Exide Net Up 52% To Rs 31cr

Exide Industries, formerly Chloride Industries, has upped its net sales to Rs 401 crore for the year ended March 31, from Rs 283 crore the previous year, registering a 42 per cent growth.

The company announced its audited results after the board met here on the occasion of the opening its fourth unit at Hosur.

Net profit showed a 52 per cent growth from Rs 20.41 crore during 1995-96 to Rs 30.93 crore in 1996-97. Gross sales climbed from Rs 359 crore to Rs 509 crore.

Depreciation has, however, shown a two-fold jump from Rs 6.11 crore to Rs 11.44 crore during the period. Operating profits grew from Rs 45.54 crore to Rs 71.10 crore.

According to S B Ganguly, chairman and managing director, Exide Industries, the results have propped the company's earnings per share by 31 per cent from Rs 9.43 to Rs 12.40.

During the year its paid up capital increased on allotment of 40,48,152 equity shares on March 17, under conversion of warrants at a premium of Rs 50 per share. The company also completed modernisation programmes of the Shamnagar, Chinchwad and Haldia plants. Its new factory at Hosur has already commenced production with the first consignment of VRLA batteries despatched by March-end.

The company, which notched up sales of Rs 60 crore for industrial batteries, expects to touch Rs 106 crore during the current fiscal.