Exide Industries reported better than expected results as sales/EBITDA/net profit were higher than our forecasts by 11%/19%/27%. Net sales increased 5.5% YoY to Rs27.5 bn led by improvement in demand from replacement and UPS segments. EBITDA improved 6.8% YoY to Rs3,920 mn and EBITDA margin stood at 14.2%, a marginal expansion of 17bps YoY. However, sharp increases in interest and tax expenses led Exide's net profit...