Amara Raja's Q1FY20 result was broadly in-line of our expectations; however net sales was better than our estimate by 5.3%. Its net sales stood at Rs18.1 bn (+2.0% YoY, 15.8% QoQ) led by higher automotive and export sales. EBITDA was in-line with our forecast at Rs.2.7 bn (+26.8% YoY, +15.3% QoQ); EBITDA margin improved 300bps YoY to 15.4% mainly on price hikes and lower prices of key raw material, lead. Net profit increased 24.7% YoY to Rs 1,409 mn. As Q1FY20 result was in line with our expectation, we broadly maintain our FY20/FY21 forecasts. We continue to value the stock at PE of 18x on our FY21E EPS and maintain...