Secondary Circuit Protection

Hi,
I used 3 Li-ion batteries connected in series(each 3.7V,4000mAH) with under voltage protection for each battery whose circuit was made on a breadboard using jumper wires. When no load was applied, the voltage was 11.05V(they are partially discharged). But when load was applied, it fell down to 10.4V. Is there any way to reduce this drop. If i design the circuit on a PCB, will the drop persist?

P.S.I tried using a 12V SLA battery directly and it showed only a drop of 0.04V.

Thanks.