Exide Industries Ltd on Friday reported 17% growth in net profit to Rs 82 crore for the first quarter to June 2008, as against Rs 70 crore recorded in the year-ago period. During the quarter, gross turnover increased by 34% to Rs 1135 crore from Rs 848 crore recorded in the corresponding period of the previous fiscal.

TV Ramanathan, managing director and chief executive officer of the company, said: “Profit growth was affected by the depreciation of the rupee vis-a-vis all major currencies. A depreciating rupee affects profitability since we import a sizeable part of our main raw material, lead.”

During the quarter, the company acquired 51% stake in Leadage Alloys India Ltd, a lead smelting and refining unit located near Bangalore. This is expected to give Exide Industries better control over the business of recycling of used lead acid storage batteries and consequently meet the requirements set forth by the government in its battery handling and management rules.

IFGL Q1 net up 140%

IFGL Refractories Ltd (IFGL) has reported a profit after tax of Rs 10.60 crore on a turnover of Rs 103.73 crore for the quarter to June 30, 2008, up by 140.23% as against Rs 4.78 crore on a turnover of Rs 89.83 crore for the corresponding period of the last fiscal.

Pradeep Bajoria, director and chief executive officer of the company, said the growth in profits was possible for higher sales and depreciation of rupee against foreign currencies.

Bajoria said IFGL’s earning per share has gone up to Rs 3.06 in June, 2008, from Rs 1.38 recorded in the year-ago period. Exports contributed around 60% to the company’s topline.

IFGL aims at a turnover of Rs 550 crore for 2008-09, as against Rs 378 crore in the previous fiscal.

According to Bajoria, recent acquisition of the German Hofmann Ceramaic Group will help in increasing its turnover. The results of operation of the company will be reflected from the next quarter.

Greenply net surges

Greenply Industries Ltd has reported net sales of Rs 172 crore for the quarter to June 30, 2008 , a jump of 48% as against Rs 116 crore posted in the same period of the last fiscal. EBIDTA for the quarter stood at Rs 23.41 crore, an increase of 39%. Net profit for the period stood at Rs 6.96 crore, as compared with Rs 9.07 crore posted in the year-ago period. Earnings per share worked out to Rs 4.07 as against Rs 5.34. The operating margin for the first quarter was at 13.64% as against 14.48% recorded in the corresponding period of the last fiscal.

Shree Renuka income up

Shree Renuka has reported consolidated total income of Rs 706.7 crore for the third quarter to June 30, 2008 , as against Rs 280.10 crore recorded in the year-ago period. Consolidated net profit for the quarter stood at Rs 36.50 crore as against Rs 36.70 crore recorded in the corresponding period of the last fiscal. For the nine months period to June 30, 2008 , the company’s consolidated total income stood at Rs 1493.20 crore against Rs 721.90 crore and consolidated net profit at Rs 97.10 crore as against Rs 70.20 crore recorded in the year-ago period.

Refex sales up 329%

Refex Refrigerants Ltd has reported 329% increase in sales to Rs 68.8 crore for the quarter to June 30, 2008 , as against Rs 16.07crore recorded in the year-ago period. Quarterly net profit increased to Rs 5.51 crore, up by 132% as compared with Rs 2.38 crore recorded in the corresponding period of the last fiscal. Announcing these results, managing director of the company Anil Jain said: “Our strategic acquisition of Kaltech Engineering & Refrigeration Pte Ltd helped strengthen our position.”