Exide Industries, India's biggest lead acid storage battery maker, on Friday reported a 135 per cent increase quarterly net profit, but failed to impress the Street.

Exide's net profit jumped from Rs 51 crore in the July-September quarter of 2011 to Rs 120 crore in same period of this year, while net sales jumped 29 per cent to settle at Rs 1,517 crore as compared with Rs 1,172 crore reported a year ago.

However, the figure could not meet expectations of the market, which was expecting the company to post a profit of Rs 150 crore for the second quarter.

Jittery shareholders dragged the company's stock down by 8.82 per cent.

Operating profit margin grew 460 basis points to 12.3 per cent during the second quarter, down from the expected 15.5-16 per cent. Also, quarter-on-quarter net profit was down 21 per cent.

However, Managing Director T V Ramanathan said, "By this high volume growth we regained some of the lost market share in the branded automotive battery business segment."

The company held a combination of low demand for batteries from auto manufacturers and increase in overheads and lead prices responsible for lower-than-expected profits.

The battery maker also announced that Sudhir Chand, who had retired as executive director from the board in 2005, has been brought back as independent director.