Exide Industries net profit jumps 98% in Q2

IANS Monday, 05 November 2018 07:30:10 PM

Kolkata : Battery major Exide Industries Limited on Monday reported a 98 per cent rise in its net profit to Rs 268.41 crore in the quarter ended September 30 of the current financial year, as compared to Rs 135.52 crore in the year-ago period.

Its net turnover for the quarter stood at Rs. 2,720.35 crore, up by 15.3 per cent to Rs. 2,358.37 crore in the year-ago period.

Company's MD & CEO G Chatterjee said that volumes in automotive, motorcycle, inverter and industrial batteries have shown good growth during the second quarter.

However, currency depreciation and higher fuel cost had adverse impact on the margin of the business as a whole. The company is focussing on Cost Control and Technology upgradation as strategies to improve the bottom-line.

For the half-year ended September 30, 2018, the net turnover was Rs 54,92.81 crore as compared to Rs 44,48.61 crore in the same period of the previous year, representing a growth of 24 per cent.