ARE&M · Automobile and Auto Components
Amara Raja Energy & Mobility Ltd. reported revenue of ₹2,974 cr for January to March 2025, +6.3% on the year and −6.0% on the quarter. Over the last four quarters revenue comes to ₹12,405 cr, +10.2% on the four before.
Operating profit (EBITDA) was ₹342 cr, a margin of 11.5%, −309 bps on the year and −165 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 11.5% to 15.1%). Operating costs grew +10.2%, faster than revenue at +6.3%, so operating profit grew less than sales.
Net profit was ₹167 cr, −26.8% on the year and −46.5% on the quarter, with earnings per share of ₹9.11. Profit before other income, one-offs and tax fell 26.4%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹965 cr, +6.5% on the four before.
EV businesses are read on volumes and on how far losses narrow as they scale; incentives can be a material part of revenue. The quarterly statements do not carry volumes, incentive income and cash burn; those come with the filing read.
On earnings per share of ₹52.66 over the last four quarters, the stock at ₹744.80 trades at 14.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 11.5%, −309 bps on the year (−165 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,882 cr | ₹2,797 cr | ₹3,131 cr | ₹3,136 cr | ₹3,164 cr | ₹2,974 cr | ₹3,350 cr | ₹3,467 cr | ₹3,351 cr | ₹3,460 cr | ₹4,215 cr | ₹4,109 cr |
| YoY | — | — | +13% | +12% | +10% | +6% | +7% | +11% | +6% | +16% | +26% | +19% |
| EBITDA margin | 15.1% | 14.6% | 13.7% | 14.1% | 13.1% | 11.5% | 11.6% | 10.8% | 11.2% | 10.9% | 9.6% | 8.8% |
| Other income, % of PBT | 7% | 9% | 8% | 6% | 33% | 9% | 5% | 8% | −8% | 48% | 8% | 11% |
| Exceptional items | — | — | — | — | — | — | — | −₹122 cr | — | — | — | — |
| Tax rate | 24% | 25% | 26% | 26% | 26% | 26% | 26% | 24% | 27% | 26% | 25% | 27% |
| Net profit | ₹253 cr | ₹228 cr | ₹245 cr | ₹241 cr | ₹312 cr | ₹167 cr | ₹194 cr | ₹276 cr | ₹152 cr | ₹322 cr | ₹191 cr | ₹152 cr |
| YoY | — | — | +23% | +7% | +23% | −27% | −21% | +15% | −51% | +93% | −2% | −45% |
| Core profit YoY | — | — | +24% | +9% | −8% | −26% | −18% | +50% | −21% | +10% | −5% | −59% |
| EPS | ₹14.80 | ₹12.46 | ₹13.36 | ₹13.15 | ₹17.04 | ₹9.11 | ₹10.60 | ₹15.11 | ₹8.29 | ₹17.61 | ₹10.43 | ₹8.33 |
| Flags | · | · | ✓ | ✓ | 2 | 1 | ✓ | 2 | ✓ | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Amara Raja Energy & Mobility Ltd. reported revenue of ₹2,974 cr (+6.3% on the year) and net profit of ₹167 cr (−26.8% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −26.4% on the year, against −26.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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