Galla is one of the wealthiest elected members of the parliament with declared assets worth over Rs 683 crore
The company signed an MoU with the Andhra Pradesh government yesterday during the 22nd CII Partnership Summit and 1st Sunrise Andhra Pradesh Investment Summit being held here, Amara Raja Group (ARG) said in a statement.
Net sales of the company rose to Rs 1,158 crore for the second quarter as compared to Rs 1,060 crore during the same period of 2014-15, Amara Raja Batteries said in a statement.
The company had posted a net profit of Rs 80.05 crore in the same period of the previous fiscal. Net sales during the period under review stood at Rs 1,066.7 crore as against Rs 885.14 crore a year ago, up 20.51 percent.
The stock is ridding high on strong September quarter earnings. Its second quarter net profit grew 34.92 percent to Rs 94.58 crore compared to Rs 70.10 crore year-on-year.
Amara Raja Batteries today posted 9.24% increase in net profit to Rs 3.90 crore for the quarter ended June 30, as against the same period last fiscal.
Amara Raja Batteries’ fourth quarter (January-March) net profit rose 12% year-on-year to Rs 41.1 crore on strong sales. It, however, hinted at possible slowdown in the sector going ahead due to macro-economic headwinds and pressure on volumes from the telecom and automotive industry.
In an interview with CNBC-TV18, Jayadev Galla, MD, Amara Raja Batteries, speaks about the results and gives his outlook going forward.