Exide Industries Ltd posted 13 per cent drop in net profit to Rs 143 crore for the quarter ended March 31 compared with Rs 164 crore in the same period last year.
On a sequential basis, however, profits increased by 37 per cent from Rs 104 crore during the third quarter ended December 31, 2011.
The year-on-year drop in profit was mainly on account of higher raw material costs and a weak rupee, said a press statement issued by the company.
The cost of raw materials consumed increased by 12 per cent to Rs 992 crore.
“During the year under review, lead prices continued to remain volatile, with prices softening towards the end of the year.
“However, a counter movement in the rupee-dollar exchange rate negated most of what was gained due to lead price softening,” the release said.
Dividend
The board of directors has recommended a final dividend of Rs 0.60 a share. This would be over and above the interim dividend of Rs 0.90 a share declared earlier during the year.
For the quarter ended March 31, 2011, net sales grew by 18 per cent to Rs 1,446 crore.
Net profit for the year ended March 31, 2012, dropped by 31 per cent to Rs 461 crore (Rs 666 crore). Net sales increased by 12 per cent to Rs 5,107 crore.
The shares of Exide closed at Rs 129.05, up by 1.10 per cent on the BSE on Monday.