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Our Bureau

Chennai, July 24 Nippo Batteries Ltd today reported a net profit of Rs 3.72 crore for the first quarter of the current year against Rs 4.21 crore in the corresponding quarter last year.

This was despite the prices of its key raw material, zinc, dropping. Zinc prices are around $1,800 a tonne against $3,000 a tonne in Q1 last year.

According to Mr M. Sankara Reddy, Chief Financial Officer, Nippo Batteries, the decline was because the prices of other raw materials, such as manganese dioxide, increased substantially. The company had also dropped the prices of its products in line with the decline in zinc prices. This also put pressure on the margins, he said.

Mr Reddy hopes the performance in the rest of the year to be good because he expects manganese prices to soften after the Olympic Games. Mines in China have been closed out of concerns of pollution, which has caused a slump in production and rise in prices, he said.

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