While Exide's net sales at Rs23.7 bn were ahead of our expectation; however, EBITDA margin was 339bps below our forecast at 12.5%. EBITDA at Rs3.5 bn (+1.1% YoY, -8.8% QoQ) was 16% below our estimate. Adjusted net profit was 14% below our forecast at Rs1.7 bn (-2.2% YoY, -6.2% QoQ). The company reported an exceptional item of Rs418 mn related to settlement of disputes with Exide Technologies, USA. As per the Management, volumes in automotive and motorcycle batteries have seen significant improvements while telecom and other infrastructure segments...