Amara Raja's Q2FY21 result was a strong beat on all fronts. Its top-line /EBITDA were 23%/45% higher than our estimates. Amara Raja's sales increased by 14.2% YoY to Rs19,355 mn led by improvement across segments. EBITDA increased 16.4% YoY to Rs3,402 mn and EBITDA margin improved 33bps YoY to 17.6%. However, sharp fall in other income and higher tax expense resulted in 8.0% YoY fall in net income to Rs2 bn. We raise our FY21 sales/ EBITDA/ net profit estimates by 7%/14%/21% to factor better than expected Q2FY21 results. We also raise our FY22 sales/ EBTIDA/ net profit estimates by 4-6% and introduce FY23E numbers. We now value the stock at a PER of...