Amara Raja Energy & Mobility Reports 4% Increase in Revenues Over Corresponding Quarter

Tirupati, November 1, 2023: Amara Raja Energy & Mobility Limited (ARE&M), formerly known as Amara Raja Batteries Limited, a comprehensive solutions provider in the Energy & Mobility space, (BSE: 500008 & NSE Code: ARE&M), on Tuesday, reported profit before tax of Rs. 293.46 crores for Q2 of FY’24 registering a growth rate of 6% over Q2 of FY’23. The company also declared an interim dividend of Rs. 4.80 (480%).

The Earnings Per Share (EPS) for Q2 of FY’24 is at ₹12.55.

The revenue growth was aided by volume growth registered in the automotive after-market as well as from the telecom and UPS segments. The new energy business also witnessed good growth.

Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries says, “Our automotive and industrial businesses witnessed consistent performance. As a company, we are proceeding with renewed vigor by building our product range, penetrating new geographies, establishing new customer partnerships, and driving operational excellence.”

“In the New Energy segment, we have seen a healthy growth from chargers and increasing interest in cells and battery packs. Our work on the Gigafactory and e+ Energy Labs, the advanced energy research and innovation center, is progressing smoothly and we are keeping a close eye on the evolving market conditions in this space," says Mr. Vikramadithya Gourineni, Executive Director, New Energy Business.

Speaking about the results, Jayadev Galla, Chairman & Managing Director of ARE&M said, “The last quarter marked a significant milestone in the Amara Raja growth story as we announced our official name change from Amara Raja Batteries to Amara Raja Energy & Mobility. This strategic change underscores our commitment to the evolving nature of the industry by moving away from being just a battery maker to becoming a comprehensive solutions provider in the Energy & Mobility sector.”