
The battery maker’s consolidated net profit rose 2.55 per cent y-o-y to ₹185.70 crore for the fourth quarter ended March 31, 2024. The company had reported a profit after tax of ₹181.07 crore for Q4FY23. Revenue from operations rose 13.49 per cent y-o-y at ₹4172.90 crore for the period under review.
Commenting on the performance, Subir Chakraborty, outgoing MD and CEO, said, “We had one of the best quarterly performances, with sales and operating profits growing by 13 per cent and 41 per cent, respectively. Demand scenario was upbeat, and our diversified and technologically advanced product offerings helped us capture the opportunities across end customer markets.”
The company’s EBITDA margin increased to 12.9 per cent during the fourth quarter last fiscal from 10.4 per cent in the same quarter previous fiscal.