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Exide net jumps as sales surge

Calcutta, July 11: Exide Industries today unveiled a 78 per cent growth in net profit on the back of an 18 per cent increase in net sales in the quarter ended June 30.

Exide Industries posted a net profit of Rs 13.86 crore during the quarter, as against Rs 7.77 crore in the corresponding period of 2002-03. The company logged gross sales of Rs 291.27 crore during the quarter. Most of it came from its automotive battery division, which earned Rs 146.71 crore in revenues.

Addressing shareholders earlier in the day, Exide Industries’ chairman S. B. Ganguly said the US-based Exide Technologies had sought his company’s support in gaining access to the fast growing Chinese market.

“Exide Technologies is trying to enter China. It has sold off its factory there and wants us to supply batteries. We have told Exide Technologies that we would consider their proposal,” Ganguly said.

Exide Industries is looking to grow through exports. The company has been exporting to countries like the UK, Netherlands and Australia among others, and expects an income of Rs 50-60 crore from overseas sales this year, compared with Rs 32 crore in 2002-03.

Exide Industries has set up a marketing joint venture in the UK to sell traction batteries there. In the Netherlands, it sells batteries through an arrangement with IBG Batteries. In Australia, Exide Industries has an arrangement with two companies including CMP Batteries — a firm belonging to the Exide Technologies group.

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