Mumbai, Oct 12 (UNI) Despite the unprecedented increase in the LME price of Lead, Exide Industries today declared 48 per cent growth in its net turnover to Rs 668 crore and 42 per cent growth in its net profit to Rs 62.24 crore for the second quarter ended September 30, 2007 of financial year 2007-08, as compared to the corresponding quarter of the previous year.
During the period under review Exide Industries has announced a rights issue for its shareholders in the ratio of one share for every 15 shares held at a price of Rs 30, inclusive of the premium of Rs 29 per share.
''Lead price in the global markets continues to remain a source of serious concern for us. The current LME price of Lead is above USD 3,900 per MT as against USD 1,945 per MT at the beginning of the financial year. However, with a significant portion of our business having been covered by price fluctuation clause, we have ensured that the adverse effect is minimised,'' Exide Industries CEO and Managing Director T V Ramanathan said.
''Reduced reliance on imported Lead is the long term solution,'' he added.