Companies

Amara Raja Batteries net doubles to ₹124 crore in Q1

Our Bureau Hyderabad | Updated on August 14, 2021

The revenue has risen 64 per cent at ₹1,903 crore.

Amara Raja Batteries Ltd's net profit almost doubled at ₹124 crore in the first quarter ended June 30,2021 compared to ₹63 crore in the corresponding quarter of the previous financial year.

The company’s total revenue has gone up 64 per cent at ₹1,903 crore as against ₹1,160 crore.

“While the uncertainties due to second wave of Covid and the resultant lockdowns are creating unpredictability in the product off take, we are focused on ensuring the product availability across all market segments by calibrating manufacturing operations and supply chain dynamically," Jayadev Galla, Vice Chairman & Managing Director and CEO, Amara Raja Batteries Limited, said in a release on Saturday.

“Even as we prepare ourselves for the future opportunities in both the energy storage and e-mobility applications, we remain focused on maximising the value of the lead acid business by selective investments in expanding product portfolio and the geographies we serve,'' he added.

Even as the lockdowns impacted the quarter under review due to pandemic, the aftermarket demand across product segments in automotive and industrial segments remained `strong'.

The automotive business revenue grew on the back of a ``very strong'' growth in exports and OEMs compared to last year. In the industrial business, both Telecom and UPS applications have registered ``strong'' YoY growth, it added.

The company has also announced the retirement of Founder-Chairman Ramachandra N Galla after 36 years of peerless service.

While handing over the baton, Ramachandra N Galla said: “As I prepare to demit charge and transfer all organisational responsibilities to our Vice Chairman & MD-CEO Jayadev Galla, I want to reassure all shareholders and other stakeholders that the company is in absolutely safe and in efficient hands.''

Published on August 14, 2021

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