28 October 2015

2QFY16 Results Update | Sector: Automobiles

Amara Raja Batteries

BSE SENSEX
27,040
Bloomberg

S&P CNX
8,171
AMRJ IN

Equity Shares (m)

170.8

M.Cap. (INR b) / (USD b) 156.2/2.4

52-Week Range (INR)

1,132/630

1, 6, 12 Rel. Per (%)

-12/15/38

Avg Val (INRm)/Vol 000

256

Free float (%)

47.9

Financials & Valuation (INR Billion)

Y/E MAR

2015 2016E 2017E

Net Sales

42.1

47.8

57.4

7.1

8.4

10.7

EBITDA
Adj PAT

4.2

5.1

7.0

EPS (INR)

24.3

30.0

41.3

Gr. (%)

12.3

23.1

37.7

BV/Sh.(INR)

99.5

137.3

189.2

RoE (%)

27.2

25.3

25.3

RoCE (%)

37.6

34.8

33.5

P/E (x)

37.6

30.5

22.2

9.2

6.7

4.8

P/BV (X)

Estimate change
TP change
Rating change

2-9%
9%

CMP: INR915

TP: INR1,032 (+13%)

Buy

Revenues disappoint, EBITDA margins in line

Net sales grew 9.2% YoY (+2% QoQ) to INR11.5b (v/s est. INR12.3b), driven by
~15% revenue growth in automotive battery (OEM grew 16%-18% and
replacement grew 20%; 18% growth in 2W battery revenues and 10% in 4W
battery revenues).
Industrial segment revenues grew 1% YoY, impacted by flat UPS revenues and
~13% de-growth in other segments despite ~6% growth in telecom batteries. Fx
issues in African countries and slower roll-out of telecom towers in Myanmar
impacted exports.
RM cost declined 60bp QoQ (-230bp YoY) to 64% despite 5% QoQ increase in lead
cost, driven by favorable mix and price increases. Other expenses were up 80bp
QoQ due to commissioning of new 4W capacity.
EBITDA margins improved 20bp YoY (-30bp QoQ) to 17.2% (in line) in 2QFY16.
Lower tax rate at 30.4% and higher other income at INR116m (v/s est. INR76m)
boosted adj. PAT 22% YoY (flat QoQ) to INR1.2b (in line).
Takeaways from management interaction: a) AMRJ continued to gain market share
in OEM and replacement segments; b) AMRJ undertook price increase of 1-2% in 4W
replacement and some industrial segments; c) other expenses increased QoQ due to
new capacities; d) UPS segment is witnessing pressure from imports due to FTA with
ASEAN countries and pricing pressure from competitors; e) UPS capacity utilization at
55-56%; f) tabular batteries capacity would commence operations by 4QFY16; g) FY16
capex expected at INR6b, of which ~INR3.5b is likely for tubular batteries~INR500m
each would be for 2W and industrial batteries, and ~INR1.5b for maintenance capex.
Valuation and view: We lower our FY16E/17E EPS by 2%/9.4% to ~INR30/41. to
factor in for slower-than-expected sales growth and lower EBITDA margins. The stock
trades at 30.5x/22.2x FY16E/17E EPS. Maintain Buy with a TP of ~INR1,032 (~25x
FY17E EPS).

Jinesh Gandhi (Jinesh@MotilalOswal.com); +91 22 3982 5416

Jay Shah (Jay.Shah@MotilalOswal.com); +91 22 3078 4701
Investors are advised to refer through disclosures made at the end of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Amara Raja Batteries

Exhibit 1: Net sales growth of 9.2% YoY
Net sales (INR m)

Gross margin (%)

Growth YoY (%)

11,583

36.0
2QFY16

33.2
1QFY15

35.4

33.1
4QFY14

1QFY16

34.4
3QFY14

35.5

34.8
2QFY14

4QFY15

33.2
1QFY14

34.8

31.2
4QFY13

3QFY15

34.0
3QFY13

PAT (INR m)

1,085

1,218

1,121

1,454

1,420

1,503

1,377

1,755

1,800

1,801

1,878

1,988

1,987

1,226
1,003 1,072
8261,060 1,024 1,221
761 720 809
596
39
30
29 31
22
23
17
15
39
8 6 8
2

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

1QFY13

95

2QFY13

17.1 17.0 16.9 17.5 17.5 17.2

Growth YoY (%)

1,195

17.6 17.4

EBITDA (%)

1QFY13

17.2

Source: Company, MOSL

Exhibit 4: PAT growth at 22% YoY boosted by lower tax rate

and higher other income

Exhibit 3: EBITDA margin at 17.2% on lower RM cost

EBITDA

33.7

34.2
2QFY13

Source: Company, MOSL

2QFY15

33.1
1QFY13

9.2

2QFY16

1QFY16

10,698
4QFY15

8,629
3QFY14

10,665

8,071
2QFY14

3QFY15

8,938
1QFY14

10,602

8,038
4QFY13

2QFY15

7,592
3QFY13

10.5
10,290

7,205
2QFY13

20.5

15.1

4QFY14

6,962
1QFY13

12.0 13.7 10.5

23.6

1QFY15

28.0 23.719.6

11,376

31.4

28.4
8,879

32.7

Exhibit 2: Gross margins up 60bp QoQ

Source: Company, MOSL

2QFY16

1QFY16

4QFY15

3QFY15

2QFY15

1QFY15

4QFY14

3QFY14

2QFY14

1QFY14

4QFY13

978 946 950

3QFY13

15.5

2QFY13

15.1 16.0 13.9 16.3

Source: Company, MOSL

Exhibit 5: Benefit of lead price correction of 9% in 2QFY16, would reflect in 3QFY16

INR/Tonne

150,000
135,000
120,000
105,000
90,000
75,000

Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15

60,000

Source: Company, MOSL

Valuation and view

28 October 2015

Industry structure remains duopoly, but AMRJ is a strong No. 2: While the
industry structure remains largely duopoly, AMRJ has emerged as a formidable
challenger to leader EXIDE, with market leadership in telecom (46% share) and
UPS (32%) segments, and a fast gaining share in Autos. Over FY04-15, AMRJ
clocked a CAGR of 34% and 68% in net sales and PAT respectively, far exceeding
EXIDs 20% CAGR each in net sales and PAT. This has been driven through a
combination of technological innovations (first to introduce maintenance-free,
factory charged, extended warranty batteries), witty advertising and unique
2

Amara Raja Batteries

distribution model (franchisee based) supported with operational efficiency-led

competitive pricing.
AMRJ gearing up to be leader: AMRJ is gearing up to be a leader through i)
consolidating in existing areas, ii) entering new business opportunities within
battery space, mainly home UPS, Solar and Motive Power and iii) aided by
capacity and network expansion. Company aims to increase its share in the OEM
and replacement segments to 40% (from current 30%) and 30% (from current
24%) respectively over the medium term. In the telecom segment, AMRJ
expects to maintain its market share at current levels (60% currently).
Strong ~30% EPS CAGR over FY15-FY17E, robust return ratios and FCF; Buy:
FY16 is inflection year for AMRJwith new capacities driving top-line (~17%
CAGR over FY15-17E) and benign lead prices driving margins (+190bp by FY17),
translating into ~30% EPS CAGR (FY15-17E) after muted FY15. Stable
competitive environment, significant FCF generation (~INR2.8b over FY16-17)
and stable RoE of 25% coupled with potential shift from unorganized to
organized players due to GST would continue to drive stock re-rating. The stock
trades at 30.5x/22.2x FY16/17 EPS. Maintain Buy with a TP of ~INR1,032 (~25x
FY17E EPS).

Exhibit 6: Revised Estimates

(INR m)
Rev
47,831
17.6
5,118
30.0

Net Sales
EBITDA Margin (%)
PAT
EPS (INR)

FY16E
Old
49,972
18.1
5,231
30.6

Chg (%)
-4.3
-50bp
-2.2
-2.2

Rev
57,355
18.7
7,049
41.3

FY17E
Old
62,260
19.5
7,784
45.6

Chg (%)
-7.9
-70bp
-9.4
-9.4
Source: MOSL

Exhibit 7: Valuations trading above historical average, reflecting improving fundamentals

P/E (x)
5 Yrs Avg(x)

35

15 Yrs Avg(x)
10 Yrs Avg(x)

P/B (x)
5 Yrs Avg(x)

8.0

28

15 Yrs Avg(x)
10 Yrs Avg(x)
7.1

6.0
25.5

21
14.4
14

3.7

4.0
2.6

10.4
2.0

9.6

1.9

28 October 2015

Oct-15

Aug-14

Jun-13

May-12

Mar-11

Jan-10

Nov-08

Sep-07

Aug-06

Jun-05

Apr-04

Feb-03

Dec-01

Oct-15

Aug-14

Jun-13

May-12

Mar-11

Jan-10

Nov-08

Sep-07

Aug-06

Jun-05

Apr-04

Feb-03

Dec-01

Oct-00

Source: MOSL

Oct-00

0.0

Source: MOSL

Amara Raja Batteries

Exhibit 8: Comparative Valuation
CMP *
(INR)

Rating

TP
(INR)

P/E (x)
FY16E
FY17E

EV/EBITDA (x)
FY16E
FY17E

Bajaj Auto

2,569

Buy

3,118

19.6

15.4

12.2

Hero MotoCorp

2,624

Buy

2,862

16.7

14.7

272

Buy

326

27.9

16.9

M&M

1,230

Neutral

1,129

19.2

Maruti Suzuki

4,496

Buy

5,098

Tata Motors

386

Buy

Ashok Leyland

91

Eicher Motors#

RoE (%)
FY16E
FY17E

RoCE (%)
FY16E
FY17E

Auto OEM's
10.0

33.2

36.1

47.6

48.3

10.6

9.5

43.3

40.5

60.4

55.3

16.8

10.9

25.5

33.3

24.3

32.7

15.4

14.5

12.7

16.0

15.9

17.7

17.8

26.2

18.7

12.8

10.0

18.5

21.9

25.8

29.5

491

8.9

7.2

3.8

3.1

21.9

21.0

18.1

18.4

Buy

110

23.0

11.8

11.1

6.6

20.2

31.8

21.3

32.8

17,385

Buy

24,283

48.8

27.7

26.8

16.0

34.7

44.6

36.8

51.9

Bharat Forge

867

Buy

1,252

22.7

17.3

12.2

9.9

23.6

25.9

24.6

28.0

Exide Industries

161

Buy

183

22.3

17.7

13.3

10.9

13.7

15.4

18.7

19.9

Amara Raja Batteries

915

Buy

1,032

30.5

22.2

18.2

13.7

25.3

25.3

34.8

33.5

BOSCH
# Nos. are on CY basis

21,157

Buy

26,864

47.2

34.4

31.3

23.1

17.8

21.1

TVS Motor

Auto Ancillaries

28 October 2015

26.4
29.8
Source: Company, MOSL

Amara Raja Batteries

Amara Raja| Story in charts: Robust ~30% EPS CAGR expected over FY15-17E
Exhibit 10: Expect net sales to register a CAGR of ~17% over
FY15-17E

Exhibit 9: Capacity for various batteries

4W (mn units)
MVRLA (mn units)

2W (mn units)
LVRLA (billion. Amph)
8.4

8.25 8.4

Net sales (INR m)

34.3
25.2

FY13

FY14

FY15

57,355

FY12

13.6
47,831

1.65

1.5

FY11

42,113

34,367

3.5
2.25
1.5

FY12

FY13

FY14

FY15

FY16E

FY17E

Source: Company, MOSL

Exhibit 11: Expect margins to sustain and improve to 18.7%

by FY17E
EBITDA (INR m)

Source: Company, MOSL

Exhibit 12: Strong EPS growth of ~30% over FY15-17E

EBITDA margins (%)

18.7

17.6

16.8

16.3

15.2

14.4

EPS

45.2

Growth (%)

4,515

5,603

7,091

8,418

10,744

3,396

24.7
12.3

12.6

FY13

FY14

FY15

FY16E

FY17E

FY12

17.2

21.7

24.3

30.4

44.0

FY13

FY14

FY15

FY16E

FY17E

Source: Company, MOSL

Exhibit 13: FCF to turn positive in FY16E/17E

Exhibit 14: Return ratios to remain strong

3,185

5,605

6,685

RoCE (%)
41.2

37.8
29.3

40.9
31.1

RoE (%)
37.6

30.6

34.8
27.2

33.5
25.3

25.3

-395

-434

Source: Company, MOSL

FCF

3,917

1,840

Capex

-69

-1,463

2,273

1,763

3,225

1,914

2,723

CFO

44.9

36.2
26.3

FY12

-809

19.9

16.0
29,614

4.5
3.5

22.5

23,645

4.7

Growth (%)

-3,500

-3,986
-6,000
FY12

FY13

FY14

FY15

FY16E

FY17E

Source: Company, MOSL

28 October 2015

FY12

FY13

FY14

FY15

FY16E

FY17E

Source: Company, MOSL

Amara Raja Batteries

Exhibit 15: Key operating metrics
Revenue Model
Automotive (INR m)
Growth YoY (%)
OEM (INR m)
Growth YoY (%)
Replacement (INR m)
Growth YoY (%)
Two-wheelers (INR m)
Growth YoY (%)
Industrial (INR m)
Growth (%)
Others (Traded)
Growth (%)
Net revenue (INR m)
Growth (%)

28 October 2015

FY10
8,414
10.8
1,497
21.1
6,432
5.9
485
68
6,412
14.9
0

FY11
10,725
27.5
2,098
40.1
7,871
22.4
756
56
7,569
18.0
65

14,645

17,611
20.3

FY12
13,358
24.6
2,562
22.1
9,540
21.2
1,257
66
9,212
21.7
881
1,254.1
23,645
34.3

FY13
16,983
27.1
3,019
17.9
12,249
28.4
1,714
36
11,523
25.1
2,586
193.4
29,614
25.2

FY14
22,229
30.9
3,613
19.7
15,640
27.7
2,976
74
13,768
19.5
1,843
-28.7
34,001
14.8

FY15
27,760
24.9
4,008
10.9
19,065
21.9
4,688
58
17,105
24.2
2,396
30.0
42,466
24.9

FY16E
FY17E
33,054
40,625
19.1
22.9
4,758
5,975
18.7
25.6
22,020
26,082
15.5
18.5
6,277
8,568
34
37
18,467
21,403
8.0
15.9
2,918
3,250
21.8
11.4
47,831
57,355
12.6
19.9
Source: Company, MOSL

Amara Raja Batteries

Financials and valuations

Standalone - Income Statement

(INR Million)

Y/E March
Net Sales
Change (%)

FY10
14,645
11.5

FY11
17,611
20.3

FY12
23,645
34.3

FY13
29,614
25.2

FY14
34,367
16.0

FY15
42,113
22.5

FY16E
47,831
13.6

FY17E
57,355
19.9

Total Expenditure
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
PBT after EO Exp.
Tax Rate (%)
Reported PAT
PAT Adj for EO items
Change (%)

11,760
2,885
19.7
429
2,455
79
2,546
34.4
1,670
1,670
107.5

15,037
2,574
14.6
417
2,157
31
2,204
32.8
1,481
1,481
-11.3

20,249
3,396
14.4
465
2,931
25
3,186
32.5
2,151
2,151
45.2

25,099
4,515
15.2
661
3,854
10
4,218
32.0
2,867
2,929
36.2

28,764
5,603
16.3
646
4,957
7
5,367
31.5
3,674
3,701
26.3

35,023
7,091
16.8
1,340
5,751
2
6,099
32.6
4,109
4,158
12.3

39,413
8,418
17.6
1,492
6,926
9
7,417
31.0
5,118
5,118
23.1

46,610
10,744
18.7
1,762
8,982
9
9,723
27.5
7,049
7,049
37.7

FY13
171
10,427
10,598
195
881
11,674
6,803
3,214
3,589
1,030
161
12,925
2,929
3,807
4,108
2,082
6,030
1,577
1,960
2,493
6,895
11,674
0.0

FY14
171
13,456
13,627
301
843
14,772
9,955
3,860
6,096
1,447
161
13,691
3,350
4,528
2,946
2,867
6,623
1,577
1,858
3,188
7,068
14,771
-0.2

FY15
171
16,825
16,996
368
741
18,106
14,414
4,970
9,444
863
161
13,414
4,181
5,541
2,222
1,469
5,775
1,521
2,616
1,639
7,638
18,106
0.5

FY16E
171
23,273
23,444
368
773
24,586
20,277
6,462
13,815
1,000
161
16,285
4,643
6,293
3,679
1,669
6,675
1,858
2,971
1,847
9,610
24,586
0.0

Standalone - Balance Sheet

Y/E March
Equity Share Capital
Total Reserves
Net Worth
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates

28 October 2015

(INR Million)
FY10
171
5,266
5,436
216
912
6,565
4,911
1,854
3,057
227
161
6,311
2,176
2,423
625
1,087
3,191
1,376
281
1,535
3,120
6,565
0.0

FY11
171
6,289
6,459
205
1,000
7,664
5,388
2,237
3,151
375
161
7,472
2,847
3,057
451
1,117
3,496
1,091
937
1,468
3,977
7,664
0.0

FY12
171
8,064
8,235
220
855
9,310
6,213
2,667
3,546
315
161
9,493
2,666
3,197
2,292
1,339
4,206
949
1,196
2,061
5,288
9,310
0.0

FY17E
171
32,155
32,326
368
773
33,467
23,777
8,224
15,553
1,000
161
24,529
5,543
7,546
9,438
2,001
7,775
2,319
3,562
1,894
16,753
33,467
0.0

Amara Raja Batteries

Financials and valuations

Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital Turnover (Days)
Growth (%)
Sales
EBITDA
PAT
Leverage Ratio (x)
Current Ratio
Debt/Equity

(INR Million)
FY10

FY11

FY12

FY13

FY14

FY15

FY16E

FY17E

9.8
12.3
31.8
1.5
17.4

8.7
11.1
37.8
2.3
30.9

12.6
15.3
48.2
1.9
17.4

17.2
21.0
62.0
2.5
17.6

21.7
25.4
79.8
3.6
19.3

24.3
32.2
99.5
3.6
18.0

30.0
38.7
137.3
-6.5
-26.0

41.3
51.6
189.2
-8.9
-26.0

93.5
74.4
28.7
10.7
54.3
0.2

105.5
82.3
24.2
8.9
60.9
0.3

72.6
59.7
19.0
6.5
45.6
0.2

53.3
43.5
14.7
5.2
33.9
0.3

42.2
35.9
11.5
4.5
27.5
0.4

37.6
28.4
9.2
3.7
21.8
0.4

30.5
23.6
6.7
3.2
18.2
-0.7

22.2
17.7
4.8
2.6
13.7
-1.0

35.2
38.4

24.9
31.4

29.3
37.8

31.1
41.2

30.6
40.9

27.2
37.6

25.3
34.8

25.3
33.5

2.2
54.2
52
34
62

2.3
59.0
57
23
73

2.5
41.2
45
15
46

2.5
36.1
42
19
34

2.3
35.6
43
17
44

2.3
36.2
43
13
47

1.9
35.4
42
14
45

1.7
35.3
42
15
47

11.5
70.4
107.5

20.3
-10.8
-11.3

34.3
31.9
45.2

25.2
33.0
36.2

16.0
24.1
26.3

22.5
26.6
12.3

13.6
18.7
23.1

19.9
27.6
37.7

2.0
0.2

2.1
0.2

2.3
0.1

2.1
0.1

2.1
0.1

2.3
0.0

2.4
0.0

3.2
0.0

Standalone - Cash Flow Statement

Y/E March
Net P/L Before Tax and E/O Items
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(inc)/dec in FA
Free Cash Flow
Others
CF from Investments
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance

28 October 2015

(INR Million)
FY10
2,546
430
61
785
-260
1,992
-515
1,628
338
-177
-1,908
-68
-68
-2,044
-78
703
625

FY11
2,204
417
9
776
-1,138
716
-667
195
54
-612
17
-21
-419
-422
-174
625
451

FY12
3,187
470
-28
1,026
120
2,723
-809
2,176
82
-727
-271
84
-222
-409
1,848
444
2,292

FY13
4,218
577
-110
1,366
-94
3,225
-1,463
1,892
269
-1,194
3
-17
-323
-336
1,825
2,283
4,108

FY14
5,366
637
-808
1,606
-1,315
2,273
-434
2,354
299
-3,448
-87
-14
-430
-531
-1,192
4,138
2,946

FY15
6,099
1,245
-29
1,922
-1,475
3,917
-3,986
-104
176
-3,810
-112
-84
-552
-748
-675
2,897
2,221

FY16E
7,417
1,492
-491
2,299
-514
5,605
-6,000
-395
500
-5,500
32
-9
1,331
1,353
1,458
2,221
3,679

FY17E
9,723
1,762
-741
2,674
-1,385
6,685
-3,500
3,185
750
-2,750
0
-9
1,833
1,823
5,759
3,679
9,438

Amara Raja Batteries

Corporate profile: Amara Raja Batteries

Company description

Exhibit 15: Sensex rebased

Commencing operations in 1992, AMRJ has

become Indias second-largest lead-acid battery
manufacturer (next to market leader EXID), with
market leadership in telecom and UPS segments. It
is reckoned as one of the pioneers in VRLA (valve
regulated lead acid) batteries. Johnson Control USA
(JC) is an equal partner and acquired 26% equity in
AMRJ in 1997.

Exhibit 17: Shareholding pattern (%)

Exhibit 18: Top holders

Jun-15

Mar-15

Jun-14

Promoter

52.1

52.1

52.1

DII

9.2

9.0

9.5

FII

18.8

18.0

16.9

Others

19.9

20.9

21.5

Holder Name

% Holding

Franklin Templeton Investment Funds

ICICI Prudential Value Discovery Fund
Smallcap World Fund INC
HDFC Trustee Company Ltd - A/c HDFC Mid - Cap

2.4
1.8
1.3
1.1

Note: FII Includes depository receipts

Exhibit 19: Top management

Name

Exhibit 20: Directors

Designation

Name

Name

Ramachandra N Galla

Chairman

Ramachandra N Galla

Nagarjun Valluripalli*

Jayadev Galla

Vice Chairman & M.D.

Jayadev Galla

Shu Qing Yang

S V Raghavendra

Chief Financial Officer

Raymond J Brown*

Bruce A Ronning Jr.

Chief Marketing Officer,

Industrial Battery Division
Chief Marketing Officer,
Automotive Battery Division

T R Narayanaswamy*

Bhairavi Tushar Jain

Srinivasa Rao Ganga

Rajesh Jindal

N Sri Vishnu Raju*

*Independent

Exhibit 21: Auditors

Exhibit 22: MOSL forecast v/s consensus

Name

Type

E Phalguna Kumar & Co

Brahmayya & Co
Deloitte Haskins & Sells LLP
Chevuturi Associates
Sagar & Associates

Statutory
Statutory
Statutory
Statutory
Cost Auditor

28 October 2015

EPS
(INR)

MOSL
forecast

Consensus
forecast

Variation
(%)

FY16

30.0

31.1

-3.6

FY17

41.3

39.8

3.8

AMARA RAJA GALLERY

AMARA RAJA

COMPANIES

SECTOR UPDATES

Amara Raja Batteries

NOTES

28 October 2015

11

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Raja an
Batteries
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AMARA RAJA BATTERIES

No
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12