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NT Bureau
Chennai, Apr 22:

        Exide Industries Limited is fully charged to go the extra mile. The company's progress card for the financial year 2006-07 stands ample proof to its initiatives.

        It's gross turnover rose 35 per cent to Rs 2383 crore for the 12 month period while net profit increased 54 per cent to Rs 155 crore, compared to the previous financial year.

        The Exide Industries Limited board which met to adopt and approve the results for the year ended 31 March 2007 , declared a dividend of 35 per cent, thereby maintaining its record of uninterrupted dividend payment for 59 years. Commenting on the remarkable rise in profitability despite rising input costs, particularly lead which accounts for close to 70 per cent of the costs, executive chairman and chief executive officer, S B Ganguly said, 'the continued economic boom and steady rise in automobile population ensured a steady demand growth across virtually all the segments. However, the tight leash on costs helped us show profit growth.'

        On the rising costs of lead in the international markets, Ganguly said, 'lead prices continue to grow despite growth in supplies. However, the softer dollar during the last few months of the financial year ensured that this rise is negated to a certain extent.'

        On the subject of emerging domestic and international competition, Ganguly said, 'a significant number of new cars that were launched during the year came exclusively fitted with our batteries. We are proud that we are the sole and exclusive supplier to Tata Motors and Toyota, among others.'

        In the original equipment segment of the automotive sector, vehicle production grew in all segments including the tractor market. The production of automotive batteries for four wheelers increased from 4.6 million units to 5.6 million units, production of two wheeler batteries rose from 5.8 million units to 7.0 million units. The production of batteries for industrial applications rose from 800 million amp hours to over 1 billion amp hours during the year.

        The company's dominance of the car market continued with 80 per cent share and an overall market share of 78 per cent. The company's technological dominance in the market manifested itself through launch of various cutting edge technology products like the Exide Matrix completely sealed and maintenance free batteries. During the year, the company received approval for initial supplies to the prestigious Logan from the Mahindra Renault stable. In addition the Honda Civic, Maruti Swift Diesel, Zen Estilo and Hyundai Verna all came fitted exclusively with Exide batteries.

        Batteries for industrial application grew significantly during the year under review. Not only did it increase its market share but managed to keep cheap foreign imports at bay. Indian Railways continued to place a significant share of their business with Exide and new products are planned for this segment in order to increase the growth potential.

        Pertinent to point out that during the year the Japanese Patent Office has granted a patent for lead retardant automotive batteries and it represent Exide's exciting foray into developing its intellectual property aspirations.