Estimates lowered to reflect weak Q1FY18 profitability: We cut our EBITDA margin estimates by 100 bps for FY18 (reflecting weak Q1FY18 margins) and by 50bps in FY19. Our net profit estimates for FY18/19 stand lower by 7.7%/3.4%, respectively. Outlook and Valuation: We believe Amara holds durable competitive advantages over peers, with strong brand, technical expertise (via parent JCI global brand) and its lower cost structure. Amara remains well positioned to continue outperforming its peers in an industry that enjoys rare advantages in the Automotive space. We expect margins to improve from Q2FY18 on price hikes taken by the company. We...