The gross profit before depreciation and taxes has was Rs 21.91 crore (Rs 10.02 crore) on net sales of Rs 173.09 crore (Rs 107.01 crore).

The unaudited results were taken on record at the company's board meeting here on Wednesday. Profit after tax for the nine months to December 31, 1998, was Rs 29.42 crore (Rs 18.07 crore). Gross profit before depreciation and taxation was Rs 58.84 crore (Rs 34.32 crore).

Profit before tax for the nine-month period was Rs 33.07 crore, an increase of 63 per cent over that in the same period previous fiscal.

Gross sales crossed Rs 600 crore in the first nine months and inthe third quarter it was 58 per cent more than in the third quarter of 1997-98.

The company was able to record substantial gains in the replacement sector in spite of a depressed state of the OE segment. Sales in this segment increased by 33 per cent over last year.

Motorcycle batteries, according to the company, surged ahead by 23 per cent during the period. Much of the growth came from industrial batteries where sales grew at a phenomenal rate of about 100 per cent.

Chairman & managing director SB Ganguly said, "The results reflect the workings of the four plants acquired from Standard Batteries merged with the existing operations. The results are the fruition of the strategic thinking that has gone into making Exide a globally acceptable player. We are happy to post increasing growth rates amidst the general air of despondency and gloom. Barring any major surprises, we expect to end the year on a positive note."

Stock price reflects show

The third quarter results have been impressive tosay the least. The improvement seems to have been mainly due to a sharp fall in raw material prices besides cost control measures. Lead (key raw material) prices have been declining for quite some now. Working of additional plants have helped the revenue. The stock market, however, seems to have anticipated these results. The stock price says the whole story. Within a period of less than two weeks, the stock has shown a rally of more than 30 per cent, taking it to its 52-week high of Rs 208.