Exide Industries Q2 Net declines marginally at Rs 118.63 cr

Company reported net profit of Rs 120.2 crore in the same quarter a year ago

Battery maker Exide Industries Ltd today reported 1.30 per cent decline in net profit at Rs 118.63 crore in the second quarter ended September 30, 2013 due to decline in net sales.

The company had reported net profit of Rs 120.2 crore in the same quarter a year ago.

Exide's net sales in the quarter under review were at Rs 1,427.95 crore, a decline of 5.75 per cent compared with Rs 1,515.16 crore in the same quarter last year, the company said in a BSE filing.

Commenting on the performance, Exide Industries MD & CEO P K Kataky said: "Depreciation of rupee and continued sluggish demand had its impact on the performance of the company in the second quarter. Demand for both automobile and industrial batteries remained subdued."

Overall expenses during the quarter declined by 7.91 per cent to Rs 1,262.04 crore as against Rs 1,370.58 crore in the corresponding period last year.

Exide's net profit for the half year period ending September 30, 2013, increased marginally by 1.90 per cent to Rs 277.43 crore as against Rs 272.24 crore in the same period a year ago.

 The Board of Directors of the company has approved payment of an interim dividend of Rs 1.10 per equity share of Re 1 each for the financial year 2013-2014, the company said.