Eveready Q1 net up 10% to over Rs 22 crore

The 'goodwill' amount lying in the books of the company amounting Rs 478.50 crore as of March 31, 2015 was adjusted against general reserves and retained earning as part of meeting the requirements of Indian accounting standards, the company said.

EIIL Managing Director Amritanshu Khaitan said outlook on batteries remained stable but may improve significantly if regulatory support was received against dumping of batteries in the country.

The lighting segment, however, did not register any growth during the quarter. CFL lamps registered a de-growth of nearly 30 percent but that was in keeping with overall market trends.

However, LED products registered a turnover of Rs 39.34 crore during the quarter against Rs 25.08 crore during the previous year's corresponding period.

Improvement measures for flashlights, though initiated, may take a while to gain root, the company said adding, lighting business was likely to be on high growth spurred by LED products despite de-growth in CFL lamps.

The company remained optimistic on appliances and said it should also contribute to growth in the coming quarters.

It added counter measures against dumping of batteries have been afoot for some time - both from an internal marketing perspective as well as in seeking regulatory support within the legal framework.

The anti-dumping investigation on imports of 'AA' batteries (accounting for nearly 70 percent of the market) from China and Vietnam initiated by the Directorate General of Anti-dumping and Allied Duties was now believed to be in the closing stages, EIIL officials added.