Exide Industries reported a 25.8 per cent drop in standalone net profit at ₹221 crore for the September quarter of FY26 (Q2FY26), hit by a demand slowdown following GST rate cuts. Revenue slipped 2 per cent year-on-year to ₹4,178 crore in Q2FY26 from ₹4,267 crore in Q2FY25.

The company stated that it started the quarter with double-digit growth in the trade segment, but buying momentum weakened after the August 15 GST reduction announcement, as channel partners deferred orders to await lower-priced inventory.

Exide cut production in August and September to align with the softer demand, helping pare September-end inventory. Lower demand also led to lower profitability due to under-recovery of fixed costs, the company stated.

IBMA president

The Indian Battery Manufacturers Association has appointed Exide CEO and MD Avik Kumar Roy as its new president at its 4th AGM in Calcutta. Harshavardhana Gourineni, ED at Amara Raja Energy & Mobility, was named vice-president.

In the coming year, the association aims to enhance circularity across the battery industry by promoting sustainable manufacturing and recycling practices that improve material recovery and reduce waste.

Marico net down

Marico Ltd has reported a marginal decline in consolidated net profit at ₹432 crore for September quarter of this fiscal, as gross margin contracted, on account of high base and inflation in key commodities.