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 Q2FY22, ARBL revenue came at 17%YoY on the back of robust demand from Aftermarket, across all product segments. Industrial business was stable and UPS registered higher growth. Though, higher raw materials price and supply constraints have negatively affected the margin and thereby, PAT de grew by 28.5%....