Maintain Buy with SOTP-based TP of Rs 304, based on 20x Sept-20E EPS + 2x Inv (Rs 37) for the insurance business stake. Exide reported subdued EBIDTA margin in 2Q (at 12.2% vs est 14.2%) hit by currency depreciation, higher freight and marketing expenses. Net revenue grew 15% YoY to Rs 27.20bn led by strong traction in automotive and industrial batteries sales. EBITDA rose 12.4% YoY to Rs 3.32bn.