Amara Raja Batteries Ltd posted a lower net profit of ₹112.32 crore for the third quarter ended December 31, against a profit of ₹136.32 crore for the corresponding quarter last year.

The batteries major registered a 9.7 per cent increase in gross sales at ₹1,502 crore (₹1,369.54 crore).

Jaydev Galla, Vice-Chairman and Managing Director, said: “Our year to date volume and revenue growth are in line with our plan in both automotive and industrial applications. Continuous improvements in operational efficiencies are supporting the management efforts in remaining aggressively competitive.”

“Demonetisation of high value currency and sharp increase in raw material prices during the quarter had moderate impact on the quarter results and we believe that the market conditions would get restored to normalcy very soon,” he said.

For the nine months ended December 31, the company registered a gross income of ₹4491.48 crore (₹3,919 crore) and posted a profit of ₹379.30 crore (₹382.57 crore).

The company said the automotive battery business continued to maintain growth overall. Demonetisation impacted segments in varying proportions across segments.

Trent Moore Nevill was appointed as an additional director to hold office up to the ensuing AGM consequent to the resignation of Shuqing Yang from the board.

The company’s shares closed at ₹872.20, down 3.34 per cent, on the BSE on Monday.

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