The Hindu Business Line : Exide Q3 net rises 3%

EXIDE Industries Ltd declared a gross turnover of Rs 431.9 crore and an operating profit of Rs 53.31 crore for the quarter ended December 2005, thereby showing a 17.2-per cent rise in gross turnover and 38 per cent rise in operating profit compared to the corresponding period of the previous financial year.

According to a press release issued by the company, profit before tax in the third quarter grew by six per cent due to depreciation of rupee vis-à-vis US dollar. The rupee depreciation resulted in an exchange loss of Rs 3.7 crore . Net profit grew 3 per cent.

The third quarter result for the financial year 2005-06 was taken on record at the company's board meeting held in Kolkata on Wednesday.

Exide Industries' earnings per share have remained same as in the previous year despite an increase in the capital base pursuant to the preferential issue of equity shares, late last year.

During the nine-month period (April-December 2005), the company's gross turnover and net profit rose 17 per cent and 26.7 per cent respectively to end at Rs 1,274.9 crore and Rs 74.8 crore, compared to the corresponding nine month period of the previous financial year. The EPS for the nine-month period stand at Rs 10 against Rs 8.3 during the corresponding period of the previous fiscal.

According to Mr S.B. Ganguly, Executive Chairman and Chief Executive Officer, sharp rise in the input cost of lead in the international markets has remained a cause of concern.