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Amara Raja Batteries Gains Most In 11 Weeks As Q3 Profit Beats Estimates

The company's Q3 net profit rose 52.7% YoY to Rs 221.88 crore, beating the Bloomberg estimate of Rs 195.6 crore.

<div class="paragraphs"><p>Amara Raja Batteries. (Source: Company website)</p></div>
Amara Raja Batteries. (Source: Company website)

Shares of Amara Raja Batteries Ltd. rose the most in over 11 weeks, since Nov. 7, after its third-quarter profit exceeded analysts' expectations.

The company's third-quarter net profit rose 52.7% year-on-year to Rs 221.88 crore as compared to the same quarter of the previous financial year, beating the Bloomberg estimate of Rs 195.6 crore.

Revenues rose 11.49% year-on-year to Rs 2,637.7 crore in the third quarter of the ongoing fiscal but were lower than analyst expectations.

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Amara Raja Batteries Q3 FY23 (Consolidated, YoY)

  • Revenues up 11.49% at Rs 2,637.76 crore [Bloomberg estimates: Rs 2,672.5 crore.]

  • Ebitda up 38.63% at Rs 394.6 crore [Bloomberg estimates: Rs 352 crore.]

  • Ebitda margin at 14.96% vs 12.03% [Bloomberg estimates: 13.36%]

  • Net profit up 52.7% at Rs 221.88 crore [Bloomberg estimates: Rs 195.6 crore.]

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Shares of the company rose 1.71% to Rs 575.70 apiece as of 11:30 a.m., while the benchmark Sensex declined 1.24%. Total traded volume stood at 2.5 times its 30-day average.

Out of the 19 analysts tracking the company, nine maintain a 'buy' rating, seven recommend a 'hold' and three suggest 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 11%.