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Kolkata, July 20 Exide Industries today reported 84 per cent rise in net profit at Rs 70 crore in the first quarter of this fiscal against Rs 38 crore in the same period of 2006-07. Turnover has gone up 51 per cent from Rs 563 crore in the first quarter of the last fiscal to Rs 848 crore.

“We were compelled to adjust the prices of our products more than once during the last quarter due to the phenomenal rise in the cost of our main raw material,” said the company’s Managing Director, Mr T.V. Ramanathan. According to him, the rise in lead prices outstripped the gains from appreciation of rupee against dollar.

Apart from increases in product prices, better inventory management and prudent purchase decisions helped in improving the margins.

Lead prices increased by 27 per cent from $1,936 per tonne to $2,647 per tonne at the London Metal Exchange during the last quarter. “We may have to resort to further price hike in the second quarter, if lead prices continue its upward movement,” he said. The company is expecting 25 per cent volume growth in sales during the year

On the growth prospects of the automotive batteries which contribute 60 per cent business, Mr Ramanathan said, “May and June did see some dip in the growth rate in the auto industry.

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