For the March quarter, Amara Raja Batteries reported a combined net profit after tax (PAT) of Rs 139 crore. According to the statement, this is a 40.61 per cent increase from Rs 98.85 crore a year earlier.
The company’s consolidated income from operations increased by 11.37 per cent to Rs 2,429 crore in the March quarter, up from Rs 2,181 crore the previous year.
In a regulatory filing, the company said, “The board of directors recommended a final dividend of Rs 3.20 per equity share (representing 320 per cent) of Rs 1 each fully paid up for the financial year 2022-23, subject to the approval of the shareholders at the 38th Annual General Meeting of the Company.”
“The dividend will be paid within 30 days from the date of declaration of final dividend by the shareholders at the 38th Annual General Meeting. The final dividend is in addition to the Interim Dividend of Rs 2.90 per equity share (representing 290 per cent) declared by the Board on 3 November 2022,” the company said in a BSE filing.
Amara Raja Batteries opened the first Gigafactory in Telangana earlier this month. It will manufacture lithium-ion batteries and is expected to cost Rs 9,500 crore over the next ten years, making it one of India’s largest gigafactories.
According to media sources, the work began after a ceremony at Divitipalli in Mahabubnagar district, in which state IT and industries minister KT Rama Rao also placed the foundation stone. The ceremony on Saturday marked the start of the Amara Raja Giga Corridor, which would produce lithium cells and battery packs with capacities of up to 16 Gigawatt hours (GWh) and 5 GWh, respectively.
KT Rama Rao described it as a significant step towards energising Telangana’s ambitions to become a centre for electric vehicles and sustainable mobility. He went on to say that this is India’s greatest investment in this industry.
The state government signed a Memorandum of Understanding (MoU) with Amara Raja Advanced Cell Technologies (ARACT), a wholly owned subsidiary of ARBL, in December 2022. During the signing of the MoU, the business announced that it will cost Rs 9,500 crore in stages over the next ten years.
According to sources, the corporation will invest between Rs 1,500 and Rs 2,000 crore in the first phase. The finances will be raised from within the corporation, and the project is scheduled to be completed within two to three years.