Exide Industries on Tuesday reported a 16.76 per cent decline in consolidated net profit at Rs 118.15 crore for the December quarter against Rs 141.94 crore a year ago.

Revenue from operations stood at Rs 3,553.64 crore compared with Rs 3,283.4 crore in the year-ago quarter. While there was a marginal decline in the profit from storage batteries and allied products, the company’s losses in the life insurance business widened during the quarter.

Exide said that the company and some its subsidiaries have opted for the tax benefit under section 115BAA of Income Tax Act. Accordingly, current tax expenses for the quarter and nine months ended December were recognized and deferred tax liabilities remeasured.

Exide scrips were down 3.61 per cent at Rs 188.45 per share over the previous close at Bombay Stock Exchange.

Commenting on the performance, Exide Industries MD & CEO G Chatterjee said while original equipment manufacturer (OEM) demand for automotive batteries remain subdued, growth in sales of automotive and UPS batteries continue.

'Exports also did well. Demand for telecom and other infrastructure batteries were under pressure during the third quarter,' he added.

The company continues to focus on cost control and technology upgradation, as strategies to improve the bottom-line, Chatterjee further said.