Lead acid storage batter manufacturer in India Exide Industries Ltd. reported its net profit for the third-quarter, flat from last year, on increased incomes.
The Kolkata-based company posted third-quarter stand-alone net profit of Rs.104.09 crore or Re.1.22 per share, flat with last year's Rs.104.30 crore or Re.1.23 per share.
Its quarterly net income grew by 17 percent to Rs.1,462.15 crore from the Rs.1,246.08 crore in the year-ago quarter, while other operating income was Rs.1.01 crore, compared with Rs.0.65 crore for the same period last year.
During the quarter under review, the replacement market for automotive batteries saw a volume growth of 25 percent over the same quarter of the previous fiscal year. However, due to the de-growth in the OE market, overall growth was only 13 percent. In two-wheeler replacement market, the company witnessed a 53 percent volume growth. But here too growth in the OE segment was subdued, though in line with the two-wheeler vehicle industry.The company said the home inverter batter market was not buoyant in the quarter due to early onset of winter in most parts of the country. However, the business for solar batteries witnessed almost 100 percent growth.
As far as demand for UPS batteries, it remain low due to the poor growth of the economy, with majority of the bulk customers like banks and other major players in the service sector going slow on their investment, whereas in the home UPS systems, whee the company is a relatively new entrant, it has further consolidated its market share, the company said.
For the nine-months, the company's stand-alone net profit rose by 18 percent to Rs.376.32 crore from Rs.318.65 crore in the corresponding period in the preceding year. Total income, including other operating income, grew by 26 percent to Rs.4,634.45 crore from the Rs.3,663.78 crore for the nine months ended December 31, 2011.
Commenting on the Q3 performance, the Managing Director and CEO T.V. Ramanathan said, "The quarter witnessed a continuous upward move in the prices of Lead which combined with Rupee depreciation vis-a-vis US Dollar resulted in significant cost push and consequent pressure on the margins which to some extent was compensated by the positive impact on the margins arising from the robust volume growth in replacement segment."
At the BSE, Exide Industries closed Thursday's trading at Rs.138.95, down 2.25 percent from the previous close.
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