A sluggish economy has impacted the performance of industrial battery maker Exide Industries Ltd., with its net profit in the third quarter dipping to Rs. 77.5 crore on a turnover of Rs. 1,301 crore against a net profit of Rs. 104 crore on a turnover of Rs. 1,462 crore a year ago.
For the nine-month period ending December 31, 2013, EIL’s net profit stood at Rs. 354.9 crore on a turnover of Rs. 4,356 crore compared to a net profit of Rs. 376.3 crore on a turnover of Rs. 4,530 crore.
Managing Director and CEO P K Kataky said that continued sluggish demand had its impact on the company’s performance.
Replacement market“In the replacement market, the demand for heavy duty commercial vehicles including passenger cars used for commercial application remained subdued,” he said.
