20 July 2019 to just 2% YoY (INR18.2b v/s our estimate of INR17.4b). 4W battery volumes increased 5% YoY, driven by growth of 10-11% YoY in aftermarket and 22% YoY in exports, partly offset by an 18% YoY decline in OEM volumes. 2W volumes were up 6-7% YoY, driven by 20% YoY growth in aftermarket, despite 25-28% YoY decline OEM volumes. Industrial volumes increased 11% YoY, driven by 25% YoY growth in UPS, despite 8-9% YoY decline in telecom battery volumes. Lead prices were lower by 10-12% YoY. Operating leverage and change in lease accounting (20-25bp benefit) drove 15.1%). Implementation of AS116 (lease accounting) resulted in higher depreciation (by ~INR40m) and interest cost (by ~INR10m). Adj. PAT increased (a) AMRJ recently reacted to the 5- 6% price cut in the 2W replacement market by EXID. (b) Realized lead price was at INR141-143k/ton (v/s INR154k in 4QFY19).