Kolkata, Jan 10: Backed by its upcoming lineup of products in portable power segment, dry-cell batteries major Eveready Industries is aiming to clock a net profit this fiscal after suffering losses last year.
In a turnaround effort, the largest player in the country’s dry-cell battery market, which has been going through troubled times, is planning to introduce a host of products in the expanding portable power segment.
“Going forward, we are expecting better results in the third quarter. Last year, the second half was in a loss. By the end of this year (fiscal), we are expecting Rs.1,000 crore,” Eveready Industries India Ltd director Amritanshu Khaitan said here Thursay.
The company caters to almost half of Rs.1,250 crore dry cell market in India. Its total income was around Rs.988 crore in 2011-12.
The firm had registered a net loss of Rs.79.85 crore in 2011-12. Earlier in 2007-08, it had posted a net loss of Rs.19.32 crore, but managed to post a net profit of Rs 19.40 crore in 2008-09 and Rs 142.21 crore in 2009-10.
The battery maker’s net profit had slipped to Rs.39.24 crore in 2010-11.
“We have increased prices of our products by an average of 3-4 percent in last six months, owing to increase in raw material prices. We will take further price hikes in next six months,” Khaitan informed.
The Kolkata-based company, a leader in the portable power segment, has planned to launch a host of products in the category.
It has launched universal portable chargers for mobile devices under the Eveready Ultima Mobile Power brand. The product, priced between Rs.1,600 and Rs.3,000, will be aimed at growing smartphones market in the country.
The firm has also planned to introduce other portable power solution products and rechargeable lighting solutions products in next few months.