Amara Raja Batteries
BSE SENSEX
32,274
S&P CNX
10,057
7 August 2017
1QFY18 Results Update | Sector: Automobiles
CMP: INR823
TP: INR986(+20%)
Buy
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Below estimate; adverse mix, competitive pressure dent profitability
Revenues in-line led by healthy growth in Automotive and Inverters:
Net sales
grew 14.5% YoY (+11.4% QoQ) to INR14.9b (in-line), driven by growth in Auto
and Inverters, while Industrial segment remained subdued. Auto segment
growth could have been better if not for the GST impact (on inventory).
Telecom segment declined ~10%, while UPS also witnessed marginal de-
growth. Inverters segment, however, grew 150% on a lower base.
Multi-quarter-low EBITDA margin at 12.9%:
EBITDA margin contracted 450bp
YoY (-250bp QoQ) to 12.9% (est. of 15%), primarily due to adverse mix (decline
in Telecom), sub-optimal utilization in inverter batteries, and the lack of lead
price pass-through in Telecom and UPS. Higher tax further restricted PAT,
resulting in a decline of 24% YoY to ~INR1b (est. of ~INR1.3b).
Takeaways from management interaction:
a) Registered volume growth in
Automotive segment, and continues to gain market share with OEMs. In
Replacement segment, volumes could have been higher, but due to GST
implementation, dealers restricted purchases. b) Took price hike in
Automotive segment, while intense competition in Telecom and UPS led to no
price pass-through. c) Lead cost for 1QFY18 was USD2,270; expects it remain
stable for next six months. d) Capex of INR5b in FY18. AMRJ is adding 2W
battery capacity of 4m (taking total 2W capacity to 15m by Mar-18) and 4W
battery capacity of 2.5m by 2QFY18 (taking total capacity to 10.5m).
Valuation view:
We cut our EPS estimates by 20%/10% for FY18/FY19 to factor
in higher RM cost, depreciation and tax rate. Significant FCF generation
(~INR9.6b over FY18-20E) and stable RoE of ~19%, coupled with potential shift
from unorganized to organized players due to GST, would continue to drive
stock re-rating. The stock trades at 29.1x/21.7x FY18/19E EPS. Maintain Buy
with a TP of INR986 (25x June 2019 EPS).
FY18
FY17 FY18E
2QE
3QE
4QE
15,877 15,538 15,687 53,172 62,076
18.0
17.0
16.7
15.1
16.7
68.0
68.0
68.1
65.6
68.5
4.8
5.0
4.8
4.7
4.2
12.8
12.9
14.3
13.9
11.6
2,278 2,188 2,010 8,499 8,405
14.4
14.1
12.8
16.0
13.5
520
550
521 1,912 2,136
14
12
12
58
51
175
220
118
492
650
1,919 1,846 1,596 7,022 6,868
31.0
31.0
28.4
31.9
31.0
1,324 1,274 1,142 4,785 4,739
-2.8
13.4
15.2
-2.7
-1.0
(INR Million)
FY18
1QE VAR (%)
14,793
1.2
12.0
67.0 300bp
4.9
50bp
13.0 -130bp
2,234
-13.7
15.1 -220bp
505
7.8
12
14.2
150
-8.8
1,867
-19.2
31.0
1,288
-22.4
-1.4
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
AMRJ IN
171
140.5 / 2.2
1077 / 788
-7/-21/-24
348
47.9
Financials & Valuations (INR b)
2018E 2019E 2020E
Y/E Mar
Net Sales
62.1
73.6
86.9
EBITDA
8.7
11.4
13.5
PAT
4.8
6.5
7.9
28.0
28.2
37.9
EPS (INR)
0.8
34.4
22.6
Gr. (%)
175
206
244
BV/Sh (INR)
17.3
19.9
20.7
RoE (%)
16.5
19.0
19.8
RoCE (%)
29.4
29.1
21.7
P/E (x)
5.4
4.7
4.0
P/BV (x)
Estimate change
TP change
Rating change
Quarterly Performance
Y/E March (INR m)
Net Sales
YoY Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Exp (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Rate (%)
Adj PAT
YoY Change (%)
E: MOSL Estimates
1Q
13,081
15.0
65.7
5.0
11.9
2,273
17.4
441
14
90
1,908
31.5
1,307
8.0
FY17
2Q
3Q
4Q
13,455 13,280 13,445
16.9
9.5
17.4
64.3
65.0
68.0
5.2
5.4
5.2
13.5
14.1
13.0
2,297 2,051 1,844
17.1
15.4
13.7
457
480
499
15
14
15
120
133
151
1,945 1,689 1,480
29.9
33.5
33.0
1,363 1,123
992
10.4
-17.9
-9.1
1Q
14,975
14.5
70.0
5.4
11.7
1,929
12.9
544
14
137
1,508
33.7
999
-23.6
Jinesh Gandhi - Research analyst
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Jigar Shah - Research analyst
(Jigar.Shah@MotilalOswal.com); +91 22 3982 5402
/Deep Shah
- Research analyst
(Deep.Shah@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page 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 grew in-line by 14.5% YoY
Net sales (INR m)
31.4
23.6
20.1
10.5
15.1
8.6
13.7
7.3
Growth YoY (%)
Exhibit 2: Gross margins decline 430bp YoY (-200bp QoQ)
Gross margin (%)
17.4
15.0 16.9 9.5
14.5
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: EBITDA margins at multi-quarter-low
EBITDA
EBITDA (%)
Exhibit 4: PAT decline for the 3 consecutive quarter
PAT (INR m) 34
24
23
14
Growth YoY (%)
10
-9
-18
-24
rd
8
6
8
7
8
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Spot lead prices exhibiting high volatility
175,000
160,000
145,000
130,000
115,000
100,000
INR/tonne
Source: Company, MOSL
Valuation and view
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 (48% share) and
UPS (32%) segments, and a fast gaining share in Autos. Over FY04-16, AMRJ
clocked a CAGR of 34% and 68% in net sales and PAT, respectively, far exceeding
EXID’s 20% CAGR each in net sales and PAT. This has been driven by a
combination of technological innovations (first to introduce maintenance-free,
factory charged, extended warranty batteries), witty advertising and unique
7 August 2017
2

Amara Raja Batteries
distribution model (franchisee based), supported by 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) capacity and
network expansion. The 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 18.4% EPS CAGR over FY17-FY20E, robust return ratios and FCF; Buy:
We have slashed FY18 and FY19 earnings by 20% and 10%, respectively. Stable
competitive environment, recovery in demand and stable margins would drive
~18% CAGR in EPS over FY17-20E. Significant FCF generation (~INR9.6b over
FY18-20E) and stable RoE of ~19%, coupled with potential shift from
unorganized to organized players due to GST, would continue to drive stock re-
rating. The stock trades at 29.1x/21.7x FY18/19E EPS. Maintain
Buy
with a TP of
INR986 (25x June 2019 EPS).
Exhibit 6: Revised estimates
(INR M)
Net Sales
EBITDA (%)
Net Profit
EPS (INR)
Rev
62,076
14.0
4,822
28.2
FY18E
Old
62,076
15.9
6,032
35.3
Chg (%)
0.0
-200bp
-20.1
-20.1
Rev
73,569
15.4
6,479
37.9
FY19E
Old
73,569
15.9
7,193
42.1
Chg (%)
0.0
-40bp
-9.9
-9.9
Source: MOSL
Exhibit 7: Valuations have moderated considerably from peak, but still trading above historical average
42
35
6.0
28
21
15.5
14
12.7
7
0
0.0
2.0
2.4
23.2
27.4
4.0
3.4
4.8
4.6
P/E (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
8.0
P/B (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
Source: MOSL
Source: MOSL
7 August 2017
3

Amara Raja Batteries
Exhibit 8: Comparative valuation
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
BOSCH
Endurance Tech
CMP
(INR)
2,890
3,954
603
1,399
7,839
430
111
32,008
1,162
216
823
24,401
918
Rating
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
TP
(INR)
3,281
3,818
606
1,618
8,931
631
118
30,992
1,330
269
986
23,738
1,025
P/E (x)
FY18E FY19E
21.1
17.7
20.9
19.9
37.0
23.3
20.4
17.0
27.7
20.7
13.9
6.7
21.5
16.0
37.5
29.3
30.9
23.5
29.1
37.5
30.1
23.4
19.7
21.7
31.8
23.7
EV/EBITDA (x)
FY18E FY19E
15.2
12.6
13.5
13.0
24.4
15.9
14.6
12.4
17.2
13.3
4.1
2.6
10.9
8.3
28.9
24.8
18.3
14.6
15.9
25.2
14.7
14.7
12.3
11.8
21.4
12.3
RoE (%)
FY18E FY19E
22.2
24.0
34.6
31.5
28.6
35.2
13.9
14.9
20.2
22.9
16.5
27.3
23.2
27.0
37.0
35.4
19.8
14.1
17.3
21.1
22.4
22.3
15.0
19.9
21.9
23.6
Div Yield (%) EPS CAGR (%)
FY18E FY19E
FY17-19E
2.2
2.8
11.2
2.3
2.3
8.5
0.5
0.7
48.5
1.4
1.4
23.2
1.1
1.3
23.3
0.1
0.1
80.2
1.8
2.0
23.7
0.5
0.5
33.6
0.7
1.0
0.5
0.9
0.4
0.9
1.0
0.7
1.1
0.8
37.8
16.3
16.4
27.3
28.6
Source: MOSL
7 August 2017
4

Amara Raja Batteries
Amara Raja| Story in charts: Robust ~18.4% EPS CAGR over FY17-20E
Exhibit 9: 2W battery capacity to increase more than 2x by
FY22E
4W (mn units)
2W (mn units)
24.0
15.0
6.0
8.4 8.3 8.48.4
10.8
11.0 10.5
10.5
Exhibit 10: Expect net sales to register a CAGR of ~17.7%
over FY17-20E
25.2
16.0
9.7
Net sales (INR m)
22.5
15.1
16.7
18.5
18.1
Growth (%)
4.5 3.5 4.7 4.0
FY12
FY13
FY14
FY15
FY16
FY17
FY18E FY22E
FY13
FY14
FY15
FY16
FY17 FY18E FY19E FY20E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Expect margins to sustain above 15% by FY20E
EBITDA (INR m)
16.3
16.7
17.8
16.0
EBITDA margins (%)
15.4
15.6
Exhibit 12: Strong EPS growth of ~18.4% over FY17-20E
36.2
26.3
20.4
10.4
28.0
28.2
0.8
37.9
FY17
46.5
EPS
Growth (%)
34.4
22.6
15.2
14.0
(2.7)
17.2
FY13
FY14
FY15
FY16
FY17
FY18E FY19E FY20E
Source: Company, MOSL
FY13
21.7
FY14
23.9
FY15
28.8
FY16
FY18E FY19E FY20E
Source: Company, MOSL
Exhibit 13: FCF to grow gradually by FY20E
CFO
Capex
FCF
Exhibit 14: Return ratios to remain strong
RoCE (%)
31.1
28.0
30.6
26.0
28.0
24.2
25.2
23.9
20.3
19.4
17.3
16.5
19.9
19.0
20.7
19.8
RoE (%)
-1,463
-3,731 -4,062
-4,904 -4,305 -5,000 -5,000 -5,000
FY14
FY15
FY16
FY17
FY18E FY19E FY20E
Source: Company, MOSL
FY13
FY14
FY15
FY16
FY17
FY18E FY19E FY20E
Source: Company, MOSL
FY13
7 August 2017
5

Amara Raja Batteries
Financials and Valuations
Standalone - Income Statement
Y/E March
Gross Revenues
Less: Excise Duty
Net Sales
Change (%)
Gross operating income
Total Expenditure
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT bef. EO Exp.
EO Expense/(Income)
PBT after EO Exp.
Tax Rate (%)
Reported PAT
PAT Adj for EO items
Change (%)
Margin (%)
FY11
19,443
1,833
17,611
20.3
19,443
15,037
2574
14.6
417
2,157
31
78
2,204
0
2,204
32.8
1,481
1,481
-11.3
8.4
FY12
26,029
2,384
23,645
34.3
26,029
20,249
3396
14.4
465
2,931
25
280
3,186
0
3,186
32.5
2,151
2,151
45.2
9.1
FY13
33,110
3,496
29,614
25.2
33,110
25,099
4515
15.2
661
3,854
10
466
4,310
92
4,218
32.0
2,867
2,929
36.2
9.9
FY14
38,372
4,005
34,367
16.0
38,372
28,764
5603
16.3
646
4,957
7
455
5,405
39
5,367
31.5
3,674
3,701
26.3
10.8
FY15
46,372
4,258
42,113
22.5
46,372
35,095
7018
16.7
1,340
5,678
2
423
6,099
73
6,026
33.0
4,036
4,084
10.4
9.7
FY16
51,843
5,666
46,178
9.7
51,843
37,948
8,230
17.8
1,407
6,823
55
459
7,226
0
7,226
32.0
4,916
4,916
20.4
10.6
FY17
59,814
6,642
53,172
15.1
59,814
44,672
8,499
16.0
1,912
6,587
58
492
7,022
0
7,022
31.9
4,785
4,785
-2.7
9.0
FY18E
69,525
7,449
62,076
16.7
69,525
53,392
8,685
14.0
2,242
6,442
51
700
7,091
0
7,091
32.0
4,822
4,822
0.8
7.8
(INR Million)
FY19E
82,397
8,828
73,569
18.5
82,397
62,210
11,359
15.4
2,773
8,586
46
850
9,389
0
9,389
31.0
6,479
6,479
34.4
8.8
FY20E
97,287
10,424
86,863
18.1
97,287
73,336
13,528
15.6
3,286
10,242
46
1,150
11,345
0
11,345
30.0
7,942
7,942
22.6
9.1
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
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
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
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
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
FY15
171
17,674
17,845
368
741
18,954
12,434
2,989
9,444
863
189
13,394
4,181
5,541
2,222
1,450
4,935
2,660
1,458
817
8,459
18,955
FY16
171
20,988
21,159
538
725
22,421
14,851
1,330
13,520
1,229
200
14,559
6,016
5,922
1,503
1,119
7,087
3,493
2,665
929
7,472
22,421
FY17
171
25,760
25,931
815
690
27,436
18,156
3,257
14,899
2,403
1,467
17,077
8,170
5,705
1,709
1,494
8,410
4,184
3,285
941
8,667
27,436
FY18E
171
29,694
29,865
957
725
31,547
24,558
5,499
19,059
1,000
1,467
19,767
8,504
6,660
2,859
1,744
9,746
4,885
3,835
1,026
10,021
31,547
(INR Million)
FY19E
171
34,981
35,152
1,145
725
37,021
29,558
8,273
21,286
1,000
1,467
25,132
8,062
7,893
7,110
2,067
11,863
5,790
4,545
1,529
13,269
37,021
FY20E
171
41,462
41,632
1,372
725
43,729
34,558
11,558
23,000
1,000
1,467
32,239
9,519
9,320
10,960
2,440
13,976
6,836
5,366
1,775
18,262
43,729
7 August 2017
6

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
RoIC
Working Capital Ratios
Gross Fixed Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital Turnover (Days)
Leverage Ratio (x)
Current Ratio
Debt/Equity
FY11
8.7
11.1
37.8
2.3
30.9
94.9
74.0
21.8
8.0
54.8
0.3
24.9
21.1
23.7
3.3
59.0
57
23
73
2.1
0.2
FY12
12.6
15.3
48.2
1.9
17.4
65.3
53.7
17.1
5.9
40.9
0.2
29.3
25.5
29.9
3.8
41.2
45
15
46
2.3
0.1
FY13
17.2
21.0
62.0
2.5
17.6
48.0
39.1
13.3
4.6
30.4
0.3
31.1
28.0
40.6
4.4
36.1
42
19
34
2.1
0.1
FY14
21.7
25.4
79.8
3.6
19.3
38.0
32.3
10.3
4.0
24.7
0.4
30.6
28.0
40.9
3.5
35.6
43
17
44
2.1
0.1
FY15
23.9
31.8
104.5
3.6
18.4
34.4
25.9
7.9
3.3
19.8
0.4
26.0
24.2
29.4
3.4
36.2
44
23
54
2.7
0.0
FY16
28.8
37.0
123.9
4.3
17.7
28.6
22.2
6.6
3.0
17.0
0.5
25.2
23.9
26.4
3.1
47.6
42
28
47
2.1
0.0
FY17
28.0
39.2
151.8
4.25
18.2
29.4
21.0
5.4
2.6
16.4
0.5
20.3
19.4
21.7
2.9
56.1
35
29
48
2.0
0.0
FY18E
28.2
41.4
174.9
4.33
18.4
29.1
19.9
4.7
2.2
15.9
0.5
17.3
16.5
18.2
2.5
50.0
35
29
42
2.0
0.0
FY19E
37.9
54.2
205.8
5.8
18.4
21.7
15.2
4.0
1.8
11.8
0.7
19.9
19.0
22.1
2.5
40.0
35
29
31
2.1
0.0
FY20E
46.5
65.7
243.7
7.1
18.4
17.7
12.5
3.4
1.5
9.6
0.9
20.7
19.8
24.8
2.5
40.0
35
29
31
2.3
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
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
-3,731
-943
294
-3,437
-99
-14
-430
-543
-1,192
4,138
2,946
FY15
6,099
1,245
-29
1,922
-1,475
3,917
-4,062
-180
176
-3,886
-36
-84
-552
-672
-675
2,897
2,222
FY16
7,226
1,407
-43
2,181
-738
5,672
-4,904
637
24,156
-3,938
772
-5
-1,614
-847
757
746
1,503
FY17
7,022
1,912
-3
2,024
-1,137
5,771
-4,305
1,224
27,395
-5,294
748
-3
0
745
981
784
1,765
FY18E
7,091
2,242
-649
2,269
-204
6,212
-5,000
1,212
700
-4,300
176
-51
-887
-762
1,150
1,709
2,859
FY19E
9,389
2,773
-804
2,911
1,002
9,451
-5,000
4,451
850
-4,150
188
-46
-1,192
-1,051
4,250
2,859
7,109
FY20E
11,345
3,286
-1,104
3,404
-1,143
8,981
-5,000
3,981
1,150
-3,850
227
-46
-1,461
-1,281
3,850
7,109
10,959
7 August 2017
7

Amara Raja Batteries
Corporate profile
Company description
Commencing operations in 1992, AMRJ has become
India’s 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.
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Jun-17
Promoter
DII
FII
Others
52.1
10.9
19.0
18.0
Mar-17
52.1
8.9
19.7
19.4
Jun-16
52.1
8.2
20.6
19.2
Source: Capitaline
Exhibit 3: Top holders
Holder Name
FRANKLIN TEMPLETON INVESTMENT FUNDS
ICICI PRUDENTIAL VALUE DISCOVERY FUND
BARON EMERGING MARKETS FUND
SMALLCAP WORLD FUND, INC
% Holding
2.8
2.4
1.1
1.1
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Ramachandra N Galla
Jayadev Galla
M R Rajaram
Designation
Chairman
Vice Chairman & M.D.
Company Secretary
Exhibit 5: Directors
Name
N Sri Vishnu Raju*
Raymond J Brown*
T R Narayanaswamy*
Raphael John Shemanski
Name
Nagarjun Valluripalli*
Shu Qing Yang
Bhairavi Tushar Jain
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Brahmayya & Co
Deloitte Haskins & Sells LLP
Sagar & Associates
Type
Statutory
Statutory
Cost Auditor
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
FY20
MOSL forecast
28.2
37.9
46.5
Consensus
forecast
33.4
39.8
44.6
Variation
(%)
-15.5
-4.7
4.3
Source: Bloomberg
7 August 2017
8

Amara Raja Batteries
NOTES
7 August 2017
9

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Amara Raja Batteries
Disclosure of Interest Statement
Analyst ownership of the stock
Amara Raja Batteries
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
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Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
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7 August 2017
10