Dry cell battery major Eveready Industries on Tuesday reported a 72.71 per cent y-o-y jump in its consolidated net profit to ₹25.44 crore for the second quarter of the current financial year, on the back of lower expenses.
The Kolkata-based company’s net profit for the second quarter of last fiscal stood at ₹14.73 crore. Helped by diminishing costs, total expenses of the company fell 6 per cent y-o-y at ₹333.94 crore for Q2FY24, according to a stock exchange filing.
Its revenue from operations during the period under review, however, witnessed a 2.89 per cent y-o-y fall at ₹364.89 crore as against ₹375.75 crore in the year-ago period.
Favourable trends in key raw materials and stability in exchange rates created suitable conditions for margin expansion. Despite moderating revenue trajectory in the second quarter and sustained advertising and promotional spending, , margins maintained momentum y-o-y, the company said in a release.
Commenting on the performance, Suvamoy Saha, Managing Director, Eveready Industries India, said, “Given healthy cash flows, we are steadily strengthening the balance sheet. During H1 itself, we have achieved a debt reduction of ₹53 crore (net debt stood at ₹314 crore) and we expect to close the fiscal year comfortably within our target zone.”