Stock Report

Amara Raja Energy & Mobility reports 15% jump in revenue over previous year in Q4 of FY24

Posted On : 2024-05-29 14:41:02( TIMEZONE : IST )

Amara Raja Energy and Mobility Limited (ARE&M), previously Amara Raja Batteries, a comprehensive solutions provider in the Energy & Mobility space, (BSE: 500008 & NSE Code: ARE&M) today, reported profit before tax of ₹ 1,211.03 Cr for the financial year 2023-24.

The Revenue for FY24 stood at ₹ 11,260.30 Cr as compared to ₹ 10,389.71 Cr during FY23. The Earnings per Share (EPS) for FY24 was at Rs. 49.49. The Company reported for the Q4 of FY24 a revenue of ₹ 2,796.73 Cr and profit before tax (PBT) of ₹ 305.34 Cr.

Amara Raja Energy & Mobility Ltd recorded an impressive revenue growth in financial year 2023-24 with both Lead Acid Battery business and New Energy Business growing substantially. The consolidated revenue growth stood at 13%. In the Lead Acid Battery business strong volume growth momentum continued in both automotive and industrial applications across all customer segments.

Mr. Jayadev Galla, Chairman & Managing Director, said, "Our business across segments has performed considerably well. In the last FY, we made the big move of changing the company's name to "Amara Raja Energy & Mobility" to reflect our vision to be leading India's energy transition, especially in energy storage and mobility spaces. Today, we have a wide array of products and solutions that cater to every type of automotive and industrial application."

Mr. Harshavardhana Gourineni, Executive Director - Automotive & Industrial Batteries, mentioned, "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. In the last FY, we strengthened our global presence by entering the North American and European markets, placing our products in over 50 countries."

Mr. Vikramadithya Gourineni, Executive Director - New Energy Business, stated, "The Giga Corridor project in Telangana is progressing smoothly, and we are all set to begin commercial production at our pack facility. New Energy Business clocked 110% growth over the previous year, further cementing our leadership position with our customers."

Shares of Amara Raja Batteries Limited was last trading in BSE at Rs. 1219.55 as compared to the previous close of Rs. 1209.10. The total number of shares traded during the day was 230153 in over 7205 trades.

The stock hit an intraday high of Rs. 1268.00 and intraday low of 1191.00. The net turnover during the day was Rs. 283722586.00.