Q3FY17 Results: Amara Raja Batteries growth momentum slowed down in this quarter, with a 9.6% YoY revenue growth (1% below est. of 10.5%). Gross margins contracted 336bps YoY to 34.9%, in line with estimates as lead prices surged during the quarter, with average prices up ~16% YoY (assuming 2-month lag, LME prices in INR terms). Staff costs rose 30bps YoY, while other expenses fell 10bps to 14.1% (est. 13.4%), leading to an overall YoY EBITDA margin contraction of 362bps to 15.4% (Est. 16.4%).The increased capacities have resulted in higher depreciation ( up 32% YoY), contributing to a fall in PAT of 18%. Additionally, other income rose 17%, while the tax rate rose 48bps YoY and 359bps QoQ to...