Exide Ind Q4 net up 22% at Rs 164 cr

Battery maker Exide Industries today posted a 22% jump in its net profit to Rs 164 crore in the fourth quarter ended March 31, 2011 as compared to the same quarter previous fiscal.

During the period the company clocked a net sales of Rs 1,226 crore, a 19% increase over the corresponding quarter previous fiscal.

Besides, the firm declared a final dividend of 60 paisa per share in addition to the 90 paise per share announced earlier, taking the total dividend for the fiscal to Rs 1.50 per share of face value Re 1.

For the year ended March 31, 2011, Exide Industries' net profit stood at Rs 666 crore, a 24% increase from the year-ago period. During the period, the company's net sales increased by 20% to Rs 4,554 crore.

"The bouyant demand in the automotive OE (Original Equipment) segment continued into the fourth quarter as well. Consequently, we had to divert some capacity from our after market business which again put pressures on our margins in the fourth quarter," Exide Industries Managing Director and Chief Executive Officer T V Ramanathan said.

The firm also announced the appointment of Nadeem Kazim as an additional director of the company to hold office till the ensuing annual general meeting.

Shares of Exide Industries closed at Rs 140.30 on the Bombay Stock Exchange, down 3.31% from the previous close.