India's lead acid storage battery manufacturer Exide Industries Ltd.'s net profit for the second-quarter rose more than two-fold, mainly driven by higher sales volume.
The Kolkata-based company posted second-quarter net profit of Rs.120.21 crore or Re.1.41 per share, more than doubled from the Rs.51.10 crore or Re.0.60 per share in the second-quarter of 2012.
The company's quarterly net sales totaled Rs.1,516.83 crore, higher by 29 percent than Rs.1,171.84 crore in the year-ago quarter, while other operating income was Rs.4.53 crore, compared with Rs.0.89 crore in the corresponding quarter of the preceding year. Other income for the quarter was Rs.12.54 crore, whereas it was Rs.7.89 crore in the preceding year quarter.
Its gross sales amounted to Rs.1,714.48 crore, up by 32 percent from the Rs.1,301.52 crore in the year-ago quarter.
For the first six-months, the company's net profit increased by 27 percent to Rs.272.24 crore from the Rs.214.35 crore in the corresponding period in the preceding year. Total sales, including other operating income, totaled Rs.3,074.94 crore, compared with Rs.2,417.04 crore for the half-year ended September 30, 2011, an increase of 27 percent.
Gross sales for the half-year was Rs.3,466.65 crore, up by 29 percent from the Rs.2,678.89 crore for the half-year ended September 30 last year.
The company said its board has recommended an interim dividend of 100 percent or Re.1.00 per equity share of Re.1 each for the fiscal year 2013. The record date for payment of interim dividend has been fixed as October 31.
The board also approved appointment of Sudhir Chand, as an Additional Director to hold office till the conclusion of the next Annual General Meeting.
At the BSE, Exide Industries shares are currently trading at Rs.150.30, down 7.62 percent from the previous close.
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