Amara Raja's result was slightly better than our expectations. Its top-line was 8.3% above our estimate; however, EBITDA margin was 72 bps below our forecast. Amara Raja's sales increased 3.1% YoY to Rs17 bn and EBITDA increased 12.2% YoY to Rs2.8 bn. EBITDA margin expanded 132bps YoY mainly due to price hike taken by the company in the last one year. Amara Raja's net profit growth of 25.4% YoY to Rs 1,642...