1. Battery-maker Eveready Industries India's Q3 profit jumps 55% on lower expenses

Battery-maker Eveready Industries India's Q3 profit jumps 55% on lower expenses

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1 min read • Updated: February 6, 2024, 4:58 PM

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Summary

Eveready's total expenses fell almost 9% to ₹295 crore, led by a 29% decline in raw material costs. As a result, consolidated net profit rose to ₹8.41 crore ($1 million) in the three months to Dec. 31.

Everready.jpg
Eveready products are for household use.

Bengaluru, 6 February (Reuters): Battery maker Eveready Industries India reported a 55% jump in third-quarter profit on Tuesday, helped by diminishing input costs.

Lithium prices, a key raw material for battery makers, were down in the quarter, helping offset beleaguered rural demand for batteries and flashlights.

Eveready's total expenses fell almost 9% to ₹295 crore, led by a 29% decline in raw material costs. As a result, consolidated net profit rose to ₹8.41 crore ($1 million) in the three months to Dec. 31.

The softness in prices of battery-making metals also helped Amara Raja Energy & Mobility and Exide Industries post profit climbs in the third quarter.

While the two also make batteries, Amara Raja and Exide cater more to automobile and industrial needs while Eveready's products are for household use.

Eveready's revenue, however, fell almost 8% to ₹305 crore.

"The pattern of softer rural consumption in key battery-flashlight segments and continuing industry phenomenon of value diminution in the lighting segment reflected the third-quarter performance," the company said in a statement.

(The story has been published from Reuters without any major changes)