ALSO READEveready to form JV with McLeod Russel India Mcleod Russel to appoint consultant for packet tea biz Lighting & appliances growth drivers for Eveready: Khaitan Mcleod Russel India standalone net profit rises 8.66% in the September 2017 quarter McLeod Russel looks at entering packet tea segment
Eveready Industries today reported a 41.93 per cent increase in net profit at Rs 36.35 crore for the September quarter, mainly on account of higher income.
The Kolkata-based battery maker had posted a net profit of Rs 25.61 crore during the same period of the previous fiscal, Eveready Industries India said in a regulatory filing.
Revenue from operations during the quarter under review stood at Rs 398.25 crore. It was Rs 366.63 during the July- September period of 2016-17.
Battery volumes grew by 7 per cent while turnover grew by 5 per cent during the quarter, the company said.
"The quarter witnessed a decent recovery in trade channels, resulting in improved demand for the key segments of batteries and torches. Good demand was witnessed in the lighting segment too," it added.
Meanwhile, its board approved entering into an agreement with McLeod Russel India Ltd to operate and manage Greendale India Ltd, a wholly-owned subsidiary of the company, as a joint venture.
Both the company and McLeod would hold 50 per cent shares each of Greendale to carry out the packet tea business.
Both Eveready and McLeod belong to the Williamson Magor Group and the strategic alliance is subject to all necessary approvals, the company added.
The stock closed 1.13 per cent down at Rs 461.20 on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)