Moneycontrol Bureau
Battery manufacturer Eveready Industries' third quarter net profit shot up 240 percent year-on-year to Rs 15.3 crore, driven by strong operational performance.
Net sales during the same quarter grew 9.7 percent on yearly basis to Rs 325.2 crore, primarily contributed by value growth in batteries and a 22 percent growth in the new category of lighting products, said the company in its filing to exchanges.
Volume and value in flashlights remained flat on account of subdued market demand, triggered by a weak monsoon in the preceding quarter, it added.
Operating profit (EBITDA) jumped 36.6 percent to Rs 34 crore and margin expanded 200 basis points to 10.4 percent during October-December quarter due to the progressive price increases being taken in batteries.
Reduction in finance cost to Rs 8.22 crore (from 9.22 crore Y-o-Y) also contributed to the higher profits during the quarter, said the company.
At 14:15 hours IST, the scrip of Eveready Industries was quoting at Rs 213.50, down Rs 2.15, or 1 percent after hitting a 52-week high of Rs 222.20 on the BSE.
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