Exides 3QFY16 APAT at Rs 1.34bn ( 38% YoY, -14% QoQ) was slightly above estimates. Given the tepid demand across most segments and deflationary impact from lower lead prices (gross margin was up 480bps YoY), Exide reported 2% YoY decline in net sales. Soft lead prices drove strong EBITDA margin improvement (380bps YoY, 60bps QoQ) to 15.4%.