Exide registers 51 percent growthApril 23rd, 2008 - 12:25 am ICT by admin
Kolkata, April 22 (IANS) Exide Industries Ltd (EIL), India’s power storage solution major, registered 51 percent growth in its gross turnover at Rs.36.06 billion ($900 million) in the fourth quarter of 2007-08. The company’s net profit rose to 61 percent at Rs.2.5 billion over the corresponding period of previous fiscal (2006-07).
The net profit during the same quarter also grew in tandem from Rs.390 million to Rs.630 million, attaining a growth of 62 percent.
“During the last fiscal, Exide made its maiden foray into the business of lead smelting by acquiring a unit in Maharashtra. With our own lead smelting unit in place, we are now in a position to have better control on recycling of used batteries, which gives us a major edge over the unorganised sector,” Exide CEO and managing director T.V. Ramanathan said.
With 62 percent market share in the organised sector of automotive battery industry, Exide’s grip on the auto segment remained firm despite growing competition from new entrants.
The production of batteries for industrial applications rose from close to one billion amp to nearly 1.2 billion amp during 2007-08 financial year.
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Tags: auto segment, battery industry, eil india, exide industries, foray, fourth quarter, gross turnover, industrial applications, industries ltd, lead smelting, maharashtra, managing director, market share, net profit, one billion, power storage, ramanathan, rs 2, storage solution, unorganised sector