Exide Industries Q3 net dips 25 per cent to Rs 77 crore; shares down

Exide Industries Q3 net dips 25 per cent to Rs 77 crore; shares down
New Delhi:
Battery maker Exide Industries on Monday registered a 25.52 per cent decline in net profit at Rs 77.52 crore for the third quarter that ended on December 31, 2013, hit by continuous slowdown in the market.
 
The company had posted a net profit of Rs 104.09 crore in the corresponding period a year ago.
 
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 year, Exide Industries Ltd said in a filing to the BSE.
 
Continued sluggish demand had its impact on the performance of the company," Exide Industries managing director and CEO PK Kataky said.
 
"In the replacement market, the demand for heavy duty and medium duty commercial vehicles including passenger cars used for commercial application remained subdued," Mr Kataky added.
 
As of 2:21 p.m., shares in Exide were trading at Rs 106.20 apiece on the BSE, down 5.22 per cent from the previous close.
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