ICICI Securities Ltd | Retail Equity Research Amara Raja Batteries' (ARBL) revenues were at | 1,328 crore (up 9.6% YoY) vs. our estimate of | 1,387 crore. According to the management, the demonetisation of currency impacted the 2-W (OEM) + replacement) and 4-W (OEM) segments though it managed its growth trajectory in the replacement segment. Overall, ARBL increased its market share in both 2-W & 4-W replacement space. Despite challenging & competitive market conditions, ARBL reported...