Exides 1QFY16 Adj PAT at Rs 1.55bn (-16% YoY, 13% QoQ) missed consensus estimates by 15%. Sharp drop in inverter sales, lower realisations in the OEM segment and absence of lower lead cost benefits led to a miss at the topline and operating level. While Industrial and Auto OEM segments witnessed flat to negative growth, replacement volumes across the 2W/4W segments registered strong growth.