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