Lead prices grew by 9.5% QoQ/ (-2.5% YoY) in 2QFY21 to Rs139/kg. In 3QFY21 so-far it declined to ~Rs131/kg. EXIDE 2QFY21 margins exceeded expectations at 14.2% (PLe 13%, +10bp YoY) led by cost control measures and better gross margins. While there was significant pick up in replacement and UPS batteries demand, OEM segment too started picking up in later part of the quarter. Going forward we believe...