Revenue in line with street expectations: Exide's top-line growth was in-line with streetestimates. Net sales grew 11.6% YoY and 14.2% QoQ to Rs19,757 mn. Margins contract on higher raw material costs: Gross margin contracted 181bps YoY and 260bps QoQ to 37.4%. This was mainly due to higher prices of raw materials (lead). Average lead prices rose 25.8% YoY and 6.6% QoQ to $2,278/tonne during Q4FY17. EBITDA was lower by 8.3% and net profit lower by 7.0% vs. the street estimates. EBITDA and net profit stood at Rs2,618 mn and Rs1,648 mn, representing a de-growth of 1.7% and 6.0% on a YoY basis, respectively. Management upbeat on replacement segment and Motrocycles: As per the Management, growth in replacement market and motorcycles continues to be encouraging while demand in...