The Hindu Business Line : Exide Q1 net profit up at Rs 18.4 cr

EXIDE on Wednesday announced that its net sales grew by 20 per cent and the operating profit by 28 per cent during the first quarter ended on June 30, 2004.

The unaudited results, which was taken record of by the company's board here,showed that the PAT was Rs 18.40 crore compared to Rs 14 crore achieved in the comparable quarter in the previous financial year.

According to Mr S.B. Ganguly, the chairman of the company, "Keeping in view the economic scenario and the continued onslaught of imported batteries, the company has performed creditably. The automotive battery segment is improving by around compounded annual growth rate of 12 to 15 per cent," he added. Coupled with weighted deduction available for R&D expenditure for the automotive industry, the growth outlook remained by and large intact down the next quarters.

The battery sales in Q1 grew against the first quarter of the previous fiscal by: two-wheeler — 33 per cent, automotive — 19.3 per cent, industrial — 18 per cent, and exports of industrial battery — 32 per cent.

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