 "Eveready Industries net profit down 51% to Rs 24 crore in Dec quarter")
Battery and flashlights maker Eveready Industries India Ltd on Friday reported 51.41 per cent decline in consolidated net profit at Rs 23.71 crore for the third quarter ended December 31, 2021.
The company had clocked a net profit of Rs 48.80 crore in the year-ago period, Eveready Industries said in a regulatory filing.
Revenue from operations was down 4.22 per cent to Rs 325.88 crore during the quarter under review as against Rs 340.27 crore in the year-ago period.
"The current quarter experienced strong headwinds in all categories of the company's businesses," said Eveready Industries in a post earning statement.
The battery category saw an unprecedented cost push exceeding 20 per cent in the quarter necessitating increase of prices to the market, resulting in market resistance.
"Also, high level of inflation and lower usage of COVID related home devices resulted in lower consumption," it added.
Also, flashlights category continued to suffer on account of dumped imports from China and Lighting & Electrical category could not scale up to the level planned, it added.
Total expenses were at Rs 302.98 crore, up 4.28 per cent as against Rs 290.52 crore.
Share of Eveready Industries India Ltd on Friday settled at Rs 276.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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