Eveready Industries posts Rs 14.4 crore net loss in March quarter

Eveready

Leading battery and flashlights maker Eveready Industries India Ltd on Tuesday reported narrowing of its consolidated net loss to Rs 14.39 crore for the quarter ended March 2023.

The company had posted a net loss of Rs 38.41 crore in the January-March period a year ago, it said in a regulatory filing.

However, its revenue from operations was up 18.62 per cent to Rs 286.17 crore during the quarter under review as against Rs 241.23 crore in the year-ago period.

"PAT (Profit After Tax) for the quarter and FY23 was impacted adversely by a non-cash charge of Rs 17.4 crore against unamortised front-end fees for loans repaid during the quarter and the full year," it said.

Total expenses of the company, controlled by the Burman family, rose 6.31 per cent to Rs 312.92 crore in the fourth quarter ended March 2023.

In the latest March quarter, Eveready's total income jumped 21.32 per cent to Rs 293.81 crore.

"Each of the company's three segments saw growth during Q4 — batteries at 21 per cent, flashlights at 25 per cent and lighting at 26 per cent," the company said in its earning statement.

For the financial year ended March 2023, Eveready's net profit was down 40.54 per cent to Rs 27.63 crore. It was at Rs 46.47 crore in FY22.

The company's consolidated revenue from operations in FY23 increased 10.02 per cent to Rs 1,327.73 crore from Rs 1,206.75 crore in the year-ago period.

"Eveready remains the market leader in dry cell batteries with a market share of 53.4 per cent for FY23," it said.

Shares of Eveready on Tuesday settled at Rs 299.35 on the BSE, down 2.57 per cent from the previous close.