BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
Amara Raja Batteries Ltd.’s Q1 FY22 result was broadly in line with our expectations.
Amara Raja’s sales increased by 64% YoY to Rs 19 billion as automotive and industrial sales rebounded strongly; even exports and original equipment manufacturers sales witnessed sharp increase.
Ebitda jumped 64% YoY to Rs 2,500 million, although Ebitda margin remained flat YoY but fell 179 basis points on QoQ to 13.3% on rising prices of raw materials (mainly lead).
The company’s net profit nearly doubled YoY to Rs 1,241 million.
We broadly maintain our FY22/FY23 sales forecasts.
However, we lower our FY22-FY23 Ebitda margin estimates by ~100 bps to account for higher price of raw materials.
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