Net revenue is Rs. 3079 million and PAT Rs. 296 million; PBT for April-December 07 crosses Rs.1000 million; On course towards Rs.10000 million plus revenue by March 08
Chennai, India, January 22, 2008: Industrial and Automotive Battery major Amara Raja Batteries Limited (BSE Code: 500008 & NSE Symbol: AMARAJABAT) has recorded revenues of Rs.3138 million (Net Sales: Rs. 3079 million + other income: Rs. 59 million), PBT of Rs. 475.16 million and PAT of Rs. 296.56 million for the third quarter of FY 2007-08. For the quarter ended Dec 07 the topline has grown by 110% while PAT rose by a whopping 206% as compared to the corresponding quarter of last year.
During the nine-month period (April-December 07) of the current financial year, the Company's net revenue was Rs.7786 million as compared to Rs.4027 million during the corresponding period of the previous year and net profit grew to Rs.682 million from Rs.318 million.
Announcing the company's Q3 results, Managing Director Mr. Jayadev Galla said, "As things stand today, we are well on course to achieving the stated target of Rs. 1000 crore revenue by March this fiscal. Growth projections in the industrial battery market seem to be an underestimation and are seeing upward revisions, quarter to quarter. This has fed the growth trajectory in the Industrial battery segment. Automotive batteries segment has also grown at a good pace."
Lead prices have softened to around $2600 currently from the October high of around $4000 which is quite heartening, though we need to keep a cautious watch on this front," he added.
"Our growth and funding plans are going as per schedule. The decision of the board to sub-divide the shares to Rs.2 /- face value has not only enabled to broaden the shareholder base by almost 50%, but also created adequate liquidity to ensure market capitalisation of Rs.10 billion ," observed Mr. K. Suresh, Financial Controller.
Value in Millions INR
| | Third Quarter ended | Full Year | |
| 31-Dec-07 | 31-Dec-06 | 2006-07 | |
| Net Sales | 3,078.82 | 1,462.58 | 5958.02 |
| PBT | 475.16 | 150.16 | 711.98 |
| PAT | 296.56 | 96.79 | 470.44 |
For the full year period ending March 2007, ARBL had recorded 67% growth in revenues at Rs. 7.45 billion (Rs. 4.46 billion in FY 2005-06). The PBT shot up by 91% to Rs. 712 million and PAT 97% to Rs. 470.4 million during the same period.
About Amara Raja Batteries Limited
Amara Raja Batteries Limited, an Amara Raja-Johnson Controls Company with 26% equity from Johnson Controls, is the technology leader and is one of the largest manufacturers of Lead Acid batteries for both Industrial and Automotive applications in the Indian storage battery industry.
In India, Amara Raja is the preferred supplier to major telecom service providers, telecom equipment manufacturers, UPS segment (OEM & Replacement), Indian Railways and to Power, Oil & Gas among other industry segments. Amara Raja manufactures and sells automotive batteries under the brand name AMARON ® which is distributed through a large pan-India sale-service retail network.
The company supplies automotive batteries under OE relationships to Ashok Leyland, Fiat, General Motors, Hindustan Motors, Honda, Mahindra & Mahindra, Maruti, Hyundai & Tata Motors. The company is an exclusive supplier to Daimler Chrysler, Ford and Swaraj Mazda. The Company's Industrial and Automotive batteries are exported to Asia Pacific, Africa and the Middle East.
Johnson Controls is a global leader in interior experience, building efficiency and power solutions. The company provides innovative automotive interiors that help make driving more comfortable, safe and enjoyable. For buildings, it offers products and services that optimize energy use and improve comfort and security. Johnson Controls also provides batteries for automobiles and hybrid electric vehicles, along with systems engineering and service expertise. Johnson Controls (NYSE: JCI), founded in 1885, is headquartered in Milwaukee, Wisconsin. Its sales for 2007 totalled US$ 34.6 billion.
Safe Harbour
Some of the statements in this news release that are not historical facts are forward-looking statements. These forward-looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for our products, the highly-competitive market for the types of products that we offer, market conditions that could cause our customers to reduce their spending for our products, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry. Media Contact
Sreekar Reddy
Ogilvy Public Relations Worldwide, Hyderabad
Mobile : 9866110032
Email : sreekar.reddy@ogilvy.com
Ogilvy Public Relations Worldwide