Financial Daily from THE HINDU group of publications
Friday, Feb 24, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 24, 2006 |
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Corporate
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Outlook `Exide not hit by rising lead prices' Pratim Ranjan Bose
Mr S.B. Ganguly
Kolkata , Feb. 23 Mr S.B. Ganguly, Chairman of Exide Industries Ltd, has said the volatility in lead prices did not impact the company's profitability during the last two months. Exide had registered only a marginal three per cent growth in net profit during the third quarter primarily owing to volatility in input pices. Mr Ganguly told Business Line that during the fourth quarter, the company had so far been able to blunt the negative effect of the upward movement in lead prices through increase in battery prices coupled with improvement in productivity. Lead prices were stable at around $1000 per tonne during the first quarter of this fiscal before dipping to below $850 in end July. Since then, however, prices have been on the upswing. The volatility was maximum during January when in a single month lead prices shot up from $1100 per tonne to over $1400. Though showing early signs of softening, the prices are still ruling at around $1250, which was almost 25 per cent higher than the prices in February 2005. "We have passed on part of the increased production costs to the customer, and the rest cushioned through higher productivity," Mr Ganguly said, denying any negative impact.
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