Motilal Oswal's research report on Amara Raja
Weak revenue growth dragged down AMRJ’s overall performance in 4QFY23. Its New Energy business has started contributing, albeit marginally. It has finalized investments for the li-ion cell manufacturing plant, with the first phase of 2GWH expected to commence in FY25, though it is yet to decide on a technology partner for this foray.
Outlook
We raise FY24E/FY25E EPS by 9%/12% to factor in the benefit from falling RM costs (margin gains). We maintain our Neutral rating with a TP of INR690/share (12x Mar’25E EPS).
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