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Dry-cell battery major Eveready reported a 67 per cent jump in net profit to Rs 35 crore for the third quarter ending December 31, 2016. Net profit in the year ago period stood at Rs 21 crore.
The rise in net profit came despite a near flat total income from operations. Income from operations stood at Rs 345 crore.
According to Amritanshu Khaitan, Managing Director, Eveready Industries, the flat turnover growth is primarily on account of demonetisation (impacting consumer sentiments) and decline in the CFL segment by 56 per cent.
“Profits increased primarily because of better operations (profit before tax), lower finance costs and tax reversals of previous years,” he said.
Over a nine-month period (April to December), the company saw a 38 per cent jump in net profit to Rs 83 crore (against Rs 60 crore), while total income from operations stood at Rs 1,101 crore.
“Q4 (Jan-March) should be better,” Khaitan said, while adding that the effect of demonetisation impacted consumer demand, especially in the rural segment. However, the effects (of demonetisation) should wear away in the “coming months”.
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