Volumes grew for auto replacement and industrial segment however auto OEM and telecom looked weak in 4QFY20. EXID's 4QFY20 results were in-line at EBITDA/PAT while revenues stayed low at Rs20.6bn (PLe Rs22.5b, ~20.9% YoY). The weak volumes in auto OEM was partially offset by continued growth in auto replacement and other industrial segment. We believe stronger growth in replacement segment (~65% of industry) post ease of lockdown coupled with recovery of industrial battery...