Sales increased to Rs15.8 bn (+1.8% YoY, +17.6% QoQ) and was mainly driven by higher Automotive battery volumes. However, Industrial battery volumes continued to witness muted demand due to weak Telecom sector. EBITDA at Rs2,107 mn (+14.3% YoY, -12.8% QoQ) was 17.0% below our estimate. Higher other income (+57.4% YoY) was offset by higher tax rate (37%). Amara Raja's net profit increased only 10.7% YoY to Rs1,098 mn....