Amara Raja Batteries Ltd has declared a net profit of Rs. 136.32 crore for the second quarter ended September 30, 2016, up 11 per cent as compared to the profit of Rs. 123.43 crore for the corresponding quarter last financial year.
The batteries major announced income of Rs. 1,520.44 crore for the Q2FY17, up 18 per cent as compared to Rs.1,289.14 crore for the same quarter last year.
Today, Amara Raja share price went as high as over 2% at the NSE.
Jayadev Galla, Vice-Chairman and Managing Director, Amara Raja Batteries said that as the market place is starting to become more exciting owning to both domestic and international developments. The company is fully geared up to make sure all-round improvements to bring about constant betterment in operations and in the marketing activities.
He also said that the automotive and industrial businesses are suitably balanced and the capacities are at best possible level of utilization with adequate capacities available to meet the growing demand in different sectors. The four and two-wheeler battery expansion projects are moving ahead on expected lines.
Outlining business trends, the company stated that the automotive business continued to uphold a growth trend. Double-digit growth in aftermarket brands, Amaron and PowerZone, led to further swell in market share. The two-wheeler volume growth added to the enhanced performance of the business unit.
With Original Equipment Manufacturers (OEM) production going up, in both two and four-wheelers, it helped in higher sales from this segment, aiding in consolidation of market share.
The company also amplified its exports, resulting in higher capacity utilization.
The industrial battery division registered double-digit growth over the second quarter of the previous financial year.
S.V. Raghavendra, Chief Financial Officer, said that operational efficiencies have further enhanced during the second quarter and they are continuing to increase their focus on costs optimization in all areas to grow to be cost competitive. The company continues to have a strong liquidity position and expansion projects are progressing as planned.
The company notified BSE that Raymond J Brown, Independent Director on the board of the company, has resigned with effect from November 6, 2016, due to his business engagements.
Amara Raja is the top 500 recommendation by Dynamic Levels for the quarter. For the details on the stock, visit Amara Raja share price history page of Dynamic Levels website.
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