Amara Raja Energy & Mobility Limited

BSE: ARE&M500008ISIN INE885A01032

Consumer Discretionary
Auto Components & Equipments
BSE 500

Share price

₹736.95+8.05 (+1.10%)

as of 5 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹1,017.20
52W low: ₹671.45
Off 52W high: -27.55%
1M return: -0.79%
3M return: -20.44%
6M return: -17.84%
1Y return: -25.60%
20D avg volume: 70,622
50 DMA: ₹779.37
200 DMA: ₹830.59

Key ratios Consolidated

Market cap: ₹13,488 Cr
Current price: ₹736.95
52W high / low: ₹1,017.20 / ₹671.45
Face value: ₹1.00
P/E: 16.90
P/B: 1.62
EPS (TTM): ₹43.60
Book value / share: ₹456.03
ROE: —
ROCE: 14.40%
Operating margin: —
Net margin: —
Debt / equity: 0.03
Net debt: ₹50.46 Cr
Interest cover: 28.11
Dividend yield: 1.44%
Dividend / share (TTM): ₹10.60
Payout: 24.31%
Cash conversion cycle: 67.9 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	4,109	4,215	3,536	3,410	3,467	3,401	3,060	3,272	3,251	3,263	2,908	3,044
	22.62	19.50	26.83	32.80	28.05	18.50	25.83	34.70	25.47	29.59	33.33	24.07
	4,131	4,234	3,563	3,443	3,495	3,420	3,086	3,307	3,276	3,293	2,941	3,068
	3,923	3,979	3,323	3,203	3,252	3,191	2,873	3,009	2,959	2,958	2,632	2,736
	2,715	2,352	2,205	2,247	2,096	1,801	1,716	2,043	1,836	1,693	1,607	2,001
	343.63	390.98	206.89	175.09	287.82	584.20	391.69	287.56	387.67	489.18	312.56	180.50
	267.58	266.69	245.67	235.80	251.04	222.44	201.48	211.55	208.43	201.58	175.76	176.72
	14.71	11.92	14.78	9.81	9.00	10.93	10.00	11.25	13.61	9.44	10.90	5.89
	160.98	158.87	157.80	156.87	150.33	142.18	144.06	131.53	127.47	122.60	123.36	116.43
	594.68	565.74	481.39	534.81	539.50	431.10	466.19	466.76	415.47	378.85	413.18	368.95
	208.52	254.63	239.76	239.87	243.03	228.92	212.62	297.70	317.07	334.71	309.39	332.30
	0.00	0.00	181.15	-47.63	121.79	0.00	0.00	111.07	0.00	0.00	0.00	0.00
	208.52	254.63	420.91	192.24	364.82	228.92	212.62	408.77	317.07	334.71	309.39	332.30
	56.04	63.69	106.58	52.09	88.33	64.12	51.05	110.40	81.46	85.59	79.61	77.55
	152.48	190.94	314.33	140.15	276.49	164.80	161.57	298.37	235.61	249.12	229.78	254.75
	8.33	10.43	17.17	7.66	15.11	9.00	8.83	16.30	12.87	13.61	12.55	14.91
Key metrics
	384.21	425.42	593.49	358.92	524.15	382.03	366.68	551.55	458.15	466.75	443.65	454.62
	9.40%	10.10%	16.80%	10.50%	15.10%	11.20%	12.00%	16.90%	14.10%	14.30%	15.30%	14.90%
	3.70%	4.50%	8.90%	4.10%	8.00%	4.80%	5.30%	9.10%	7.20%	7.60%	7.90%	8.40%
	2.50%	—	5.00%	—	4.50%	—	2.80%	—	—	—	—	—
	18.50%	23.90%	15.50%	4.20%	6.70%	4.20%	5.20%	7.50%	—	—	—	—
	-44.90%	15.90%	94.50%	-53.00%	17.40%	-33.80%	-29.70%	17.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Income statement
	15,269	13,814	12,846	11,708	10,388	8,697	7,150	6,839	6,793
	101.75	106.18	115.59	110.41	92.04	77.98	87.36	55.05	46.77
	15,371	13,920	12,962	11,819	10,480	8,775	7,237	6,894	6,840
	14,428	12,969	11,800	10,569	9,485	8,084	6,364	6,054	6,110
	9,519	8,350	7,287	6,883	6,639	5,969	4,383	4,219	4,603
	1,117	1,254	1,556	1,168	487.41	473.91	430.07	175.92	—
	1,016	954.95	823.04	734.73	591.80	499.31	426.64	385.81	—
	51.22	44.52	44.30	34.37	22.08	15.10	10.53	12.19	6.95
	634.52	607.18	525.66	484.33	427.23	395.72	319.16	300.74	—
	2,177	1,987	1,727	1,456	1,257	1,053	863.08	907.97	852.13
	942.78	951.58	1,162	1,250	994.83	691.12	873.35	840.66	730.11
	133.52	255.31	111.07	0.00	-47.65	0.00	0.00	0.00	0.00
	1,076	1,207	1,273	1,250	947.18	691.12	873.35	840.66	730.11
	278.40	311.12	328.50	315.84	252.65	178.55	226.52	179.86	246.88
	797.90	895.77	944.67	934.38	694.53	512.57	646.83	660.80	483.23
	43.59	48.95	51.62	51.05	40.66	30.01	37.87	38.69	28.29
Key metrics
	1,762	1,859	1,843	1,769	1,396	1,102	1,203	1,154	737.06
	11.54%	13.50%	14.30%	15.10%	13.40%	12.70%	16.80%	16.90%	10.90%
	5.23%	6.50%	7.40%	8.00%	6.70%	5.90%	9.00%	9.70%	7.10%
	—	14.40%	16.80%	—	—	—	—	—	—
	15.67%	7.50%	9.70%	12.70%	19.40%	21.60%	4.50%	0.70%	—
	-11.47%	-5.20%	1.10%	34.50%	35.50%	-20.80%	-2.10%	36.70%	—
	—	-222.77	151.18	—	—	—	—	—	—
	—	1.25	1.43	—	—	—	—	—	—
	—	0.03	0.02	—	—	—	—	—	—
	—	50.46	-13.26	—	—	—	—	—	—
	—	67.9	67.4	—	—	—	—	—	—
Balance sheet
	—	11,457	10,168	—	—	—	—	—	—
	—	4,533	4,247	—	—	—	—	—	—
	—	226.00	157.83	—	—	—	—	—	—
	—	1,243	1,263	—	—	—	—	—	—
	—	2,515	2,195	—	—	—	—	—	—
	—	381.82	263.21	—	—	—	—	—	—
	—	4,192	3,532	—	—	—	—	—	—
	—	1,184	1,087	—	—	—	—	—	—
	—	2,762	2,313	—	—	—	—	—	—
	—	276.46	144.57	—	—	—	—	—	—
	—	276.46	144.57	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—
	—	8,099	7,389	—	—	—	—	—	—
Cash flow
	—	1,118	1,351	—	—	—	—	—	—
	—	-924.20	-1,132	—	—	—	—	—	—
	—	-126.31	-159.56	—	—	—	—	—	—
	—	1,341	1,200	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	3,843	4,041	3,460	3,351	3,388	3,350	2,974	3,164	3,136	3,131	2,797	2,881
	18.22	15.91	27.56	26.34	24.08	13.94	20.02	29.25	18.47	25.55	28.34	23.71
	3,861	4,057	3,487	3,377	3,412	3,364	2,994	3,193	3,154	3,157	2,825	2,905
	3,611	3,785	3,236	3,126	3,128	3,103	2,770	2,882	2,830	2,828	2,520	2,591
	2,453	2,189	1,925	2,106	1,960	1,694	1,624	1,866	1,753	1,600	1,477	1,866
	404.00	484.50	442.43	370.67	384.94	668.39	475.50	344.61	395.74	495.31	356.42	196.76
	226.26	226.00	214.27	204.63	223.10	197.59	180.08	191.22	189.88	185.60	162.90	164.75
	13.29	10.67	13.37	8.69	8.26	10.35	9.49	10.65	13.13	8.97	9.73	5.88
	140.47	140.33	139.58	140.87	138.00	129.24	128.40	123.34	122.03	118.29	120.99	114.42
	531.41	519.97	438.32	484.90	481.58	402.81	438.34	440.58	384.07	358.97	—	350.94
	250.71	272.30	251.74	251.28	283.76	261.01	224.36	311.09	323.97	328.66	305.34	313.32
	0.00	0.00	181.15	-43.80	121.79	0.00	0.00	111.07	—	—	—	—
	250.71	272.30	432.89	207.48	405.55	261.01	224.36	422.16	323.97	328.66	305.34	313.32
	62.41	69.50	110.56	55.79	103.15	67.00	57.55	110.33	83.26	84.11	77.31	73.68
	188.30	202.80	322.33	151.69	302.40	194.01	166.81	311.83	240.71	244.55	228.03	239.64
	10.29	11.08	17.61	8.29	16.52	10.60	9.11	17.04	13.15	13.36	12.46	14.03
Key metrics
	404.47	423.30	585.84	357.04	551.81	400.60	362.25	556.15	459.13	455.92	436.06	433.62
	10.50%	10.50%	16.90%	10.70%	16.30%	12.00%	12.20%	17.60%	14.60%	14.60%	15.60%	15.10%
	4.90%	5.00%	9.30%	4.50%	8.90%	5.80%	5.60%	9.90%	7.70%	7.80%	8.20%	8.30%
	2.90%	—	5.10%	—	5.00%	—	3.00%	—	—	—	—	—
	13.40%	20.60%	16.30%	5.90%	8.00%	7.00%	6.30%	9.80%	—	—	—	—
	-37.70%	4.50%	93.20%	-51.40%	25.60%	-20.70%	-26.80%	30.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Income statement
	14,695	13,549	12,405	11,260	10,386	8,696	7,150	6,839	6,793	6,233	5,981
	88.03	91.92	93.29	101.54	89.33	77.98	87.36	55.05	46.77	66.37	49.24
	14,783	13,641	12,498	11,362	10,475	8,774	7,237	6,895	6,840	6,299	6,031
	13,757	12,593	11,310	10,151	9,480	8,084	6,364	6,054	6,110	5,585	5,328
	8,673	7,686	6,844	6,497	6,639	5,969	4,383	4,219	4,603	3,922	3,452
	1,702	1,866	1,711	1,209	487.29	473.80	429.99	175.89	170.18	221.71	207.43
	871.16	839.59	746.78	699.44	591.03	498.76	426.04	385.18	345.23	308.99	—
	46.02	40.67	42.24	33.17	22.08	15.10	10.53	12.19	6.95	5.06	5.77
	561.25	547.69	492.06	478.72	427.23	395.72	319.16	300.74	261.20	230.34	191.17
	1,975	1,808	1,622	—	1,253	1,053	863.30	908.59	852.03	750.68	701.00
	1,026	1,048	1,188	1,211	995.22	689.80	873.33	840.68	730.37	714.20	702.21
	137.35	259.14	111.07	—	-47.65	—	—	—	—	—	—
	1,163	1,307	1,299	1,211	947.57	689.80	873.33	840.68	730.37	714.20	702.21
	298.26	336.50	335.25	305.17	253.16	178.55	226.52	179.86	246.88	242.88	223.72
	865.12	970.43	963.90	905.86	694.41	511.25	646.81	660.82	483.49	471.32	478.49
	47.27	53.02	52.66	49.49	40.65	29.93	37.87	38.69	28.31	—	—
Key metrics
	1,771	1,895	1,833	1,723	1,397	1,101	1,203	1,154	998.52	949.60	899.15
	12.05%	14.00%	14.80%	15.30%	13.40%	12.70%	16.80%	16.90%	14.70%	15.20%	15.00%
	5.89%	7.20%	7.80%	8.00%	6.70%	5.90%	9.00%	9.70%	7.10%	7.60%	8.00%
	—	15.50%	17.20%	—	—	—	—	—	—	—	—
	14.13%	9.20%	10.20%	8.40%	19.40%	21.60%	4.50%	0.70%	9.00%	4.20%	—
	-11.27%	0.70%	6.40%	30.50%	35.80%	-21.00%	-2.10%	36.70%	2.60%	-1.50%	—
	—	586.18	623.41	—	—	—	—	—	—	—	—
	—	1.38	1.43	—	—	—	—	—	—	—	—
	—	0.03	0.02	—	—	—	—	—	—	—	—
	—	169.22	-8.28	—	—	—	—	—	—	—	—
	—	60.5	62.7	—	—	—	—	—	—	—	—
Balance sheet
	—	11,125	9,993	—	—	—	—	—	—	—	—
	—	3,831	3,571	—	—	—	—	—	—	—	—
	—	102.24	152.80	—	—	—	—	—	—	—	—
	—	1,167	1,143	—	—	—	—	—	—	—	—
	—	2,283	2,036	—	—	—	—	—	—	—	—
	—	168.68	141.66	—	—	—	—	—	—	—	—
	—	3,485	3,014	—	—	—	—	—	—	—	—
	—	1,203	1,047	—	—	—	—	—	—	—	—
	—	2,443	2,200	—	—	—	—	—	—	—	—
	—	271.46	144.52	—	—	—	—	—	—	—	—
	—	271.46	144.52	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	8,161	7,378	—	—	—	—	—	—	—	—
Cash flow
	—	1,340	1,375	—	—	—	—	—	—	—	—
	—	-1,264	-1,154	—	—	—	—	—	—	—	—
	—	-125.74	-156.56	—	—	—	—	—	—	—	—
	—	753.85	751.79	—	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +9.27%
Sales CAGR 5Y: +13.64%
Profit CAGR 3Y: +11.80%
Profit CAGR 5Y: +8.45%
Sales YoY (TTM): +14.13%
Profit YoY (TTM): -11.27%

Consolidated

Sales CAGR 3Y: +9.97%
Sales CAGR 5Y: +14.08%
Profit CAGR 3Y: +8.85%
Profit CAGR 5Y: +6.73%
Sales YoY (TTM): +15.67%
Profit YoY (TTM): -11.47%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 32.86%

Quarter	September 2026	June 2026
Promoter %	32.86%	32.86%

Holder	Type	Holding	Previous	Change
Amara Raja Enterprises Private Limited (formerly RNGalla Family Private Limited)	Promoter	32.86%	32.86%	0.00%
NALANDA INDIA EQUITY FUND LIMITED	Public	8.67%	8.76%	-0.09%
LIFE INSURANCE CORPORATION OF INDIA - P & GS FUND	Public	7.87%	7.97%	-0.10%
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK TRANSPORTATION & LOGISTICS FUND	Public	1.30%	—	—
Jayadev Trust (Ramachandra N Galla & Amara Kumari Galla are Trustees)	Promoter	0.00%	0.00%	0.00%
Ashok Galla	Promoter	0.00%	0.00%	0.00%
Ramadevi Trust (Ramachandra N Galla & Amara Kumari Galla are Trustees)	Promoter	0.00%	0.00%	0.00%
Padmavathi Galla	Promoter	0.00%	0.00%	0.00%
Jayadev Galla	Promoter	0.00%	0.00%	0.00%
Ramachandra N Galla	Promoter	0.00%	0.00%	0.00%
G V Ramakrishna Vara Prasad	Promoter	0.00%	0.00%	0.00%
RNG Jayadev Trust (Ramachandra N Galla & Amara Kumari Galla are Trustees)	Promoter	0.00%	0.00%	0.00%
Siddharth Galla	Promoter	0.00%	0.00%	0.00%
FOREIGN INSTITUTIONAL INVESTORS	Public	0.00%	0.00%	0.00%
Vikramadithya Gourineni	Promoter	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Samvardhana Motherson International Limited	1,78,510	167.50	38.81	10.90%	+14.02% TTM	+24.64% TTM	+60.36%
Bosch Ltd	1,54,707	52,450.00	65.47	24.30%	+13.63% TTM	-11.32% TTM	+38.55%
Bharat Forge Ltd	85,532	1,750.30	119.52	15.80%	+20.38% TTM	-35.56% TTM	+32.17%
UNO Minda Limited	77,034	1,334.00	59.69	17.90%	+25.26% TTM	+19.83% TTM	+6.55%
Sona BLW Precision Forgings Limited	57,147	914.10	77.25	13.30%	+43.07% TTM	+21.75% TTM	+89.02%
Schaeffler India Limited	55,626	3,558.85	42.36	—	—	—	-14.06%
Tube Investments of India Ltd	44,502	2,299.00	40.13	12.80%	+22.93% TTM	+17.63% TTM	-23.13%
Endurance Technologies Limited	35,452	2,520.35	34.86	16.30%	+31.99% TTM	+15.15% TTM	-13.14%
Dhoot Transmission Limited	32,908	1,608.80	—	—	—	—	—
Exide Industries Ltd.	30,808	362.45	29.34	8.90%	+13.46% TTM	+32.16% TTM	-4.52%
Craftsman Automation Limited	28,009	10,708.90	53.12	14.20%	+35.85% TTM	+119.55% TTM	+56.82%
Sansera Engineering Limited	27,670	4,433.05	78.78	13.60%	+29.61% TTM	+55.71% TTM	+190.02%
ZF Commercial Vehicle Control Systems India Limited	26,292	2,310.30	52.66	18.50%	+9.03% TTM	+3.22% TTM	+8.07%
Motherson Sumi Wiring India Limited S	26,149	39.43	38.28	35.50%	+35.93% TTM	+11.75% TTM	-16.05%
Asahi India Glass Ltd.	26,040	1,021.45	47.48	10.80%	+19.75% TTM	+46.40% TTM	+6.69%
Gabriel India Ltd.	24,970	1,408.90	76.43	22.80%	+24.12% TTM	+38.28% TTM	+11.46%
Sundram Fasteners Ltd.	23,094	1,099.05	36.46	18.20%	+17.24% TTM	+13.95% TTM	+14.13%
BELRISE INDUSTRIES LIMITED	21,108	218.25	41.65	14.70%	—	—	+50.15%
SPR Auto Technologies Limited	19,938	4,298.20	33.52	18.00%	+46.79% TTM	+8.24% TTM	+59.24%
Tenneco Clean Air India Limited	18,875	467.65	30.24	64.30%	—	—	—
Minda Corporation Limited	16,568	693.00	29.72	15.10%	+32.84% TTM	+108.97% TTM	+17.09%
Lumax Auto Technologies Ltd.	15,362	2,253.90	36.50	24.70%	+32.82% TTM	+57.49% TTM	+87.99%
CIE Automotive India Limited	13,737	362.10	14.72	—	+12.44% TTM	+15.35% TTM	-16.20%
SEDEMAC MECHATRONICS LIMITED S	13,492	3,051.35	—	31.00%	—	—	—
Amara Raja Energy & Mobility Limited	13,488	736.95	16.90	14.40%	+15.67% TTM	-11.47% TTM	-25.60%

Filings & corporate actions

Recent announcements

Intimation - Earnings call audio recording3 Nov 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication3 Nov 2026 · Company Update / Newspaper Publication
Earnings call - Investor presentation Q2 & H1 FY272 Nov 2026 · Company Update / Investor Presentation
Press Release Q2 & H1 FY27 financials2 Nov 2026 · Company Update / Press Release / Media Release
Intimation2 Nov 2026 · Company Update / Acquisition
Intimation - Record date for interim dividend2 Nov 2026 · Corp. Action / Record Date
Intimation of interim dividend FY272 Nov 2026 · Corp. Action / Dividend
Unaudited Financial results for Q2 & H1 FY272 Nov 2026 · Result / Financial Results
Outcome of Board Meeting - Q2 / H1 - FY27 financial results and interim dividend2 Nov 2026 · Board Meeting / Outcome of Board Meeting
Change in Senior Management26 Oct 2026 · Company Update / Change in Management
Reg 74(5) for Q2 FY277 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation29 Sep 2026 · Company Update / Analyst / Investor Meet
Closure of Trading Window25 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Amara Raja Energy & Mobility Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 02/11/2026 ,inter alia, to consider and approve Unaudited Financial ....25 Sep 2026 · Board Meeting / Board Meeting
Newspaper publication16 Sep 2026 · Company Update / Newspaper Publication
Newspaper publication - IEPF12 Sep 2026 · Company Update / Newspaper Publication
Intimation9 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation8 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation27 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation24 Aug 2026 · Company Update / Analyst / Investor Meet
Earnings call transcript - Q1 FY2714 Aug 2026 · Company Update / Analyst / Investor Meet
Earnings call - Audio Recording11 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication Q1 FY2711 Aug 2026 · Company Update / Newspaper Publication
Outcome of AGM - Scrutinizer''s Report and voting results10 Aug 2026 · AGM/EGM / AGM
Outcome of 41st AGM - proceedings10 Aug 2026 · AGM/EGM / AGM
Investor presentation Q1 FY2710 Aug 2026 · Company Update / Investor Presentation
Financial Results for Q1 FY2710 Aug 2026 · Result / Financial Results
Intimation10 Aug 2026 · Company Update / General
Press Release Q1 FY27 financial results10 Aug 2026 · Company Update / Press Release / Media Release
Outcome of BM for Q1 FY27 financial results10 Aug 2026 · Board Meeting / Outcome of Board Meeting
Intimation6 Aug 2026 · Company Update / General
Earnings call intimation Q1 FY276 Aug 2026 · Company Update / Analyst / Investor Meet
Receipt of penalty order from GST department27 Jul 2026 · Company Update / General
Analyst / Investor group meet27 Jul 2026 · Company Update / Analyst / Investor Meet
Analyst / Investor group meet27 Jul 2026 · Company Update / Analyst / Investor Meet
Newspaper publication19 Jul 2026 · Company Update / Newspaper Publication
Intimation18 Jul 2026 · Company Update / General
BRSR FY2617 Jul 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Integrated Annual Report FY2617 Jul 2026 · Others / Reg. 34 (1) Annual Report
41st Annual General Meeting on August 10, 202617 Jul 2026 · AGM/EGM / AGM

Corporate actions

Purpose	Ex date	Record date	Payment date
Interim Dividend - Rs. - 4.3000	6 Nov 2026	6 Nov 2026	—
Final Dividend - Rs. - 5.2000	27 Jul 2026	27 Jul 2026	—
Interim Dividend - Rs. - 5.4000	13 Nov 2025	13 Nov 2025	—
Final Dividend - Rs. - 5.2000	1 Aug 2025	1 Aug 2025	—
Interim Dividend - Rs. - 5.3000	14 Nov 2024	14 Nov 2024	—
Final Dividend - Rs. - 5.1000	18 Jul 2024	—	—

Board meetings

2 Nov 2026 Board Meeting - Financial Results
10 Aug 2026 Board Meeting - Financial Results