Battery manufacturer Amara Raja Energy & Mobility reported a 15% year-over-year increase in revenue to ₹27.96 billion (~$338 million) for the fourth quarter (Q4) of 2023, while profit before tax rose 55% to ₹3.05 billion (~$37 million).

The company said the robust performance was driven by momentum across both the lead acid battery business and the new energy business, where consolidated growth stood at 13%. The company saw healthy volume growth in automotive and industrial applications in the lead acid segment.

New product launches in the automotive aftermarket and data center segments supported the topline growth. Amara Raja said it entered the North American and European markets.

“We observed robust and sustained growth in both industrial and automotive applications that resulted in overall revenue growth of 10%. This was accomplished in part by launching new product ranges and brands in the automotive aftermarket and data center segments,” said Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries.

Full Year 2024

For the full fiscal year 2024, revenue grew 13% to ₹112.6 billion (~$1.36 billion) compared to ₹103.9 billion (~$1.26 billion) in last year. Profit before tax increased 21% to ₹12.11 billion (~$147 million) from ₹9.97 billion (~$121 million) last year.

The new energy business, which includes lithium-ion cell manufacturing, electric vehicle chargers, and battery pack assembly, clocked a 110% revenue growth over the previous year.

The company’s profit rose 15% in the previous quarter, driven by sales growth. The company at the time said that a surge in the telecom sector played a pivotal role in driving volumes for industrial batteries, contributing to robust expansion.

In the quarter earlier, its profit climbed 12.5%, helped by increased volume in the automotive aftermarket, and in the telecom and UPS segments.

Last year, the company broke ground on Telangana’s first gigafactory for lithium cell and battery pack manufacturing in Mahbubnagar district.