Amara Raja Batteries’ Q1 results for fiscal 2023-24 (Q1FY24) were announced on August 12, with a 46% increase in net profit to 192.14 crore, up from c. 132 crore earlier this year. The battery manufacturer reported 142 per cent revenue growth during the first quarter of current fiscal, which stood at -2,795.51 crore. This was 14 percent higher than the previous year’s revenue from operations, and marked 147 per percent more than that of the prior year 2009.
The company reported that the increase in revenue was driven by strong volume growth in the automotive after-market, telecom, and UPS sectors.
Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries, stated that the company has achieved strong revenue and profits quarter after quarter, which is consistent with the customer’s confidence in our product. This comes as the firm continues to ramp up its Li-ion initiatives, setting the stage for a promising future.
According to a regulatory filing filed by Amara Raja Batteries, the energy and mobility company, it is one of the largest producers of energy storage products for industrial and automotive purposes in India. It supplies power plants, satellite dishes, and other industry sectors across various industries.
Amaron and PowerzoneTM are the two popular brands among automotive batteries manufacturers, distributed through a large Pan-India sales and service retail network. The company provides automotive Batteries under OE relationships with Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mah indra, Maruti Suzuki, Tatar Motors, and other companies. Additionally, the Industrial battery of the Company is exported to countries in the Indian Ocean Rim, as per its exchange filing.
The BSE saw a 0.9% decline in Amara Raja Batteries’ shares, with each share trading at 617.65 on August 11.
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