Amara Raja Batteries reports 39% yoy increase in revenues during Q1FY23; Stock soars 2%

8 Aug 2022 , 01:27 PM

Amara Raja Batteries Limited, India’s leading Industrial and Automotive Battery major has reported profit before tax of Rs176.96 crore for Q1 of FY 23 which is a growth of 33% over Q4 of FY22. The revenue stood at Rs2,620 crore as against revenue of Q1FY22 of Rs1885.86 crore.

The Earnings per Share (EPS) for Q1 of FY23 was at Rs7.70.

The company witnessed strong demand in the automotive sector from the aftermarket as well as four-Wheeler and two-Wheeler OEM segments. Industrial battery volumes have shown a healthy growth in the UPS and telecom segments.

Jayadev Galla, Chairman & Managing Director of the Company, commented, “It is notable that even in the face of global uncertainties we have managed not only to outperform financially but also to launch new marketing and distribution initiatives to further strengthen our brands.”

Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries adds “The company is witnessing some continued pressure to the margins due to increase in power and other input costs, however programs are in place to recover these costs during the balance of the year, including our captive solar generation.”

At around 1:27 PM, Amara Raja Batteries was trading at Rs513.70 per share up by Rs8.95 or 1.77% from its previous closing of Rs504.75 per share on the BSE.