Eveready Industries net profit rises 10.36 per cent in Q1
Kolkata, July 25 (IANS) Battery to lighting major Eveready Industries on Monday said its net profit rose 10.36 per cent to Rs 22.36 crore for the quarter ended June 30, 2016, as compared to Rs 20.26 crore in the corresponding period last year.
The company’s income from operations in the quarter under review stood at Rs 371.35 crore as compared to Rs 366.99 crore in the year ago period.
According to company’s latest annual report, it is coming up with a new manufacturing plant in Goalpara, Assam, spanning across 17 acres approximately. “This facility is expected to come on stream by March 2017. This project will provide tax relief applicable to the area,” the report said.
The report said that company’s battery business remained marginally subdued due to dumping of cheap Chinese batteries in the last fiscal and its flashlight volumes also declined owing to stress on the rural sector and proliferation of cheap flashlights.
Although diversification into LED based flashlights helped sustain this temporary challenge, it said.
The company forayed into home appliances sector in the last fiscal aiming at four to five per cent market share (small appliances) in the next three to five years.