Consumer durable co Eureka Forbes Q1 net profit rises 28.5% to Rs 25.44 cr

Eureka Forbes, a consumer durable maker which operates in the health and hygiene space, on Tuesday reported a 28.48 per cent increase in its consolidated net profit at Rs 25.44 crore in the June quarter.

It had reported a net profit of Rs 19.80 crore in the April-June period a year ago.

However, its revenue from operations was down 4.06 per cent to Rs 504.81 crore in the first quarter of the ongoing fiscal as against Rs 526.22 crore in the year-ago period, Eureka Forbes said in a regulatory filing.

"This represented a sequential improvement in the trajectory of the business," said an earnings statement from Eureka Forbes.

Total expenses of Eureka Forbes, which was earlier owned by construction major Shapoorji Pallonji and Company, was at Rs 471.17 crore in the first quarter of FY 2023-24.

"During the quarter, the company's net debt stood at Rs 32 crore, a reduction of 85 per cent year-on-year," it said.

Last year, Advent International-backed Lunolux acquired the majority stake in Eureka Forbes, which is a leading player in water purification, vacuum cleaning and air purification segment.

"We made encouraging progress against our key strategic priorities in Q1 FY24," MD and CEO Pratik Pota said.

"Our recent efforts in growing the category and driving volumes are beginning to bear fruit with an overall volume growth in Electric Water Purifiers and Vacuum Cleaners during the quarter," he added.

Shares of Eureka Forbes Ltd settled 0.99 per cent higher at Rs 557.45 apiece on the BSE.