Exide Q3 net up 38% at Rs 134 cr

Battery maker Exide Industries today reported a 37.76% increase in its net profit at Rs 133.95 crore for the third quarter ended December 31.

The company had posted a net profit of Rs 97.23 crore in the same period last fiscal, Exide Industries said in a BSE filing.

Net sales during the period under review were Rs 1,521.11 crore as against Rs 1,555.86 crore in the year-ago period, down 2.23%.

Exide Industries Managing Director and CEO P K Kataky said there was no significant improvement in demand for automotive OEM and industrial battery, including demand for inverter battery as well as for power, telecom and solar battery during the third quarter.

"However, growth in automotive and motorcycle battery replacement sale has continued during this quarter," he added.

Technology upgradation and cost control remain important part of the company's strategy to improve the bottomline, he said.

The company's total expenses were lower at Rs 1,331.07 crore as compared to Rs 1,412.49 crore in the same quarter last fiscal.

Shares of Exide Industries were trading at Rs 119.85 in the pre-close session on BSE, down 4.12%.