May 25, 2023: Amara Raja Batteries has posted a pre-tax profit of Rs948 crore ($115 million) for the year ended March 2023 up from Rs690 crore the previous year.
The lead batteries powerhouse said on May 24 net revenue for the year was Rs10,400 crore (previously Rs8,700 crore).
The results reflected increase market share for both OEM and aftermarket segments in automotive batteries, the company said.
There was also strong growth in providing products for the telecoms and datacenters segment.
Chairman and MD Jayadev Galla (pictured) said the results were a testament to customers’ trust in its products.
“As we embark on the next phase of our energy and mobility strategy, our continued commitment to R&D that delivers superior products in lead-acid as well as lithium will be crucial.”
Meanwhile, new energy business executive director Vikramadithya Gourineni said the group was making rapid progress on its giga corridor project toward its goal of domestic production of lithium ion battery cells.
Amara Raja announced last December that Telangana would become the company’s giga corridor, featuring advanced laboratories and testing infrastructure for material research, prototyping, product life cycle analysis and proof of concept demonstration.