Battery manufacturer Eveready Industries India Ltd reported an increase of 21% in its consolidated net profit on Tuesday. In the first quarter that ended in June, the consolidated net profit stands at Rs 30.13 crores.
In the regulatory filing, Eveready stated that the company had reported a consolidated net profit of Rs 24.99 crores in the first quarter of the last fiscal year.
The company said in the filing that the huge turnover for Q1 FY21 was Rs 283.04 crores, compared to Rs 275.13 crores last year.
According to the regulatory filing, the huge turnover was because of “robust pent-up demand in June as the economy started to open up from lockdown like restrictions imposed in the earlier part of the quarter to counter the second surge of the pandemic.”
“However, the turnaround in June could not entirely offset the lockdown-related disturbances In the supply chain during the earlier months,” the company added.
Eveready also added that during the second wave of COVID-19, flashlight and battery segments remained relatively unaffected but the appliances segment was affected as consumers continued to curb non-essential purchases in the midst of the pandemic, PTI reported.
Due to the new quality standards implemented by the Bureau of Indian Standards (BIS), the import of Chinese batteries was low, which helped Eveready’s battery segment gain more profit.
” The situation in the battery segment should continue to look positive as imports continue to remain low with the BIS standards having come into force – providing a level playing field to domestic manufacturers.,” the company said.
