EXID's 1QFY22 results came below expectations as EBITDA came 30% below PLe, led by lower gross margins impacted by inventory losses and higher fixed costs due to lower scale of operations. While there was significant pickup in industrial segment and exports, automotive OEM sales were impacted due to lockdowns. Replacement sales remained strong both in Automotive and UPS segments. Going forward we believe growth in replacement segment (~65% of industry) to sustain since the battery has a...