Kolkata, Oct 12 (Inditop.com) Battery manufacturer Exide Industries has posted a 92 percent rise in its net profit at Rs.150 crore for the quarter ended Sep 30 as compared to Rs.77.84 crore reported in the like period last year.
“The robust growth in profit level was possible due to a number of internal strategic initiatives taken 18 months ago and also due to a turnaround of automotive sector in the July-September period,” T.V. Ramanathan, managing director and chief executive of Exide Industries, said in a statement Monday.
The efforts of the company’s research and development centre have also “enabled us to secure both cost savings as well as volume growth in home UPS, inverters and two-wheeler batteries”, he added.
Due to increased buoyancy in both automotive and industrial segments, Exide has increased its capital expenditure for the year to Rs.130 crore.
“The recent volatility in the lead prices remain a cause of concern. However, availability of captive smelters and continued investment in technology upgrading is expected to mitigate any adverse impact arising from escalation in lead prices,” the company said.
