Exide reported better than expected Q3FY21 results as its sales/EBITDA/Net profit were higher than our forecasts by 10%/13%/21%, respectively. Net sales increased 16.2% YoY to Rs28 bn on strong increase in Auto and UPS segment volumes. EBITDA increased 25.9% YoY to Rs4,028 mn and EBITDA margin expanded 110bps YoY to 14.4%. However, sharp increase in interest and tax expenses restricted Exide's net profit growth to 10.9%...