Eveready Industries India, a leading name in the battery and lighting solutions industry, announced a fourth-quarter net profit of ₹8 crore for the period ending March 2024. This figure marks a significant turnaround from the loss of ₹14.39 crore reported in the corresponding quarter of FY’23. Despite this positive development, the company experienced a marginal dip in operational revenue to ₹281 crore. However, on a sequential basis, the profit witnessed a slight decline compared to the December 2023 quarter.
For the full fiscal year 2024, Eveready Industries reported revenues of ₹1,314.2 crore, representing a modest decline of 1% from ₹1,327.7 crore in FY23. Profit After Tax (PAT) for the year saw a substantial increase of 231% to ₹66.7 crore in FY’24, compared to ₹20.1 crore in FY’23.
Commenting on the performance, Mr Suvamoy Saha, Managing Director at Eveready Industries India Ltd., expressed satisfaction at ending the fiscal year 2024 on a robust note. He highlighted the company’s initiatives focused on driving premiumization, continuous innovation, and efficiency enhancements. Saha attributed the moderated revenue to weak rural demand impacting batteries and flashlights, along with industry-wide price deflation affecting the lighting segment. However, he expressed optimism for a turnaround in FY25 and emphasized the transformative initiatives undertaken by the company, particularly in modernizing its Route-to-Market (RTM) strategy.
Saha further elaborated on the positive results derived from initiatives beyond traditional strengths, such as the introduction of the new range of ‘Ultima’ alkaline batteries, rechargeable flashlights, and efforts to leverage alternative channels. He also noted the encouraging market share held by the battery segment, which continued to maintain over 53%.
Looking ahead, Saha anticipated strong growth momentum across all business categories, including batteries, flashlights, and lighting, driven by the company’s strong consumer franchise and its commitment to offering quality products and services tailored to consumer needs.
Shares of Eveready Industries India Ltd closed at ₹357.75 on the BSE, marking an increase of ₹3.50 or 0.99%. Despite challenges posed by sluggish rural demand, Eveready Industries remains optimistic about its growth trajectory, buoyed by strategic initiatives and a resilient consumer base.
