Results: For Q2FY17, Exide Industries (EXID) reported a good set of numbers in line with estimates. Revenue rose 10% YoY to Rs19.2 bn vs our estimate of Rs19.1 bn. EBITDA margins increased 55bps YoY to 15.2% (7bps lower than est.), on the back of a 105bps expansion in gross margins to 37.3%. PAT rose 17% to Rs1.82 bn (est. Rs1.82 bn), as a 95bps fall in tax rates along with higher other income (up 1.2X) offset a 34% increase in depreciation. Review: The company's results were positive (in line with expectations), as gross margin expansion continued on lower lead prices (assuming 1 quarter lag). However, lead prices have been rising and are likely to impact Exide in H2FY17. Growth of 10% has been a positive, with the...