Exide reports 30.34% rise in net profit, recommends 30% dividend

New Delhi, Apr 21 (UNI) Exide Industries Ltd, the country's largest stored energy solutions provider, today reported a 30.34 per cent increase in net profit to Rs 100.73 crore during the financial year ended March 31, 2006, and recommended a dividend of 30 per cent to its shareholders.

The company also reported an 18.76 per cent rise in sales to Rs 1761.08 crore.

During the quarter ended March 31, 2006, the company's sales and net profit stood at Rs 490.78 crore and Rs 25.89 crore, showing a growth of 24.73 per cent and 42.09 per cent respectively as 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 a steady demand growth in both automotive sector as well as the industrial sector,'' Exide Industries Executive Chairman and CEO S B Ganguly 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.

UNI RA PV RS1938