Amara Raja's Q2FY22 result was a mixed bag as its sales was ahead of our estimate while EBITDA was lower than our forecast. Amara Raja's sales increased by 17% YoY to Rs22 bn as automotive and industrial sales rebounded. However, sharp increase in prices of raw material (lead) led to sharp contraction in margins. Its EBITDA declined by 21% YoY to Rs2,689 mn; EBITDA margins fell by 570 bps YoY and 138 bps QoQ to 11.9%....