India's Eveready Industries hits 3-month low on Q3 profit slide

Eveready Industries India

08/02/2023 04:37

** Shares of Indian battery manufacturer Eveready Industries
Ltd  ERDY.NS  down as much as 3.1% to 317.05 rupees, their
lowest levels since Nov 3, 2022
    ** Co said after market hours on Tuesday that its
consolidated net profit for Dec qtr fell 77% Y/Y to 54.4 mln
rupees ($657,974.31), hurt by high raw material costs and rising
advertising and promotion costs
    ** Eveready's consolidated revenue from operations rose ~1%
Y/Y to 3.30 bln rupees during the qtr; total expenses rose 7% to
3.23 bln rupees
    ** Over 37,000 shares change hands, 0.4x the 30-day moving
avg
    ** Stock down ~12% so far this year after posting three
consecutive annual gains
    ($1 = 82.6780 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))