Eveready Industries Q4 dips into Rs-443cr net loss due to huge provisions for intercorporate deposits

Eveready Industries reported 21.67% higher consolidated net revenues for the Mar-21 quarter at Rs272.63cr

Jun 18, 2021 04:06 IST India Infoline News Service

Eveready
Eveready Industries reported 21.67% higher consolidated net revenues for the Mar-21 quarter at Rs272.63cr. On a sequential basis, net sales revenues were down -19.88% compared to total revenues in the Dec-20 quarter at Rs340.28cr.

Full year revenues for FY21 were 2.3% higher at Rs1,249cr. The CCI has imposed a penalty of Rs.172cr on Eveready for anti-competition practices in the dry cell industry. However, the company has managed to get a stay from the NCLAT but has paid 10% of the penalized amount as caution deposit.

For the Mar-21 quarter, Eveready Industries dipped into a net loss of Rs-443cr as against a net profit of Rs63cr in the Mar-20 quarter. This was due to a massive exceptional loss written-off to the tune of Rs630cr towards irrecoverable intercorporate deposits.

Many of these intercorporate deposits were given to promoter group companies. Eveready has stood guarantee for these deposits and hence needs to foot the liability.  While Mar-21 quarter was in loss, NPM stood at 28.15% in the Mar-20 quarter and 14.34% in Dec-20 quarter.


Financial highlights for Mar-21 compared yoy and sequentially


Eveready Industries
Rs in Crore Mar-21 Mar-20 YOY Dec-20 QOQ
Total Income (Rs cr) ₹ 272.63 ₹ 224.08 21.67% ₹ 340.28 -19.88%
Net Profit (Rs cr) ₹ -442.53 ₹ 63.07 N.A. ₹ 48.80 N.A.
Diluted EPS (Rs) ₹ -60.88 ₹ 8.68 ₹ 6.71
Net Margins -162.32% 28.15% 14.34%

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