Amara Raja Batteries Ltd (ARBL) is India's second largest Lead-acid battery manufacturer. Its segment includes automotive and industrial lead acid batteries, with market leadership in Telecom segment. During Q4FY19, ARBL reported a muted revenue growth of 0.9%YoY, (below our estimate) on the back of lower auto sales from manufacture's and weak contribution from telecom segment . However EBITDA margin expanded by 200bps to 15.5% due to sharp decline in Lead price and better operating efficiencies....