Eveready Industries India Ltd. Reports Q1 FY24 Performance

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.

Financial Overview:

• Revenue: Revenue momentum continued at 8.4% during Q1 relative to the previous year
• EBITDA: Raw material costs and foreign exchange volatility have eased out to a large extent,
• thereby enhancing margins. The reported profitability however takes into account the
• increased advertising and promotional spending, as per the plan
• Profit After Tax: PAT during Q1 showed healthy improvement on the back of operating growth
• Revenue from operations at Rs. 363.6 crore, up by 8.4% Y-o-Y
• Operating EBITDA at Rs. 43. 8 crores; Margin at 12.0%
• PAT at Rs. 24.9 crore, PAT Margin at 6.8%

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:

• 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.
• 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.