Amara Raja Batteries announced Q2FY23 results: Amara Raja Batteries reports a 19% increase in revenues over the previous year in Q2FY23, announces Li-Ion battery manufacturing subsidiary. Profit before tax of Rs.276.52 Crores for Q2 of FY 23 which is a growth of 56% over Q1FY23 The company has announced an interim dividend of Rs. 2.90 per equity share with a face value of Rs. 1 each. The Earnings per Share (EPS) for Q2 of FY 23 was at Rs. 11.84 Harshavardhana Gourineni, Executive Director of – Automotive & Industrial Business said “We have rebounded from the cost pressures of the previous quarter and have grown the business across verticals. We are optimistic that the economic drivers will remain stable in the near future.” Vikramaditya Gourineni, Executive Director, of New Energy Business said "This move allows us to expand Lithium business in a dedicated manner while setting the ground for larger investments and technical collaborations. We are in the process of finalizing the location for this investment and should be able to confirm soon." Speaking on this development, Jayadev Galla, Chairman & Managing Director of the Company, said “Amara Raja has been setting the standards in battery technology for over 3 decades and we are confident that Li-Ion will be no different. We have articulated a clear roadmap for building technology capabilities, investments in R&D; and for establishing giga capacities. The subsidiary will bring in the required focus and house the New Energy investments. We remain committed to growing both our Lead Acid and New Energy businesses.” Result PDF