Exide Industries Q2 net up 50 pc at Rs 44 cr

MUMBAI: Exide Industries Ltd, producer and marketer of storage batteries, has posted an increase of 50.41 per cent in net profit after tax at Rs 43.74 crore for the quarter ended September 30, as compared to Rs 29.08 crore for the same period last year.

The total income (net of excise and sales tax) increased 33.81 per cent to Rs 453.58 crore for the quarter ended September 30, from Rs 338.96 crore a year ago, the company informed the Bombay Stock Exchange.

"The galloping demand in both automotive and industrial segments of our market, coupled with improved production efficiency and tight leash on costs have helped us achieve yet another set of excellent financial numbers," Exide Industries Executive Chairman and Chief Executive Officer S B Ganguly said.

During the second quarter the company announced its plans to set up a new factory in Haldia, West Bengal, for its industrial range of batteries.

The work on the project is going on in full swing and the first phase of the project is expected to be completed by the end of the current financial year.

The fluctuating lead prices in the international markets were a cause of concern, but healthy rise in demand across segments should keep the bottomline robust. We are looking at possibilities of expanding our production capacities not only to meet the rising domestic demand but also for the foreign markets, especially in the Asia Pacific region, he added.