Battery maker Exide Industries has posted 75.98 per cent dive in its net profit to Rs 51.15 crore in the second quarter ended September 30, 2011 as compared to the same quarter previous fiscal. During the period the company clocked a net sales of Rs 1175.28 crore, a modest rise of 4.36 per cent over the corresponding quarter of previous fiscal.
“Automotive battery segment was adversely impacted by lower off take from the OEM (original equipment manufacturer) customers. In addition, the sales volume in the Replacement segment also did not pick up to the extent earlier envisaged mostly due to the lower off take by OEM customers in the aftermath of 2009 global meltdown. As a result, the sales volume in the automotive battery segment for the quarter was six per cent lower than the same period last year” Exide Industries Managing Director and Chief Executive Officer T V Ramanathan said.
