Amara Raja Energy & Mobility, formerly known as Amara Raja Batteries, a comprehensive solutions provider in the Energy & Mobility space reported its financial results for Q3 FY2024.
The revenue came at Rs 2,881 crore, up 9.25 percent and net profit of Rs 313 crore, up 3.64 percent YoY.
In the automotive battery business, the company saw a smart uptick in both domestic and export businesses with volume growth in the OEM and aftermarket segments. 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, it has initiated the supply of battery packs to the telecom sector.
Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries, Amara Raja Energy & Mobility said, “Our continuous growth inspires us to expand our product range. Recently, we launched our automotive lubricant business, which has gained significant traction. Additionally, we have strengthened our international operations by entering the North American market and securing a substantial order book.”
Vikramadithya Gourineni, Executive Director, New Energy Business, Amara Raja Energy & Mobility said, “I am happy to share that our pack and charger business continues to grow at a healthy click, with a good appreciation being shown for our localized chargers from a couple of our strategic customers. In the last quarter, we have also made in-roads in the telecom sector with our packs thanks to 5G rollout. Construction activities related to our Gigafactory and the Research and Innovation Centre are progressing smoothly.”
Jayadev Galla, Chairman & MD 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.”
