Eveready Industries India rose 0.75% to Rs 53.95 at 9:19 IST on BSE after the company reported a net profit of Rs 1.25 crore in Q4 March 2014 compared with a net loss of Rs 2.15 crore in Q4 March 2013.
The Q4 result was announced after market hours on Monday, 5 May 2014.
Meanwhile, the S&P BSE Sensex was up 119.23 points or 0.53% at 22,564.35.
On BSE, so far 31,000 shares were traded in the counter as against average daily volume of 2.16 lakh shares in the past two weeks.
The stock hit a high of Rs 55.50 and a low of Rs 53.60 so far during the day.
Eveready Industries' operating income rose 13% to Rs 257.43 crore in Q4 March 2014 over Q4 March 2013. Operating EBITDA (earnings before interest, taxation, depreciation and amortization) rose 54.2% to Rs 15.59 crore in Q4 March 2014 over Q4 March 2013.
Eveready Industries' net profit surged 167.7% to Rs 13.60 crore on 11.4% growth in operating income to Rs 1153.41 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Operating EBITDA rose 38.6% to Rs 90.59 crore in FY 2014 over FY 2013.
During the quarter and the year, the product categories of batteries and lighting products saw healthy turnover growth - contributing to the sales gain, Eveready Industries said. Growth of EBIDTA and profits is a reflection of better price realization and cost conservation, the company said in a statement.
The company had significant adverse impact on input costs during the current year on account of the steep rupee depreciation in the recent past. However, it could pass on the impact to the market by taking up prices of batteries and flashlights in 2 rounds, Eveready Industries said in a statement.
Eveready Industries said that market has absorbed these price increases and outlook for batteries & flashlights appears stable. Another round of price increase has already been implemented effective April 2014, the company added.
Eveready is also basing its growth for the year on the new products especially the various lighting products and devices. The company is hopeful that these should result in sustainable improvement in sales as well as in margins, Eveready Industries said in a statement.
Also, given the above operational improvement and tight working capital management, the company was able to reduce its borrowings by Rs 50 crore during the financial year, Eveready Industries said. The end of the year borrowing stood at Rs 225 crore. The company stands by its plans to reduce debts substantially in the coming year with profits from planned improved operations, Eveready Industries said in a statement.
Eveready Industries India said that at the meeting of the Board of Directors of the company held on Monday, 5 May 2014, Mr. Amritanshu Khaitan, was appointed as Managing Director of the company with effect from 5 May 2014, subject to approval of the members at the next Annual General Meeting of the company and/or Central Government, as may be required.
Eveready Industries India is the country's market leader of batteries and flashlights - selling more than 1.2 billion batteries and 25 million flashlights. Apart from these, Eveready now offers a basket other products.
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