Battery-maker Eveready Industries India's Q3 profit jumps 55% on lower expenses

Eveready Industries India

06/02/2024 10:35

BENGALURU, Feb 6 (Reuters) - Battery maker Eveready
Industries India  ERDY.NS  reported a 55% jump in third-quarter
profit on Tuesday, helped by diminishing input costs.
    Lithium prices, a key raw material for battery makers, were
down in the quarter, helping offset beleaguered rural demand for
batteries and flashlights.
    Eveready's total expenses fell almost 9% to 2.95 billion
rupees, led by a 29% decline in raw material costs. As a result,
consolidated net profit rose to 84.1 million rupees ($1 million)
in the three months to Dec. 31.
    The softness in prices of battery-making metals also helped
Amara Raja Energy & Mobility  AMAR.NS  and Exide Industries
 EXID.NS  post profit climbs in the third quarter.
    While the two also make batteries, Amara Raja and Exide
cater more to automobile and industrial needs while Eveready's
products are for household use.
    Eveready's revenue, however, fell almost 8% to 3.05 billion
rupees.
    "The pattern of softer rural consumption in key
battery-flashlight segments and continuing industry phenomenon
of value diminution in the lighting segment reflected the
third-quarter performance," the company said in a statement.

($1 = 83.0310 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru; Editing by Janane
Venkatraman)
 ((varunvyas.hebbalalu@thomsonreuters.com;))