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ICICI Direct Report
Amara Raja Batteries Ltd. reported steady Q3 FY21 results. Net sales were up 12.1% YoY to Rs 1,960 crore.
According to management commentary, growth was achieved on the back of broad-based strength across automotive channels, telecom and commercial uninterruptible power supply segments.
Margins were at 15.6% (down 195 basis points QoQ) amid 82 bps gross margin contraction and increase in other expenses on a percentage of sales basis.
The company declared interim dividend of Rs 5/share for FY21E and announced Rs 500 crore capex towards -
- Rs 220 crore for 50 megawatt solar power plant and
- Rs 280 crore for greenfield lead recycling unit.
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