Eveready to have exclusive stores for lighting, home appliances

Updated on : Aug 07,2017   10:38 pm

Kolkata, Aug 7 (IANS) Eveready Industries India Ltd, which is expecting lighting and home appliances be the growth drivers in future, is looking to have exclusive branded stores across the country for these products, a top company official said on Monday.

"Lighting and home appliances will be the growth drivers for future. We are planning exclusive stores for lighting and appliances in FY18 (2017-18)," said Managing Director Amritanshu Khaitan.

He said the company would continue to pursue business from governments in lighting.

"Beside participating in LEDs, we will now participate in tenders of both Centre and state governments for street lighting," he said, adding that new products in professional lightings, indoor and outdoor luminaries would help in complete its range.

According to estimates, some 30 million street lights would be switched to LEDs.

Lighting and small appliances combined, has a share of about 20-25 per cent of company's revenue which is still driven by batteries.

The battery maker on Monday reported a 39.3 per cent fall in its net profit to Rs 13.56 crore for the first quarter ended June 30, 2017 due to destocking in trade channels as compared to Rs 22.36 crore in the year-ago period.

Total income for the period under review decreased by 3.89 per cent to Rs 359.13 crore as against Rs.373.67 crore in the year ago period.

"This was due to market conditions being impacted in the run-up to the introduction of GST, particularly due to a general trend of de-stocking in the trade channels," the company said, adding that the impact was most prominently felt in the battery segment - due to the its very significant market share (over 50 per cent) in this segment.

De-stocking by trade channels translated to a severe 10 per cent drop in volumes, it added.