Amara Raja Batteries reports 19% yoy increase in revenues during Q2FY23; Stock jumps 10%

4 Nov 2022 , 09:16 AM

Amara Raja Batteries Limited, India’s leading Industrial and Automotive Battery major has reported profit before tax of Rs276.52 crore for Q2 of FY23 which is a growth of 56% over Q1.

The company reported revenue from operations of Rs2,699.46 crore in Q2FY23 as against Rs2,264.19 crore of corresponding year, registering a growth of 19% yoy. Further, the company has announced an interim dividend of Rs2.90 per equity share of face value of Rs1 each. The Earnings per Share (EPS) for Q2 of FY 23 was at Rs11.84.

The company witnessed robust demand in the automotive sector from the aftermarket as well as OEM segments. Exports showed very healthy growth in Middle East and South East Asian markets. Industrial battery volumes continued their upswing, especially in the telecom segment driven by 5G rollout preparations in India.

Harshavardhana Gourineni, Executive Director — Automotive & Industrial Business said “We have rebounded from the cost pressures of the previous quarters and have grown the business across verticals. We are optimistic that the economic drivers will remain stable in the near future.”

On Friday early morning trade, Amara Raja Batteries Ltd is currently trading at Rs543.85 per share up by Rs24.05 or 4.63% from its previous closing of Rs519.80 per share on the BSE.

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