Financial Daily from THE HINDU group of publications
Saturday, Oct 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 22, 2005 |
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Corporate Results
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Electrical Goods Exide Ind net leaps 47 pc Our Bureau
Kolkata. Oct. 21 EXIDE Industries has registered a 47 per cent rise in net profit to Rs 29.1 crore in the second quarter of this fiscal. The growth in net profit has come on an 11 per cent increase in turnover to Rs 425.6 crore. Exide had registered a net profit of Rs 19.7 crore on a turnover of Rs 309.55 crore during the second quarter of 2004-05. The earnings per share during the period under review stood at Rs 3.9 compared with Rs 2.8 during the same period previous year, despite an increase in the capital base pursuant to the preferential issue of equity shares late last year. Commenting on the second quarter results, the company's Chairman, Mr S. B. Ganguly, said: "The various measures that we undertook to combat the rising lead prices such as operating waste reduction, quality improvement and other cost cutting exercises have now started bearing fruit in the form of better profit margin. Exide continues to remain the brand of choice in all the segments of the market where we operate. The threat of rising lead prices is now contained to a large extent and the future outlook is very positive." According to Mr Ganguly, the rise in sales of automotive and industrial batteries that took a sharp upward turn during the first quarter of the current financial year continued unabated. During the period under review, the company's automotive battery business grew 16 per cent in volume and 18 per cent in value terms. The industrial battery segment notched up impressive gains of 20 per cent in volume terms and 22 per cent in sales revenue. The focus on increasing the sales of the more profitable products yielded rich dividends in the form of rising margin. Also, quality initiatives that were undertaken by Exide in its plants across the country in the recent past have started yielding results in the form of reduced costs and improved quality of its products. There was a significant improvement in the working capital management. The eight factories of Exide Industries continued to operate at near-full capacity resulting in better economies of scale.
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