Sector: Auto Parts & Equipment /Mid-Cap | Earnings Update 1QFY20 Background: Amara Raja Batteries Ltd (ARBL) is the second largest automotive battery manufacturer and the largest supplier of industrial storage batteries in India. The company supplies auto batteries to OEMs such as Ford, Hyundai, Honda, Mahindra & Mahindra, Maruti Suzuki, Ashok Leyland and Tata motors amongst others. Its Industrial division consists of brands such as PowerStack, Amaron Volt, Amaron Sleek, Amaron brute and Amaron Quanta. Company's business model is de-risked as it caters to automotive as well as industrial segments. The company's products are exported to most...