The Telegraph
Saturday , April 26 , 2014
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High input cost hurts Exide net

Calcutta, April 25: Automobile battery manufacturer Exide Industries has reported a 9.77 per cent dip in net profit for the fourth quarter ended March 31 at Rs 132.14 crore against Rs 146.46 crore in the same period a year ago.

Though net sales grew marginally to Rs 1,608.55 crore from Rs 1,541.31 crore a year ago, a 20 per cent rise in input cost dragged down the bottomline.

For the year ended March 31, the company’s standalone net profit stood at Rs 487.08 crore compared with Rs 522.78 crore in the previous fiscal. Net sales declined to Rs 5,964.24 crore from Rs 6,071.37 crore in 2012-13.

Managing director and chief executive officer P. K. Kataky said the demand for both automotive and industrial battery remained subdued during the year. He said the company was focussing on cost control and technology upgradation to improve profit.

The board has recommended a final dividend of 70 per cent, or Rs 0.70 per equity share of a face value of Re 1 each, for 2013-14.

The Exide shares today closed at Rs 126.30 on the Bombay Stock Exchange, down 3.11 per cent from its previous close.

Biocon profit falls

Biotechnology major Biocon today reported a 54.51 per cent decline in its consolidated net profit at Rs 113.08 crore for the fourth quarter of the last financial year.

The company had posted a net profit of Rs 248.61 crore in the same period of 2012-13, which was attributed to a one-time exceptional income.

“The 55 per cent decline is only when we look at it in terms of exceptional income; exceptional income is the one-time exceptional income that we booked last year,” chairman and managing director Kiran Mazumdar-Shaw said.

Net sales rose to Rs 722.59 crore during the fourth quarter from Rs 630.12 crore a year ago.

For the year ended March, net profit fell 18.69 per cent to Rs 413.72 crore from Rs 508.82 crore in the previous financial year.