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Ideas for Profit: Input costs weigh on battery companies; accumulate

Weakening macroeconomic condition marked by rise in crude oil prices, rupee depreciation, rising interest rate regime coupled with regulatory challenge coming from mandatory long-term insurance as well as natural calamity like floods in Kerala had dampened the demand for most of the auto majors in India in September 2018. However, festive season brought cheers to selected pockets in the month of October 2018.

December 03, 2018 / 02:28 PM IST

Nitin AgrawalMoneycontrol Research

Indian battery manufacturers witnessed a healthy topline growth in Q2 FY19. However, their operating margin continued to remain under pressure due to rising raw material prices on adverse rupee movement and elevated fuel prices. In this article we analyse the financial performance of battery manufacturers in Q2, likely catalysts for growth and impediments in moving towards EV.

Quarter snapshot

Amara RajaRiding high on strong volume growth accruing from automobiles, industrial and export markets, Amara Raja (ARBL) clocked a strong (22.8 percent) year-on-year (YoY) growth in net sales. Realisation improved 6-7 percent on the back of rich product mix.