Amara Raja Batteries, 1Q FY 2014

1QFY2014 Result Update | Auto Ancillary
August 16, 2013
Amara Raja Batteries

Performance Highlights
Y/E March (` cr) Net Sales EBITDA EBITDA Margin (%) Adj. PAT 1QFY14 894 145 16.3 98 1QFY13 696 119 17.2 76 % chg (yoy) 28.4 21.7 (89)bp 28.5 4QFY13 804 112 13.9 59 % chg (qoq) 11.2 29.9 235bp 64.6
ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Auto Ancillary 4,237 (340) 0.5 328/134 54,226 1.0 20,247 6,170 AMAR.BO AMRJ@IN
`277 `305
12 Months
Source: Company, Angel Research
Amara Raja Batteries (AMRJ) reported an extremely strong performance for 1QFY2014, beating our estimates, driven by strong growth in revenues (driven by volumes) and superior EBITDA margins performance. AMRJ has announced an ambitious capital expenditure plan of `750cr to ease the capacity constraints across the product segments that it is currently facing. We expect the company to sustain its growth momentum going ahead, led by widening reach, strong product offerings and increasing capacity. We revise our earnings estimates slightly upwards by 2-3% to account for the strong operating performance during the quarter. We recommend an Accumulate rating on the stock. Operating performance beats estimates: The top-line recorded a robust growth of 28.4% yoy (11.2% qoq) to `894cr despite the adverse macro-economic environment. The growth was driven by a sustained growth in the four-wheeler replacement battery segment which clocked a double digit volume growth though the OEM demand remained muted. The two-wheeler battery segment too registered a significant growth as the company commenced supplies to Honda Motorcycle and Scooters India during the quarter. The growth in the industrial battery segment remained strong as well led by robust demand for telecom batteries in the replacement segment. According to the Management, the growth was restricted due to the capacity constraints in the automotive as well as the industrial battery segments. The EBITDA margin expanded strongly by 235bp qoq to 16.3% driven by softening of lead prices, price hikes of ~4-5% undertaken in 4QFY2013, and superior product-mix (higher share of replacement as against OEMs). Driven by a strong operating performance and lower depreciation expense, the adjusted bottom-line surged 64.6% qoq (28.5% yoy) to `98cr. Outlook and valuation: Due to the strong operating performance over the last two years, AMRJ has narrowed the valuation gap to the market leader, Exide from 35-45% to ~10% currently (one year forward basis). We expect the company to sustain its strong operating performance and thereby its outperformance relative to Exide aided by the sustained growth in the automotive and industrial battery volumes. The stock has surged ~8% post the strong 1QFY2014 results. At `277, AMRJ is trading at 13.2x FY2015E earnings. We recommend an Accumulate rating on the stock with a target price of `305 valuing the stock at 14.5x FY2015 earnings.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 52.1 18.5 15.8 13.6
Abs. (%) Sensex AMRJ
3m 4.0 (14.8)
1yr 26.3 77.5
3yr 19.1 195.0
Key financials (Standalone)

Y/E March (` cr) Net Sales % chg Net Profit % chg EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) FY2012 2,364 34.3 215 45.2 14.4 12.6 22.0 5.7 29.3 34.3 1.9 13.5 FY2013 2,961 25.2 296 37.6 14.9 17.3 16.0 4.5 31.4 35.0 1.5 9.9 FY2014E 3,474 17.3 325 9.8 15.5 19.0 14.6 3.5 27.2 31.1 1.4 8.9 FY2015E 3,952 13.8 359 10.5 15.5 21.0 13.2 2.9 24.2 28.0 1.2 7.5
Yaresh Kothari
022-3935 7800 Ext: 6844 yareshb.kothari@angelbroking.com
Source: Company, Angel Research; Note: CMP as of August 14, 2013
Please refer to important disclosures at the end of this report
Amara Raja Batteries | 1QFY2014 Result Update
Exhibit 1: Quarterly financial performance (Standalone)

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Purchases of TG (% of Sales) Employee expense (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM (%) Interest Depreciation Other Income PBT (excl. Extr. Items) Extr. Income/(Expense) PBT (incl. Extr. Items) (% of Sales) Provision for Taxation (% of PBT) Reported PAT Adj PAT Adj. PATM Equity capital (cr) Reported EPS (`) Adjusted EPS (`)
1QFY14 894 481 53.8 116 13.0 38 4.3 113 12.6 748 145 16.3 0 15 10 140 0 140 15.7 43 30.4 98 98 10.9 17.1 5.7 5.7
1QFY13 696 414 59.5 52 7.4 29 4.2 82 11.8 577 119 17.2 0 13 6 112 0 112 16.1 36 32.3 76 76 10.9 17.1 4.5 4.5
% chg (yoy) 28.4 16.1 125.9 31.6 37.6 29.8 21.7 (31.4) 12.3 64.8 25.1 25.1 17.8 28.5 28.5
4QFY13 804 447 55.6 106 13.2 35 4.4 104 12.9 692 112 13.9 0 27 7 92 0 92 11.5 33 35.4 60 59 7.4 17.1
% chg (qoq) 11.2 7.5 (3.4) 10.1 (1.0) 9.3 (1.7) 8.9 (2.0) 8.2 29.9 (87.0) (45.7) 35.7 52.7 (100.0) 52.4 37.0 30.9 (14.1) 64.1 64.6 48.1 0.0 64.1 64.6
FY2013 2,981 1,732 58.1 263 8.8 127 4.2 388 13.0 2,510 471 15.8 1 66 27 431 (9) 422 14.1 135 32.0 287 296 9.9 17.1 16.8 17.3
FY2012 2,381 1,523 64.0 84 3.5 100 4.2 318 13.3 2,025 356 15.0 2 46 12 319 0 319 13.4 104 32.5 215 215 9.0 17.1 12.6 12.6
% chg (yoy) 25.2 13.7 213.4 26.3 22.2 24.0 32.3 (59.2) 42.2 133.5 35.3 32.4 30.4 33.3 37.6
28.5 28.5
3.5 3.5
33.3 37.6
Top-line growth surprises positively: For 1QFY2014, AMRJs top-line recorded a robust growth of 28.4% yoy (11.2% qoq) to `894cr despite the adverse macroeconomic environment. The top-line was driven by sustained growth in the fourwheeler replacement battery segment which clocked a double digit volume growth though the OEM demand remained muted. The two-wheeler battery segment too registered a significant growth as the company commenced supplies to Honda Motorcycle and Scooters India during the quarter. The growth in the industrial battery segment remained strong as well led by robust demand for telecom batteries in the replacement segment. According to the Management, the growth was restricted due to capacity constraints in the automotive as well as the industrial battery segments. The company is planning to incur a capital expenditure of `750cr towards capacity expansion as it is facing capacity constraints across its product segments. AMRJ expects to increase large valve-regulated lead-acid (VRLA), medium VRLA, two-wheeler and four-wheeler battery capacities over the next 12-24 months. The company is expanding its four-wheeler battery manufacturing capacity at the Chittoor plant from 5.6mn units to 8.25mn units. The two-wheeler battery capacity would be enhanced to 8.4mn from the current 4.8mn units. The company is also expanding its medium VRLA battery capacity from 1.8mn units to 3.6mn units and large VRLA capacity to 1,000mnAH.
August 16, 2013
Exhibit 2: Better-than-expected top-line growth of 28.4% yoy

(` cr) 1,000 900 800 700 600 500 400 300 200 100 0 43.2 Net sales (LHS) 44.1 34.4 32.7 27.9 17.5 24.0 19.4 yoy growth (RHS) (%) 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0
28.4
525
562
613
673
696
719
761
804
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
EBITDA margin rebounds to 16.3%: On the operating front, the EBITDA margin expanded strongly by 235bp qoq to 16.3% driven by softening of lead prices and price hikes of ~4-5% undertaken in 4QFY2013. Further, a superior product-mix due to higher share of replacement as against OEMs also aided the margin performance. Sequentially, the raw-material expenditure as a percentage of sales declined 201bp leading to a gross margins expansion 33.2%. On a yoy basis though, margins contracted 89bp due to a sharp increase in other expenditure on account of higher advertisement and higher distribution expenditure. The company has increased product prices by 4-5% again in July 2013, leading to a 12-15% price hike over the last one year. While cost pressures in the form of higher distribution expenses, higher power and fuel costs and increasing marketing spends would continue going ahead, we believe the impact would be limited given that lead prices have softened over the last one month. Further price hikes over the last one year would also provide respite to the company.
Exhibit 3: Average lead price trend

(US $/tonne) 5,000 4,000 3,000 2,000 1,000 0 Lead inventory (RHS) Lead prices (LHS) (tonne) 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0
Exhibit 4: EBITDA margin declines on cost pressures

(%) 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 12.9 15.7 17.3 14.1 17.2 16.4 16.0 13.9 16.3
EBITDA margin Raw-material cost/sales
70.3
66.9
66.4
66.1
66.9
65.7
66.1
68.8
1QFY14
66.8
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
894
May-09
May-10
May-11
May-12
August 16, 2013
1QFY14
Apr-06
Apr-07
Apr-08
Jun-13
Bottom-line posts 64.6% qoq growth: Driven by a strong operating performance and lower depreciation expense, adjusted bottom-line surged 64.6% qoq (28.5% yoy) to `98cr. The depreciation expense declined 45.7% qoq to `15cr as the company had recorded an impairment charge of `8cr and an additional depreciation expense of `5cr in 4QFY2013.
Exhibit 5: Adjusted net profit ahead of estimates

(` cr) 120 100 80 60 40 7.4 9.2 Net profit (LHS) 10.7 8.7 7.4 10.9 Net profit margin (RHS) 11.1 10.6 10.9 (%) 12.0 10.0 8.0 6.0 4.0
39
52
66
58
76
79
81
59
98 1QFY14
20 0
2.0 0.0
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
August 16, 2013
4QFY13
Investment arguments
AMRJ is Indias second-largest manufacturer of lead batteries. US based Johnson Controls is a joint venture partner of AMRJ and holds a 26% equity stake in the company. The automotive and industrial battery segments accounted for ~52% and ~48% of the companys revenues in FY2013. We expect the automotive battery market to post a 12-15% CAGR in sales over FY201315E, led by strong growth in the replacement demand, a 5-8% CAGR in new vehicle sales and shrinking market share of unorganized players. Thus, during FY201315E, we expect AMRJs automotive battery segment to post an ~17% revenue CAGR. Also, with a strong focus on strengthening its distribution network, we expect AMRJ to increase its market share going ahead. AMRJ pioneered the use of maintenance-free batteries with a presence in the railway signaling, telecom, power and supply solutions segments. Going forward, we expect the power telecom and backup (home UPS) segment to drive demand for industrial batteries, leading to an ~15% revenue CAGR in AMRJs industrial battery segment over FY201315E.
Outlook and valuation

AMRJ has announced an ambitious capital expenditure plan of `750cr to ease the capacity constraints that it is currently facing across product segments. We expect the company to sustain its growth momentum going ahead, led by widening reach, strong product offerings and increasing capacity. We marginally revise our earnings estimates upwards to factor in the strong operating performance during the quarter. As a result, our earnings estimates for FY2014E/15E are revised upwards by 2.6%/2.9%.
Exhibit 6: Change in estimates

Y/E March Net Sales (` cr) OPM (%) EPS (`)
Earlier Estimates 3,418 14.5 316 3,892 14.5 348
Revised Estimates 3,474 15.5 324 3,952 15.5 358
% chg 1.6 104bp 2.6 1.6 94bp 2.9
FY2014E FY2015E FY2014E FY2015E FY2014E FY2015E
Due to the strong operating performance over the last few quarters, AMRJ has narrowed the valuation gap to the market leader, Exide from 35-45% to ~10% currently (one year forward basis). We expect the company to sustain its strong operating performance and thereby its outperformance relative to Exide, aided by the sustained growth in the automotive and industrial battery volumes. The stock has surged ~8% post the strong 1QFY2014 results. At `277, AMRJ is trading at 13.2x FY2015E earnings. We recommend an Accumulate rating on the stock with a target price of `305 valuing the stock at 14.5x FY2015 earnings.
August 16, 2013
Exhibit 7: Angel vs consensus forecast

Angel estimates FY14E Net sales (` cr) EPS (`) 3,474 19.0 FY15E 3,952 21.0 Consensus FY14E 3,531 19.7 FY15E 4,178 22.9 Variation (%) FY14E (1.6) (3.4) FY15E (5.4) (8.2)
Exhibit 8: One-year forward P/E band

(`) 450 400 350 300 250 200 150 100 50 0 CMP (`) 5x 10x 15x 20x
Exhibit 9: AMRJ P/E Premium/Discount to Exide

(%) 40.0 20.0 0.0 (20.0) (40.0) (60.0) (80.0) (100.0) prem./ disc. to Exide Five-yr average Prem/Disc
Feb-08
May-07
Dec-08
Sep-09
Jan-05
Jun-10
Aug-06
Jan-12
Aug-05
Mar-09
Dec-10
Nov-03
Aug-13
Feb-02
Sep-12
Exhibit 10: Auto Ancillary Recommendation summary

Company Amara Raja Batteries Automotive Axle Bharat Forge* Bosch India# Exide Industries FAG Bearings Subros
# ^
Reco. Accumulate Neutral Accumulate Accumulate Accumulate Neutral Neutral Accumulate
CMP (`) 277 209 229 8,517 133 1,157 236 20
Tgt. price (`) 305 256 9,096 148 23

#
Upside (%) 10.0 11.5 6.8 11.9 12.1
P/E (x) FY14E 14.6 12.1 14.6 25.1 16.7 15.3 18.2 8.7
^
EV/EBITDA (x) FY14E 8.9 4.8 7.1 15.0 9.0 8.7 7.2 3.3 FY15E 7.4 3.6 6.0 11.7 7.6 6.1 6.1 2.9 13.2 7.7 11.7 20.1 14.7 11.3 14.7 5.4
RoE (%) FY14E 27.1 9.5 15.4 16.6 18.3 13.4 29.4 4.8 FY15E 24.1 14.0 17.3 17.6 18.0 15.8 28.6 7.6
FY13-15E EPS CAGR (%) 10.2 (4.7) 58.8 23.3 21.1 3.4 24.9 5.6
FY15E
Motherson Sumi*
Source: Company, Angel Research; Note: * Consolidated results;
December year end;
September year end
Company background
Amara Raja Batteries, a JV between Galla family and Johnson Controls, US, is India's second largest manufacturer in the organized valve-regulated lead-acid (VRLA) batteries market, finding applications in the automotive (~52% of total revenue) and industrial (~48% of total revenue) segments. AMRJ has a market share of ~28% in four-wheeler OEMs, ~22% in four-wheeler replacement and ~15% in two-wheeler replacement battery markets. The company also commands dominant market shares of ~45% and ~30% in the telecom and UPS battery segments respectively. AMRJ derives ~35% and ~40% of its industrial segment's revenue from the telecom and UPS battery segments respectively.
August 16, 2013
Aug-13
Apr-04
Oct-05
Apr-11
Jan-03
Jun-07
Apr-01
Oct-04
Apr-08
Jan-10
Oct-11
Oct-12
Jul-06
Profit and loss statement (Standalone)

Y/E March (` cr) Total operating income % chg Total expenditure Net raw material costs Other mfg costs Employee expenses Other EBITDA % chg (% of total op. income) Depreciation & amortization EBIT % chg (% of total op. income) Interest and other charges Other income Recurring PBT Extraordinary expense PBT (reported) Tax (% of PBT) PAT (reported) ADJ. PAT % chg (% of total op. income) Basic EPS (`) Adj. EPS (`) % chg FY2010 FY2011 FY2012 1,464 11.5 1,176 880 61 62 173 288 70.4 19.7 43 246 82.3 16.8 8 17 255 8 255 88 34.4 167 159 97.7 10.9 9.8 9.3 97.7 1,761 20.3 1,504 1,158 86 88 171 257 (10.8) 14.6 42 216 (12.2) 12.2 3 8 220 0 220 72 32.8 148 148 (6.9) 8.4 8.7 8.7 (6.9) 2,364 34.3 2,025 1,607 92 100 225 340 31.9 14.4 46 293 35.9 12.4 2 28 319 0 319 104 32.5 215 215 45.2 9.1 12.6 12.6 45.2 FY2013 FY2014E FY2015E 2,961 25.2 2,519 1,995 145 127 253 442 30.3 14.9 66 376 28.4 12.7 1 47 422 (9) 422 135 32.0 287 296 37.6 10.0 16.8 17.3 37.6 3,474 17.3 2,936 2,321 168 151 295 539 21.7 15.5 99 440 16.8 12.7 13 51 478 0 478 153 32.0 325 325 9.8 9.4 19.0 19.0 9.8 3,952 13.8 3,342 2,638 194 174 336 611 13.4 15.5 123 487 10.9 12.3 16 56 528 0 528 169 32.0 359 359 10.5 9.1 21.0 21.0 10.5
August 16, 2013
Balance sheet statement (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity share capital Reserves & surplus Shareholders Funds Total loans Deferred tax liability Other long term liabilities Long term provisions Total Liabilities APPLICATION OF FUNDS Gross block Less: Acc. depreciation Net Block Capital work-in-progress Investments Long term loans and advances Other noncurrent assets Current assets Cash Loans & advances Other Current liabilities Net current assets Total Assets 491 185 306 23 16 631 62 109 460 319 312 656 539 224 315 38 16 15 732 45 97 590 349 383 767 621 267 355 32 16 10 940 229 124 586 407 532 944 680 321 359 103 16 35 1,257 411 173 674 566 691 1,204 1,298 420 878 195 22 35 1,088 137 208 742 591 497 1,627 1,439 543 895 216 25 35 1,338 257 237 844 651 687 1,859 17 527 544 91 22 656 17 629 646 91 20 10 768 17 806 823 84 22 15 944 17 1,043 1,060 87 20 38 1,204 17 1,316 1,333 237 20 38 1,627 17 1,623 1,640 162 20 38 1,859 FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E
August 16, 2013
Cash flow statement (Standalone)

Y/E March (` cr) Profit before tax Depreciation Change in working capital Others Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in fixed assets (Inc.)/Dec. in investments Other income Cash Flow from Investing Issue of equity Inc./(Dec.) in loans Dividend paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in cash Opening Cash balances Closing Cash balances FY2010 FY2011 FY2012 255 43 35 (14) (17) (88) 214 (47) 31 17 1 (195) 8 (36) (223) (8) 70 62 220 42 (83) (13) (8) (72) 86 (63) 0 8 (55) (0) 29 (77) (48) (16) 62 46 319 46 35 30 (28) (104) 298 (76) 0 28 (49) (0) (7) 46 (105) (66) 184 45 229 FY2013 FY2014E FY2015E 422 66 23 6 (47) (135) 335 (130) 0 47 (84) 3 38 (111) (70) 181 229 410 478 99 (79) (51) (153) 293 (710) (6) 51 (664) 150 52 98 (273) 410 137 528 123 (71) (56) (169) 355 (162) (3) 56 (108) (75) 52 (127) 120 137 257
August 16, 2013
Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Int.) 0.0 0.0 31.0 0.0 0.1 70.5 (0.2) (0.5) 119.6 (0.3) (0.8) 376.3 0.1 0.1 33.9 (0.1) (0.2) 30.5 3.2 47 56 35 65 3.4 52 57 38 61 4.1 43 48 31 50 4.6 34 43 32 36 3.5 33 43 34 34 2.9 33 43 32 36 35.9 42.5 33.5 30.3 30.6 24.9 34.3 41.9 29.3 35.0 48.4 31.4 31.1 30.0 27.2 28.0 30.9 24.2 16.8 0.7 2.5 27.5 2.8 0.3 34.9 12.2 0.7 2.7 22.6 2.3 0.1 23.9 12.4 0.7 3.4 28.2 1.9 (0.2) 23.3 12.7 0.7 4.0 34.7 0.8 (0.7) 11.0 12.7 0.7 3.1 26.6 5.4 (0.1) 23.5 12.3 0.7 2.6 21.8 5.4 (0.0) 21.4 9.8 9.3 11.8 1.5 31.8 8.7 8.7 11.1 2.3 37.8 12.6 12.6 15.3 1.9 48.2 17.3 17.3 21.2 2.5 62.0 19.0 19.0 24.8 2.6 78.0 21.0 21.0 28.2 2.6 96.0 28.3 23.4 8.7 0.5 3.2 16.4 7.2 31.9 24.9 7.3 0.8 2.7 18.5 6.2 22.0 18.1 5.7 0.7 1.9 13.5 4.8 16.0 13.1 4.5 0.9 1.5 9.9 3.6 14.6 11.2 3.5 0.9 1.4 8.9 3.0 13.2 9.8 2.9 0.9 1.2 7.5 2.5 FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E
August 16, 2013
10
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Amara Raja Batteries No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
August 16, 2013
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1QFY2014 Result Update | Auto Ancillary

August 16, 2013