BENGALURU (Reuters) - Eveready Industries Ltd reported a 77% fall in third-quarter profit on Tuesday, as the Indian battery manufacturer battled high costs of raw material as well as climbing advertising and promotion costs.
Consolidated net profit fell to 54.4 million rupees ($657,687.94) for the three months ended Dec. 31, compared to 237.1 million rupees a year earlier.
"Profitability during the quarter was impacted by adverse movement in foreign exchange rates as well as continued high inflation in key raw materials, apart from higher charges in advertising and promotion spends," Eveready said in a statement.
Quarterly expenses rose about 7% to 3.23 billion rupees, as the cost of materials consumed jumped about 27% from a year earlier.
Battery makers globally wrestled with high costs of raw materials in the October-December quarter although prices of certain commodities such as lithium and cobalt began easing by quarter-end.
Revenue from operations rose about 1% to 3.30 billion rupees, marking its slowest growth in three quarters.
Shares of Eveready, which rose around 24% in 2022, closed marginally higher at 327.10 rupees on Tuesday.
($1 = 82.7140 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Janane Venkatraman)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app