Trumping the leader

Amara Raja is the second largest lead-acid battery manufacturer in an industry that is a duopoly in the country. Amara stole market share from the industry leader Exide as the latter slackened in the last couple of years. Amara's ten-year average annual sales growth of 31 per cent is something Exide just couldn't keep up with. An interesting nugget: both Exide and Amara average the same returns on capital employed - at 34 per cent in the last decade. The difference though is that while Exide's return has steadily declined in the last decade, Amara's has gone up. Why Amara can continue to be an Unusual Winner High-pedigree parentage: Johnson Controls, the US-bas