Amara Raja Batteries Ltd (Amara) Q2FY21 results were better than estimates across parameters. Topline growth recovered to 14% yoy as both auto and industrial demand recovered; margins improved on operating leverage Amara is expected to continue outpacing organized lead acid battery industry driven by new automotive OEM client addition and enhancing distribution reach in aftermarket. Telecom and UPS too have huge growth potential. Operating leverage and cost control measures would lead to margins remaining at higher end of historical band of 14-17%...