Exide net up 26%

Lead acid battery maker Exide Industries has posted a 25.9 per cent jump in profit during the first quarter of this fiscal as its begins to stage a turnaround.

By Our Bureau in Calcutta
  • Published 19.07.16
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Calcutta, June 18: Lead acid battery maker Exide Industries has posted a 25.9 per cent jump in profit during the first quarter of this fiscal as its begins to stage a turnaround.

Net profit after tax stood at Rs 196.05 crore compared with Rs 155.71 crore during the same period of the last fiscal.

Net sales rose 11.16 per cent to Rs 2,008.13 crore from Rs 1,806.41 crore in the year-ago period.

Gautam Chatterjee, managing director and CEO of the city-based company, said the demand for both automotive and industrial battery had shown improvement.

"The company is focussing on cost control and technology upgradation to improve profit," Chatterjee said in a statement.

Earning per share at the end of the quarter-ended June stood at Rs 2.31 compared with Rs 1.83 a share a year ago.

Shares of Exide, which surged 50 per cent in the last six months, closed marginally down by 0.45 to close at Rs 179.35 on the BSE today.

The company's board said it had appointed non-executive director Bharat Dhirajlal Shah as the chairman in place of Rajesh G. Kapadia.