Amara Raja Batteries announces surge in Q1 FY 24 revenues

In a robust financial performance, India‘s prominent Industrial and Automotive Battery heavyweight, Amara Raja Batteries Limited, unveiled a 14% spike in its Q1 FY 24 revenues compared to the previous quarter. The reported revenue from operations stood at a significant ₹2,769.94 crores, marking an increase from ₹2,620.00 crores in Q1 FY23. The company further highlighted a profit before tax amounting to ₹258.36 crores, reflecting a substantial 46% growth from the ₹176.96 crores in the same quarter the previous year. This commendable performance translates to an Earnings Per Share (EPS) of ₹11.27 for Q1 FY 24.

Key drivers behind the revenue ascent include impressive volume growth in the automotive after-market, coupled with gains from the telecom and UPS sectors. Harshavardhana Gourineni, Executive Director of Automotive & Industrial Batteries, expressed his confidence in the consistent growth narrative. He emphasized the company’s commitment to broadening its product spectrum, venturing into emerging sectors, and amplifying its global footprint.

Shifting focus to the New Energy domain, Executive Director Vikramadithya Gourineni reported a notable uptrend in chargers and a rising interest curve in battery cells and packs. He added that the company is fast-tracking its endeavors in the Gigafactory and spearheading innovations in advanced energy research.

Echoing the company’s triumphant quarter, Chairman & Managing Director, Jayadev Galla, asserted the evident growth in both revenue and profits, accrediting it to the unwavering trust consumers place in Amara Raja Batteries’ product quality and dependability. Jayadev Galla highlighted their aggressive strides in the Li-ion initiatives, underscoring a promising trajectory ahead for the firm.