Eveready posts Rs 442.53-crore net loss in March quarter

By: |
June 19, 2021 6:15 AM

The company had posted a consolidated net profit of Rs 63.07 crore in the fourth quarter of FY20.

And these adjustments had no impact on the operations of the company, a Williamson Magor group flagship.

Dry cell battery major Eveready Industries on Friday reported a net loss of Rs 442.53 crore for the fourth quarter ended March 31, as it made an exceptional adjustment of Rs 629.70 crore towards provision for outstanding inter-corporate deposits (ICDs) and write-offs.

Indicating a balance sheet cleaning exercise, Eveready said the adjustments such as a provision for the entire outstanding amount of ICDs and recoverables, interest accrued write-off, and capital advance write-off were disclosed as exceptional items. And these adjustments had no impact on the operations of the company, a Williamson Magor group flagship.

The company had posted a consolidated net profit of Rs 63.07 crore in the fourth quarter of FY20.

Eveready Industries India said as of March 31, 2021, it had inter-corporate deposits given to certain promoter group companies and recoverable amounting to Rs 489.29 crore and interest thereon amounting to Rs 68.42 crore lying outstanding.

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