India’s Eveready Q2 Profit Tanks Hit by Charge, Higher Costs

Consolidated profit for the three months ended Sept. 30 fell to 147.3 million Indian rupees ($1.79 million) from 310.4 million rupees a year earlier, it said in a filing. exchange.

Operating income increased by 5.3% to 3.76 billion rupees.

Earnings were impacted by a non-cash charge related to an unamortized entry fee from a loan repaid during the quarter and a deferred tax adjustment, Eveready said in a statement. The load will balance out for the full year, he said, without giving further details.

Quarterly spending rose about 11% to 3.55 billion rupees, after input costs jumped 32.8% from a year ago.

Demand was “sluggish” following high inflation and a delayed monsoon, said Suvamoy Saha, chief executive, adding that the company was revamping its business mix for key markets.

The evolution of the product line and better execution helped boost revenue last quarter, the company said.

Indian companies, including Eveready, account for 4.21% to 4.79% of the global consumer battery market, which is expected to grow by $9.7 billion through 2026, according to a report by market research firm Technavio.

Shares of Eveready closed down 1.3% at 295.85 rupees after the earnings announcement.

($1 = 82.4625 Indian rupees)

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Dhanya Ann Thoppil)

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