Exide Q4 net profit at Rs 77.8 million

Mumbai: Exide Industries Ltd has posted a net profit of Rs 77.80 million for the quarter ended 31 March 2002 as compared to Rs 136.20 million for the corresponding period last fiscal. The total income has decreased from Rs 2,382.10 million in MQ 2001 to Rs 2,188.10 million in MQ 2002.

The company has posted a net profit of Rs 314.20 million for FY-02 as compared to Rs 415.50 million for FY-01.The total income has increased from Rs 7,712 million in FY-01 to Rs 7,924.90 million in FY-02. The board has recommended a dividend of Rs 3.50 per share (35 per cent) against the last year's 40 per cent.

Exide Industries chairman and CEO S B Ganguly, while commenting on the overall outlook for the Indian battery industry, said: “Looking towards the future, much depends on the attitude of the government, and in this respect the signals are definitely positive.“

The finance minister has already announced a reduction in the import duty of lead, from 35 per cent to 25 per cent, in the last budget and this has given the much-needed relief to the indigenous battery manufacturer. “We are optimistic that a further reduction might be on the cards, like in the case of aluminium, where the duty has been brought down to 15 per cent, thus providing a major boost to the prospects of that sector,“ Ganguly said.

Exide Industries recently announced the buyback of its fully paid-up equity shares for the face value of Rs 10 each from the open market through electronic trading mechanism of the exchange. The maximum buyback price will not exceed Rs 70 per equity share payable in cash for an aggregate amount not exceeding Rs 251.70 million.

The buyback is opening from 10 January 2002 to 23 December 2002 or when the company has completed the buyback to the extent of 40,00,000 shares under the offer or the date as may be decided by the board of directors of the company, whichever is earlier.