Mumbai: Lead storage batteries manufacturer Exide Industries announced net profit of Rs8220 crore for the quarter ended 30June, a growth of 17% over the same period a year-ago.
The company posted a net profit of Rs70.11 crore for the quarter ended 30June 2007, Exide Industries said in a filing to the Bombay Stock Exchange.
“Profit growth was affected by the depreciation of the rupee vis-a-vis all major currencies. A depreciating rupee affects profitability since we import a sizeable part of our main raw material lead,” Exide Industries managing director and chief executive T V Ramanathan said.
Provided the exchange gain or loss arising from rupee volatility was excluded the growth in profit for the quarter would have been 40 per cent.
Total income of the company rose to Rs908.88 crore for Q1 ‘09 from Rs664.58 crore in the previous financial year.
The automotive segment is likely to see a lot of activity with the planned launches, like Tata Motor’s Nano, which would also be powered by Exide batteries.
During the quarter, the company acquired 51% stake in Bangalore-based smelting and refining unit Leadge Alloy India, that will give the company better control over the business of recycling lead storage batteries and consequently meeting the requirements set forth by the government.
Shares of the company were traded at Rs68, down 0.51% on the BSE in morning trade.