Maintain Buy with revised SOTP-based TP of Rs 304, based on 20x FY20E EPS + 2x Inv (Rs 37) for the insurance business stake. Exides 1QFY19 revenue and EBIDTA number were 8/7% ahead of our estimates. Net revenue at Rs 27.72bn (+32% YoY,) led by strong traction in automotive and industrial batteries sales. EBITDA at Rs 3.91bn (+21%YoY) with margin at 14.1%(-120bpsYoY/+36 bps QoQ) impacted by higher lead cost (+16% YoY). APAT stood at Rs 2.10bn (+11%YoY), impacted by higher depreciation and lower other income.