Exide's top-line was better than our estimate while EBITDA margin and net profit were in line with our forecasts. Net sales were ahead of our expectations at Rs28 bn (+32.6% YoY, +12.7% QoQ). Automotive and motorcycle sales remained strong; even UPS, Telecom and Solar segments continued to grow during the quarter. EBITDA margin was in-line with our forecast at 14.1% (-141bps YoY, +36bps QoQ). EBITDA at Rs3.9 bn (+20.6% YoY, 15.6% QoQ) was 7.8% ahead of our estimate. Other income was lower than our forecast (fell 68.2% YoY to Rs42 mn). Hence, net profit was in-line with our forecast at Rs2.1 bn (+11.1% YoY, +10.7% QoQ) despite EBITDA beat....