Amara Raja Batteries report 45.55% jump in net profit in 1QFY24

Amara Raja Batteries, one of India’s leading industrial and automotive battery majors, reported a 45.55% increase in consolidated profit after tax at Rs 192.14 crore in the first quarter ended June 30, 2023.

The company had posted a consolidated profit after tax of Rs 132.01 crore in the same quarter last fiscal.

Consolidated revenue from operations was at Rs 2,795.51 crore against Rs 2,620.53 crore in the year-ago period.

The company's Executive Director, New Energy Business, Vikramadithya Gourineni said, “In the new energy segment, we have seen 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"

The company's products are used in a variety of applications, including automobiles, telecom, and industrial equipment, and its rapid growth seen in recent years is expected to continue. 

Amara Raja Batteries is investing heavily in research and development, and it is developing new products that are in line with the latest trends in the automotive industry. This will help the company to maintain its competitive edge and to grow its market share in the coming years.