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Leading battery maker, Eveready Industries India, unveils ambitious plans to double its revenue to over Rs 2,656 crore within the next three to four years. The plans also include reducing its debt to Rs 100 crore, according to Managing Director Suvamoy Saha. The focus is on capitalizing on opportunities in the alkaline battery sector and LED lighting business, and improving operational efficiency by discontinuing unprofitable appliances.
Saha is confident that the company can achieve this goal with minimal investments, stating, "We are well-positioned to scale up our operations significantly in the medium term." Last year, Eveready Industries recorded revenues of Rs 1,328 crore with a margin of 8 percent.
In order to streamline its operations, the company has discontinued unprofitable and low-range appliances, focusing instead on its core businesses: batteries, flashlights, and lighting. Saha anticipates that the alkaline battery market share will soon reach double digits, with the battery segment projected to grow at a rate of 7-8 percent.
Highlighting the company's opportunities in the alkaline battery sector, Saha emphasized their plans to capitalize on this underrepresented market segment. Additionally, the management aims to achieve mid-single-digit lighting margins, with aspirations of reaching double-digit margins in this business.
Currently, Eveready Industries holds a market share of approximately 53.4 percent in the battery segment, primarily in carbon zinc batteries. However, the company has a limited presence in alkaline batteries, which command double the average selling price. In the flashlight market, Eveready is a dominant player in the battery-operated segment but faces challenges in the growing rechargeable segment.
The company has also intensified its focus on the LED lighting business. Although currently trailing market leaders such as Havells, Crompton, and Orient Electric, Eveready aspires to improve its margins and move towards mid-single-digit profitability.
Under new management, the company is determined to achieve revenue growth in the teen percentages, primarily through a premiumization strategy and a shift in approach from "pull" to "push" strategy. This approach may entail higher advertising and promotional spending, with the expectation of improved margins in the coming years.
Addressing concerns about debt, Eveready Industries has made progress in reducing its burden, currently standing at around Rs 365 crore. The company is borrowing at an approximate rate of 9 percent.
By setting ambitious targets, streamlining operations, and leveraging its strengths in the battery, flashlight, and lighting sectors, Eveready Industries India aims to build a stronger and more profitable future.
Photo: Roberto Sorin/Unsplash
