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NT Bureau
Chennai, Oct 14:

        Lead Exide Industries Ltd had declared a 48 per cent growth in its turnover and 42 per cent jump in the net profit for the second quarter (Q2) ended 30 September 2007 in the current fiscal.

        In the second quarter, the turnover surged from Rs 451 crore for the same period last year to Rs 668 crore, a growth of 48 per cent. Net profit during the same period grew from Rs 44 crore to Rs 62 crore, registering a growth of 42 per cent.

        The first half of the current year (2007-08) saw the company's gross turnover at Rs 1,688 crore, as against Rs 1,133 crores for the first half of the previous fiscal, while net profit grew by 62 per cent to Rs 132 crore in the same period. 'Lead price in the global markets continues to remain a source of concern for us. The current LME price of Lead is above $3,900 per MT (metric tonne) as against $ 1,945 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,' said T V Ramanathan, managing director and CEO, Exide Industries. 'Reduced reliance on imported lead is the long term solution,' he added.

        The two business units of Exide — automotive and industrial — continued on its consistent growth. The company's focus on Project Kissan and Project Humsafar under its automotive SBU helped it to consolidate its strong grip on the rural and semi-urban markets, a hitherto untapped market for Exide.