4 February 2019 grew by 9.6% YoY (-8.2% QoQ) to ~INR25b driven by growth in automotive, UPS and solar batteries. Average spot lead prices for 3QFY19 declined by 3.4% QoQ (-12% YoY) to INR142 per kg. In Jan19, lead prices declined further by 0.4% (v/s 3QFY19). margins expanded 200bp QoQ (+60bp YoY) to 35.1% (our est. On a YoY basis, the benefits of lower RM (-60bp YoY) and staff costs (-20bp) were offset by higher other expense (+60bp YoY/ +130bp QoQ) to 16.1% (our est. Consequently, EBITDA grew 10.6% YoY (-6.