Exide's Q4 EBITDA/PAT was a 10% miss. EBITDA margin 13.3% (180 bps YoY) missed estimate of 14.5%. Revenue growth of 12% YoY was marginally lower than estimated. We reckon revenue growth was driven more by ASP increase given the 29% YoY/5% QoQ increase in lead prices (usually a pass-through).