Consolidated profit tax was at Rs 300.76 crore in Q3 FY23 as against Rs 197.70 crore posted in the corresponding quarter last year, registering a growth of 52.1%.

On standalone basis, the company's net profit soared 54% to Rs 222.81 crore on 11.5% rise in net sales to Rs 2,637.24 crore in Q3 FY23 over Q3 FY22. Profit before tax climbed 53.5% year on year to Rs 302.57 crore in Q3 FY23.

The company said that the increase in the revenue was driven by healthy volume growth in the automotive sector in both the OEM and Aftermarket segments. Industrial battery volumes also witnessed strong growth, especially from the Telecom segment. Considerable volume growth is witnessed from lithium-ion battery packs and chargers for the mobility segment.

Jayadev Galla, chairman & managing director of Amara Raja Batteries, said, “Even in the face of global uncertainties and fears of recession in the domestic market we have managed to outperform financially. It is a testament to the customer's trust in our product's quality and reliability. Our recently announced Gigafactory plans will further strengthen our hold in the energy and mobility space.”

Amara Raja Batteries is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry. The company's industrial battery brands comprise PowerStack, AmaronVolt and Quanta. The company is a leading manufacturer of automotive batteries under the brands Amaron and PowerzoneTM, which are distributed through a large pan-India sale & service retail network.

Shares of Amara Raja Batteries rose 0.85% to Rs 570.80 on the BSE.

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Net profit of Amara Raja Batteries rose 52.70% to Rs 221.88 crore in the quarter ended December 2022 as against Rs 145.30 crore during the previous quarter ended December 2021. Sales rose 11.49% to Rs 2637.76 crore in the quarter ended December 2022 as against Rs 2365.87 crore during the previous quarter ended December 2021.

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Amara Raja Batteries will hold a meeting of the Board of Directors of the Company on 25 January 2023.

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Proposed facility situated at Mahbubnagar district in Telangana will have a Lithium Cell Gigafactory with ultimate capacity up to 16 Gigawatt hours (GWh) and a battery pack assembly unit up to 5 GWh. Over the next 10 years, the company intends to invest over Rs 9500 crore, after necessary approvals.

This facility will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, product life cycle analysis and Proof of Concept demonstration.

Further it stated that this will cater to the development needs of the Amara Raja as well as to provide a range of facilities open to other players in the energy and mobility ecosystem.

Amara Raja envisions the E-hub to serve as a much-needed catalyst for multi-stakeholder collaboration and fostering entrepreneurship in these emerging sectors, in line with the 'Atmanirbhar Bharat' vision of the Government of India.

In addition, as part of its journey towards Giga scale manufacturing of advanced cell technology products, Amara Raja would be establishing commercial scale pilot plant and the first giga scale cell production facility.

On 3 November 2022 the company incorporated a subsidiary named Amara Raja Advanced Cell Technologies. Amara Raja has been working on Li-ion cell chemistries specifically suited for Indian subcontinent conditions, and already supplies lithium battery packs and chargers to some 2 and 3-Wheeler OEMs.

Jayadev Galla, chairman & managing director, Amara Raja Batteries said, This strategic partnership with the Government of Telangana is a giant leap for Amara Raja and will bring in the impetus for innovations in sustainable technologies for the whole region,in addition to generating employment opportunities.

Vikramadithya Gourineni, executive director, New Energy Business said “This latest step is in line with the 'Energy & Mobility' roadmap that we laid out last year. Our ambition is to develop a robust Indian ecosystem with R&D, incubation, testing, and manufacturing - a Giga Corridor for emerging technologies in Energy and Mobility.”

Amara Raja Batteries is one of the largest manufacturers of lead-acid storage batteries for industrial and automotive applications in India.

The company's consolidated net profit jumped 39.4% to Rs 201.22 crore on 19.3% rise in net sales to Rs 2,700.47 crore in Q2 FY23 over Q2 FY22.

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