Exide registers 50.41 pc rise in Q2 profit

Kolkata, Oct 18: Exide Industries Ltd today reported a net profit after tax of Rs 43.74 crore for the quarter ended September 30, 2006 as compared to Rs 29.08 crore for the quarter ended September 30, 2005.

Total Income (net of Excise&Sales tax) has increased from Rs 338.96 crore for the quarter ended September 30, 2005 to Rs 453.58 crore for the quarter ended September 30, 2006.

"The galloping demand in both automotive and industrial segments of our market, coupled with improved production efficiency and tight leash on costs have helped us achieve yet another set of excellent financial numbers," Executive chairman and chief executive officer S B Ganguly said.

Talking about the future prospects of the Company, Mr Ganguly said, while fluctuating lead prices in the international markets remained a cause of concern, the healthy rise in demand across segments should keep the bottomline robust.

"We are looking at the possibilities of expanding our production capacities not only to meet the rising domestic demand but also for the foreign markets, especially in the Asia Pacific region," he said.

During the second quarter the Company announced plans to set up a new factory in Haldia, West Bengal dedicated to the export market for it industrial range of batteries.

"Work on the project is going on in full swing and the first phase of the project is expected to be completed by the end of the current financial year," the company informed the stock exchanges.

UNI