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Amara Raja Energy & Mobility will hold a meeting of the Board of Directors of the Company on 28 May 2024.

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Net profit of Amara Raja Energy & Mobility rose 14.81% to Rs 254.75 crore in the quarter ended December 2023 as against Rs 221.88 crore during the previous quarter ended December 2022. Sales rose 15.40% to Rs 3043.92 crore in the quarter ended December 2023 as against Rs 2637.76 crore during the previous quarter ended December 2022.

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Amara Raja Energy & Mobility will hold a meeting of the Board of Directors of the Company on 31 January 2024.

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Revenue from operations increased by 9.58% to Rs 2,959.34 crore in Q2 FY24 as compared with Rs 2,700.47 crore posted in same quarter last year. The revenue growth was aided by volume growth registered in the automotive after-market as well as from the telecom and UPS segments. The new energy business also witnessed good growth.

During the quarter, profit before tax stood at Rs 309.80 crore, up 12.51% as compared with Rs 275.33 crore in Q2 FY23.

EBITDA stood at Rs 402.4 crore in Q2 FY24, registering the growth of 12.2% YoY as compared with Rs 3,586 crore in Q2 FY23. EBITDA margin was 13.60% in Q2 FY24 as against 13.28% in Q2 FY23.

Harshavardhana Gourineni, executive director, Automotive & Industrial Batteries said, “Our automotive and industrial businesses witnessed consistent performance. As a company, we are proceeding with renewed vigor by building our product range, penetrating new geographies, establishing new customer partnerships, and driving operational excellence.”

Vikramadithya Gourineni, executive director, New Energy Business said, “In the New Energy segment, we have seen a healthy growth from chargers and increasing interest in cells and battery packs. Our work on the Gigafactory and e+ Energy Labs, the advanced energy research and innovation center, is progressing smoothly and we are keeping a close eye on the evolving market conditions in this space.”

Jayadev Galla, chairman & managing director of ARE&M said, “The last quarter marked a significant milestone in the Amara Raja growth story as we announced our official name change from Amara Raja Batteries to Amara Raja Energy & Mobility. This strategic change underscores our commitment to the evolving nature of the industry by moving away from being just a battery maker to becoming a comprehensive solutions provider in the Energy & Mobility sector.”

Meanwhile, the company has declared an interim dividend of Rs 4.80 per equity share for FY24. The record date is fixed as on 10 November 2023. The said interim dividend will be paid on or before November 29, 2023.

Furthermore, the board has approved the further investment of 500 crore in wholly owned subsidiary, Amara Raja Advanced Cell Technologies (ARACT) in one or more tranches either through loan/ equity/ any other mode.

Amara Raja Energy & Mobility (formerly known as 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.

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