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Exide Industries Ltd posted a near three per cent decline in standalone net profit at ₹229 crore for the quarter ended September 30, 2020, as compared with ₹237 crore same period last year.
Revenue from operations increased by five per cent on a standalone basis to ₹2,753 crore during the period under review as against ₹2,611 crore same period last year.
According to G Chatterjee, MD and CEO, Exide, there has been an improvement in demand for replacement sales of automotive and UPS batteries during the second quarter. Demand of OEM and other institutional customers also started showing some positive traction towards the latter part of the quarter. Operations at some manufacturing plants were intermittently disrupted due to the pandemic, affecting supplies.
The company is focussing on cost control, technology upgradation and cash flow management as strategies to improve profitability and liquidity, Chatterjee said in a press statement.
On a consolidated basis, net profit was up by four per cent at ₹257 crore (₹247 crore) during the quarter under review.
The company’s scrip closed at ₹162.30, down by 2.38 per cent on the BSE on Tuesday.
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