Exide reported better than expected profitability for Q4FY19. Its net sales was in line with our forecast at Rs 25,987 mn while EBITDA was above our forecast by 12.1% at Rs 3,733mn (+19.4%QoQ, +10.4% YoY) benefiting from lower lead prices. EBITDA margin expanded 185bps QoQ and 62bps YoY to 14.4%, beating our forecast by 135bps. EBITDA margins benefited from falling lead prices (-10.0% YoY in Q4FY19 in INR terms) and better price realization. Further, net profit saw a strong growth of 35.9% QoQ to Rs 2,107mn aided by higher other income which increased by 107.8% QoQ to Rs 166mn. We raise our margin estimates for FY20 given better than expected cost performance in...