Eveready Industries today reported 39.36 per cent decline in standalone net profit to Rs 13.56 crore for the first quarter ended June 30, hit by de-stocking in trade channels ahead of GST implementation. The company had posted standalone net profit of Rs 22.36 crore in the same quarter previous fiscal, Eveready Industries said in a BSE filing. Revenue from operations during the period under review were at Rs 357.66 crore as against Rs 371.79 crore in the same period last fiscal, down 3.8 per cent. De-stocking by trade channels translated to "a severe 10 per cent drop in volumes", Eveready Industries said. Shares of Eveready Industries were trading at Rs 305.10 apiece in the afternoon trade, up 0.69 per cent from the previous close on BSE.

Source: dna August 07, 2017 08:01 UTC