Exide Industries Q3 net up 57%

 During the nine months ended December 31, 2007, turnover moved up to Rs 2,598 crore from Rs 1,711 crore while net profit increased to Rs 187 crore from Rs 117 crore.

 An official release issued today said improved sales mix and significant contribution from R&D towards savings in material cost boosted profit margins.

 "Even though lead prices softened in December, the benefit of such softer prices would be reflected in the next quarter in the form of better margins,"  said T V  Ramanathan, managing director and CEO, Exide Industries.

 "While there was encouraging buoyancy in the replacement market, the offtake from both 4-wheeler and 2-wheeler original equipment market (OEM) was significantly below expectations at the beginning of the year," Ramanathan added.

 Exide has been chosen as a preferred supplier of batteries by Tata Motors for its new product Nano.