ICICI Securities Ltd | Retail Equity Research Exide Industries' (EIL) Q4FY17 revenues grew by 11.6% YoY to |1,976 crore above our estimates of |1,910 crore. According to the management, growth in replacement sale of 4-W & Motorcycle batteries continues to be encouraging; however demand in OEM business has shown improvement in Q4FY17. The growth in the UPS batteries also witnessed improvement during the quarter EBITDA margins contracted 178bps YoY & 3bps QoQ to 13.3% below...