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Motilal Oswal Report
Amara Raja Batteries Ltd. Q2 FY24 Ebitda grew ~7% YoY to Rs 3.9 billion (in line) despite weak product mix and certain one-time expenses during the quarter.
Ebitda growth was driven by lower raw material costs and better realisations.
Amara Raja's management indicated recovery in all the segments, including exports, wherein aftermarket passenger vehicle/two-wheeler is expected to grow 6-7%/12-13% YoY and industrials should grow 7-8%.
We revise our FY24E by +4% to factor in for lower other expenses in the coming quarters, while we maintain our FY25E earnings per share.
We reiterate our 'Neutral' rating on the stock with a target price of Rs 660 (12 times September-25E EPS).
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