Replacement demand key to traverse sluggish growth phase Aftermarket i.e. replacement segment accounts for ~60-65% of channel mix for battery manufacturers, including EIL. The OEM segment, which forms a further 25-30% of overall demand, has been seeing prolonged correction over the past ~15 months, thus weighing on revenues even for ancillary companies. With a meaningful recovery in OEMs still some way away (H2FY21E), a sustained performance on the replacement side would be key, going forward. Aftermarket segment continues to be the beneficiary of a...