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Shares of Exide Industries dipped 3% to Rs 139, also their 52-week lows on the BSE, after the company reported a 16.2% year-on-year (YoY) decline in net profit at Rs 155 crore for the quarter ended June 30, 2015 (Q1), due to lower sales.
The company, engaged in storage batteries and allied product business, had posted a profit of Rs 185 crore in the same quarter a year ago.
Net sales declined by 5.9% at Rs 1,795 crore on a Y-o-Y basis.
“Demand for both automotive original equipment manufacturers (OEM) and industrial battery, including demand for home UPS, power and traction battery, remained subdued during the first quarter,” said P K Kataky, MD & CEO of Exide Industries.
However, growth in automotive and motorcycle battery replacement sale was encouraging in this quarter, he added.
The company, engaged in storage batteries and allied product business, had posted a profit of Rs 185 crore in the same quarter a year ago.
Net sales declined by 5.9% at Rs 1,795 crore on a Y-o-Y basis.
“Demand for both automotive original equipment manufacturers (OEM) and industrial battery, including demand for home UPS, power and traction battery, remained subdued during the first quarter,” said P K Kataky, MD & CEO of Exide Industries.
However, growth in automotive and motorcycle battery replacement sale was encouraging in this quarter, he added.
