Calcutta, Oct. 10: Exide Industries has set a gross sales target of Rs 1,000 crore for the current financial year.
Speaking at the inauguration of the new plant of Caldyne Automatics, a subsidiary of Exide, chairman S. B. Ganguly said, “On the basis of the half yearly results, we expect gross sales to cross Rs 1,000 crore this year and maintain the growth in margin during the second half. We had set a similar target last year, but could not achieve it due to bad market conditions. This year, things are looking up and we expect to perform well.”
The company, which registered a gross sales of Rs 964 crore in 2001-2, has witnessed impressive growth in sales during the first two quarters. The increase in net profit stood at 124 per cent and 17.79 per cent respectively.
The new Caldyne plant will manufacture a range of specialised switch mode rectifiers (SMR) and integrated power systems providing DC power solutions for the telecom and railway sectors.
“The diversification of Caldyne into power solutions will enable the group to provide a one-shop-stop for complete power solutions,” said Ganguly. The plant will enhance the subsidiary’s turnover from the present Rs 10 crore to Rs 50 crore over the next three to four years.