BENGALURU (Reuters) – Battery maker Eveready Industries India reported a 55% jump in third-quarter profit on Tuesday, helped by diminishing input costs.
Lithium prices, a key raw material for battery makers, were down in the quarter, helping offset beleaguered rural demand for batteries and flashlights.
Eveready’s total expenses fell almost 9% to 2.95 billion rupees, led by a 29% decline in raw material costs. As a result, consolidated net profit rose to 84.1 million rupees ($1 million) in the three months to Dec. 31.
The softness in prices of battery-making metals also helped Amara Raja Energy & Mobility and Exide Industries post profit climbs in the third quarter.
While the two also make batteries, Amara Raja and Exide cater more to automobile and industrial needs while Eveready’s products are for household use.
Eveready’s revenue, however, fell almost 8% to 3.05 billion rupees.
“The pattern of softer rural consumption in key battery-flashlight segments and continuing industry phenomenon of value diminution in the lighting segment reflected the third-quarter performance,” the company said in a statement.
($1 = 83.0310 Indian rupees)
(Reporting by Varun Vyas in Bengaluru; Editing by Janane Venkatraman)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.