ICICI Securities Ltd | Retail Equity Research Exide Industries' (EIL) revenues increased 24.5% YoY to | 2,459 crore vs. our estimate of | 2,506 crore. According to the management, battery volumes across segments (4-W, 2-W, inverter, UPS, telecom and solar batteries) were strong during the quarter EBITDA margins expanded 49 bps YoY & 133 bps QoQ to 13.7% vs. estimate of 12.9%. Higher raw material cost (average lead price in Q4FY18 increased 6% YoY to | 162/kg) resulted in gross margin...