This reflects customers growing acceptance of the AMRJ brand which will be taken positively by the market, in our view. AMRJ took a 3% price increase in the replacement segment in Oct-13, which we estimate should largely take care of the increase in lead prices and help the company maintain margins at ~16%. We fine-tune our FY14- 15F estimates revenue cut by 3-4% owing to lower trading revenues and delays in expansion plans; however, we raise our EPS estimates by ~2% owing to our higher margin and other income estimates. Overall, we expect earnings momentum to remain strong and expect AMRJ to deliver 17% EPS CAGR over FY13-15F. We assign buy on the stock.