Eveready Industries share price rose over 9% today after the firm reported a three-fold rise in net profit for FY 20. Eveready Industries share hit fresh 52 week high of Rs.94.8 today The share has been gaining for the last 2 days and risen 9.52% in the period.
The stock opened with a gain of 9.15% today
The microcap stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
It has risen 22% during the last one year but gained 61.29% since the beginning of this year. The stock has gained 12.23% in a week and 33 % in a month.
Eveready Industries reported over three-fold jump in its net profit at Rs 179.57 crore for the financial year 2019-20, compared to Rs 47.26 crore in the last fiscal. In Q4, net profit rose multi fold to Rs 63.73 crore against Rs 4.04 crore in Q4 FY19.
The profitability was aided by rise in gross margin in the core segments of batteries and flashlights and improvement in operating margin due to additional cost savings measures. The discontinuance of the packaged tea business further helped the company in improving margins and releasing working capital, Eveready Industries said in a regulatory filing.
"The turnover for the quarter and the year was lower than that in the previous year as the segments of lighting and appliances were adversely impacted. Furthermore, discontinuance of the packet tea segment decreased turnover by Rs 40.4 crore during the year (Rs 18.7 crore during the quarter)," Eveready Industries said in a filing to the Bombay Stock Exchange.
Eveready Industries India is engaged in the business of marketing of fast moving consumer goods, such as dry cell batteries, rechargeable batteries, flashlights and general lighting products. The company also distributes a range of electrical products.