Eveready posts big jump in Q2 netThe Times of India, Kolkata November 12, 2014
The dry cell battery major Eveready Industries has witnessed a 376% jump in net profit in the quarter ended September 30, 2014 to Rs 17.64 crore from Rs 3.70 crore in the same period last year. Its turnover has gone up marginally by 11% to Rs 354 crore during the second quarter of 2014-15 from Rs 319 crore in the year-ago period.
The company which also manufactures flashlight has stated that the growth is largely owing to price increase of batteries. "The market for flashlight and batteries remain flat. The growth is largely due to hike in price. There was a 18% growth in the new categories of lighting product. Incidentally, Eveready manufac tures 1.2 billion batteries and 25 million flashlights every year. The managing director of EIL, Amritansu Khaitan, said it is expecting a good growth in the lighting busi ness. "The profit growth should continue and we are also hoping faster growth in sales. We are aiming at 40% 50% growth in our lighting business," he said.
Khaitan added that it has also raised the price of flash lights by 5%-8% during the current quarter.