Financial Daily from THE HINDU group of publications
Wednesday, Jan 19, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jan 19, 2005 |
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Corporate Results
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Automobile Components Eveready Q3 net up at Rs 15.95 crore Our Bureau
Kolkata , Jan. 18 EVEREADY Industries India Ltd, the flagship company of the BM Khaitan group, has set itself an "ambitious task" of selling two billion batteries by the end of the next three years. Announcing the Q3 of a "non-demerged" Eveready Industries for the last time, (the Calcutta High Court cleared the demerger on Monday and would be effective from April 1, 2004), Mr Deepak Khaitan, Vice-Chairman and Managing Director, said the market is growing at 12 per cent per annum and they would like to grow at 20 per cent per annum. "Last year, for the first time in 98 years of Eveready's history in India, it reached the one-billion-battery sales target and we already have a market share of 46 per cent. Our vision is to sell 2 billion batteries. For that we are doing a lot of planning and work has already started", Mr Khaitan told reporters. The company is currently setting up a new production at its Kolkata factory, the oldest in India, at a cost of Rs 30 crore. With the completion of the project, Eveready's total capacity would be 1.35 billion pieces per annum making it the third largest producer in the world. For the quarter ending December 31, 2004, Eveready's gross turnover increased to Rs 282.80 crore against Rs 272.29 crore in the corresponding quarter of the previous year. It registered a net profit of Rs 15.95 crore against an Rs 10.25 crore loss in the corresponding quarter. According to Mr Khaitan, Eveready Industries would formally demerge the business and create McLeod Russell India Ltd with a clean, positive and profitable balance sheet.
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