Net sales rose 25.8% YoY to INR24.6b (in-line), driven by growth in automotive, UPS, inverter, telecom, solar and infrastructure batteries. According to our channel checks, EXID took a cumulative price increase of ~2-2.5% in the quarter, which also aided revenue growth. Spot lead price increased 0.6% QoQ (+6.3% YoY) to INR162 per kg. In Apr-18, lead prices grew 7.6% YoY, but were still down 4.8% v/s 4QFY18 average.