39% rise in Q2 net profit powers surge in Amara Raja Batteries

Net profit stood at Rs 201.22 crore for the quarter ended September, led by strong operating performance

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Shares of Amara Raja Batteries, a market leader in producing lead-acid batteries for both industrial and automotive applications, opened over 9 percent higher on November 4 after the the company reported a 39 percent on-year rise in consolidated profit for the quarter ended September 2022.

The company’s net profit stood at Rs 201.22 crore for the second quarter, led by strong operating performance. Revenue for the quarter at Rs 2,700.5 crore increased 19.3 percent over the last year.

At 9:55am, the stock was quoting at Rs 572.10 on the National Stock Exchange, up 10.13 percent. It was the most active stock on the NSE with trading volumes of 7,312,776.

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On Thursday, its Board of Directors also approved an interim dividend of Rs 2.90 per equity share of a face value of Re 1 each.

Overall volumes grew 10 percent on-year with similar growth seen in autos and industrial segments. “Recent moderation in lead prices will aid margin recovery. Volumes should see an upward trajectory in both segments,” noted domestic brokerage firm Motilal Oswal.

In Q2FY23, the company’s EBITDA margin came in at 13.28 percent, a significant improvement from 11.89 percent in the year-ago period. This was largely on the back of 9 percent YoY decline (and 6.5 percent QoQ decline) in spot lead prices, said Motilal Oswal.

Gearing up for the EV revolution, the company has also incorporated wholly owned subsidiary for lithium ion cell and pack manufacturing. It plans to start investing for the new energy venture from H2FY23 onwards. Motilal Oswal has a ‘neutral’ rating on the stock with a target price of Rs 590 apiece.

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