Amara Raja Batteries Q1 Results: Amara Raja Batteries released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 12, reporting a rise of 46 per cent in net profit at ₹192.14 crore, compared to ₹132 crore in the corresponding period last year. The battery manufacturer's revenue from operations during the first quarter of current fiscal stood at ₹2,795.51 crore, registering a growth of 14 per cent, compared to ₹2,620.53 crore in the year-ago period.
The revenue growth was aided by strong volume growth registered in the automotive after-market as well as from the telecom and UPS segments, according to the company.
“We have witnessed significant growth in revenue and profits quarter on quarter, which is a direct testament to the customer's trust in our product's quality and reliability. With our rapid movement in the Li-ion initiatives, we are poised for a strong future," said Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries.
Amara Raja Batteries is an energy and mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry. In India, Amara Raja is the preferred supplier to major telecom service providers, telecom equipment manufacturers, the UPS sector (OEM & Replacement), Indian Railways and to the power, oil & gas, among other industry segments, according to a regulatory filing by the company to the stock exchanges.
The company is a leading manufacturer of automotive batteries under the brands Amaron and PowerzoneTM, which are distributed through a large Pan-India sales & service retail network. It supplies automotive batteries under OE relationships to Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors. The Company’s Industrial and Automotive Batteries are exported to countries in the Indian Ocean Rim, according to its exchange filing.
On August 11, shares of Amara Raja Batteries settled 0.99 per cent lower at ₹617.65 apiece on the BSE.
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Updated: 12 Aug 2023, 09:52 PM IST
Amara Raja Batteries Q1 Results: Net profit rises 46% to ₹192 crore, revenue up 14% YoY | Mint - Mint
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