Dry cell battery major Eveready Industries on Friday reported a net loss of Rs 442.53 crore for the fourth quarter ended March 31, as it made an exceptional adjustment of Rs 629.70 crore towards provision for outstanding inter-corporate deposits (ICDs) and write-offs.
Indicating a balance sheet cleaning exercise, Eveready said the adjustments such as a provision for the entire outstanding amount of ICDs and recoverables, interest accrued write-off, and capital advance write-off were disclosed as exceptional items. And these adjustments had no impact on the operations of the company, a Williamson Magor group flagship.
The company had posted a consolidated net profit of Rs 63.07 crore in the fourth quarter of FY20.
Eveready Industries India said as of March 31, 2021, it had inter-corporate deposits given to certain promoter group companies and recoverable amounting to Rs 489.29 crore and interest thereon amounting to Rs 68.42 crore lying outstanding.