Kolkata, Jan. 10
EXIDE Industries Ltd has recorded a 23.19 per cent rise in net profit during the third quarter ended December 31, 2004.
For the nine-month period between April and December 2004, the net profit has gone up by 14.5 per cent from Rs 51.56 crore during the corresponding period of the previous year to Rs 59.06 crore.
According to a company release issued here on Monday, net profit stood at Rs 20.93 crore during the third quarter of 2004-05 as against Rs 16.99 crore during the same period in 2003-04.
The higher profit came on an even higher growth in sales turnover. Riding on the current boom in the automobile industry, the automotive battery segment maintained steady growth in both original equipment and retail segments. The industrial battery segment, contributing 40 per cent of total sales, has also witnessed "encouraging" growth especially in telecom and power sectors.
As against a profit growth of 23 per cent, sales grew by 28 per cent from Rs 287.83 crore during the third quarter of last year to Rs 367.96 crore. It has increased by 23 per cent from Rs 878 crore to Rs 1,088 crore during the nine-month period.
Because of the spiralling lead prices contributing over 70 per cent of the cost of manufacturing operating profit for the third quarter has dropped from Rs 44.6 crore during 2003-04 to Rs 38.6 crore in 2004-05. For the nine-month period, it however, registered a marginal growth from Rs 132.8 crore to Rs 139.9 crore.