Amara Raja Energy & Mobility reports 9% increase in revenues over previous year in Q3FY24

Amara Raja Energy & Mobility formerly known as Amara Raja Batteries reported a profit before tax of Rs 313.32 crore for Q3FY24 which is a growth rate of 6.8% over Q2 of FY24.

The Earnings per Share (EPS) for Q3FY24 is at Rs 14.03.

Revenue from operations reached Rs 2,881.06 crore during the quarter ending December 2023, marking an increase from Rs 2,637.24 crore reported in the same period in 2022. The profit before tax for the current quarter is Rs 313.32 crore, reflecting a growth compared to the previous year's figure of Rs 302.57 crore for the same quarter last year.

A statement released by the company said, “the automotive battery business – both domestic and exports – saw considerable volumes from the OEM and aftermarket segments when compared to the last quarter. The boom in the telecom sector acted as the major driver for the industrial battery volumes which witnessed strong growth. Under the New Energy business, we initiated the supply of battery packs to the telecom sector.”

Speaking about the results, Jayadev Galla, Chairman and Managing Director of the Company, added “Our businesses have performed well in the last quarter even in the face of economic challenges. We were able to smoothly transition post the name change. We have launched new products under our traditional battery business and have made in-roads into newer segments under the New Energy business. This performance is thanks to the trust our customers have in our quality and reliability.”