Exide industries net profit up 35 percent in Q1

Kolkata, July 13 (IANS) Stored energy solutions provider Exide Industries Tuesday reported a 35 percent rise in net profit and 30 percent rise in gross sales during the first quarter (April-June) of this fiscal (2010-11), compared to the corresponding period of the previous year.

The company’s gross sales stood at Rs.1,410 crore, compared to Rs.1084 crore during the same period of the previous year. The net profit stood at Rs.249 crore compared to Rs.191 crore earned in the same quarter a year ago.

‘The company’s penetration strategy into the replacement market for commercial vehicles and tractor segment is paying off handsomely where sales grew by 14 per cent. Among other segments, motorcycle battery sales showed significant growth, improving 27 per cent in volume terms,’ the company said in a statement.

Exide is India’s largest lead acid storage battery manufacturer.

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