Amara Raja's Q1FY21 result was better than our expectation. Its sales/EBITDA were 5.7%/5.4% above our estimate. Its sales fell by 36.6% YoY to Rs 11,512 mn due to the nationwide lockdown amidst weak demand from OEMs/exports. Amara Raja's EBITDA fell 45.5% YoY to Rs 1,522 mn and EBITDA margin contracted 216 bps YoY to 13.2%. Amara Raja's net profit decreased 55.7 % YoY to Rs625 mn. We make minor changes to our FY21-22 forecasts. We value the stock at a PER of 20x...