Eveready Industries is locked in upper circuit of 5% at Rs 38.50 after reporting 152% year on year (yoy) jumped in net profit at Rs 4.53 crore for the third quarter ended December 31, 2013 (Q3), due to better realization, cost conservation and saving in finance cost. The company had profit of Rs 1.80 crore in the same quarter previous fiscal.
During the quarter, product categories such as batteries and lighting products –saw healthy turnover growth – contributing to the sales gain of 12.4% yoy at Rs 297 crore, Eveready Industries said in a statement.
Given the above operational improvement and tight working capital management, the company is expecting to reduce its borrowing substantially during the current financial year, which will have positive impact on future profitability through lower interest costs, it added.
The stock opened at Rs 37.10 and touched a low of Rs 36.50 before announcement of results on the BSE. A combined 807,000 shares changed hands on the counter and there are pending buy orders 287,000 shares on the BSE and NSE at 1440 hours.
During the quarter, product categories such as batteries and lighting products –saw healthy turnover growth – contributing to the sales gain of 12.4% yoy at Rs 297 crore, Eveready Industries said in a statement.
Given the above operational improvement and tight working capital management, the company is expecting to reduce its borrowing substantially during the current financial year, which will have positive impact on future profitability through lower interest costs, it added.
The stock opened at Rs 37.10 and touched a low of Rs 36.50 before announcement of results on the BSE. A combined 807,000 shares changed hands on the counter and there are pending buy orders 287,000 shares on the BSE and NSE at 1440 hours.
