Exide Industries reported a major slump net profit of Rs 51.15 crore for quarter ended September 30, 2011 as compared to Rs 212.93 crore in the same quarter a year ago.
Total income increased to Rs 1183.99 crore from Rs 1146.29 crore.
Explaining the quarter to CNBC-TV18, TV Ramanathan, MD and CEO of the company said, there was been a significant increase in input costs.
"We believe after second quarter there will be some improvement and may be a full recovery in the fourth quarter as far as material cost is concerned," he clarified.
The automotive battery segment was adversely impacted by lower offtake from Original Equipment Manufacturer (OEM) customers.
Ramanathan said the company also had some exchange losses. "We have reduced the prices in order to get back the market share," he said adding, "
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