Revenues were lower y-o-y due to a 13% y-o-y decline in lead prices that was passed on in all segments ex-Replacement. Given the slower OEM growth, we think Replacement 4W battery volume may slow to 6% y-o-y in FY21 from 10%
Results were marginally ahead on growth, but materially ahead on margins. Growth was broad-based across verticals (ex. Healthcare) and geos (ex of EU) and guidance of 1-3% q-o-q (1% inorganic) was in line with expectations.