Amara Raja's (Amara) Q2FY18 EBTIDA margin beat was led by better-than-expected pricing, product mix and cost initiatives. However, net sales at Rs14.3 bn (+7.1% YoY, -4.7% QoQ) were below our estimate by 9.2%. EBITDA stood at Rs2.4 bn (+3.6% YoY, +23.5% QoQ). EBITDA margin improved 380 bps QoQ to 16.7% despite rising lead prices. We raise our margin estimates for FY18/19 as we expect impact of better pricing,...