Hyderabad (Telangana) [India], June 1 (ANI): Amara Raja Batteries has reported a net profit of Rs 661 crore for the year 2019-20, registering a 37 per cent growth over the previous year (Rs 483 crore).
Revenue for FY20 stood at Rs 6,839 crore as compared to Rs 6,793 crore during FY19 while the earnings per share for was at Rs 38.69.
For the January to March quarter, the company clocked a revenue of Rs 1,581 crore (Rs 1,567 crore) and profit after tax of Rs 1,367 crore (Rs 119 crore).
The automotive business division substantially overcame the demand slowdown in the auto original equipment segment aided by significant traction in volume growth in the domestic replacement market and exports under challenging market conditions.
However, growth in the home UPS segment has been moderate as the seasonal demand for inverter batteries was severely impacted by the lockdown restrictions in March.
Despite the adverse impact of Covid-19 on the year-end sales and demand compression in the telecom sector during the year, the industrial battery business improved its performance in FY20.
Export sales in industrial battery division sustained momentum registering strong growth in the Middle East and Africa while southeast Asia sales were subdued.
"The automotive sector is dealing with a lot of challenges due to regulatory changes, technology shifts and demand uncertainty due to Covid-19 lockdown," said Vice Chairman and Managing Director Jayadev Galla.
"However, accelerated digital adoption and increased data usage by the public during the lockdown period also resulted in the silver lining in the telecom sector after many years of uncertainty and demand slowdown," he said in a statement adding the company has put in place robust risk management and agile response mechanism to recalibrate strategic growth plans. (ANI)