Maintain Buy with revised SOTP-based TP of Rs 298, based on 20x FY20E EPS + 2x Inv (Rs 37) for the insurance business stake Exides 4QFY18 Revenue, EBIDTA and PAT were 7/11/11% ahead of our estimates. Net revenue at Rs 24.6bn (+26% YoY,) reflects strong traction in automotive and industrial batteries sales. EBITDA at Rs 3.38bn (+34% YoY) with margin at 13.7% (+86bpsYoY/133bpsQoQ), beat estimates led by higher operating leverage. APAT stood at Rs 1.89bn (+16% YoY), impacted by higher depreciation and lower other income (-34% QoQ).