Exide Q2 net up 42% at Rs62.24 cr

Exide Q2 net up 42% at Rs62.24 cr


Kolkata: Lead acid battery maker Exide Industries on 12 October announced a net profit of Rs62.24 crore for the quarter ended September against Rs43.74 crore for the same period last year, a rise of 42%.

The total income of the company has risen 48% to Rs668.29 crore for the September quarter, against Rs453.58 crore in the same period last year, Exide informed the Bombay Stock Exchange.

“Lead prices in the global markets remain a serious concern for us. The current LME price of lead is above $3,900 per MT, against $1,945 per MT at the beginning of the financial year," Exide MD & CEO T Ramanathan said.

“However, with a significant portion of our business having been covered by price fluctuation clause, we have ensured that the adverse effect is minimized. Reduced reliance on imported lead is the longer term solution," he added.