The Telegraph
Since 1st March, 1999
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Exide net jumps 45% in second quarter

Calcutta, Oct. 17: Exide Industries today reported a 45 per cent jump in net profit for the second quarter ended September.

The battery major registered a net profit of Rs 20.71 crore against Rs 14.28 crore in the year-ago period. Net sales for the reporting quarter stood at Rs 246.43 crore.

For the first half of the financial year, Exide registered a post-tax profit of Rs 34.57 crore against Rs 22.05 crore in the corresponding period of the last financial year, a jump of 56.78 per cent.

Net revenue during the first six months of this financial year at Rs 478.92 crore represents a growth of 13.76 per cent over last year.

The company’s earning per share (EPS) for the first half at Rs 4.80 was 22.6 per cent lower than last year, but the decline was on account of expansion in equity base.

The company issued bonus shares in the ratio of 1:1 earlier this year. EPS for the second quarter was Rs 2.90, as against Rs 4 in the corresponding quarter of 2002-03.

Exide chairman S. B. Ganguly said: “Automotive batteries have benefited from the continuing growth in car sales. The growth in the industrial battery segment was largely on account of increased sales of UPS batteries.”

The company announced that it was in talks with Rover MG of the UK for supplying automotive batteries. Its exports during the first half grew 13.85 per cent.

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