Exide posts 25 percent net profit growth

Kolkata, Oct 23 (IANS) Leading battery manufacturer Exide Industries Ltd has posted 25 percent growth in net profit for the second quarter of this fiscal, a company release said here Thursday.

The company reported a net profit of Rs.780 million in the July-September quarter as against Rs.620 million of the corresponding period last fiscal. The net sales for the period stood at Rs.9.01 billion, registering a growth of 35 percent.

'Proactive steps taken during the last 12 months to secure a portion of raw materials from secondary lead indigenously available by acquiring lead smelting capacities coupled with an improved sales mix has ensured satisfactory growth despite the very challenging economic environment,' Exide managing director and chief executive T.V. Ramanathan said.

The strong balance sheet and the very low debt equity ratio would ensure that the company meets its finance requirements for the ensuing quarters, also in a cost-effective manner, Ramanathan added.