Eveready Industries Q1 Profit Up 18%, Revenue Down 4%

New Delhi, Aug 3 (PTI) Battery and flashlights maker Eveready Industries India Ltd on Saturday reported an increase of 18.1 per cent in its consolidated net profit at Rs 29.36 crore in the first quarter ended June 2024.

The company had posted a net profit of Rs 24.86 crore in the April-June period a year ago, according to a regulatory filing from the Burman family promoted firm.

However, its revenue from operations was down 3.9 per cent to Rs 349.37 crore during the quarter under review. The revenue was at Rs 363.57 crore in the year-ago period.

"PAT was higher by 18.1 per cent over Q1 of last year mirroring the strong operating trend for the quarter," said Eveready Industries in its earnings statement.

Total expenses of Eveready Industries has decreased 6.48 per cent to Rs 314.18 crore in the June quarter.

Eveready Industries' total income in the June quarter was down 4.6 per cent to Rs 349.59 crore.

"Revenue growth for the quarter was contained by several factors, including a high base effect, slower offtake in the carbon-zinc range, ongoing weakness in battery-operated flashlights (albeit at a slower pace), and modest value erosion in the lighting segment," it said.

Commenting on the performance, its Managing Director Suvamoy Saha said the company has a strong start this year, maintaining the momentum in operating metrics despite a high base impact.

"Both EBITDA and PAT surged by 13.6 per cent and 18.1 per cent, respectively, with margins continuing to improve," he said.

Several key trends that fuelled this success include premiumisation push, evidenced by sustained improvements in both value and volumes in the Alkaline category, better seasonality traction in flashlights, and stable performance in lighting with a focus on innovation and professional lighting.