Exide Industries (Exide) Q3FY16 performance was broadly in line with our estimates. Its Revenue/EBIDTA/PAT grew -2.1%/30%/38% YoY, but declined 12.3%/9%/14% QoQ to Rs 15.2bn/2.3bn/1.34bn (our estimate of Rs 15.8bn/2.3bn/1.38bn) respectively. Company's EBIDTA margins rose 379 bps YoY and 56 bps QoQ to 15.4%, as against our est of 14.7%, due to lower RM cost amid low lead prices.