Moneycontrol Bureau
Shares of Exide Industries tanked to two-year low at Rs 106.65, down 5 percent intraday on dismal December quarter earnings. The battery manufacturer missed street expectations on every parameter with the third quarter (October-December) net profit falling 25.5 percent year-on-year to Rs 77.5 crore, impacted by weak demand.
According to CNBC-TV18 poll, analysts had expected it to report net profit of Rs 126 crore on revenue of Rs 1,462 crore.
Revenue for the quarter declined to Rs 1,301.4 crore from Rs 1,462.1 crore in corresponding quarter of last fiscal.
PK Kataky, MD and CEO said continued sluggish demand had its impact on the performance of the company.
"In the replacement market, the demand for heavy duty and light duty commercial vehicles including passenger cars used for commercial application (taxi) remained subdued. Automobile original equipment manufacturers (OEMs) had a degrowth. In industrial batteries, the demand for infrastructure, motive power, telecom and inverter batteries continued to be sluggish," Kataky added.
At 13:29 hrs, the stock was quoting at Rs 108.70, down Rs 3.35, or 2.99 percent on the BSE.
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