Exide 3Q APAT at Rs 1.52bn ( 13% YoY, -17% QoQ) is above our estimates by 8%, however, a large fraction of the beat was driven by higher other income and lower tax expenses. Given the healthy traction in replacement sales and better UPS and solar batteries demand, the net revenue jumped by 13.4% YoY to Rs 17.2bn. EBIDTA margin contracted to 13.3% as other expenses rose sharply to 19.3% ( 480bps YoY).