Eveready Industries on Monday appointed Anand Chand Burman, former chairman of Dabur India, as chairman of the company after the Burmans last month reclassified themselves as promoters of the dry cell battery maker.
“We write to inform you that at the meeting of the board of directors of the company held today, Anand Chand Burman has been designated as the chairman of the company,” Eveready said in a stock exchange filing.
The 70-year-old is a member of the fifth generation of the Dabur group’s founder’s family. He had taken charge as chairman of Dabur India in 2007 after having held the post of vice-chairman and various other roles. Other than the Dabur Group of companies, he is also on the board of Aviva Life Insurance and Ester Industries, among others.
Eveready’s board on July 12 appointed Anand Burman, Mohit Burman and Arjun Lamba, a close associate of the Burmans, as non-executive directors of the company, subject to the approval of shareholders. Sunil Kumar Alagh was appointed as an independent director for a period of five years, effective July 12.
Earlier this year, the Burman family, promoters of Dabur India, reclassified themselves as promoters of the dry cell battery major, replacing the Khaitans.
This was after Puran Associates, VIC Enterprises, MB Finmart, together with Gyan Enterprises and Chowdry Associates — all investment arms of the family — became promoters of the Kolkata-based company following the completion of an open offer in June. The Burmans now have a 38.38% stake in Eveready, having acquired over 14% shares in the open offer.
Aditya and Amritanshu Khaitan had resigned from the board in March, after the Burmans declared plans for an open offer to acquire full control of the company. Aditya was non-executive chairman, while Amritanshu was managing director. Suvamoy Saha, who was then joint managing director, assumed charge as managing director.
Q1 net falls 27.48%
Eveready Industries on Monday reported a 27.48 % year-on-year decline in its consolidated net profit to Rs 21.85 crore for the first quarter this fiscal. It had posted a net profit of Rs 30.13 crore in the first quarter last fiscal. Revenue from operations was up 18.87% y-o-y to Rs 335.38 crore during the quarter under review as against Rs 282.14 crore in the year-ago period.
“We are glad to have commenced the year on a positive note with a robust growth in revenues, at 19%. This performance was realised despite the challenges witnessed during the quarter on account of inflationary conditions,” Saha said.
“Given the strong recall enjoyed by Eveready, we are making all efforts to create momentum across business segments through an enhanced portfolio that will be supported by our core strengths i.e., sustained brand communication and effective distribution,” he said.