Eveready Industries Reports Strong First Quarter Despite Revenue Dip

Eveready Industries India Ltd announced an 18.1% increase in net profit for Q1 ending June 2024, totaling Rs 29.36 crore. Despite a 3.9% fall in revenue from operations to Rs 349.37 crore, the company achieved strong operating metrics. Key trends include premiumisation and steady gains in the Alkaline category and lighting innovation.

Eveready Industries India Ltd, the battery and flashlights maker, has reported an 18.1 per cent rise in consolidated net profit, reaching Rs 29.36 crore for the quarter ending June 2024.

In a regulatory filing, the Burman family-promoted firm disclosed a net profit of Rs 24.86 crore for the same quarter last year. However, revenue from operations declined by 3.9 per cent to Rs 349.37 crore, down from Rs 363.57 crore year-on-year.

The company noted that despite several challenging factors including a high base effect and slower offtake in the carbon-zinc range, it maintained robust operating trends. Total expenses decreased by 6.48 per cent to Rs 314.18 crore, contributing to the improved EBITDA and PAT, which surged by 13.6 per cent and 18.1 per cent, respectively.

Managing Director Suvamoy Saha attributed the improved performance to a consistent premiumisation push, enhanced value and volumes in the Alkaline category, and stable lighting performance driven by innovation.

(With inputs from agencies.)