Exide Inds Q2 net up 42% to Rs 62cr

Exide Industries today announced it has posted 42% growth in net profit to Rs 62.24 crore for the second quarter (Q2) of FY08, when compared with Rs 43.74 crore in Q2FY07.

According to an official release issued by the company today, its net turnover grew 48% to Rs 668 crore for Q2FY08 from Rs 451 crore Q2FY07.

"Lead price in the global markets continues to remain a source of serious concern for us. The current LME price of Lead is above $3900 per MT as against $1945 per MT at the beginning of the financial year. However, with a significant portion of our business having been covered by price fluctuation clause, we have ensured that the adverse effect is minimised," T V Ramanathan, MD & CEO, Exide Industries, said.

"Reduced reliance on imported Lead is the longer term solution, he added."