ICICI Securities Ltd | Retail Equity Research Amara Raja Batteries' (ARBL) revenues grew 18.8% YoY to | 1,779 crore vs. our estimate of | 1,747 crore. According to the management, automotive battery business achieved strong volume growth (~31% YoY) across its business segments. Its industrial segment stayed flat YoY, after ARBL saw double digit de-growth in telecom space. However, it was offset by growth in other segments. EBITDA margin contracted 49 bps YoY & 95 bps QoQ to 12.4% vs....