Eveready Industries India Ltd (EIIL) has reported a significant increase in consolidated net profit for the second quarter of the current fiscal, citing a 73.5 per cent rise to Rs 25.44 crore. The Kolkata-based company attributed this growth to easing input costs. In the same quarter last fiscal year, the company had posted a net profit of Rs 14.73 crore.
However, revenue from operations during the July-September quarter saw a three per cent decline to Rs 364.9 crore, as compared to Rs 375.7 crore in the year-ago period. Operating EBITDA margin also improved to 12.7 per cent from 11.4 per cent in the second quarter of the 2022-23 fiscal.
Despite challenges in the battery-operated flashlights segment, the company remains optimistic. Eveready Industries highlighted a healthy growth in the rechargeable category, offsetting the decline in battery-operated flashlights. The company credited this to favorable trends in key raw materials and stability in exchange rates, which contributed to margin expansion.
Managing Director Suvamoy Saha emphasized the company’s focus on growing within its existing business mix and successfully executing a complex route to market in its distribution structure. The initial moderation in uptake in batteries is expected to resolve in the coming quarters as stocks get replenished through more efficient pathways.
In addition to its operational improvements, Eveready Industries unveiled a new logo and tagline as part of its revamp journey under the new management. The company aims to attract the new generation of consumers while navigating the changing market landscape.
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