Amara Raja Batteries Ltd (ARBL) is India's second largest Lead-acid battery manufacturer. Its segment includes 70% from automotive & rest from industrial with market leadership in the Telecom segment. During Q4FY21, ARBL revenue came at 33%YoY led by lower base and demand recovery both in OEM and replacement sales. Margin came lower at 15.1% (-30bps) due to higher lead price. However, continued cost control initiatives offset the further decline. Investment of Rs350cr for technological & capacity up-gradation in the...