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A drop in volume sales for both automotive and industrial batteries coupled with a Rs 15-crore loss on depreciation of the rupee has brought the net profit of Exide Industries down by nearly 75 per cent to Rs 51 crore in July-September 2011 from Rs 212 crore during the same period in 2010.
According to a company press release, the board of directors of the company has also approved 90 per cent interim dividend to its shareholders.
Compared to the first quarter of this fiscal, the drop in net profit is nearly 69 per cent from Rs 163 crore in April-June 2011.
According to the company, sales volume of the automotive segment (including both OE and replacement sales) and industrial battery segment were down 6 per cent and 5 per cent respectively.
In value terms, net sales increased 4 per cent to Rs 1,127 crore in the last quarter against the corresponding quarter of the previous year.
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