Battery and flashlights maker Eveready Industries India Ltd on Monday reported a decline of 27.48 per cent in its consolidated net profit at Rs 21.85 crore for the quarter ended June 30, 2022.
The company had posted a net profit of Rs 30.13 crore in the April-June period a year ago, according to a regulatory filing.
Its revenue from operations was up 18.87 per cent to Rs 335.38 crore during the quarter under review as against Rs 282.14 crore in the year-ago period.
Healthy growth in topline performance was backed by volume gains, despite a market slow down due to inflationary conditions, the company said.
“We are glad to have commenced the year on a positive note with a robust growth in revenues, at 19 per cent. This performance was realised, despite the challenges witnessed during the quarter on account of inflationary conditions,” company’s Managing Director Suvamoy Saha said.
Eveready Industries, in which the Burman family members were classified as promoters last month, reported total expenses of Rs 310.50 crore in Q1 FY 2022-23, up 27.16 per cent from Rs 244.17 crore earlier.
Its EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin got squeezed to 12.6 per cent in the April-June period from 20.9 per cent in the corresponding quarter of FY’22.
Performance in EBITDA factors the impact of raw material inflation which could not be fully passed on and a return of business overheads which had been curtailed in the previous year owing to the pandemic restrictions, the company official said.
Being the largest player in the dry cell batteries market, EIIL is leveraging its expertise to introduce new products that will set the revenue momentum for the next few years, he said.
Shares of Eveready Industries India Ltd on Monday closed at Rs 341.10 on BSE, up 7.52 per cent from the previous close.