The company Eveready Industries India Ltd, which manufactures flashlights and batteries, announced on Saturday that its consolidated net profit for the first quarter of 2024, which ended in June, increased by 18.1% to Rs 29.36 crore.
The Burman family-promoted company reported a net profit of Rs 24.86 crore during the April–June period of the previous year, per a regulatory filing.
However, during the reviewed quarter, its operating revenue decreased by 3.9% to Rs 349.37 crore. In the same period last year, the revenue was Rs 363.57 crore.
According to Eveready Industries’ earnings release, “PAT was higher by 18.1% over Q1 of last year mirroring the strong operating trend for the quarter.”
In the June quarter, Eveready Industries’ total expenses dropped by 6.48 percent to Rs 314.18 crore.
The June quarter saw a 4.6% decrease in Eveready Industries’ total revenue 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 stated.
Regarding the performance, Suvamoy Saha, the Managing Director, stated that despite a large base impact, the company has had a great start to the year and has maintained its momentum in operating metrics.
“Both EBITDA and PAT surged by 13.6 per cent and 18.1 per cent, respectively, with margins continuing to improve,” he stated.
This achievement was powered by a number of important trends, such as the push towards premiumization, which is demonstrated by the Alkaline category’s consistent gains in value and volume, improved seasonality traction in flashlights, and steady performance in lighting with an emphasis on professional and innovative lighting.