Exide Industries’ third-quarter net profit rose 9.3% to ₹151.5 crore on the back of a ₹211 crore increase in revenue to ₹1,949.6 crore.
For the nine-month period ended December 31, 2016, net profit stood at ₹528.9 crore on a net turnover of ₹6,389.8 crore, compared with ₹449.3 crore on a turnover of ₹5,745.3 crore in the same period of the previous year.
Other income rose from ₹19 crore to ₹35 crore in the last quarter due to dividends from subsidiaries, company sources said.
Exide’s managing director and chief executive officer, Gautam Chatterjee said in a press statement that while growth in replacement sales of automotive and motorcycle batteries continued to be ‘encouraging’, demand in the OEM segment, particularly for the motorcycles business, had been ‘extremely’ sluggish during the third quarter.
Both the UPS (uninterruptible power supply) and solar battery divisions had shown improvement in growth in the quarter under review.
The company said that technology upgradation and cost control remained important parts of Exide’s strategy to improve profits.
