Non-Durable Household products company Eveready Industries India announced Q4FY24 & FY24 results: Financial Highlights: Revenue: Revenues for FY24 were reported at Rs 1,314.2 crore, marking a slight decline of 1.0% from Rs 1,327.7 crore in FY23. Gross Margin: Gross margin significantly improved to Rs 567.8 crore in FY24, up by 13.3% from Rs 501.0 crore in FY23. Operating EBITDA: Operating EBITDA rose sharply by 27.4% to Rs 140.3 crore in FY24, compared to Rs 110.1 crore in FY23. Profit After Tax (PAT): PAT saw a substantial increase of 231.5%, with FY24 figures reaching Rs 66.7 crore, against Rs 20.1 crore in FY23. Gross Margin Percentage: Gross margin as a percentage of income increased to 43.2% in FY24 from 37.7% in FY23. Operating EBITDA Margin: Operating EBITDA margin widened to 10.7% in FY24, up from 8.3% in the previous fiscal year. PAT Margin: The PAT margin also improved, reaching 5.1% in FY24, a significant jump from 1.5% in FY23. Commenting on the performance, Suvamoy Saha, Managing Director at Eveready Industries India Ltd., said, "“We are glad to have ended the fiscal year 2024 on a robust note, achieving 27% and 232% growth in EBITDA and PAT respectively. This reflects our overall initiatives on driving premiumization, continuous innovation and efficiency enhancements. Revenue on the other hand remained moderated primarily due to weak rural demand impacting batteries and flashlights, and indutry-wide price deflation affecting the lighting segment. We believe this to be a temporary phenomenon and we remain optimistic that FY25 will see a turn around. Similarly, we maintain that while the transformation to a revamped RTM has caused ustemporary pain, it has been a good initiative to modernise the company and it will pay rich dividends in the times to come. Our initiatives beyond the traditional strength areas, for example, with the new range of ‘Ultima’ alkaline batteries, rechrageable flashlights and efforts on leveraging alternative channels, brought forth very encouraging results. Also, it is very encouraging to us that the battery segment (traditional batteries included) continued to hold on to a 53% plus market share. As for the coming times, we see each of our business categories, batteries, flashlights and lighting to provide the company with a strong growth momentum aided by the strong consumer franchise we have built up over the years offering quality products and services addressing consumer needs.” Result PDF
Non-durable Household Products company Eveready Industries India announced Q2FY24 & H1FY24 results: Q2FY24 vs Q2FY23: Total Income from Operations decreased from Rs 375.8 crore to Rs 364.9 crore (a decrease of 2.9%) Gross Margin increased from Rs 138.4 crore to Rs 158.6 crore (a growth of 14.6%) Gross Margin Percentage increased from 36.8% to 43.5% (a growth of 6.7 percentage points) Operating EBITDA increased from Rs 43.0 crore to Rs 46.3 crore (a growth of 7.8%) Operating EBITDA Margin increased from 11.4% to 12.7% (a growth of 1.3 percentage points) Profit After Tax (PAT) increased from Rs 14.7 crore to Rs 25.5 crore (a growth of 73.5%) PAT Margin increased from 3.9% to 7.0% (a growth of 3.1 percentage points) H1FY24 vs H1FY23: Total Income from Operations increased from Rs 711.1 crore to Rs 728.5 crore (a growth of 2.4%) Gross Margin increased from Rs 271.6 crore to Rs 307.3 crore (a growth of 13.1%) Gross Margin Percentage increased from 38.2% to 42.2% (a growth of 4.0 percentage points) Operating EBITDA increased from Rs 85.1 crore to Rs 90.1 crore (a growth of 5.9%) Operating EBITDA Margin increased from 12.0% to 12.4% (a growth of 0.4 percentage points) Profit After Tax (PAT) increased from Rs 36.6 crore to Rs 50.3 crore (a growth of 37.4%) PAT Margin increased from 5.1% to 6.9% (a growth of 1.8 percentage points) Commenting on the performance, Suvamoy Saha, Managing Director at Eveready Industries India, said, “Our emphasis to grow within our existing business mix saw us successfully execute a very complex route to market in our distribution structure. With the backing of our quality products and well-regarded brand, we are confident of being able to trigger growth in chosen categories. The initial moderation in uptake in Batteries is expected to resolve in the coming quarters as stocks get replenished via more efficient pathways. We continue to push the pedal on advertising and promotional intensity. We have TVCs running within every product segment and we have kept the overall tempo of communication high. Eveready has unveiled a new logo and a tagline, aiming to woo the new generation of consumers. The new tagline for the brand now reads ‘Give me Power, Give me Red’. A new look of alkaline batteries has been relaunched as ‘Ultima’ and ‘Ultima Pro’. We have an exhaustive portfolio of rechargeable flashlights, where consumers have shown good uptake. In LED lighting, dual-channel distribution initiative in metros and large towns is bearing results. It remains our intention to grow within our chosen segments with the help of the right products which we will offer at a value point that customers appreciate. Given healthy cash flows, we are steadily strengthening the balance sheet. During H1 itself, we have achieved a debt reduction of Rs 53 crore (net debt stood at Rs 314 crore) and we expect to close the fiscal year comfortably within our target zone. As we move the right levers on product, placement, and communication I am confident that as a Company Eveready will emerge as one of the premier consumer product stories.” Result PDF