On the back significant growth in replacement market of automotive batteries, Exide Industries has posted 135.24% rise in net profit to Rs 120.21crore in the second quarter ended September 30, 2012 as compared to the same period of previous fiscal.
The Kolkata-based battery maker had registered a net profit of Rs 51.10 crore in second quarter of last fiscal.
During the period the company clocked a net sales of Rs 1516.83 crore, an increase of 29.44% over the corresponding quarter of previous financial year.
“Demand in the automotive OE (original equipment) segment remained dampened during the quarter due to the ongoing slowdown in the Indian automotive industry. However, robust growth in the replacement market more than compensated for this,” Exide Industries Managing Director and chief executive officer T V Ramanathan said.
“By this high volume growth we regained some of the lost market share in the branded automotive battery business segment,” he added.
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