Eveready Net Up 78%

Kolkata, October 28: | Updated: Oct 29 2002, 05:30am hrs
Eveready Industries India Ltd on Monday reported a 78 per cent increase in net profit and 11 per cent increase in income from operations for the three months to September 30, 2002, compared with the same quarter of the previous fiscal.

The BM Khaitan flagship said net profit was Rs 36.61 crore on net sales of Rs 258.26 crore for the current years second quarter, against a profit of Rs 20.52 crore on sales of Rs 232.84 crore for the same quarter of the previous year.

The tea and batteries major said the FMCG division accounted for revenues of Rs 152.96 crore and the tea division Rs 105.29 crore. These figures are net of excise.

On the profit front, the tea division accounted for Rs 39.99 crore and FMCG for Rs 18.60 crore. Eveready also pointed out that, since the tea business is seasonal in nature, the quarterly figures should not be taken as representative of the full years results.

Other income has more than doubled, from Rs 3.08 crore to Rs 6.58 crore.

The company said the latest quarters figure includes Rs 3.53 crore from sale of flats, Rs 1.90 crore from long-term investments and Rs 45 lakh from the sale of a tea estate.

Net interest cost has come down to Rs 20.70 crore, from Rs 30.17 crore in the same quarter of the previous year. The company has noted that overdue loans and advances, interest on loans and other recoverable items add up to Rs 203.41 crore, against Rs 198.07 crore as on March 31, 2002.

It said that these advances became overdue on account of sluggish market conditions, but the management expects repayments to come in once conditions improve.

Together with this, the period-end gross diminution in value of quoted and unquoted investments add up to Rs 9.79 crore, while the corresponding figure for investments held as current assets is Rs 1.35 crore.

The company said it had already provided Rs 100 crore as contingency provision in an earlier year, and it feels this is enough to cover any shortfall.