EXID posted mixed 4Q numbers. Net revenue came in at Rs 19.75bn ( 12% YoY, in line with estimates), led by a healthy traction in replacement and UPS batteries sales, and a price hike in 3QFY17. EBIDTA margin at 13.3% (-178bps YoY) was below expectations, mainly led by higher lead prices ( 6% QoQ). However, APAT was marginally above estimates at Rs 1.64bn (-6% YoY), led by a lower effective tax rate.