Companies

Eveready pares losses in Q4

Jayanta Mallick Kolkata | Updated on March 12, 2018 Published on May 29, 2013


Eveready Industries India Ltd has reduced its losses to Rs 8.25 crore in the Q4FY13 from Rs 85.62 crore in the comparable quarter of FY12. The full year loss, however, was restricted Rs 76 lakh against Rs 79.04 crore in the previous year.

The two main product segments of Eveready – batteries and flashlights – registered sales growth. However, EBIDTA growth was at 29 per cent as it could contain costs effectively, a company note.

The new products include lanterns, radios, rechargeable fans, CFL & GLS lamps and other lighting products, packet tea and power back-up systems for mobile phones.

Outlook

It further said: “While outlook for batteries & flashlights is stable, Eveready is basing its growth in the coming year on the new products – especially the various lighting products and devices”. The company said it increased prices of batteries recently. “The company is hopeful that these measures should result in further improvement in the coming year – in sales as well as in margins”. Eveready added.

Novener SAS

The company said the Uniross group of entities including Novener SAS (in France), which Eveready acquired in 2009, are now under liquidation.

The BM Khaitan Group company had given up hope on its first overseas acquisition Novener SAS. It said, in a note to the 2011-12 accounts, that Novener is likely to see complete erosion of net worth. EIIL also had created a provision of Rs75 crore in its FY11-12 accounts as an “exceptional item”.

The company had acquired a controlling (80 per cent) stake in Novener, a French rechargeable battery conglomerate, in July 2009. Novener’s products were marketed under the brand “Uniross”. Till March 31, this year EIIL invested Rs 46.46 crore and advanced Rs.22.80 crore.

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Published on May 29, 2013
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