Amara Raja Energy & Mobility Limited (ARE&M), (formerly known as Amara Raja Batteries Limited), has posted a net profit of ₹245 crore in the first quarter ended June 30, 2024, against ₹199 crore in the same quarter last year. The company, which provides energy storage solutions, Lithium-ion cell manufacturing, electric vehicle chargers, and Li-ion battery pack assembly solutions, registered a revenue of ₹3,131 crore in the quarter against ₹2,770 crore in the comparable quarter last year. For the full year 2023-24, the company reported a net profit of ₹906 crore on a revenue of ₹11,260 crore. The construction of the first phase of our cell manufacturing and advanced energy research and innovation centre is proceeding phase-wise,” Vikramadithya Gourineni, Executive Director (New Energy Business) of ARE&M, said in a stock exchange filing. The company has further infused ₹125.25 crore during the quarter, into Amara Raja Circular Solutions Private Limited (ARCSPL), a wholly-owned subsidiary of the company, as an investment in equity shares for its capital requirements.

Source: The Hindu August 04, 2024 04:47 UTC