Amara Raja Energy & Mobility recorded a net profit of ₹2.55 billion (~$30.7 million) during the third quarter (Q3) of the financial year (FY) 2024, a year-over-year (YoY) increase of 14.8%, primarily driven by the increased sales volumes of automotive batteries in both domestic and international markets.

During the quarter, the company posted revenue of ₹30.68 billion (~$369.7 million), a YoY increase of 15% from ₹26.64 billion (~$321 million) fueled by the increased demand for lead-acid batteries.

Notable quantities were observed in both original equipment manufacturer (OEM) and aftermarket segments, showing significant growth compared to the previous quarter.

The company claims that the surge in the telecom sector played a pivotal role in driving volumes for industrial batteries, contributing to robust expansion. Within the New Energy business, the company commenced the provision of battery packs to meet the demands of the telecom sector.

The revenues from the company’s lead-acid batteries alone amounted to ₹28.96 billion (~$348.9 million), a 12.6% YoY increase from ₹25.7 billion (~$309.6 million).

The company said its performance in the quarter remained robust despite economic challenges. The transition post the name change was carried out smoothly, and the introduction of new products in their traditional battery business, along with expansion into new segments under the New Energy business, contributed to Amara Raja’s success.

Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries, said, “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.”

9M 2023

For the first nine months (9M) of the year, Amara Raja recorded a profit of ₹6.73 billion (~$81.1 million), a 21.2% YoY increase from ₹5.55 billion (~$66.8 million).

Revenue came in at ₹88.75 billion (~$1.06 billion), a 10.5% YoY increase from ₹80.26 million (~$967 million).

During 9M FY24, the company received an ad-hoc insurance payment of ₹1 billion (~$12.05 million) for the fire that broke out at its manufacturing facility in Chittoor, Andhra Pradesh, early last year and ₹929.4 million (~$11.1 million) from the processing and sale of scrap.

The company recorded a profit of ₹2.26 billion (~$27.1 million) during the second quarter of FY 2024, a 12.5% YoY) increase from ₹2 billion (~$24.1 million).

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