ICICI Securities Ltd | Retail Equity Research Amara Raja Batteries' (ARBL) revenues grew 22.8% YoY to | 1,753 crore vs. our estimate of | 1,691 crore. Overall volume & price mix was at ~16% & ~7%, respectively. According to the management, its 2-W & 4-W business grew ~13% YoY & ~19% YoY, respectively, while the industrial segment grew ~35% YoY led by telecom, UPS & Railways. The growth in telecom is attributable to low base of last year and is getting stabilised now. Further, exports grew ~40% YoY...