Eveready Industries Q4 net profit falls by 27%

| Friday, May 6, 2016 - 18:06
First Published |

The battery maker says the market is being flooded with poor quality dumped imports from China

Kolkata: Battery maker Eveready Industries on Friday announced that its standalone net profit in the January-March quarter of 2015-16 fell by 27% to Rs 4 crore as against Rs 5.45 crore in the same quarter of 2014-15.

The standalone operating income of the company stood at Rs 283.25 crore in the quarter, up three percent from Rs 275.13 crore in the corresponding quarter last year, the company said in a filing at Bombay Stock Exchange (BSE).

The Kolkata-based company's standalone operating income for 2015-16 increased by a modest three percent to Rs 1,323.30 crore from Rs 1,278.92 crore in 2014-15.

"The turnover for the year (2015-16) registered a very modest growth as compared to the previous year due to significantly muted consumer demand - particularly in the rural segment," the company said.

(Also Read: Royal Enfield boosts Eicher Motors to record the profit of 71.3%)

The battery maker also said the battery market, in particular, is being flooded with poor quality dumped imports from China.

The organised segment of the flashlights category experienced de-growth on account of back to back poor monsoon over the last two years, the company said.

The company also said turnover of lighting products experienced 46 percent growth, contributed significantly by turnover of LED bulbs.

Company's operating EBITDA for 2015-16 dipped to Rs 120.49 crore as against Rs 123.68 crore in 2014-15.

"Outlook on batteries remains stable - may improve significantly if regulatory support is received against dumping of batteries in the country," the company said, adding that lighting products are expected to be major contributors in the coming quarters.

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