Amara Raja Batteries recorded an income of ₹26.21 billion (~$329.14 million) in the first quarter (Q1) of the financial year (FY) 2023, a 20% quarter-over-quarter (QoQ) increase from the ₹21.81 billion (~$273.88 million) recorded in the previous quarter.

On a year-over-year (YoY) basis, the income increased by 38% from ₹18.86 billion (~$236.84 million).

The company recorded a net profit of ₹1.32 billion (~$16.57 million) in Q1 FY23, a 33% increase from the ₹988.5 million (~$12.41 million) in the previous quarter. On a YoY basis, the net profit increased by 6% from ₹1.24 billion (~$15.57 million).

The company said it witnessed robust demand in the automotive sector from the aftermarket and two- and four-wheeler original equipment manufacturer segments. Industrial battery volumes showed healthy growth.

In December last year, Amara Raja Batteries announced a plan to invest in European EV battery manufacturer InoBat Auto. The initial investment will give Amara Raja a key foothold in the thriving European EV ecosystem. InoBat specializes in developing, manufacturing, and providing premium electric batteries. InoBat is developing a battery research and development center and production line in Voderady, Slovakia.

Earlier, Amara Raja had led Bengaluru-headquartered advanced battery and fuel cell technology company Log 9 Materials’ $8.5 million Series A+ funding round. Log9 had entered into an equity partnership and collaboration with Amara Raja Batteries. Amara Raja was the anchor investor in the funding round, investing $5 million.

In June 2020, Amara Raja Batteries entered into an agreement with Gridtential Energy to collaborate on bipolar battery technology. Under the agreement, they intended to assemble and test reference batteries using Amara Raja’s active material and work on improving their life cycle, energy density, efficiency, charging rates, and manufacturability.

Mercom reported that Amara Raja, in collaboration with Tirupati Municipal Corporation, launched electric vehicle charging stations and battery swapping stations in Tirupati, Andhra Pradesh.

Amara Raja Group was one of the winners in NTPC‘s auction for a balance of systems package for the 735 (3*245) MW Nokh solar project in Rajasthan. Amara Raja Group won the bid for the second block of 245 MW by quoting ₹17.14 million (~$228,656)/MW.