Exide Industries Limited (EIL) is a leader in storage battery business with a market share of 60% in India. Its segment includes automotive and industrial lead acid batteries. Revenue for the Q3FY19 grew by 10%YoY led by strong volume growth across segments in Automobile, Inverter and Industrial batteries. Despite 200bps QoQ (60bpsYoY) improvement in Gross margin due to 8% softening in lead price, EBITDA margin improved by only 20bps. EIL is focussing on cost control initiatives and technological...