Eveready Q3 net profit jumps 65% to Rs 35 crore

Eveready Industries India on Friday reported a 65.44% rise in standalone net profit to Rs 35.19 crore for the third quarter ended December 31, 2016.

The company posted net profit of Rs 21.27 crore in the corresponding period last year.

The company said sales turnover during November and December were disturbed due to the impact of demonetisation.

Total income from operations for the quarter was at Rs 344.62 crore against Rs 342.02 crore in the comparable period of 2015-16.

All main product categories registered volume growth, despite the negative market sentiments, battery segment witnessed 3% rise, flashlights 5% and LEDs 168% during the quarter.

The company rationalised price in flashlights and LED categories.

The company's new appliances business has registered a turnover of Rs 12 crore during the quarter.

The company stated that effect of demonetisation impacted consumer demand, especially in the rural segment. However, it said various counter measures adopted by government to ease the money flow situation and steps taken to encourage non-cash transactions should restore normalcy to markets.