Storage battery maker Exide Industries has reported a 16.92 per cent jump in net profit for the second quarter ended September, driven by higher demand in both automobile and industrial battery segments.
Net profit at the end of the quarter stood at Rs 181.32 crore compared with Rs 155.08 crore in the corresponding period a year ago. Total income from operations grew 10.64 per cent to Rs 2,174.55 crore from Rs 1,965.39 crore a year ago.
According to Exide managing director and chief executive G. Chatterjee, demand for both automotive and industrial battery had improved during the last quarter. He added that the growth in automotive and motorcycle battery replacement sale had continued along with an improvement in the volume of original equipment manufacturer business.
Total expenses stood at Rs 1,932.41 crore against Rs 1,747.87 crore a year ago. It said technology upgradation and cost control remained important parts of its strategy to improve the bottomline.
For the first six months of the fiscal, Exide reported a net profit of Rs 377.37 crore compared with Rs 310.79 crore in the year-ago period. Net sales increased to Rs 4,440.20 crore from Rs 4,007.26 crore.
The company has declared an interim dividend of Rs 1.60 per equity share of Rs 1 each.
Exide shares fell 0.66 per cent to Rs 202.10 on BSE today.
(Sourced from telegraphindia.com)