The auto ancillary company's consolidated net profit surged 52.7% to Rs 221.88 crore on 11.5% rise in net sales to Rs 2,637.76 crore in Q3 FY23 over Q3 FY22.
Consolidated profit tax was at Rs 300.76 crore in Q3 FY23 as against Rs 197.70 crore posted in the corresponding quarter last year, registering a growth of 52.1%.
On standalone basis, the company's net profit soared 54% to Rs 222.81 crore on 11.5% rise in net sales to Rs 2,637.24 crore in Q3 FY23 over Q3 FY22. Profit before tax climbed 53.5% year on year to Rs 302.57 crore in Q3 FY23.
The company said that the increase in the revenue was driven by healthy volume growth in the automotive sector in both the OEM and Aftermarket segments. Industrial battery volumes also witnessed strong growth, especially from the Telecom segment. Considerable volume growth is witnessed from lithium-ion battery packs and chargers for the mobility segment.
Jayadev Galla, chairman & managing director of Amara Raja Batteries, said, Even in the face of global uncertainties and fears of recession in the domestic market we have managed to outperform financially. It is a testament to the customer's trust in our product's quality and reliability. Our recently announced Gigafactory plans will further strengthen our hold in the energy and mobility space.
Amara Raja Batteries is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry. The company's industrial battery brands comprise PowerStack, AmaronVolt and Quanta. The company is a leading manufacturer of automotive batteries under the brands Amaron and PowerzoneTM, which are distributed through a large pan-India sale & service retail network.
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Shares of Amara Raja Batteries rose 0.85% to Rs 570.80 on the BSE.
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