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. “We have seen good traction from our international operations. This was led by the offtake of our indigenously designed AGM batteries. We are betting big on growing this space in the coming months,” Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries of ARE&M, said.

“We have seen healthy growth from our chargers and battery packs business and forged partnerships with GIB and Highstar for cell technology and commercialisation. 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. The total investment in ARCSPL now stands at ₹445.25 crore.

The company suffered a loss of ₹438.56 crore in a fire mishap that occurred on January 30, 2023 at a manufacturing facility at Chittoor (Andhra Pradesh). There was no loss of lives.