Exide Industries, the country's leading storage and car battery maker, has reported a growth of 49% in its net profit, which surged to Rs 122.40 crore for the first quarter ended June 30, 2009, over the same period last year.

The company had a net profit of Rs 82.20 crore for the same period ended June 2008.

However, the total income of the company declined to Rs 903.46 crore in the latest quarter, against Rs 908.45 crore in the same quarter a year ago.

Hitesh Agarwal, VP-Research, Angel Broking is of the view that one can accumulate Exide Industries with a target price of around Rs 74.

The scrip of the company today closed at Rs 70.60 on the BSE, up 0.93 per cent from previous close.