Amara Raja Q1 consolidated net profit soars 46%

HYDERABAD: Tirupati-based industrial and automotive batteries maker Amara Raja Batteries Limited (ARBL) on Saturday said it has clocked a nearly 46% jump in consolidated net profit for the first quarter ended June 30, 2023, at Rs 192 crore as against Rs 132 crore in the same period of last financial year.

This was on a nearly 7% rise in consolidated revenue from operations for Q1FY24 at Rs 2,796 crore from Rs 2,621 crore in Q1FY23.

The company said revenue growth was aided by healthy volume growth registered in the automotive after-market as well as in the telecom and UPS segments.

ARBL executive director for automotive & industrial batteries Harshavardhana Gourineni said the company would continue to build its product range, cater to newer segments, and strengthen international operations.

According to ARBL executive director of new energy business Vikramadithya Gourineni, the company has seen healthy growth from chargers and increasing interest in cells and battery packs.

“We are moving quickly in our giga factory and advanced energy research and innovation center work,” he added. ARBL conducted the foundation stone laying ceremony of its R&D centre on Friday.