Eveready Industries India Ltd, a manufacturer of batteries and flashlights, reported a consolidated net loss of Rs 38.41 crore for the fourth quarter, ending March on Monday, according to PTI reported.
In the January-March quarter of the previous year, the company reported a net loss of Rs 442.53 crore, according to a regulatory application.
During the surveyed quarter, revenue from operations increased by 17.82 percent to Rs 294.33 million. The same figure remained at Rs 249.81 crore a year earlier.
According to PTI, “The quarter continued to experience lower demand in all categories as inflation reigned high. Also, very significant input cost increases due to supply chain disruptions and overall inflationary pressures severely affected margins. Price increases were taken to offset this resulting in market resistance,” the company said. .
The flashlights category continued to suffer due to the dumped imports from China, it added.
Dumping imports from China continued to hurt the flashlight category, according to the report.
In the most recent quarter, Eveready Industries’ total cost was Rs 241.23 crore, down 11.51 percent from the previous quarter, PTI said.
Eveready Industries achieved a total net profit of Rs 46.47 crore in the financial year ending March 2022. In the previous year, it recorded a net loss of Rs 311.52 crore.
In 2021-22, its operating income was Rs 1,206.75 crore. This is a decrease of 3.38 percent from the previous year’s Rs 1,248.98 crore.
The quarter and the year ending March 2022 were “also affected due to non-recurring provisions carried out as a precautionary measure, for certain disputed receivables and inventories and due to restructuring costs” for a total amount of Rs 27 crore. There were also additional communication and consulting costs of Rs 18 crore compared to the comparable quarter last year, PTI mentioned.
In a separate regulatory application, the company stated that “no dividend has been recommended” by the Board of Directors for the fiscal year ending March 31, 2022.
Shares of Eveready Industries India Ltd fell Monday to Rs 319.10 on BSE, down 0.98 percent from the previous close.
(With input from PTI)