Exide Industries Q3 net dips 25% at Rs 77 cr

Battery maker Exide Industries today registered 25.52 per cent decline in its net profit at Rs 77.52 crore for the third quarter ended December 31, 2013, hit by continuous slowdown in the market.

The company had posted a net profit of Rs 104.09 crore in the same period of previous fiscal.

Net sales of the company declined to Rs 1,301.41 crore for the third quarter, as against Rs 1,462.15 crore in the same period of corresponding fiscal, Exide Industries Ltd said in a filing to the BSE.

Commenting on the results, Exide Industries Managing Director and CEO PK Kataky said that continued sluggish demand had its impact on the performance of the company.

"In the replacement market, the demand for heavy duty and medium duty commercial vehicles including passenger cars used for commercial application remained subdued," Kataky added.

Shares of Exide Industries were trading at Rs 108.30 apiece on the BSE, down 3.35 per cent from its previous close.

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