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Exide Industries has posted a 25.53% drop in net profit for the quarter ended December, 2013 at Rs 77.52 crore compared to Rs 104.09 crore during the corresponding period of last fiscal.
However, the firm's net sales during the period saw an decrease of 10.99% at Rs 1301.41 crore, as against Rs 1462.15 crore in the third quarter of the last financial year.
According to, Exide MD & CEO P K Kataky, degrowth in original equipment manufacturer( OEM) segment has affected company's performance. Beside, in the replacement market, the demand for heavy duty and light duty commercial vehicles including passenger cars used for commercial application (taxi) remained subdued.
“In Industrial batteries, the demand for infrastructure, motive power, telecom and inverter batteries continued to be sluggish,” the company said in a statement.
Shares of Exide Industries were trading at Rs 108.30 apiece on the BSE, down 3.35% from its previous close.
