Homegrown industrial and automotive battery manufacturer, Amara Raja Batteries today reported its Q3 FY2019 financial results. The company reported revenue of Rs 1,695 crore, up 9 percent YoY and PAT of Rs 131 crore, down by 2 percent compared to same period last year (Q3 FY18: Rs 134 crore).
The company's automotive battery business saw strong volume growth across business segments. During the quarter, business from OEM segment was relatively subdued in line with overall production of vehicles, and the company says Amaron brand saw good performance in both the two- and four-wheeler segments and further expanded its reach.
On the Industrial battery business front, the company says it witnessed moderate growth in the current quarter compared to same period last year. The company says it market share in all key segments continued to improve, and the demand uncertainty for batteries from the telecom segment continues, while other power back up applications show a steady demand.
Commenting on the Q3 performance, Jayadev Galla, vice-chairman and MD, Amara Raja Batteries said, “The automotive business continues to perform better and we are critically evaluating the evolving trends in both the automotive and storage battery sectors and are building capabilities to take advantage of opportunities emerging from time to time.”
S Vijayanand, CEO, Amara Raja Batteries said, “Volume growth in the automotive segment and steady demand in the industrial sector along with softened lead prices have helped in better margins on a sequential quarterly basis. Our capacity expansion projects are proceeding as per expected timelines and we are better prepared to meet the future demand across the product segments”.