KOLKATA: Eveready Industries IndiaBSE 0.00 % (EIIL) on Wednesday said it is likely to report break even or marginal net profit for the fiscal 2012-13.
"We expect 6-7 % jump growth in topline close to Rs 1,050 crore against Rs 980 crore in 2011-12. We think, we will either break even or post marginal profit at net level in FY-13," Amritanshu Khaitan, executive director, EIIL, told mediapersons on Wednesday. The company had reported a net loss of Rs 79.9 crore for 2011-12.
Meanwhile, the company is mulling a joint venture with frontline real estate players to develop its Hyderabad and Noida properties which has been on the block for sometime now. "We are yet to get a suitable buyer for the properties. We are also open to the option of forming a JV to develop the properties," Mr Khaitan added. If the company forms a JV to develop the properties, it may engage its sister company McNally Bharat Engineering Company for construction.
On the 10% surge in the company's stock price on Tuesday following rumours that EIIL has sold off its 25 acres land in Hyderabad for Rs 270 crore, Mr Khaitan said, "it is all rumour. The land is up for sale, it will take time. I think, the real estate market needs to revive. We hope to finalised something over the next 8 to 12 months."
EIIL has a total land bank of 50 acre spread across Hyderabad, Noida and Lucknow which would be either sold off or developed through joint ventures. The company has been trying to offload some of its surplus land to retire its debt of Rs 270 crore.
Elaborating on the new household products like rechargeable LED study lamps, emergency lamps and rechargeable fan line-up, Mr Khaitan said, EIIL is expecting to garner Rs 50 crore from new rechargeable lighting products including lanterns in the first year of operations. Rechargeable lighting currently contributes Rs 100 crore.
"We will introduce a host of household and lighting products, but restrict it to home products," Mr Khaitan said and hopes to clock double digit growth in 2013-14.