News: Amara Raja reported a healthy performance in Q1FY23. Net sales for the quarter came in at Rs 2,620 crore, up 20% QoQ. EBITDA in Q1FY23 came in at Rs 261 crore with corresponding EBITDA margins at 10.0%, down 10 bps. PAT in Q1FY23 was at Rs 131 crore, up 33% QoQ.
View: The company’s performance was ahead of key competitor both in terms of sequential topline growth and margin compression. However, it is yet to announce meaningful commitment towards changing technology landscape in the battery space (Li-On), which makes us cautious on the company.
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