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Tuesday , April 30 , 2013
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Marginal rise in Exide net

Calcutta, April 29: Exide Industries has posted a 2.76 per cent jump in net profit at Rs 146.46 crore in the fourth quarter ended March against Rs 142.52 crore in the same period last fiscal.

Gross sales rose 8.27 per cent to Rs 1,738.10 crore from Rs 1,605.26 crore a year ago. On a quarter-on quarter basis, net profit grew 40.70 per cent.

The gain came on the back of the company regaining its share in the automotive replacement market.

The battery maker today said it would spend Rs 250 crore on capacity addition for industrial batteries and modernisation during 2013-14.

“There is a marked improvement in performance during the fourth quarter of 2012-13. The regaining of share in the crucial automotive replacement market that started in the first quarter of the year under review gained traction during this period,” managing director and chief executive T.V. Ramanathan said.

“However, the full impact of the volume growth did not accrue because of a degrowth (contraction) in the original equipment (OE) business in four-wheelers and less-than-expected growth in the two-wheeler OE segment,” he added.

For the year ended March 31, net profit grew 13.35 per cent to Rs 522.78 crore from Rs 461.17 crore in the previous fiscal.

On a consolidated basis, total income grew 19.72 per cent to Rs 6,372.26 crore from Rs 5,322.34 crore a year earlier.

In the industrial strategic business unit, which accounts for 40 per cent of the company’s revenues, the demand for home UPS batteries picked up during the quarter. However, a lack of buoyancy in sectors such as telecom, railways and power projects continued to be a cause for concern, Ramanathan said.

Exide has declared a final dividend of Rs 0.60 per share, which will take its total dividend payout for 2012-13 to Rs 1.60 apiece if the interim dividend of Re 1 per is taken into account. Total dividend in 2011-12 stood at Rs 1.50.

Meanwhile, P.K. Kataky, director (automotive), will take over as the managing director and CEO from May 1 following Ramanathan’s retirement on April 30.

Gautam Chatterjee, director (industrial), will be the joint MD and head the automotive and submarine batteries business from May 1.