Amara Raja Batteries' (ARBL) revenues came in at | 1,344 crore (up 17.4% YoY) above our expectations of | 1,293 crore. Growth was largely driven by the automotive segment, which accounts for ~60% of overall revenue. The industrial battery (accounts for 40% of revenue) space for ARBL remained subdued as telecom & tower companies are reworking the cost structure, post the entry of Jio, thereby impacting volume offtake for replacement batteries EBITDA margins contracted 309 bps YoY & 163 bps QoQ to 13.7%...