Amara Raja Batteries, one of India’s leading industrial and automotive battery major, has announced its financial results for the first quarter of FY2023. The company reported revenue of Rs 2,620 crore, compared to Rs 1,885 crore for the same period last year. The net profit came at 132 crore, as against Rs 124 crore last year.
The company says it witnessed robust demand in the automotive sector from the aftermarket as well as two- and four-wheeler OEM segments. Industrial battery volumes have shown a healthy growth, especially in the UPS and telecom segments.
Jayadev Galla, Chairman and MD, Amara Raja 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, Amara Raja said, “The company is seeing some continued pressure to the margins due to increase in power and other input costs, however programs are in place to recover these costs during the balance of the year, including our captive solar generation.”
Vikramadithya Gourineni, Executive Director, New Energy Business, Amara Raja added, “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.”