Exide Industries Ltd. has reported net sales of Rs. 1,517 crores for the second quarter of 2012-13 as compared to Rs. 1,172 crores for the same quarter of the previous year, representing a growth of 29 per cent.
Net profit for the quarter was Rs. 120 crores (Rs. 51 crores), representing an increase of 135 per cent. Net profit for the quarter under review reflects a degrowth of 21 per cent as compared with the immediately preceeding quarter.
During the first six months of the current year, the company’s net sales stood at Rs. 3,068 crores (Rs. 2,415 crores). Net profit during this period improved from last year’s Rs. 300 crores to Rs. 390 crores, a YTD growth of 30 per cent.
ESPEX Batteries Ltd. is now a 100 per cent subsidiary of the company.
“Demand in the automotive OE segment remained dampened during the quarter due to the ongoing slowdown in the Indian automotive industry.
However, robust growth in the replacement market more than compensated for this,” said Mr. T.V. Ramanathan, Managing Director and Chief Executive Officer of the company.
“By this high volume growth we regained some of the lost market share in the branded automotive battery business segment”, he added.
The capital expenditure for the current financial year is estimated at Rs. 250 crores.