Calcutta, April 25: Exide Industries Ltd (EIL), the automotive and industrial battery major, today declared a bonus issue of one equity share for every share held by existing shareholders.
The company also announced results for fiscal ended March 2003. It reported a 66.5 per cent jump in net profit to Rs 52.33 crore during the period under review as against Rs 31.42 crore registered in the previous fiscal. Turnover increased to Rs 1,095 crore last fiscal from Rs 981 crore in the previous year.
“It is a matter of pride for us that the company has crossed the Rs 1,000-crore turnover mark. However, instead of resting on our laurels, we are determined to further consolidate our position in domestic and international markets,” said S. B. Ganguly, EIL chairman.
Exide’s battery division registered significant sales with a turnover of Rs 542.66 crore. Industrial battery unit registered net sales of Rs 303.61 crore. Exports of industrial batteries grew by 35 per cent over the previous year.
Exide launched a couple of new brands like the low-priced Conrex brand of automotive battery and Eternity the world's only life-long warranted car battery during the year.
“We have always believed in maximum customer satisfaction. Given the lifelong warranty, an extensive all India service network and precision technology developed for the tropical world, we are confident that Eternity will deliver unbeatable all round value to the customers,” Ganguly said.
He also pointed out that the differential of customs duty on import of lead vis-à-vis finished batteries has been maintained in the current budget.
“We hope that the government further reduces the duty on lead so that the domestic battery industry can operate on a level playing field,” he said.
The company’s Standard-Furukawa division also did well by showing a volume growth of 22.36 per cent while its two-wheeler segment grew by more than 26 per cent.