Exide Industries Ltd. — Annual Report 2019

Apr 30, 2019

Ref no.: EIL/SEC/2019-20/10

Date: 30th April, 2019

!l'he Secretary	The Secretary
IThe Calcutta Stock Exchange Limited	BSE Limited
7 Lyons Range	Phiroze Jeejeebhoy Towers
700 00 IKolkata -	Dalal Street, Mumbai -400 001
CSE Scrip Code: 15060 & 100 J 5060	BSE Scrip Code: 500086
The Secretary	-
ationaltock Exchange of India Limited
Exchange Plaza, 5th Floor,
Plot no. C/1. G Block
I3andra-Kurla Complex, Bandra (E).
400 05 IMumbai -
NSE Symbol: EXJDEIND

Dear Sir/Madam,

Sub: Audited Financial Results for the vear ended 3 JS' March, 201 9

Enclosed please find the Standalone and Consolidated audited financial results for the quarter and year ended 3 I st March. 2019 which was duly approved and taken on record by the Board of Directors at its meeting held today. The said results were reviewed by the Audit Comminee of directors at its meeting held prior to the boa rd meeting. The copy of the Auditors' Report (Standalone & Consolidated) on the said financial results are also enclosed.

Pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 201 5, as amended. we do hereby confirm that the Statutory auditors of the Company, Mis B S R & Co. LLP have expressed unmodified opinion(s) in its audit report pertaining to the audited financial results for the year ended 3 1st March, 2019.

At the said meeting, the Board has recommended payment of final dividend of 80% (Re. 0.80 per share of face value of Re. I /- each) for the financial year ended 31st March, 2019. subject to approval of the shareholders at the ensuing Annual General Meeting of the Company. Consequently, the total di vidend for the year ended 31st March. 2019 including the interim dividend of 160% (Re. 1.60 per share of face value of Re. I/- each) paid during the year amo unts to 240% (Rs. 2.40 per share of face value of Re. 1/- each).

Exide Industries Limited, Exide House. 59E Chownnghee Road, Kolkata-700 020 Phone : (033) 2302-3400, Fax : (033) 2283-2642/37 e-mail·exideindustrieslim1ted@exide.co.in,www.exideindustries.com CIN : L31402WB1947PLC014919

The board meeting commenced at 12.30 PM and concluded at 2.00 P.M.

Kindly acknowledge receipt.

Thanking you.

Yours faithfully, For Exide Industries Limited

Jitendra Kumar Company Secretary and EVP- Legal & Administration ACS No. 11159

Encl:

• I. Audited Standalone and Consolidated financial results
• 1. Auditors Report (Standalone & Consolidated)

BS R & Co. LLP

Chartered Accountants

Godrej Waterside, Unit No. 603 6th Floor, Tower 1, Plot No 5, Block - DP Sector V, Sall Lake, Kolkata - 700091

Telephone: +91 33 4035 4200 Fax: +91 33 4035 4295

Independent Auditor's Report on the Standalone Financial Results of Exide Industries Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO THE BOARD OF DIRECTORS OF EXIDE INDUSTRIES LIMfTED

We have audited the standalone annua l financ ia l results of Exide Industries Limited ("the Company") for the year e nded 31 March 2019, attached herewith, be ing submitted by the company pursuant to the requirement of Regulat ion 33 of the Securities and Exchange Board of India (Listi ng Obligations and Disclosure Requ irements) Regulat ions, 2015 ('Listing Regulations'). Attention is drawn to the fact that figures for the last quarter ended 31 March 2019 and the corresponding quaiter ended in the previous year as repotted in these standalone annual financial results are the balancing figures between aud ited figures in respect of the full financ ial year and the published year to date figures upto the end of the third quatter of the relevant financial year. Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.

T hese standalone annual financial results have been prepared on the basis of the annual financial statements and reviewed quarterly financial results which are the responsibility of the Company's Management. Our responsibility is to express an opinion on these standalone annual fi nanc ial results based on our audit of the annual financial statements which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

We conducted our audit in accordance w ith the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonab le assurance about whether the standalone annual financia l results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis fo r our opinion.

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with Ll.P Registration No. AAB-8181) with elfect lrom October 14, 2013

Registered Office : 5th Floor, Lodha Excelus Apollo Mills Compound N.M. Joshi Marg, Mahalakshm1 Mumbai • 400 o 11

In our opinion and 10 the best of our informatio nand according to theexplanations given to us these financial results:

• ( i) are presented in accordance with the requirements of Regu lation 33 of the Listing Regulations in this regard; and
• (ii) g ive a true and fa ir view of the net pro fit and othercomprehensive income and other financial information for the year ended 31 March 2019.

For B S R & Co. LLP ·ed Accountants gistration o.: 10 1248W/W-100022

Place: Mumbai Date: 30 April 20 19

EXIDE INDUSTRIES LIMITEDEXIDE HOUSE, 59E,CHOWRINGHEE ROAD, KOLKATA - 700020 CIN: L31402WB1947PLC014919

$\bar{\tau}$

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2019

Particulars	3 Months	3 Months	3 Months	Year	Year
	ended	ended	ended	ended	ended
	31 Mar, 2019	31 Dec, 2018	31 Mar, 2018	31 Mar, 2019	31 Mar. 2018
	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Rs. CroresRefer note 5	Rs. Crores	Rs. CroresRefer note 5	Rs. Crores	Rs. Crores
1. Income
a. Revenue from Operations	2,598.66	2,496.84	2.459.41	10,588.31	9,459.80
b. Other Income	16.60	7.99	20.28	38.50	58.41
Total Income	2,615.26	2,504.83	2,479.69	10.626.81	9,518.21
2. Expenses
a. Cost of materials consumed	1,728.08	1,722.24	1,699.45	6,988.58	6,130.12
b. Purchases of stock in trade	2.07	2.51	12.89	18.51	24.84
c. Changes in inventories of finished goods,
work in progress and stock in trade	(42.80)	(104.39)	(109.16)	(36.85)	(144.53)
d. Employee benefits expense	147.65	163.18	153.79	637.66	597.17
e. Excise Duty		21			273.48
f. Finance Costs	1.24	2.31	0.63	6.05	5.24
g. Depreciation and amortisation expense	83.48	81.33	67.43	313.50	245.94
h. Other expenses	390.41	400.77	364.41	1.569.07	1,337.96
Total expenses	2,310.13	2,267.95	2,189.44	9,496.52	8,470.22
3. Profit before Exceptional Item and Tax	305.13	236.88	290.25	1,130.29	1,047.99
4. Exceptional income/(expense)				108.29	(41.83)
5. Profit before Tax	305.13	236.88	290.25	1,238.58	1,006.16
6. Tax Expenses - Current	78.10	74.93	85.25	358.42	352.96
- Deferred	16.35	6.91	15.44	36.11	(15.15)
- Total	94.45	81.84	100.69	394.53	337.81
7. Net Profit after Tax	210.68	155.04	189.56	844.05	668.35
8. Other Comprehensive Income
i. Items that will not be reclassified to profit or loss	(5.33)	5.95	1.33	(0.88)	3.37
ii. Income tax relating to items that will not be reclassified to profit
or loss	1.63	(1.30)	(0.11)	0.45	(0.47)
Total Other Comprehensive Income	(3.70)	4.65	1.22	(0.43)	2.90
9. Total Comprehensive Income	206.98	159.69	190.78	843.62	671.25
10 Paid up Equity Share Capital(Face Value Re. 1)	85.00	85.00	85.00	85.00	85.00
11. Other Equity				5,901.99	5,304.31
12 Earnings per Share (Basic and Diluted)	Rs. 2.48#	Rs. 1.82$#$	Rs. 2.23#	Rs. 9.93	Rs. 7.86

$\bar{z}$

$#$ Not annualised.

Cura

STATEMENT OF ASSETS AND LIABILITIES

Particulars	As at	As at
	31 March 2019	31 March 2018
	(Audited)	(Audited)
	Rs. Crores	Rs. Crores
A. ASSETS
1. Non-current assets
a. Property, Plant and Equipment	2.265.97	1,934.97
b. Capital work -in-progress	254.93	233.50
c. Other Intangible assets	31.30	23.36
d. Financial Assets
i. Investments	1,945.48	1.765.11
ii. Trade receivables	0.18	1.18
iii. Loans and deposits	18.18	12.62
e. Current Tax Assets	88.62	71.66
f. Other non-current assets	95.79	102.51
Total - non-current assets	4,700.45	4,144.91
2. Current assets
a. Inventories	1,803.97	1,760.15
b. Financial Assets
i. Investments	253.91	203.89
ii. Trade receivables	1.081.04	943.39
iii. Cash and cash equivalents	64.70	78.51
iv. Bank balances other than (iii) above	8.85	8.68
v. Loans and deposits	13.98	14.58
vi. Other financial assets	33.19	24.80
c. Other Current Assets	212.33	217.97
Total - Current AssetsTotal - Assets	3,471.978,172.42	3,251.977,396.88
B. EQUITY AND LIABILITIES
Equity
Equity Share Capital	85.00	85.00
Other Equity	5,901.99	5,304.31
Total - Equity	5,986.99	5,389.31
Liabilities
1. Non-current liabilities
a. Financial Liabilities
i. Trade payables
Total outstanding dues of Micro and Small EnterprisesTotal outstanding dues of creditors other than Micro and
Small Enterprises	4.79	4.36
ii. Other financial liabilities	2.26	2.62
b. Provisions	45.16	46.45
c. Deferred tax liabilities (net)	175.14	140.50
Total - Non-current liabilities	227.35	193.93
Current liabilities
a. Financial Liabilities
i. Trade payables
Total outstanding dues of Micro and Small Enterprises	3.75	4.08
Total outstanding dues of creditors other than Micro and
Small Enterprises	1,139.04	1,074.63
ii. Other financial liabilities	386.56	335.56
b. Other Current liabilities	160.26	166.51
c. Provisions	268.47	232.86
Total - Current liabilities	1,958.08	1,813.64
Total Equity and liabilities	8,172.42	7,396.88

Notes:

1. The Company's operating segments have been aggregated as a single operating segment of "Storage Batteries and Allied Product". Hence, no separate segment information is disclosed.

2. Revenue from Operations is net of trade discounts / trade incentives.

3. Exceptional Item for the year ended March 31, 2019 represents profit on sale of property at Guindy, Tamil Nadu.

• 1. Post the applicability of Goods and Service Tax (GST) with effect from July 1, 2017, revenue from operations is disclosed net of GST. Accordingly, the revenue from operations and total expenses for the year ended March 31, 2019 is not comparable with the previous year presented in the results.
• 1. The figures for quarter ended March 31, 2019 and March 31, 2018 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. The published YTD figures upto the end of 3rd quarter of the relevant financial year were subject to Limited Review.
• 1. The Board has recommended today, a final dividend of Re. 0.80 per share (80%) subject to approval of the shareholders at the ensuing Annual General Meeting. Together with interim dividend of Rs. 1.60 per share (160%) paid based on record date of November 17, 2018, the total dividend for the year works out to Rs. 2.40 per share (240%) (previous year 240%).

1. Previous period / year figures have been regrouped and/or re-arranged, wherever necessary.

2. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on April 30, 2019.

By order of the Board

1. Gautam Chatterjee

Mumbai April 30, 2019.

Managing Director & Chief Executive Officer

BS R & Co. LLP

Chartered Accountants

Godrej Waterside, Unit No. 603 6th Floor, Tower 1. Plot No 5, Block - DP Sector V, Salt Lake, Kolkata - 700091

Telephone: +91 33 4035 4200 Fax: +91 33 4035 4295

Independent Auditor's Report on tbe Consolidated Financial Results of Exide Industries Limited pursuanl to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requiremcnls) Regulations, 2015

TO THE BOARD OF DIRECTORS OF EXIDE INDUSTRIES LIMITED

We have audited the consolidated annual financial results of Exide Industries Limited (hereinafter referred to as "the Holding Company") and its subsidiaries (collectively referred to as the "Group") for the year ended 31 March 2019, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

These consolidated annual financial results have been prepared from consolidated annual financial statements, which are the responsibility of the Holding Company's Management. Our responsibility is to express an opinion on these consolidated annual financial results based on our audit of such consolidated annual financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 20 15 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consol idated annual financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion

We did not audit the financial statements of seven subsidiaries included in the consolidated annual financial results, whose annual financial statements reflect total assets of Rs.15,764.96 crores as at 3 1 March 2019 as wel I as the total revenue of Rs.6,338.45 crores for the year ended 3 1 March 20 19. These annual financial statements and other financial information have been audited by other auditors whose reports have been furnished to us, and our opinion on the consolidated annual financial results, to the extent they have been derived from such annual financial statements is based solely on the report of such other auditors.

Certain of these subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditi ng standards applicable in their respective countries. The Company's Management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their

B S A & Co. (a partnership firm with Regisiratron No. BA61223) converted into BS A & Co. LLP (a Umited Liability Partnership with LLP Registratioo No. AAB-8181) with effect JromOctober 14. 2013

Registered Office : 5th Floor. Lodha Excelus Apollo Mdls Compound N.M. Joshi Marg, Mahalakshmi Mumbai · 400 0t 1

respecti\e countries to accounting principles general I) accepted in India. We have nudited these con'ersion adjustments made b.\ the Com pan_\· s Management. Our opinion. in so for as it relates to the balances and affair:. or such :,ubsidiarie:. located outside India. is based on the report or other auditors and the coll\ ersion adju~tments prepared b) the Managcme111 or the Com pan) and audited b) us.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the \ Ork done and the reports of the other auditor . .

In our upinion and to the best of our information and according to the explanations given to us and based on consideration of reports of other aud itors on separate financial statements of the subsidiaries. these consolidated annual financial results:

(i) include the annual financial results of the folio,, ing entities:

Parent

a. Exide Industries Limited (EIL)

Subsidiaries

• b. Chloride International Limited (CIL)
• c. Chloride Power Systems & Solutions Ltd. (CPSSL)
• d. Chloride Batteries S.E. Asia Pte Ltd. (CBSEA) & its wholly owned subsidiary (Exide Batteries Pvt. Ltd.)
• e. Espex Batteries Limited (ESPEX)
• CChloride Metals Ltd. (CML)
• g. Exide Life Insurance Company Limited (ELI)
• h. Associated Battery Manufacturers (Ceylon) Ltd. (ABML)
• 1. Exide Leclanche Energy Private Limited
• (ii) have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard: and
• (iii) give a true and fair view of the net consolidated profit and other comprehensive income and other financial information for the year ended 31 March 2019.

B R& Co. LLP Cha, ered Accountants Firm ·egistrationNo.: 101248W/W-100022

Place: Mumbai Date: 30 Apri I 20 19

artner Membership o.: 055757

EXIDE INDUSTRIES LIMITED EXIDE HOUSE, 59E, CHOWRINGHEE ROAD, KOLKATA - 700020 CIN: L31402WB1947PLC014919

$\sim$

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AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2019

	Particulars	YEAR ENDED	YEAR ENDED
		31 MARCH 2019	31 MARCH 2018
		(AUDITED)	(AUDITED)
		Rs. Crores	Rs. Crores
1.	Income
	a. Revenue from Operations	14,720.88	13,082.78
	b. Other Income	39.88	67.65
	Total Income	14,760.76	13,150.43
2.	Expenses
	a. Cost of materials consumed	7,076.22	6,086.94
	b. Purchases of Stock in Trade	52.99	181.93
	c. Changes in inventories of Finished Goods, Work in Progress and Stock in Trade	(56.70)	(172.29)
	d. Employee benefits expense	1,034.25	962.09
	e. Excise Duty		274.70
	f. Finance Costs	107.08	105.65
	g. Depreciation and amortisation expense	343.54	267.21
	h. Change in valuation of liability of life insurance policies in force	1,734.56	1,350.08
	i. Other expenses	3,328.10	3,004.42
	Total expenses	13,620.04	12,060.73
3.	Profit before Exceptional Item and Tax	1,140.72	1,089.70
4.	Exceptional income/(expense)	108.29	(41.83)
5.	Profit before Tax	1,249.01	1,047.87
6.	Tax Expenses - Current	368.49	368.77
	- Deferred	33.17	(15.00)
	- Total	401.66	353.77
7.	Profit for the year	847.35	694.10
8.	Other Comprehensive Income
	i. Items that will not be reclassified to profit or loss	41.32	37.92
	ii. Income tax relating to items that will not be reclassified to profit or loss	0.43
	iii. Items that will be reclassified to profit or loss	36.32	(0.45)(83.85)
9.	Total Comprehensive Income for the year
		925.42	647.72
10.	Paid up Equity Share Capital(Face Value Re. 1)	85.00	85.00
	11. Other Equity	6.021.86	5.344.18
	12. Earnings per Share (Basic & Diluted)	Rs. 9.95	Rs. 8.13
A.	Profit for the year attributable to:
	Equity holders of the parent	845.55	690.96
	Owners of the Company	1.80	3.14
B.	Other comprehensive income for the year attributable to:
	Equity holders of the parent	78.07	(46.38)
	Owners of the Company
C.	Total comprehensive income for the year attributable to:
	Equity holders of the parent	923.62	644.58
	Owners of the Company	1.80	314

lucia

STATEMENT OF ASSETS AND LIAlllLITIES

Particulars	ASAT3 1 MARCH
	20 19(AUDITED)	20 18(AUDJTED)
	Rs Crores	Rs. Crores
A. ASSETS
l. Non-current assets
a. Property, Plant and Equipment	2.456.38	1.065.08
b. Capnal work -in-progress	264.99	236.99
c. Goodwill	581.90	581.90
d. Other Intangible assets	41.52	33.99
e. Intangible assets under development	35.07	4.30
f. Reinsurance asset	8240	55.10
g. Financial Assets
i Investments
- lnwstment in Life Insurance business	13.162.55	11.481.30
- Other investments	59.0 1	54.9 1
ii Trade receivables	018	1.46
iii. Loans and deposits	39.74	13.69
h. Current Tax Assets (net)	90,77	73.23
i. D~ferred Tax Assets (net)	10.0 1	6 99
J. Other non-current assets	155.96	114.07
Total - non-current assets	16,980.48	14,733.0 1
2. Current assets
a. Inventories	2.065 31	2.004.85
b. Financial Assets
i Investments
- Investment in Life Insurance business	848.48	747.04
- Other investmenrs	257.95	207.25
i1 Trade receivables	1.245.03	1.093.57
iti. Cash and cash equivalems	340.94	308.60
iv Bank balances other than (iii) above	8,95	8.86
v. Loans and deposits	18.21	25. 17
vi. Other financial assets	367.84	372.76
c. Other current assets	307,76	321. 11
Total - Current Assets	5,460.47	5,089.21
Total - Assets	22,440.95	19,822.22
B. !<:QUIT. AND LIABILITIES
Equity
Equiry Share Capital	85.00	85.00
Other equny	6,02 1.86	5,344. 18
Non - Controlling Interest	33.00	1809
Total Equity	6,139.86	5,447.27
I. Non-currrnt liabilities
a. Financial Liabilities
i. Borrov,1ings	9.75	8 90
ii Trade payables
Total outstanding dues of Micro and Small Enterprises
Total outstanding dues of creditors other than Micro and Small Enterprises	5.23	4.73
iv. Other financial liabilities	2.73	3.20
b. Provisions	54.98	56,96
c. Insurance c-0mracr liabilities	11,323 02	9,799.08
d. Investment contract liabilities	1,073.69	1,099.57
e Deferred tax liabilities (net)	182 39	t47.88
f Other non-current liabilities
i) Fund for discounted policies (Linked and Non-Linked)	132.67	128.91
1i) Fund for future appropriation (Linked and Non-Linked)	141.50	71.5 1
Total - ;"on-current liabilities	12,925.96	11 ,320.74
Current liabilities
a. Financial Liabiliti~s
i. Borrowings	75. 11	50.33
ii. Trade payables
Total outstanding dues of Micro and Small Enterprises	32. 10	10.67
Total outstanding dues of creditors other than Micro a11d Small Enterprises	1.544,76	1,508 72
1i1. Other fi nancial liabilities	469.87	442.94
b. Other current liabilities	232.31	220.95
c. Provisions	276.76	241 47
d. Insurance contract liabilities	741 16	576.91
c. Current Tax liabilities (net)	3.06	2.22
Total - Current liabilities	3,375.13	3,054.21
TOTAL - £Qt,;ITY AND LIAlllLIT1£S
	22,440.95	19,822.22

~~

Notes:

• 1. Revenue from operations is net of trade discounts / trade incentives.
• 1. The Consolidated Financial Statements are prepared in accordance with the principles and procedures for the preparation and presentation of Consolidated Accounts as set out in Ind-AS 110 notified by Ministry of Corporate affairs. The consolidated financial statements of the parent company, Exide Industries Ltd., include its various subsidiaries, namely Chloride International Ltd., Chloride Power Systems & Solutions Limited, Chloride Batteries S.E. Asia Pte, Ltd., Espex Batteries Ltd, Associated Battery Manufacturers (Ceylon) Ltd., Chloride Metals Limited, Exide Life Insurance Company Limited and Exide Leclanche Energy Private Limited, combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses eliminating intra-group balances and transactions and resulting unrealised gains / losses. The consolidated financial statements are prepared applying uniform accounting policies for all material items.
• 1. Segment Information

		Year ended 31 March	Year ended 31 March
		2019 (Audited)	2018 (Audited)
		Rs. Crores	Rs. Crores
A.	Segment Revenue
a)	Storage batteries & allied products	10,878.77	9,750.92
b	Life Insurance business	3,788.00	3,308.39
$\mathcal{C}$	Others	54.11	23.47
	Revenue from operations	14,720.88	13,082.78
B.	Segment Results: Profit/(Loss) before tax
a)	Storage batteries & allied products	1.128.21	1,039.43
$\vert b \rangle$	Life Insurance business	(16.44)	(9.17)
$\mathcal{C}$ )	Others	1.26	1.07
	Total	1,113.03	1,031.33
	Add:
	Other Income	39.88	67.65
	Less:
	Finance cost	12.19	9.28
	Profit before Exceptional Item and Tax	1,140.72	1,089.70
	Exceptional income/(expense)	108.29	(41.83)
	Total Profit before tax	1,249.01	1,047.87
		AS AT 31 MARCH
		2019	2018
		(Audited)	(Audited)
		Rs. Crores	Rs. Crores
A.	Segment Assets
a)	Storage batteries & allied products	6,326.30	5,475.20
b)	Life Insurance business	13,717.65	12,201.00
c)	Others	35.68	3.58
d)	Unallocated	2,361.32	2,142.44
	Total assets	22,440.95	19,822.22
B.	Segment Liabilities
a)	Storage batteries & allied products	2,175.17	2.037.39
b)	Life Insurance business	13,829.61	12,119.39
$\mathcal{C}$	Others	26.00	8.84
d)	Unallocated	270.31	209.33
	Total liabilities	16,301.09	14,374.95

1. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on April 30, 2019.

2. Exceptional Item for the year ended March 31, 2019 represents profit on sale of property at Guindy, Tamil Nadu.

3. Previous period / year figures have been regrouped and/or re-arranged, wherever necessary.

By order of the Board

linary

Gautam Chatterjee Managing Director & Chief Executive Officer

Mumbai April 30, 2019.