Amara Raja Batteries' consolidated net profit tanked 55.6% to Rs 62.49 crore on 36.6% drop in net sales to Rs 1,151.22 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) slumped 60.8% to Rs 83.49 crore in Q1 June 2020 as against Rs 213.03 crore in Q1 June 2019. Current tax expense for the quarter tumbled 68.5% at Rs 21.80 crore as against Rs 69.10 crore in Q1 June 2019. The Q1 result was declared after trading hours on Friday, 7 August 2020.
The company's performance during the quarter came against the backdrop of severe disruptions in manufacturing, supply chain, and sales and distribution operations due to COVID-19 lockdown. Despite the challenges, Amara Raja Batteries managed the demand and supply by implementing completely new standard operating procedures across operational branches and units.
Jayadev Galla, the vice chairman and managing director (MD) of Amara Raja Batteries, has said that: "This quarter's performance holds special place in our hearts and consciousness, not due to the numbers, but due to unflinching commitment and commendable spirit shown by employees, partners and all stakeholders towards the organisation. The leadership here has been duly sensitive towards the health and safety of all our people. We have initiated several measures that's helping us project responsible growth, including health screening and innovative business performance linked pay(BPLP) which ensures employee health and motivation remains strong throughout the crisis."
Meanwhile, Jayadev Galla has been re-appointed as vice chairman and managing director (MD) of Amara Raja Batteries for a term of five years effective from 1 September 2020.
Amara Raja Batteries is a manufacturer of leadacid batteries for both industrial and automotive applications. Shares of Amara Raja Batteries rose 0.90% to Rs 724.30 on BSE. The stock traded in the range of Rs 712 to Rs 729.65 so far.
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