Exide Industries Ltd, the leading power storage solutions company, on Friday announced a 78 per cent jump in its profit after tax to Rs 13.90 crore (Rs 139 million) during the April-June 2003 quarter.
"The heartening results are the fruition of strategic thinking that has gone into making Exide a globally acceptable player. We have firmly entrenched ourselves as a total power solutions company, able to provide innovative, integrated power solutions for virtually any application," S B Ganguly, chairman, EIL, said after the company board meeting in Kolkata.
The export of industrial batteries, particularly the traction types, registered a phenomenal growth of 69 per cent, capturing niches in the South East Asian and European market. "In this sphere, the company's marketing joint venture in the United Kingdom has taken a decisive lead," he said.
Gross sales during the quarter grew by over 18 per cent to Rs 291.30 crore (Rs 2,913 million) and operating profits rose by 14.80 per cent, while profit before tax increased by over 80 per cent to Rs 21.90 crore (Rs 219 million).
The automotive battery division recorded sales of Rs 146.71 crore (Rs 1,467.10 million), which was an increase of 18 per cent over the first quarter of the earlier year, Ganguly said.
He said that the company had consolidated its decisive lead in virtually all segments of the automotive battery market, recording handsome gains in the retail segment where sales grew by over 20 per cent.
The industry battery division sales grew by 15.65 per cent, while the solar segment notched a growth of 55 per cent.
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