Eveready expects 10-20 percent topline growth this fiscalApril 27th, 2009 - 10:05 pm ICT by IANS
Kolkata, April 27 (IANS) Eveready Industries India, manufacturer of dry batteries, flashlights and packet tea, expects a 10-20 percent growth in its topline during the current fiscal, a top official said here Monday.
“We expect our battery business to stay flat in the current year, but a 100 percent growth in our lighting business is likely to happen,” Deepak Khaitan, managing director and vice-chairman of the company, told reporters.
In 2008-09, Eveready’s sales grew marginally to Rs.860 crore from Rs.852 crore a year ago.
Khaitan expects sales from lighting business to double from Rs.50 crore in 2008-09 to Rs.100 crore in 2009-10.
The company reported a net profit of Rs.55.9 million in the January-March quarter as against a loss of Rs.65.23 million in the like period last year.
Net sales in the quarter were up 6.2 percent at Rs.205 crore, comparing to Rs.193 crore in January-March 2008.
“The turnaround in profitability came from cost-cutting, our entry in the home lighting solutions and introduction for batteries used in digital gadgets under the brand Eveready Ultima,” Khaitan said.
The company, however, sees de-growth to continue in its battery business. “In the fourth quarter, sales of D-sized batteries fell 10 percent while AA sized battery sales shrunk 5 percent. We expect the trend to continue,” Khaitan said.
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