Exide Industries Q3 consolidated net profit declines 17% to Rs 118 cr

Battery maker Exide Industries Ltd on Tuesday reported a 16.76 per cent 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 remain subdued, growth in sales of automotive and UPS batteries continue.

"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 upgradation, as strategies to improve the bottom-line, Chatterjee further said.