Amara Raja Batteries was up 1.29% to Rs 338.85 at 11:14 IST on the BSE after net profit increased 24.7% to Rs 140.91 crore on 2% increase in net sales to Rs 1814.95 crore in Q1 June 2019 over Q1 June 2018.
The announcement was made on Saturday, 20 July 2019.
Meanwhile, the S&P BSE Sensex was down by 283.81 points or 0.74% to 38,053.55.
On the BSE, 67000 shares were traded in the counter so far compared with average daily volumes of 24000 shares in the past two weeks. The stock had hit a high of Rs 639 so far during the day. The stock had hit a low of Rs 610.95 so far during the day. It hit a 52-week high of Rs 907.75 on 21 August 2018 and a 52-week low of Rs 572.6 on 20 June 2019.
The company said automotive business showed healthy growth in both four wheeler & two wheeler category in the aftermarket segment. OEM sales witnessed a fall in line with de-growth in the new vehicle sales. Business in international markets continued its upward trend supported especially in the high potential countries of South East Asia & Middle East.
The industrial business witnessed a moderate growth in volumes. The telecom volumes remained subdued due to consolidation of the tower companies in the telecom market and the competitive pressures.
Commenting on the Q1 performance, S. Vijayanand, CEO said that the industrial batteries demand is stable and the growth opportunities in solar and motive power batteries is encouraging. The capacity expansion plans across product segments are in line with the growth forecasts. Expansion of two wheeler capacity will help the company in the OEM segment.
Amara Raja Batteries is the technology leader and one of the largest manufacturers of lead acid batteries for both industrial and automotive applications in the Indian storage battery industry.