Amara Raja Batteries Ltd (ARBL) is India's second largest Lead-acid battery manufacturer. Its segment include automotive and industrial lead acid batteries, with market leadership in Telecom segment. Under challenging market condition domestic replacement demand and export has substantially overcome the demand slowdown in Auto OE segment aided by significant traction in volume growth. During Q4FY20, ARBL revenue came flat at 0.9%YoY, (marginally inline with our estimate). PAT grew by 14.5%YoY. Despite weak demand, EBITDA margin came at above 15% (-10bps),...