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Exide Q3 net up 64%

Calcutta, Jan. 25: Exide Industries Ltd (EIL), the domestic power storage solutions company, has recorded a 64.12 per cent rise in net profit at Rs 12.72 crore during the third quarter ending December 31, 2002 compared with a net profit of Rs 7.75 crore in the corresponding period last year.

The company’s gross sales stood at Rs 267.20 crore during the reporting quarter while profit before tax went up by 88.4 per cent at Rs 20.72 crore as against Rs 11 crore last year.

Chairman S. B. Ganguly said: “Notwithstanding fewer government orders, the company has managed to sustain its overall position as the market leader and has further improved its position in the retail segment. We are exploring the export markets in a concerted fashion.”

Exports of automotive battery division registered a slender growth at 8.6 per cent while the infrastructure battery recorded a modest growth of 11.27 per cent in the third quarter.

Exports of industrial batteries saw a significant growth of 16.56 per cent due to the steady growth in south Asian markets.

ALFL net up

Hinduja group company Ashok Leyland Finance Ltd (ALFL) has posted a 34 per cent rise in net profit at Rs 14.82 crore for the third quarter ended December 31, 2002, as against Rs 11.06 crore in the same period last fiscal.

The income from operations for the reporting quarter grew by 13.21 per cent to Rs 85.14 crore as against Rs 75.20 crore in October-December 2001, managing director S Nagarajan told newspersons here today. The other income grew by 113.88 per cent to Rs 5.39 crore compared with Rs 2.52 crore, he added.

For the nine-month period ended December 2002, the net profit and income from operations stood at Rs 33.89 crore (Rs 26.07 crore) and Rs 249.54 crore (Rs 206.58 crore), respectively, he added.

As on December 2002, the Chennai-based company had an asset base of over Rs 3,300 crore and capital adequacy ratio was 19.98 per cent. The net non-performing assets were 0.85 per cent, he said.

Sterlite Optical

Sterlite Optical Technologies Ltd has posted a net loss of Rs 20.8 crore for the third quarter ended December 31, 2002 over a net profit of Rs 7.99 crore in the same period last year.

Total income (net of excise) during the reporting quarter was also lower at Rs 52.28 crore over Rs 218.07 crore in the same period last year, the company informed the Bombay Stock Exchange here today.

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