Broadly in line with our estimates; Accumulate Amara Raja's Q4FY19 results were broadly in line with our estimates. The net revenue was ` 15.6bn (-1% YoY due to muted revenue from the automotive OEM segment and the telecom segment, offset by decent growth in the automotive replacement and inverter sales. The APAT grew 7% YoY to ` 1.20 bn, due to margin expansion. We remain positive about the Indian batteries market, as we expect 1) replacement demand to further improve, given healthy primary sales in the past three years, 2) a...