Battery major Exide Industries on Wednesday reported a 25.46 per cent fall in its net profit to Rs 135.52 crore for the quarter ended September 30, 2017 as compared to Rs 181.81 crore for the year-ago period.
Its revenue from operation in the quarter under review grew over 9 per cent stood at Rs 2,371.32 crore, up by 9 per cent from Rs 2,170.91 crore, according to a regulatory filing.
According to the company, the fall in net profit was on the back of Rs 41.83 crore expenses incurred due to settlement of the usage of "Exide" mark in India.A
"Exceptional item of Rs. 41.83 crore charged for the quarter represents expenses incurred towards settlement of dispute with Exide Technologies, USA in relation to the usage of the name or mark Exide," the company said in a statement.
The firm's MD and CEO G. Chatterjee said that volumes in automotive and motorcycles batteries improved significantly and growth in UPS, telecom as well as other infrastructure segments were encouraging during the second quarter. However, rapidly escalating lead prices continue to be a major concern.
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"The company is focusing on cost control and technology upgradation as strategies to improve the bottom-line," he added.
The company board declared an interim dividend of Rs 1.60 per equity share of Re 1 each for the financial year 2017-18.
--IANS
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