Exide Industries Q2 net down 17 pc at Rs 118 cr

Battery maker Exide Industries Ltd on Tuesday reported a 16.76 percent decline in consolidated net profit at Rs 118.15 crore for the third quarter ended December 31, 2019. The company had posted a consolidated net profit of Rs 141.94 crore in the same period last fiscal, Exide Industries said in a regulatory filing.

Revenue from operations during the period under review stood at Rs 3,553.64 crore, as compared to Rs 3,283.4 crore in the year-ago quarter, it added. Commenting on the performance, Exide Industries MD & CEO G Chatterjee said while original equipment manufacturer (OEM) demand for automotive batteries remains subdued, growth in sales of automotive and UPS batteries continues.

"Exports also did well. Demand for telecom and other infrastructure batteries were under pressure during the third quarter," he added. The company continues to focus on cost control and technology up-gradation, as strategies to improve the bottom-line, Chatterjee further said.