The country’s largest automotive battery maker, Exide Industries Ltd, reported an over 26 jump in standalone net profit to ₹196 crore for the quarter ending December 2019 (Q3FY20). Net profit in the year-ago-period stood at ₹155 crore.
The standalone revenue from operations, during the quarter under review, stood at ₹2,437 crore, or a near three per cent year-on-year drop.
On a consolidated basis, the company, however, saw a near 17 per cent decline in net profit at ₹118 crore for the third quarter, as against ₹142 crore in Q3FY19. Consolidated revenue stood at ₹3,554 crore — an over 8 per cent jump year-on-year.
According to G Chatterjee, MD & CEO, the original equipment manufacturer (OEM) demand for automotive batteries remain subdued and growth in sales of automotive and UPS batteries continue.
“Exports also did well. Demand for telecom and other infrastructure batteries were under pressure during the third quarter,” he was further quoted in a company release.