Amara Raja Batteries Q1 FY23 consolidated revenue at INR 2,620.53 cr, Auto News, ET Auto


Amara Raja Batteries Q1 FY23 consolidated revenue at INR 2,620.53 cr

New Delhi: Indian multinational conglomerate company Amara Raja Batteries on Saturday reported consolidated revenue from the operation of INR 2,620.53 crores for Q1 FY23, as against INR 1,886.17 crores in Q1 FY22.

The company’s net profit stood at INR 132.01 crores for the quarter ending 30 June 2022, as against INR 124.10 crores in June 2021.

Meanwhile, the PAT stood at INR 134.11 crores for Q1 FY23, a regulatory filing said.

The PBT as reported by the company was at INR 177.52 crores for the quarter, as compared to INR 167.20 crores in June 2021.

The consolidated financial results include the results of the two wholly-Qwned subsidiaries (i) Amara Raja Batteries Middle East (FZE) UAE and (ii) Amara Raja Circular Solutions Private Limited CARCSPL’) which was incorporated on June 2, 2022.

The Company is engaged in the manufacture and marketing of lead acid and other storage batteries.

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In the automotive vertical, volumes jumped sharply in Q1FY23 compared to Q1FY22, driven by strong demand, primarily from the replacement market, the company said.

“We continue to see a sustained uptick in demand for BKT tires. However, in Q2, we expect sluggish demand given macro challenges in Europe coupled with heat waves and inflationary trends in the USA,” Balkrishna Industries said. However, the management retained its sales volume guidance of 3.2-3.3 lakh tonnes for FY23.

Profit before tax stood at INR 438 crores (EUR 51.8 million which constitutes 12.3% of total revenue from operations; that is a 30.5% increase over the same quarter of the previous year. Profit after tax stood at INR 334 crores (EUR 39.5 million) which is 9.4% of revenue from operations, the company said.