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Eveready Industries India Ltd. announced financial results for Q1 FY24

Eveready Industries India Ltd. (EIIL), a household name in batteries and flashlights, with an emerging presence in lighting, has announced its financial results for the first quarter that ended June 30, 2023.

For Q1 FY24

  1. Revenue from operations at Rs. 363.6 crore, up by 8.4% Y-o-Y

  2. Operating EBITDA at Rs. 43. 8 crores; Margin at 12.0%

  3. PAT at Rs. 24.9 crore, PAT Margin at 6.8%

Financial Overview

  1. Revenue: Revenue momentum continued at 8.4% during Q1 relative to the previous year

  2. EBITDA: Raw material costs and foreign exchange volatility have eased out to a large extent,

  3. thereby enhancing margins. The reported profitability however takes into account the

  4. increased advertising and promotional spending, as per the plan

  5. Profit After Tax: PAT during Q1 showed healthy improvement on the back of operating growth

Mr Suvamoy Saha, Managing Director, said, “I am pleased to see a pattern of growth evolving across all of our business segments. It has been an endeavour to bring salience to under-indexed areas within Batteries and Flashlights and over here our teams have made good progress. The lighting business continues to show an uptick as we make further inroads into the electrical outlet’s distribution channel. Our innovative emergency LED bulbs have made a mark with our core audience. Our teams are continuing with efforts to innovate and complete a portfolio of modern lifestyle-oriented lighting products for our consumers.

Being one of the most well-known brands in its space, it is contingent upon us to continue communicating with our consumers, and we have consistently done that both through advertising and BTL activities over the last few quarters. We have overseen an overhaul of our distribution efforts in order to bring it more up-to-date with our growth aspirations and simultaneously to infuse better efficiencies in the system. We are mindful that consumers choose Eveready because it is a hallmark of quality and as we grow, we are making sure that our manufacturing chain adheres to the highest standards set by us.

“As an organisation, we are making an invigorated thrust towards growth to deliver more predictable performance outcomes during the rest of the year.”

Key developments

  1. During the quarter, the Company launched several exciting and innovative products in the market. Coin Batteries were introduced in the battery segment. Products launched in the Rechargeable flashlight segment were Boomlite and Unicorn. The lighting segment also had several new launches, including the innovative Instacharge emergency bulbs. These products were well received by the target customers.

  2. As part of its technology transformation initiative, the Company has decided to change its ERP platform and has signed up with SAP to usher in enhanced operational efficiencies through robust automation.

About Eveready Industries India Limited

With a legacy of over 100 years, Eveready Industries India Ltd. (NSE Code: EVEREADY, BSE Code: 531508) is a household name in batteries and flashlights, with an emerging presence in lighting. Eveready products were first sold in India in 1905, which marked the beginning of the Eveready adventure. The Company, which was eventually founded in 1934, quickly rose to the top of the dry cell battery market. It is a leading brand in enhancing people’s quality of life with innovative, transportable energy and lighting solutions.

With over 50% of the share of the Indian consumer battery market, Eveready has long become a name synonymous with the category. The brand’s legendary catchphrase “Give Me Red” continues to resonate with consumers even after decades of its existence. The Company’s manufacturing facilities are spread across 6 locations, namely Matia, Lucknow, Noida, Haridwar, Maddur, and Kolkata, and they are equipped with globally benchmarked technology platforms and follow the best-in-class operating standards, with a relentless focus on quality (ISO 9000), environmental best practices (ISO 14000) and rapid adoption of technology. The Company has a Research and Development (R&D) facility which is approved by the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Government of India.

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