Calcutta, Oct. 19: Battery maker Exide Industries has reported a 135 per cent jump in net profit at Rs 120 crore for the quarter ended September compared with the year-ago period.
However, net profit was down 21 per cent on a sequential basis.
During July-September, net sales grew 29 per cent to Rs 1,517 crore from Rs 1,172 crore in the year-ago period.
During the first six months of the current fiscal, net sales stood at Rs 3,068 crore compared with Rs 2,415 crore in the same period of the previous financial year.
Net profit improved 30 per cent to Rs 390 crore from Rs 300 crore in the year-ago period.
“Demand in the automotive OE (original equipment) segment remained dampened during the quarter because of the slowdown in the Indian automotive industry. However, robust growth in the replacement market more than compensated for this,” managing director and chief executive officer T.V. Ramanathan said.
Home UPS batteries continued its robust growth, though it will be subdued in the next quarter because of the onset of winter.
The company has decided to augment capacity by setting up another factory near Haridwar in Uttarakhand.
The board of directors, which met in Mumbai today has approved an interim dividend of Re 1 per share.
The Exide stock today closed 8.82 per cent lower on the BSE at Rs 148.35 because of the sequential decline in profit.