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Automobile battery manufacturer Exide Industries Ltd has reported an over 9 per cent jump in net profit to Rs 151 crore for the period ending December 31, 2017. Net profit in the corresponding period last year stood at Rs 138 crore.
During the quarter under review, total income from operations saw an over 12 per cent jump to Rs 1,950 crore; as against the Rs 1,738 crore it had reported in the third quarter of the previous fiscal.
According to Gautam Chatterjee , MD and CEO, Exide, the demand for batteries in original equipment making (OEM) business, particularly, motorcycles, remained sluggish during the third quarter. However, there was growth in replacement sale of automotive and motorcycle batteries “continue to be encouraging”.
“Growth in UPS and solar batteries has shown improvement during the quarter,” the release issued by the company further stated.
Exide stock, closed at Rs 194.85, down by 1.02 per cent, the BSE on Wednesday.
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