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Business Economy

Amara Raja Batteries PBT up 56 pc to Rs 276.52 cr in second quarter FY23

Amara Raja Batteries PBT up 56 pc to Rs 276.52 cr in second quarter FY23

Hyderabad, Nov 3 (UNI) Amara Raja Batteries Limited, India’s leading Industrial and Automotive Battery major on Thursday reported a 56 per cent rise in Profit Before Tax (Standalone) to Rs 276.52 crores for the second quarter ended September 30,2022 as against Q1.

The Company had posted Rs 193.22 crore in the second quarter in the previous year, the company said in a release here.

The Company’s revenue (Standalone) from operations stood at Rs 2,699.46 crore in Q2 FY23 as against Rs 2,264.19 crore in the same period in the previous year, registering 19 percent increase in revenues over previous year.

The company announced an interim dividend of Rs 2.90 per equity share of face value of Rs1 each. The Earnings per Share (EPS) for Q2 of FY 23 was at Rs 11.84.

The company witnessed robust demand in the automotive sector from the aftermarket as well as OEM segments. Exports showed very healthy growth in Middle East and South East Asian markets. Industrial battery volumes continued their upswing, especially in the telecom segment driven by 5G rollout preparations in India.

Harshavardhana Gourineni, Executive Director – Automotive & Industrial Business said “We have rebounded from the cost pressures of the previous quarters and have grown the business across verticals. We are optimistic that the economic drivers will remain stable in the near future.”

To further strengthen its efforts in this space the company has today at its board meeting announced the incorporation of a wholly-owned subsidiary that will set up a multi-gigawatt hour lithium-ion cell manufacturing facility.

Vikramadithya Gourineni, Executive Director, New Energy Business said "This move allows us to expand Lithium business in a dedicated manner while setting the ground for larger investments and technical collaborations. We are in the process of finalizing the location for this investment and should be able to confirm soon."

Speaking on this development, Jayadev Galla, Chairman & Managing Director of the Company, said that we have articulated a clear roadmap for building technology capabilities, investments in R&D and for establishing giga capacities. The subsidiary will bring in the required focus and house the New Energy investments. We remain committed to growing both our Lead Acid and New Energy businesses.”


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