Dry cell batteries major Eveready Industries India Ltd today posted a 35 per cent on-year rise in its net profit for the quarter ended June to Rs 18.35 crore.
The Kolkata-headquartered company, however, said it did not make any provision towards a penalty imposed by the Competition Commission of India (CCI) in April.
"The National Company Law Appellate Tribunal has stayed the CCI order, and owing to the uncertainty of the future outcome of the litigation, the amount of penalty that would be finally imposed on the company cannot be reliably estimated at this stage, and hence no provision has been made in the results for the quarter," it said in a release.
Operating income during the June quarter was up 13 per cent year-on-year at Rs 383.34 crore.
The battery turnover showed a growth of 8.6 per cent during the quarter under review, as the base quarter had a de-growth, preceding the GST implementation, the company said.
The segment, however, continued to be disturbed by dumped imports from China.
The turnover for flashlights was almost flat despite a volume growth 5.2 per cent in the quarter to June, due to an adverse impact of high GST rates, the release said.
LED products in the lighting segment grew by a "healthy" 24 per cent despite downward pricing rationalisation done for the quarter, it added.
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