Amara Raja Batteries' (ARBL) Q3FY18 revenue came in at |1,553 crore (up 16.9% YoY) vs. our expectations of | 1,517 crore. According to management, the automotive segment clocked healthy volume growth across the OEM and aftermarket segments. The industrial battery recorded significant growth in UPS segment while volumes in telecom segment also increased on a YoY basis EBITDA margin expanded 20 bps YoY but contracted 113 bps QoQ to 15.6% vs. our estimate of 16.1%. Its gross margin contracted 174...