Amara Raja Q1 profit up 46% at Rs 258.35cr

Hyderabad Energy and mobility enterprise, Amara Raja Batteries Limited reported a 46 per cent increase in profit before tax (PBT) at Rs 258.35 crore in the first quarter of FY24 ended on June 30, 2023. The company had posted PBT at Rs176.96 crore in the same quarter in the last fiscal.

The revenue from operations in the first quarter is at Rs 2,769.94 crore, compared to Rs 2,620 crore in the same quarter in the last fiscal, ARBL said in a statement.The revenue growth was aided by healthy volume growth registered in the automotive after-market as well as from the telecom and UPS segments, it added.

Speaking about the results, Jayadev Galla, Chairman and Managing Director, ARBL said, “We have witnessed significant growth in revenue and profits quarter-on-quarter, which is a direct testament of 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.”

The Earnings Per Share (EPS) for Q1 of FY 24 is at Rs 11.27.

Harshavardhana Gourineni, Executive Director, Automotive and Industrial Batteries,added: “We will continue to build our product range, cater to newer segments, and strengthen our International operations.”

“In the New Energy segment, we have seen a healthy growth from chargers and increasing interest in cells and battery packs. We are moving quickly in our Gigafactory and advanced energy research and innovation center work,” said Executive Director, New Energy Business, Vikramadithya Gourineni.