Eveready Industries

Eveready Industries 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

Company's focus shifts to topline growth under Burmans; may look at new categories later

Company says the charge will even out for the full year; revenue up 5% to Rs 376 cr

Eveready Industries India Ltd on Friday said September quarter profit more than halved, hit by a charge related to a loan repayment and higher input costs

So far in August, the stock has gained 16 per cent, after the company reported healthy growth in topline performance, backed by volume gains despite a market slow down due to inflationary conditions.

In Eveready, the current holding of the Burman Group stands at 38.3%

Battery and flashlights maker Eveready Industries India Ltd on Monday reported a decline of 27.48 per cent in its consolidated net profit at Rs 21.85 crore for the quarter ended June 30, 2022. The company had posted a net profit of Rs 30.13 crore in the April-June period a year ago, Eveready Industries said in a regulatory filing. Its revenue from operations was up 18.87 per cent to Rs 335.38 crore during the quarter under review as against Rs 282.14 crore in the year-ago period. Eveready Industries, in which the Burman family were classified as promoters last month, reported total expenses of Rs 310.50 crore in Q1 FY 2022-23, up 27.16 per cent from Rs 244.17 crore earlier. Shares of Eveready Industries India Ltd on Monday were trading at Rs 345.50 on BSE, up 8.90 per cent from the previous close.

The board-level changes follow the completion of the open offer for acquisition of shares and control of Eveready by the Burman Group

FMCG firm Dabur India promoter Burman family has now become promoter of Eveready Industries, according to a regulatory filing by the Kolkata-based flashlight and battery maker. Entities belonging to the family -- Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Chowdry Associates -- now jointly own 38.38 per cent in Eveready Industries after the completion of an open offer in June. These firms "have become the promoter of the target company," said a disclosure to bourses made by the company under SEBI's takeover regulation. The investment firms of the Burman family entities had acquired a 14.55 per cent share of Eveready Industries from the open market in June and now collectively own a majority stake. Prior to this, the family already had acquired a 23.83 per cent stake in Eveready Industries. In February this year, the Burman group, through various entities had made a Rs 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries, ...

The company has chalked out improvement plans for each of its business categories and separate business unit teams are working on the plans

On Thursday, the open offer in Eveready by Burman entities closed with the Burmans acquiring 14.3% shares. The total holding of the in the company now stands at 38.3%

With this, Burmans' holding in the company stands at 38.3%

The resolution was approved with 99.16 per cent in favour, Eveready Industries India said in a regulatory filing

The Burmans - who have been buying into Eveready since 2019 and became the largest shareholder in July 2020 - have made it clear that their offer is for control

Over the past decade, a change in consumer choice swept through the battery industry - the walkman lost its mojo, smartphones overtook cameras and batteries were tucked away in remotes and wall clocks

CLOSING BELL: Sectorally, all the indices ended in the green zone, led by the Nifty Realty and Auto indices, up 3.5 per cent and 3 per cent, respectively

Firm is also undergoing a change of control, with the Burman Group intent on taking charge

The company had posted a net loss of Rs 442.53 crore in the January-March period a year ago, it said in a regulatory filing

Asks Eveready not to 'dissipate or dispose' of its assets, except in the usual course of business

Move follows Amritanshu Khaitan's resignation; Saha has been around for long. Prior to being made Jt MD in August, he was a whole-time director of the firm