Margin expanded owing to lower lead price 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 Q2FY20, ARBL revenue de-grew by -3.3%YoY, (marginally below our estimate) due to lower auto sales from manufacture's . However EBITDA margin expanded by 370bps to 17.2% on account of sharp decline in Lead price (-3.3%YoY) and better product mix....