Exide Industries continues to outperform on revenues front for sixth quarter in a row with net sales at 21,209 vs 20,081mn. This growth has been driven by stronger demand for 2W batteries while the inverter and the UPS segment faced demand decline on account of inventory adjustment in retail channel. Exide had undertaken price increase across segment in order of 7-8% from December to may in order to pass on the raw material price increase. Prices of lead have increased from 1990 to 2300$/ton in last six months. Adjusting to price increase Exide has posted negative volume growth for this quarter. We expect strong volume recovery in H2 of FY18 and FY19 due to market share loss getting arrested and incremental gains from unorganized players. We maintain of revenue estimates at...