Exide reports 30 per cent rise in profit

Kolkata, Apr 21 (UNI) Exide Industries Ltd, the country's largest stored energy solutions provider, today reported an 18.76 per cent rise in sales to Rs 1761.08 crore and 30.34 per cent rise in net profit to Rs 100.73 crore during the financial year ended March 31, 2006.

The company's net profit crossed the magic three-figure mark for the first time in its history.

The Board of Directors of the company at its meeting held here today to consider the results recommended a dividend of 30 per cent to its shareholders. Exide thus maintained its record of uninterrupted dividend payment for 58 years.

During the quarter ended March 31, 2006, the company's sales and net profit after tax stood at Rs 490.78 crore and Rs 25.89 crore respectively, showing a growth of 24.73 per cent and 42.09 per cent respectively against the figures of the corresponding period of the previous financial year.

"The superior financial performance is a result of sharp control on costs and improvement in productivity in all our eight factories which negated the impact of rising raw material prices. The year also saw steady demand growth in both automotive sector as well as the industrial sector," Mr S B Ganguly, Executive Chairman and Chief Executive Officer of Exide Industries said.

Commenting on lead prices, Mr Ganguly said, the recent global trend of entry of pension funds and investment funds into base metal commodities as an investment option has resulted in an unprecedented rise in prices of metals like copper, zinc and Lead.

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