Eveready Industries India Ltd (EIIL) based in Kolkata has reported a significant increase in consolidated net profit for the second quarter of the current fiscal year. The company’s net profit rose by 73.5 per cent to Rs 25.44 crore, up from Rs 14.73 crore in the same quarter last fiscal year. Despite a three per cent decrease in revenue from operation to Rs 364.9 crore, the operating EBITDA margin improved to 12.7 per cent.
According to Eveready Industries, the revenue performance was impacted by the distribution revamp, which is expected to normalize in the upcoming quarters. While battery-operated flashlights saw a decline, there was healthy growth in the rechargeable category. The company attributed the margin expansion to favorable trends in raw materials and stability in the exchange rate.
Managing Director Suvamoy Saha expressed confidence in the company’s growth strategy within its existing business mix and emphasized the successful execution of a complex route to market in the distribution structure. The initial moderation in battery uptake is expected to be resolved in the coming quarters with replenished stocks through more efficient pathways.
Undertaking a revamp journey with the new management under the Dabur family, Eveready has also introduced a new logo and tagline to appeal to the new generation of consumers. This is in line with the company’s efforts to adapt to changing consumer preferences and market dynamics.
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