Amara Raja Energy & Mobility reports 9% increase in revenues in Q3 of FY24

Amara Raja Energy & Mobility reports 9% increase in revenues in Q3 of FY24

Construction activities related to Gigafactory and the Research and Innovation Centre are progressing smoothly

  • By ICN Bureau | February 01, 2024

Amara Raja Energy & Mobility Limited (ARE&M), formerly known as Amara Raja Batteries Limited, a comprehensive solutions provider in the Energy & Mobility space, reported revenue of Rs. 2,881 crore in Q3 of FY24, an increase of 9% over Q3 of FY23.  

Profit before tax of Rs. 313.32 crores for Q3 of FY24 which is a growth rate of 6.8% over Q2 of FY24. The Earnings per Share (EPS) for Q3 of FY24 is at Rs. 14.03.

In the automotive battery business – both domestic and exports – saw considerable volumes from the OEM and aftermarket segments when compared to the last quarter. The boom in the telecom sector acted as the major driver for the industrial battery volumes which witnessed strong growth. Under the New Energy business, the company initiated the supply of battery packs to the telecom sector.

Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries says “Our continuous growth inspires us to expand our product range. Recently, we launched our automotive lubricant business, which has gained significant traction. Additionally, we have strengthened our international operations by entering the North American market and securing a substantial order book.”

"I am happy to share that our pack and charger business continues to grow at a healthy click, with a good appreciation being shown for our localized chargers from a couple of our strategic customers. In the last quarter, we have also made in-roads in the telecom sector with our packs thanks to 5G rollout. Construction activities related to our Gigafactory and the Research and Innovation Centre are progressing smoothly," says Executive Director, New Energy Business, Vikramadithya Gourineni.

Speaking about the results, Jayadev Galla, Chairman & Managing Director of the company said, “Our businesses have performed well in the last quarter even in the face of economic challenges. We were able to smoothly transition post the name change. We have launched new products under our traditional battery business and have made in-roads into newer segments under the New Energy business. This performance is thanks to the trust our customers have in our quality and reliability.”

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