Exide reported better than expected Q4FY21 results as its sales/EBITDA/net profit were higher than our forecasts by 25%/31%/41%, respectively. Net sales increased 43% YoY to Rs29 bn led by strong growth in Automotive, Industrial, Replacement and UPS batteries segments. EBITDA increased 53% YoY to Rs4,123 mn and EBITDA margin expanded 88bps YoY to 14.0%. However, sharp increase in interest and tax expenses...