Amara Raja Batteries Reports Q3 Numbers; Announces 50 MW Solar Plant

Amara Raja Batteries has issued its Q3 numbers, also announcing that it will be setting up a 50 MW solar power plant in Andhra Pradesh.

Driven by the revival in demand across all key sectors of the business, Amara Raja Batteries Limited (ARBL), one of India’s leading Industrial and Automotive Battery majors has issued its financial results for the third quarter (Q3) of FY 2021. During its financial presentation, the firm has also announced that it will be setting up a 50 MW solar power plant in Andhra Pradesh.

The firm reported that during the quarter ended December 31, 2020, its revenue was Rs 1960.12 crore, up from Rs 1747.81 crore during the same quarter in the last fiscal, and Profit Before Tax (PBT) of Rs 259.90 crore was also more than Rs. 217.36 crore YoY. The Earnings Per Share (EPS) for Q3 FY 21 was at Rs. 11.31.

In the automotive segment, the firm stated that the revenue growth was aided by consistent growth in OEM and aftermarket segments and the Export segment also registered robust growth. The Telecom and commercial UPS market segments have also recorded strong growth in the third quarter. Manufacturing capacities are fully ramped up to the optimum utilisation across all segments. 

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The firm also reported that during the quarter it has inaugurated the “Advanced Lithium Technology Research Hub” with a Pilot plant facility for cell development. The firm has developed a wide range of battery packs for e-mobility and energy storage applications and has secured approvals from various OE’s and fleet operators for commercial supplies.

Furthermore, to support the sustainability initiatives, ARBL is setting up a 50 MW solar power plant in Chittoor District of Andhra Pradesh at a total outlay of Rs 220 crore. This will further reduce the cost of power and simultaneously bring down the carbon footprint of the company.

S. Vijayanand, CEO, Amara Raja Batteries Limited said, we are going forward with strategic investments focused on improving operational efficiencies, cost optimisation and technology upgradation. The planned investments in Solar and lead recycling plants will further strengthen our resolve towards a cleaner environment through a sustainable circular economy and also aid reducing costs and provide long term support to our key raw material procurement.”

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As part of the overall lead procurement strategy, ARBL will set up a greenfield lead recycling unit with a capacity of 1 lac tons. This will help the company comply with recycling standards whilst adopting advance technology in the most environmentally friendly manner. The total capital outlay for this project is expected to be Rs 280 crore to be spent over the next 18 months.