Eveready appoints a joint MD; net profit grows 32% in Q1

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August 11, 2021 12:53 AM

"The appointment of a joint managing director is a step taken towards increasing the depth of management and profationalizing the management as the company plans to move into a high growth mode," Eveready Industries India (EIIL) managing director Amritanshu Khaitan told FE.

In the first quarter of this fiscal, Eveready registered a 32% year-on-year jump in its net profit to Rs 31.19 crore from Rs 23.61 crore in the same period last fiscal. Its operating income grew 7% y-o-y at Rs 282.14 crore during Q1FY22.In the first quarter of this fiscal, Eveready registered a 32% year-on-year jump in its net profit to Rs 31.19 crore from Rs 23.61 crore in the same period last fiscal. Its operating income grew 7% y-o-y at Rs 282.14 crore during Q1FY22.

The board of directors of Eveready Industries, a Williamson Magor group flagship, on Tuesday appointed Suvamoy Saha, a non-executive director of the company, as a joint managing director.

“The appointment of a joint managing director is a step taken towards increasing the depth of management and profationalizing the management as the company plans to move into a high growth mode,” Eveready Industries India (EIIL) managing director Amritanshu Khaitan told FE.

EIIL said Saha, 62, who was the wholetime director of the company, sometime ago, comes with wide experience and will enhance leadership in the company in seeking reorientation processes in the post-pandemic world and new growth avenues for its long-term sustainability.

In a stock exchange filing, the battery major said Saha was appointed a joint MD with effect from August 10, subject to the approval of the shareholders. Significantly, appointing a joint MD of Eveready is in line with what the Burman family, the promoters of Dabur, wants. Mohit Burman, vice-chairman, Dabur India, has been emphasising that the battery maker, promoted by the Khaitans, should be run “professionally”.

The Burman family is the single-largest shareholder in Eveready with around 20% holding, while the Khaitans’ shareholding falls below 5% with banks and financial institutions continuing to invoke and sell pledged shares for recovery of their dues from other group companies which are debt-ridden.

In the first quarter of this fiscal, Eveready registered a 32% year-on-year jump in its net profit to Rs 31.19 crore from Rs 23.61 crore in the same period last fiscal. Its operating income grew 7% y-o-y at Rs 282.14 crore during Q1FY22.

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