Leading car battery-maker Exide Industries Friday announced a 135 percent increase in its net profit to Rs.120 crore for the quarter ended Sep 30, from Rs.51 crore in the same period of the previous year.
During the quarter under review, the company had net sales of Rs.1,517 crore as compared to Rs.1,172 crore for the same quarter a year ago, posting a growth of 29 percent.
“Demand in the automotive OE segment remained dampened during the quarter due to ongoing slowdown in the Indian automotive industry. However, robust growth in replacement market more than compensated for this,” said managing director and chief executive officer T.V. Ramanathan.
As for the industrial battery segment, the home UPS batteries continued its robust growth in this quarter also, but would be subdued in the next quarter consequent to the onset of the winter, according to a company release here.
The company’s entry into the new business of manufacturing and marketing its own range of home UPS system has been well received by the national market, it added.