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Auto Parts & Equipment company Amara Raja Energy & Mobility announced Q3FY24 results:
Financial Performance
- Revenue: Amara Raja Energy & Mobility Limited reported a revenue of Rs 2,881.06 crore for the quarter ended December 31, 2023, marking a 9% increase over the previous year's revenue of Rs 2,637.24 crore for the same quarter.
- Profit Before Tax (PBT): The company achieved a profit before tax of Rs 313.32 crore in Q3FY24, which is a 6.8% increase from Rs 302.57 crore reported in Q3FY23.
- Earnings per Share (EPS): The EPS for Q3FY24 stands at Rs 14.03.
Business Highlights
- Automotive Battery Business: The automotive battery business experienced significant growth in both the OEM and aftermarket segments domestically and internationally.
- Industrial Battery Business: Growth in the telecom sector propelled industrial battery volumes, attributed to the 5G rollout.
- New Energy Business: Introduced battery packs to the telecom sector and continued to expand product offerings such as automotive lubricants and localized chargers.
- Global Expansion: Entry into the North American market was highlighted by securing a substantial order book.
- Infrastructure Development: Construction of the Gigafactory and the Research and Innovation Centre continued.
Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries, stated: "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, mentioned: "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 the 5G rollout. Construction activities related to our Gigafactory and the Research and Innovation Centre are progressing smoothly."
Jayadev Galla, Chairman & Managing Director, commented on the results: "Our businesses have performed well in the last quarter even in the face of economic challenges. We were able to smoothly transition after 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."
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