We maintain Buy on the stock with TP Rs 262, based on 19x 19E EPS + 2x BV (Rs 37) for the insurance business stake. EXID posted strong 1Q numbers. Net revenue at Rs 21bn(+5% YoY, 6%QoQ), led by strong traction in automotive batteries sales, offset by subdued UPS batteries sales. EBIDTA at Rs. 3.24bn with margin 15.4% (+217bps QoQ) was above expectations, owing to benefit of operating leverage. However, APAT stood at Rs 1.89bn, benefit of higher OPM was slightly offset by lower other income (-38% QoQ)