Note ban hits Eveready Industries badly in Q4

Eveready Industries India Limited declared its financial results for the quarter ended December 31 on Friday which shows sales turnover during November and December were disturbed due to the impact of demonetisation in the markets.

The company estimated that their consumer off-take and stocking in trade channels were quite adversely affected by demonetisation – as a result of which turnover growth was subdued during the quarter.

The lack of turnover growth had an expected impact on the operating Earnings before interest, tax, depreciation and amortization (EBITDA). In this circumstance, it was 10.7 per cent, which was lower than comparable quarter of last year at 11.6 per cent.

The year to year (YTD) EBIDTA margin was at 11.0 per cent higher than the comparable YTD number of last year at 10.3 per cent.

Turnover in batteries was flat. Other than the demonetization impact, the market continued to be disturbed by dumped imports from China, said a company official.