Exide Industries has increased stake in its joint venture with Swiss firm Leclanche from 77.87 per cent to 80.15 per cent by infusing Rs 33.17 crore through subscription to equity shares of the JV. In June 2018, the battery maker had announced signing of a pact with Leclanche SA for setting up a joint venture company, Exide Leclanche Energy Pvt Ltd, to build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market.
Exide Industries Ltd (EIL) has further invested an amount aggregating to Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy Pvt Ltd, the company said in a regulatory filing. "With the above investment, the equity shareholding of EIL in JVC (joint venture company) stands increased from 77.87 per cent to 80.15 per cent of the total paid-up share capital," it added.
EIL said its further investment is "to meet the funding requirement, particularly the capital expenditure projects of JVC". The company said that as on date, the paid up capital of the JV is Rs 128.59 crore. Its net worth as on March 31, 2020 was Rs 144.98 crore with a turnover of Rs 2.19 crore and it posted a loss after tax of Rs 18.95 crore for the year ended March 31, 2020.
Exide Industries Ltd posted 3 per cent decrease in its standalone net profit at Rs 229 crore for the quarter ending 30 September, 2020. It was Rs 237 crore in the same quarter a year ago. However, standalone revenue from operations rose 5 per cent to Rs 2,753 crore as against Rs 2,611 crore in September 2019.
