Amara Raja Batteries, one of India’s leading industrial and automotive battery players, has announced its financial results for the first quarter of fiscal 2023. The company reported revenue of Rs 2,620 crore, down from Rs 1 885 crore for the same period last year. Net profit stood at 132 crore, up from Rs 124 crore last year.
The company says it has witnessed strong demand in the automotive sector from the aftermarket as well as the two- and four-wheel OEM segments. Industrial battery volumes showed healthy growth, particularly in the UPS and Telecom segments.
Jayadev Galla, President and CEO of Amara Raja, said: “It is remarkable that even in the face of global uncertainties, we have managed to not only outperform financially, but also launch new marketing and distribution initiatives to further strengthen our brands. We also continue to seek accretive growth opportunities in energy and mobility. »
Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries, Amara Raja, said: “The company is seeing continued pressure on margins due to rising electricity and other input costs, but programs are in place. to recover these costs during the rest of the year. year, including our captive solar generation.
Vikramadithya Gourineni, Executive Director, New Energy Business, Amara Raja added: “Our immediate focus continues to be the expansion of our packs and chargers business. We also continue to bet on lithium battery technology and will soon begin the implementation of our customer qualification factory. »