The lead-acid manufacturer's net profit after tax rose 9.4% to 2.23 billion rupees ($27.32 million) in the quarter ended Dec. 31, but missed analysts' expectations of a profit of 2.42 billion rupees.

Total expenses in the quarter were also up 6.5% at 31.28 billion rupees, while cost of materials was higher by 5.4%, the company said in an exchange filing.

The weak earnings sent its shares down as much as 5.6% to 173 rupees, their biggest intraday percentage loss since Feb. 24, 2022.

Exide, however, saw an uptick in demand for storage batteries from automakers, telecoms, and original equipment manufacturers.

This helped revenue from operations rise 6.5% to 34.05 billion rupees.

The company said demand was strong in its industrial batteries segment that caters to railways, telecommunications, power and infrastructure projects, and that it expects order inquiries and order flow to remain healthy in the coming quarters.

Last week, Amara Raja Batteries reported a 53% jump in quarterly profit, helped by strong demand from automakers and telecom companies, which are rolling out high-speed 5G internet services in the country.

($1 = 81.6300 Indian rupees)

(Reporting by Dimpal Gulwani; Editing by Sohini Goswami)