Eveready Q1 profit falls 39.3% at Rs13.56 crore on trade disruption due to GST
Kolkata: Household battery maker Eveready Industries Ltd on Monday reported a 39.3% decline in its June quarter net profit and blamed it on disruption in trade and distribution ahead of the implementation of the goods and services tax (GST).
The company said its net profit for the quarter was at Rs13.56 crore compared with Rs22.36 crore in the same period in the previous year.
Total revenue for the quarter contracted 3.89% year-on-year to Rs341.23 crore.
In a statement, Eveready said its battery sales were impacted the most by the implementation of GST—sales by volume declined 10% from the previous year.
Eveready is looking to ramp up revenue from its appliances division to Rs100 crore in the current fiscal year, according to managing director Amritanshu Khaitan.
In the June quarter, the fledgling business turned in Rs17.85 crore in revenue, compared with Rs5 crore in the same period a year earlier.