Exide reported weaker than expected results for Q3FY19. Its net revenue was 6.3% below our estimates. Even EBITDA and net profit were 8.1% and 14.2% below our forecast. Net revenue grew by 9.6% on YoY basis to Rs 25 bn. Automotive, motorcycle, inverter and industrial batteries showed good volume growth. EBITDA margin improved by 29bps QoQ to 12.5% mainly on fall in prices of key raw material, lead. However, net...