ICICI Securities Ltd | Retail Equity Research Exide Industries' (EIL) revenues grew 31.6% YoY to | 2,277 crore vs. our estimate of | 2,079 crore. According to the management, volumes in 4-W, 2-W battery remained good while growth in UPS, telecom and other infrastructure segments were buoyant in Q3FY18 EBITDA margins contracted 87 bps YoY to 12.4% below our estimate of 12.8%. Its operating margin was impacted mainly due to higher raw material cost (average lead price for Q3FY18 increased 11% YoY...