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Exide Industries net declines

KOLKATA: The board of directors of Exide Industries Ltd has recommended a final dividend of Rs 1.50 per Rs 10 share, which together with an interim of Rs 2.50 declared on April 5, 2000 made for a total dividend of Rs 4 for the year ended March 31, 2001. Exide had paid Rs 3.50 for the past few years including 1999-2000.

Despite a marginal increase in turnover and net sales, its profit dipped in 2000-01.

Thus operating profit declined to Rs 140.81 crore (Rs 148.37 crore), profit-before-tax to Rs 48.55 crore (Rs 55.14 crore) and net profit to Rs 41.55 crore (Rs 48.89 crore) on a turnover of Rs 954.38 crore (Rs 939.69 crore) and net sales of Rs 770.15 cror e (Rs 762.21 crore).

A press note quoted Exide's Chairman, Mr S.B. Ganguly, as saying that the results reflected the management's concern over the liberalised import regime. While some concerns had been addressed by the Centre with limited anti-dumping measures the company w as hoping that the disadvantages stemming from an anomalous customs duty structure for raw materials and finished products would also be removed.

Exide recently entered the e-market with the launch of a comprehensive portal on automobiles -- autoexide.com. -- Our Bureau