ICICI Securities Ltd | Retail Equity Research Exide Industries' (EIL) revenues increased 14.7% YoY to | 2,720 crore, below our estimate of | 2,752 crore. According to the management, battery volumes in auto (4-W & 2-W), inverter and industrial have shown good growth during the quarter EBITDA margins contracted 25 bps YoY & 187 bps QoQ to 12.2% vs. our estimate of 14.2%. On a QoQ basis, all three operational expense increased thereby impacting margins. Higher raw material cost...