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Hit by rupee depreciation and demand slowdown, battery maker Exide Industries today reported a 1.31% drop in the net profit at Rs 118.63 crore for the quarter ended September 30, 2013.
This was in sharp contrast to the street expectation of a double digit growth in net profit.
The net sales of the company for the period stood at Rs 1427.95 crore, down by 5.79% compared to the corresponding period of the last year.
According to Exide MD & CEO P K Kataky, the rupee depreciation cpuple with sluggish demand affected the performace of the company.
The demand for both automobile, especially original equipment manufacturer (OEM) and industrial batteries, including infrastructure, telecom and inverter remained subdued,” he said.
“To improve its performance company has undertaken various cost control and technological upgradation initiatives. This will enable the company to succeed in its marketing efforts in a highly competitive market,” he added.
