Exide posts profit of Rs 34.85 crore

Kolkata, Jan 18 (UNI) Exide Industries Ltd today declared a gross turnover of Rs 577.78 crore and a net profit after tax of Rs 34.85 crore for the quarter ending December 31, 2006, showing a 35 per cent rise in turnover and 62 per cent rise in net profit compared to the corresponding period of the previous fiscal.

The third quarter result for the financial year 2006-07 was taken on record at the company's board meeting held here today.

Earning per share during the period under review stood at Rs 0.50 compared to Rs.0.30 during the corresponding period of the previous year.

Later speaking to newsmen executive chairman and chief executive officer S B Ganguly said the rising demand in both automotive and industrial segments of our market, coupled with improved productivity and tight control on costs have helped report yet another excellent financial quarter.

"However, the rising cost of lead in the international markets continued to remain a major cause of concern.Price rise in lead, particularly in this quarter, was severe. However, better pricing strength in the market helped us offset some of this rise in input costs," Mr.Ganguly added.

The company's submarine batteries, however, managed to get significant orders from the Indian Navy during the current year.

Exide currently has orderers for six submarines batteries some of which are expected to be executed by the end of the current fiscal, he said.

Mr.Ganguly said, though the company managed to control its costs significantly through better working capital management.The unprecedented rise in lead prices is a cause of concern.The seven factories of Exide Industries continued to operate at nearly full capacity resulting in better economies of scale.

UNI