Amara Raja Batteries has reported profit before tax of Rs 176.96 crore for Q1 of FY 23 which is a growth of 33 percent over Q4 of FY22.
For the quarter ended June 30, 2021, the company recorded revenues from operations of 2,620.00 crore as against Rs 1,885.86 crore in the year-earlier quarter, up by 39 percent . Profit before tax rose to Rs 176.96 crore as against Rs 167.04 in the year-earlier period, an increase of 5 percent.
In a press note, the company said it witnessed robust demand in the automotive sector from the aftermarket as well as the four and two wheeler segments. Industrial battery volumes have shown a healthy growth, especially in the UPS and telecom segments.
Jayadev Galla, Chairman & Managing Director of the Company, said “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. We also continue to pursue value accretive growth opportunities in the Energy and Mobility space.”
Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries adds “The company is seeing some continued pressure to the margins due to increase in power and other input costs, however programmes are in place to recover these costs during the balance of the year, including our captive solar generation.”
"Our immediate focus continues to be on the expansion of our pack and charger business. We also continue to make bets on lithium cell technology and will be soon starting the implementation of our Customer Qualification Plant" says Executive Director, New Energy Business, Vikramadithya Gourineni.
The company recently unveiled a new mascot, Ron.