Further, FY21 should see continued benefit of mix (lower OEMs) and lead prices. We have downgraded our EPS by 4.5%/1.4% for FY21/FY22E to factor in weaker 1QFY21 revenues/EBITDA/PAT declined 44%/64%/80% YoY to INR15.5b/ Revenue declined due to the lockdown impact on auto/non-auto segments and the OEM/replacement businesses. The company is focussing on cost control measures and technology upgrades to We have downgraded our EPS by 4.5%/1.4% for FY21/22E to factor in the lower revenues, better mix and lower lead prices. structure remains largely duopoly, EXID is the largest lead acid battery manufacturer in India with leadership in Auto OEMs and the replacement segment. However, EXID has largely caught up with competitors by investing in technology and by being more proactive in customer service and plugging gaps EXID should improve its market share as economic recovery led demand would come in from AUTO OEMs and the Industrial segment.