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Eveready Industries notches a 5-month high in light of improved business outlook

The stock has increased 16% so far in August as the firm announced strong topline growth supported by volume improvements despite a market slowdown brought on by inflationary conditions

August 10, 2022 2:23 IST | India Infoline News Service
In Wednesday's trading on the BSE, shares of Eveready Industries reached a five-month high of Rs367.70, up 3%. In the last two days, the stock has increased by about 7% in anticipation of an improved corporate outlook. The price of the shares of a battery manufacturer reached its highest point since March 3, 2022. On October 6, 2021, it had previously reached a 52-week high of Rs413.30.

The firm recorded an 18% year-over-year (YoY) growth in total income at Rs335 crore in the June quarter, and the stock has since increased by 16% in only seven days (Q1FY23). Despite a market slowdown caused by inflationary conditions, the company's strong topline growth was supported by volume improvements.
EBITDA, or earnings before interest, taxes, depreciation, and amortization, was down 28.6% YoY to Rs42.1 crores, while margin fell to 12.6% from 20.9% in Q1FY22. The stock underperformed the market during the previous year, declining 2% as opposed to the S&P BSE Sensex's 8% rise. 

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