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Ref No.: EIL/SEC/2021-22/31

5[th ] August, 2021

The Secretary The Calcutta Stock Exchange Limited 7 Lyons Range Kolkata - 700 001 CSE Scrip Code: 15060 & 10015060	The Secretary BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 BSE Scrip Code: 500086
The Secretary National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot no. C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 NSE Symbol: EXIDEIND	-

Dear Sir/Madam,

Sub: Submission of Annual report 2020-21 - Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of Annual Report of the Company for the financial year 2020-21 along with the Notice dated 29[th] April 2021 convening the Seventy-fourth (74[th] ) Annual General Meeting (AGM) of the Company scheduled to be held on Tuesday, 31[st] August 2021 at 10.30 AM (IST).

The Notice and Annual report 2021 is available on the website of the Company at www.exideindustries.com and the AGM Notice is also available on the website of NSDL i.e. www.evoting.nsdl.com.

The aforesaid documents are being dispatched today electronically to those Members whose email Ids are registered with the Company/Registrar and Share Transfer Agent (RTA) of the Company or the Depository Participant(s).

The same is for your information and kind records.

Thanking you.

Yours faithfully, For Exide Industries Limited

JITENDRA Digitally signed by JITENDRA KUMAR MOHAN KUMAR MOHAN LAL LAL Date: 2021.08.05 14:54:06 +05'30'

Jitendra Kumar Company Secretary and President- Legal & Corporate Affairs ACS No. 11159

Encl: As stated above

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LEADING THE CHARGE

Exide Industries Limited Annual Report 2020-21

001

Annual Report 2020-21

Exide Industries Limited

Grave adversity often acts as a trigger for radical transitions. For leaders, adversity gives cues that test their conviction as they traverse unfamiliar paths to strive for the pinnacle of success.

At Exide, we are excited at the prospect of progress and welcome change across the organization. While the Covid-19 pandemic is creating new realities, we are adopting systemic changes to thrive and excel in a business that was always dynamic and is now unpredictable. Leading the transformation is our zeal to adopt disruptive technology. We are reinventing our processes, adopting new methods to remain relevant and devising solutions to nurture excellence.

We are consistently empowering our workforce with advanced digital capabilities, enabling virtual communications across the organization, digitalizing our corporate operations and finding ways to successfully edge ahead of the competition. We rely heavily on our innovative spirit to spot or create opportunities. As change invigorates the organization, we stay ahead of the pack by banking on our agility, efficiency and innovation

As we continue to invigorate change, we are leading the charge with agility, efficiency and novelty.

STRONG PERFORMANCE IN FY 2020-21

AboutExide Distinct Solutions. Diverse Clients Keyhighlights of FY 2020-21 Our BusinessModel How Exide performedin FY 2020-21 Leading the chargewith market leadership LeadingwiththerightProducts andPartners Leading the chargewithcustomer-first approach Leading the chargewithdigital transformation Leading the chargewith future-ready solutions Committed toESG People-first approach Caringforthe Community 10-yearperformance CorporateInformation	002 053 150 004 072 216 306 006 093 008 106 010 012 016 020 026 032 038 044 046 051 052	Corporate Overview
Notice ofthe74thAnnual GeneralMeeting Directors’ Report & other Annexures (Including Management Discussion & Analysis) BusinessResponsibilityReport Report onCorporate Governance		Statutory Reports
StandaloneFinancial Statements ConsolidatedFinancial Statements		Financial Statements
QuickGuide on 74thAnnual GeneralMeeting

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Net Turnover
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H 10,041 Crore Operating Profit

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H
1,356
Crore
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Net Profit
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H 758 Crore

For more information, Throughout the report please, visit our look out for this corporate website: Reference to other https://www.exideindustries.com/ pages within the report

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Reference to other pages within the report

002

Leading the Charge.

About Exide

Taking charge with agility and dynamism

Exide is the largest storage battery company in India, offering the widest range of products to the automotive and industrial sectors. As a leading battery manufacturer, we continue to power our leadership with innovative products, meeting diverse requirements of an evolving market.

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With ten manufacturing plants
across India, equipped with state- Exide Battery Applications
of-the-art technology, we have the
capacity to produce 57 million units
of Automobile batteries and over
5 billion Ampere-Hours of Industrial
Power. Our deep domain knowledge
and years of expertise enable
us to consistently satisfy client
Automotive Submarine Power Telecom Infrastructure
requirements.
Location of
Manufacturing plants
& Headquarters
UPS Material Renewable Railways Mining
Handling Energy
Equipment
Headquarters Manufacturing plants
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- Kolkata,
West Bengal
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Shamnagar, West Bengal
Haldia, West Bengal
Bawal, Haryana

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- Chinchwad (Pune), Maharashtra
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Taloja, Maharashtra
Ahmednagar, Maharashtra
Hosur, Tamil Nadu
Roorkee, Uttarakhand
Haridwar, Uttarakhand
Prantij, Gujarat

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Exide Industries Limited Annual Report 2020-21 003
I help store power I have seen two
across five continents World Wars
I have been a market leader I saw my country
for 75 years and have made a get partitioned
profit every year
I drive mining locos four
kilometres inside the
earth, and harness solar
energy in the Himalayas
at 15,000 feet
I A M Y O U R
I am the only lead
acid battery company
in the world to make
batteries from 2.5 Ah
to 20,200 Ah
I sell one battery
every second. I
compete only with
time
I light up homes and protect
nuclear power plants
I have ten crore users
at any point of time
Overview Corporate
Reports Statutory
Statements Financial
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004

005

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Distinct Solutions. Diverse Clients*

Our Global Presence

Exide has an extensive presence in India and global markets. With our distinct brands, we meet the varied needs of clients from different sectors.

Marquee Clients

Automotive Division

4-Wheeler Customers 3-Wheeler Customers 2-Wheeler Customers

Countries Present in: Bangladesh, Sri Lanka, Cambodia, Malaysia, Mauritius, Singapore, Vietnam

Countries Present in: Kenya, Uganda, Tanzania, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Sri Lanka, Indonesia

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Countries Present in: Kenya, Tanzania, Uganda, Australia, South Africa, Botswana, Nigeria, Portugal , Norway, UK

Countries Present in: Nigeria, Cambodia, Canada, Ghana, Maldives, Seychelles, Tanzania, Thailand

Countries Present in: Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Taiwan

Countries Present in: Greece, Malaysia, Paraguay, the Philippines, Thailand Countries Present in: Singapore, Taiwan

Industrial Division

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Traction Customers

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Domestic Telecom Customers
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Including all business

006

007

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Key highlights of FY 2020-21

60+ Countries present

7.5% YoY increase in exports

55,000+ Dealers network (Direct & Indirect)

84.5%

Increase in exports over the last five years

The fiscal year 2020-21 proved to be an extraordinary year in more ways than one. As the pandemic fundamentally altered lives and livelihoods, it posed serious threats to economic growth and business sustainability. At Exide, our diversified and talented employees came together to deliver unmatched service and rise above challenges.

Operational Highlights of FY 2020-21

Our Lithium-ion JV, Nexcharge, collaborated with Tata Power to setup the country’s first grid-connected Lithiumion based Community Energy Storage System (CESS)

Exclusive partnerships with major automotive OEMs for upcoming launches

Entered the US markets with our overseas collaborator East Penn

We digitalized our engagement platforms for channel partners and introduced customized applications and portals, to provide a one-stop solution for every business engagement

Made significant progress on our digital transformation journey, across organizational functions

Scaled up our Batmobile service to provide Vehicle On Road (VOR) assistance to a larger customer base across the country

Made significant progress in developing EFB Technology for micro hybrid cars, which is currently in the mobility testing stage

Service team got in touch with > 5 Lakh end customers during lockdown to provide assistance for Exide automotive batteries

We set up Kolkata’s first 315 kWH Lead Acid technology-based Battery Electric Storage System (BESS) in partnership with CESC Limited

Scaled production across verticals to meet the increasing demand in domestic and global markets

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008

009

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Our Business Model

Forging strategies for sustainable value creation

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Output	Outcomes	Contribution to UNSDGs	Corporate Overview
Financial Capital Net Turnover `K`10,041 Crore PBT `K`1,018 Crore Operating Profit `K`1,356 Crore PAT `K`758 Crore	Expanded global footprint Zero Long-term debt A leading lead acid battery manufacturing company Efficient utilization of assets Automated and state- of-the-art manufacturing facilities Real-time monitoring of operational parameters Achieved operational synergies through data analytics and technology Empowered workforce Collaboration between cross-functional teams Increased transparency and objectivity in reward programs Committed to improving diversity ratio Strategic global collaborators Ensured safety protocols amidst Covid-19 Timely payment to suppliers 30-40% dealers assisted through our channel finance programs Consistent dividend payment over the years Responsible used-battery disposal process Regular waste management with segregation of hazardous and non- hazardous waste Ensuring optimal use and recycling of water Established alternate energy management cell to monitor energy consumption and reduce carbon emissions	Contribution to UNSDGs
Manufacturing Capital Units of automotive batteries produced per annum 57 million Of industrial power supply per annum 5 billion AH Units capacity of punch grid, per annum 2.4 million
			Statutory Reports
			Financial Statements

All figures pertain to FY 2020-21 or March 31, 2021, unless otherwise mentioned

010

011

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

How Exide performed in FY 2020-21

Sustaining growth with consistent performances

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----- Start of picture text -----

Net Turnover Operating Profit Net Profit
( J in Crore) ( J in Crore) ( J in Crore)
7.3% 5.8% 2.2%
CAGR CAGR CAGR
7,583 9,186 10,588 9,857 10,041 1,082 1,241 1,411 1,365 1,356 694 668 844 826 758
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
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Earnings Per Share ( J )

Book Value Per Share

Dividend Yield

( J in Crore)

( J )

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----- Start of picture text -----

8.5% 2.3% 8.6%
CAGR CAGR CAGR
243 246 246 499 170 8.16 7.86 9.93 9.71 8.92 58.40 63.40 70.44 74.07 81.11
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
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Ratios
R&D spend Asset Turnover RoCE
( J in Crore) Ratio (%)
Excluding
exceptional
items
CAPEX
( J in Crore)
Revenue Mix
Revenue mix by Revenue mix -Institutional
geography and Non-Institutional
7%
25%
30%
FY 2020-21 FY 2020-21 FY 2019-20
93% 75% 70%
India
International Institutional Non-Institutional
22.67 28.08 29.88 22.86 20.02 2.24 2.40 2.51 2.14 2.01 19.7 19.5 19.4 17.0 15.6
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
468 763 679 484 349
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
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013

Annual Report 2020-21

Exide Industries Limited

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012 Leading the Charge.
Leading the charge
with market leadership
At Exide, we believe in delivering
results that are visible. To fulfil
our growth aspirations, we remain
committed to sustaining our
market share and improving our
presence in newer territories.
We have been the market leaders in the lead-acid battery
business for decades now. We harmonized our operations,
accelerated our digital marketing efforts and served our
customers better than before.
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Domestic Markets

Automotive

The Indian automobile sector is gradually recovering as the passenger vehicle and two-wheeler industries registered strong demand, after the easing of lockdown restrictions in Q2 FY2020-21. The preference for private transport, in the middle of the Covid-19 pandemic, gave an impetus to the sector. Being one of the largest contributors to the country’s manufacturing GDP and a crucial benchmark of economic growth, the revival of the automotive sector resulted in positive economic growth in Q3 FY 2020-21.

At Exide, we continued to deepen our relationship as exclusive partners for several OEMs in India. Our innovative products and solutions have garnered significant demand among our OEM clients. This enabled us to acquire exclusive battery contracts for various models of fuel-efficient and new-age vehicles.

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Several new 4-wheeler models such as the latest
Maruti Suzuki Swift-ISG, Nissan-Magnite Petrol and
Tata Motors-Safari have been launched in FY 2020-21
and all of them are equipped with Exide batteries
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75+ OEMs

014

015

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Industrial

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As a strategic partner for leading companies, the Industrial division reported stronger performance in the second half of FY 2020-21, overcoming the hurdles posed by the Covid-19 pandemic in the first half of the year. It accounted for approximately 26% of our net revenue during the year under review.

industrial division. It reported robust double-digit growth in the second half of the year in comparison to preCovid years. This was on account of increased demand for UPS, driven mainly by rise in makeshift home offices and data centres. To address the demand surge, we expedited the development and introduction of various new products such as Front Terminal high power series for hiend Data Centre application.

Our diverse and innovative offerings cater to a broad range of downstream industries including railways, telecom infrastructure, solar, power and infrastructure, UPS and mines. The Industrial division serves a wide range of applications in varied sectors, enabling it to overcome near-term challenges and achieve sustained growth.

The telecom sector is constantly growing and the merger of Bharti Infratel with Indus Towers is expected to further increase demand for our products. During the year under review, we increased our market share owing to our continued focus on developing and optimising our product portfolio, improving quality and sustaining strong relationships with customers.

In the Infrastructure sector, we saw demand decline as compared with earlier years. This was largely on account of work orders for projects being cancelled or kept on hold on account of the Covid-19 pandemic.

However, the industrial division’s growth is likely to rebound following the success of the vaccination drive across the country. With increased demand from downstream sectors, we remain optimistic about achieving double digit growth in the coming fiscal year.

UPS batteries for OEMs and after market service providers are the largest business drivers of the

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~26%

Share in net turnover from industrial division

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Submarine

We manufacture high-end submarine batteries, conforming to the most stringent technical specifications and quality control standards. These are very high-capacity (around 20,200 Ah) specialised batteries, designed specifically for submarines. We are one of the few battery manufacturers capable of producing submarine batteries for Russian Kilo/636/ Romeo/Foxtrot class, German 209

class, French Scorpene class and indigenous nuclear submarines. Our facilities abide by global standards that validate our indigenous

Our facilities abide by global standards that validate our indigenous manufacturing capacities. Despite a challenging year, our team successfully executed orders, passed Factory Acceptance Tests (FATs), critical Sea Acceptance Trials (SATs) and Harbour Acceptance Tests (HATs).

Exports

Our exports continue to garner a sustained share of our net turnover. We are constantly expanding our global footprint by adding new customers and consistently growing our product portfolio in the automotive as well as industrial division.

60+ countries

of presence

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7%
2020-21
5%
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network, sales offices and strategically located factories in India, we are reporting record growth in the export market.

border closures across the globe, exports continued to be impacted in the first two quarters of the year. As economic activity resumed, e-commerce witnessed a steady growth. This led to the demand for warehouses and it subsequently increased the use of material handling vehicles that use our products. Therefore, exports in this division clocked double-digit growth in the second half of the year in comparison to the previous year.

Automotive

The automotive segment registered double-digit growth on a year-onyear basis, primarily on account of our growing footprint in countries such as South Africa and the United States.

Industrial

Exports in the industrial sector largely comprises the sale of storage batteries for material handing equipment such as cranes, pallet-trucks, fork lifts etc. With slowdown in economic activities and

We expanded our distributor base, introduced new products and invested in activities that strengthened our brand. Resting on our robust overseas distribution

016

017

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Leading with the right Products and Partners

Our Product Offerings

Automotive

Division

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4-Wheeler

Exide Epiq Exide Gold Exide Matrix Exide Cabby Exide Mileage Exide Xpress Exide Eezy Exide Jai Kisan

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3-Wheeler Exide Eko

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2-Wheeler

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Exide Xplore Exide Bikerz

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E-Rickshaw

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Home UPS

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Inverter Battery

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Genset

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Exide E-Ride Tubular Plus Exide E-Ride Plus

Exide Magic Exide GQP Exide Star Exide HKVA

Exide Invatubular Exide Instabrite Exide Invamaster Exide Invaking Exide Invaplus Exide Tubemaster Tubular

Exide Genplus

018

Leading the Charge.

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Exide Industries Limited Annual Report 2020-21 019
Telecom
Our Strategic
Partners
Advanced AGM VRLA Tubular Gel VRLA
Over the last 25 years we have entered into
batteries batteries
exclusive technology partnerships with
global players. Our strategic collaborations
have enabled us to introduce new and
innovative products that lay the building
blocks for a better tomorrow.
Power and
Infrastructure
Projects
Exide tubular standby Futuristic Exide gel
batteries (HDP and tubular batteries
NDP) Exide TBS
Exide 2V range of VRLA
tubular batteries
batteries
Exide Plante
GroE products
Mines
Brazil Japan USA
Smartlite - LED Exide Oldham GT
Miners Cap Lamps
Moura Batteries Furukawa Battery East Penn
Company Manufacturing
Traction
Advance Battery
Showa Denko
Concepts
(formerly
ShinKobe Electric
Exide HSP and GenX range of traction
Machinery Co.
batteries and accessories Ltd),
Overview Corporate
Reports Statutory
Statements Financial
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----- Start of picture text -----

Railways Telecom
VRLA batteries for Flooded batteries for
train lighting and air- electric and diesel
conditioning locomotives Advanced AGM VRLA Tubular Gel VRLA
batteries batteries
Stationary applications
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Industrial Division

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Solar Power and
Infrastructure
Projects
Tubular Gel VRLA Solar Power Exide tubular standby Futuristic Exide gel
Batteries (Solatron) Generating Systems batteries (HDP and tubular batteries
NDP) Exide TBS
Flooded Tubular Solar Hybrid Inverters Exide 2V range of VRLA
tubular batteries
(Solatubular/Solar batteries
Solar PV Modules
Blitz) Exide Plante
GroE products
Solar Charge
Controllers
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Industrial UPS Mines
(IUPS)
Exide IUPS range Tubular gel VRLA Smartlite - LED Exide Oldham GT
(Exide PowerSafe XHD Miners Cap Lamps
SMF Small VRLA (Exide
range)
PowerSafe Plus Range)
Flooded tubular (EL/
SMF Medium VRLA
EL+ range)
(Exide PowerSafe Plus
and NXT Range) Chloride IUPS range Traction
SMF VRLA (Chloride
SafePower CS7-12)
Exide HSP and GenX range of traction
batteries and accessories
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020

021

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Leading the charge with customer-first approach

Keeping in touch amidst Covid-19

Despite the challenges posed by the pandemic, at Exide, we proactively tried to stay in touch with our customers as well as dealers. Through multilingual SMS, WhatsApp messages and social media platforms, we tried to assist customers every step of the way. We also reached housing societies to deliver free battery check ups during the lockdown. After the easing of lockdown restrictions, customers could register on our portal and receive free battery check-ups. Short videos and messages were also prepared to offer assistance to our dealers. To empower them during

tough times, we made provision for Covid hospitalization insurance, with a coverage of Rs 2 lakh, for all authorized dealers and distributors of Exide. We also created a Covid-19 helpline in select geographies to help dealers get their queries answered by our panel of doctors.

Service team got in touch with

5 Lakh+

End-customers during the lockdown period

Supporting Consumers

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972

Housing societies reached for free battery check-up

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Assisting Dealers

At Exide, our customers come first. Our continuous efforts to mobilize resources and become more agile and responsive to customer demands enable us to sustain our leadership in a dynamic environment.

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Bringing our dealers back on track after the Covid-19 crisis – Scan the QR code to watch the video

022

023

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

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(HUPS) by August 2021. Exide Batmobile service can be availed for car batteries of all brands. Through constant technological improvements, and on-boarding of experienced technicians, endeavour to bring expert services to automotive customers seeking road side assistance within an hour of receiving the request.

Exide Batmobile, the first-of-its-kind doorstep service in our industry, was first launched in the year 2000 and has since evolved and scaled up to enhance customer experiences. Exide Batmobile service is available for all battery related issues faced by passenger car customers and is being extended to customers of Inverter Batteries and Home UPS

2,44,762*

Exide Batmobile customer requests in FY 2020-21

Road-side assistance now covers

85

Cities in India

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Scan the QR code to watch the video

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My car broke down in the middle of nowhere in Bhubaneswar. The Exide Batmobile representative arrived within the shortest possible time and replaced the battery with a new one.

Arup Kumar Chatterjee, Bhubaneswar

Expanding our network by reaching closer to customers.

We expanded our presence across the country with a strong network of 55,000+ direct and indirect dealers. The sales team covers 5 zones and 24 regions , to efficiently meet customer demands in the shortest possible time.

55,000+

Direct and Indirect Dealers

1,700+

Exide Care Outlets

650

Member Sales Team

A stronger connect with the customers

We continued to be the official partner of Royal Challengers Bangalore (RCB) for the second consecutive year. Our association with RCB has helped to strengthen our brand recall among customers around the country. As the biggest cricket extravaganza returned to India in 2021 we established an enduring relationship with RCB. A couple of promotional videos featuring the RCB team was launched to highlight the doorstep service of Exide Batmobile.

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Video 1 Video 2
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Scan the QR code to view the Exide RCB Campaign

Including road-assistance and HUPS Home service

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Our brand visibility

Revamping Exide Care Digital Experience

To transform digital experiences for our valued patrons, our website was completely revamped during the year. It was redesigned with user-friendly features that helped to improve customer experiences. We also leveraged digital platforms such as WhatsApp to directly get in touch with customers. It allowed our customers to effortlessly request products or services from the comfort of their homes, using the service request forms available on our website or by placing booking requests through the call centre.

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Key Features

Service Booking at Find the Correct the click of a button Battery for vehicles or Home UPS

Easy Warranty Instantly locate Registration for Dealers based on battery and Home Pin-code or city UPS name

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New Identity. Same old Trust.

Apart from continuously reinforcing the leadership stature and trust that our flagship brand Exide enjoys, we have reimagined and sharpened the brand identities of SF and Dynex. These initiatives validate our commitment and passion towards widening our presence among a diverse customer base. The world of Exide today is more inclusive to address the mobility needs of our customers across markets and product portfolio.

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Over the years, Dynex has seen phenomenal growth. We are constantly expanding the product portfolio and offering contemporary products that meet evolving market requirements. We also aim to reach micro markets, to offer superior quality products at affordable rates.

With its unparalleled power, superlative quality, coupled with a compelling price-point, SF Batteries have a very distinct positioning in our product portfolio. Capitalising on its immense potential, we revamped the brand image and offered a completely new look and feel.

Short animated video-based campaign showcasing the range of Automotive Batteries

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----- Start of picture text -----

Scan the QR code
to watch the video
Overview Corporate
Reports Statutory
Statements Financial
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New TVC for Exide Inverter and Inverter Batteries, communicating the leadership stature that we enjoy

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Promoted on Platforms like

5,300+ Ad spots to reach customers across markets

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YouTube: Facebook: across markets 10.3 million 4.4 million impressions and impressions and Aired on 70 Leading National & 1.9 million 2.1 million Regional TV Channels views views

Arun Mittal, Director - Automotive

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Leading the charge with digital transformation

At Exide, we are focused on going beyond conventional expectations, driven by our spirit of pushing the boundaries of imagination. In pursuit of expanding our capabilities, we strengthened our operations with contemporary digital tools that will further solidify our market leadership.

Our constant urge to keep abreast with latest changes has enabled us to sustain multiple transformations over the years. Recently, we have undergone a complete digital transformation across verticals, processes and operations.

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Key Digital Transformation areas

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Seamless Empowering Transforming Optimizing
Service to our sales Offerings Operations
Channel workforce
Partners
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Seamless Service for Channel Partners

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Exide Access - Exide DYNEX - Exide SF -
An app for Dealers An app for Dealers An app for Retailers
Overview Corporate
----- End of picture text -----

We constantly strive to provide our customers the best services and improve experiences. During the year, we took multiple initiatives to work closely with our channel partners and strengthen our relationship with them. Some of the key highlights of the year were:

Reassuring credibility

Digitalization of the entire secondary Partnership with financial sales system , bringing the channel institutions to provide partners to a single platform for ordering, channel financing to our schemes, invoices and secondary sales. dealers

End-to-end digitalization of After-sales service; Automated allocation of technicians and geo-tagging for on-the-spot warranty. Channel partners can register warranty related complaints through mobile applications

Raising service tickets through WhatsApp now is so simple and easy. It not only helps us serve customers faster but, has also transformed our engagement experience with the Company. Also the quick turnaround from the Company in resolving issues has strengthened customer relationship and has led to delightful experiences.

Dealer, Alpha Batteries, Mumbai

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Dealers

In keeping with our core philosophy of valuecreation, we extended our relationship with our dealers to go beyond just supplying our products. We also helped to seamlessly integrate accounting processes to enable faster and more transparent disbursement of secondary sales benefits. During the pandemic, when sales were hit, we helped our dealers with channel financing, bringing on-board some of the leading financial institutions that offered financing at competitive borrowing rates. We on-boarded leading banks like SBI, Axis Bank, Standard Chartered Bank and ICICI Bank.

Today we are connected more than ever before with Exide. The new digital initiatives and mobile applications introduced by Exide help us perform most our regular business transactions. Right from order placement to raising service tickets to monitoring sales – everything is quite simple and convenient. As channel partners, we are empowered with the introduction of digital tools, making our business more efficient.

Dealer, Monitor Batteries, Ahmedabad

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Empowering our sales workforce

We have brought our complete sales force on a Customer Relation Management platform . The platform provides an agile medium for intelligent interactions with our channel partners. Similar to a virtual assistance, it provides meaningful insights to ensure better time management and conduct surveys that provide in-depth market understanding. The sales force automation has been a success and has provided visible results for serving customers more effectively. Even our after-sales service team has been digitalized with a fieldservice app that helps to streamline customer requests.

Transforming Offerings

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In our endeavour to provide a hassle-free experience for our customers, we have enabled paperless warranty of our products through an online registration process. Customers can also raise tickets and carry out sales registrations through WhatsApp.

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Optimizing Operations

of units produced, defect data,

We have embarked on an Industry 4.0 journey to make our Hosur plant in Tamil Nadu, a smart factory using Manufacturing Execution System (MES) application, connecting our processes and machines with real-time monitoring operations. Our shop-floor operations at Hosur are now digitalized and we have better control over realtime data, empowering us with resources to take quick decisions. This has improved accuracy and responsiveness of our processes.

equipment downtime and Overall Equipment Effectiveness (OEE) on a real-time basis. It also has a positive impact on the accuracy of the pasting process.

We are moving towards Industry 4.0, where operations at plant are now future-ready. The digital tools have helped us to optimize our value stream, reducing our reach-tomarket time and enabling us to achieve better economies of scale.

We are also working on implementing technology to assist end-to-end supply chain planning and logistics operations through a centralized control tower. We have also embarked on a journey of marketing automation, empowering us to stay connected with the endconsumer throughout the product lifecycle.

Avik Kumar Roy, Director-Industrial

The digital tools now transmit critical information related to number

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Leading the charge with future-ready solutions

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Over the decades, we have risen to challenges to build a sustainable company. With our constant focus on innovative and new-age solutions, we are efficiently designing products that meet the needs of tomorrow.

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Our first Research & Development Laboratory, setup in 1976, is a testament to our commitment to build a company on the bedrock of innovation. At Exide Leclanche Energy Private Limited, we have always invested in latest technology, upgraded our processes and created customer-centric products that meet changing market requirements.

Exide invested in the Lithium-ion space in 2018 to fast-track the world’s transformation towards sustainable energy solutions through its subsidiary Exide Leclanche Energy Private Limited (known as Nexcharge brand), together with our Joint Venture partner, Leclanche, Europe’s leading energy storage solutions provider, to build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market and grid-based applications.

As more reforms and regulations shape the future of energy transition with the use of Lithium-ion batteries, our production capacity as well as the quality of our solutions will position us as a leading player in this space.

Nexcharge - Future of Sustainable Energy

With our latest technology, Nexcharge offers energy solutions that are scalable as well as ecofriendly. Aligned to climate change needs, we are building capacities to meet the future energy needs.

Product & Services

With state-of-the-art products and end-to-end solutions offered by Li-ion batteries including NMC, LFP and LTO, Nexcharge aims to focus on growing opportunities in the Transportation, Industry and Utility sectors.

Location:

Prantij, Sabarkantha, Gujarat, India

80.15%

Exide’s Holding in Joint-Venture as on March 31, 2021

J 192 Crore

Investment made by Exide as on March 31, 2021

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Our facility

Transport

Nexcharge offers e-transport solutions powering mobility with efficient and reliable energy storage solutions.

Nexcharge today possesses India’s largest lithium-ion battery pack factory, spread across 6,00,000 sq feet of land, with a built-up area of 100,000 sq ft, located in the automotive hub of Gujarat. The state-of-the-art factory is equipped with fully automated lithium-ion assembly lines for battery packs and modules (pouch/ Prismatic/ cylindrical) and Cell testing labs, with a manufacturing capacity of 1.5 GWh. It is dust proof and is an ISO Class 7 (0.5 µm) certified facility. The factory also adheres to ISO 45001 norms and is ESD (Electrostatic Discharge) safe.

With India undergoing a rapid transition from fossil fuel consumption to renewable energy and gas engines to electric motors, Nexcharge’s focus on the e-transport sector covers products that can be used in buses, passenger cars, two wheelers, three-wheelers, trucks, marine, off highway equipment, rail and robots.

Industry & Utility

Nexcharge supplies products to varied segments of the industrial & utility markets. It is focusing on Telecom Towers, UPS, Data Centres, BESS, etc.

Nexcharge also houses a dedicated Research and Development facility in Bangalore, where a team of 50+ engineers are constantly working to design high-quality battery packs, customised as per our customer requirements.

Nexcharge as a Service Company

With Nexcharge’s state-of-the-art Research & Development facility and its expertise in battery design, it is capable of offering battery design services, cell testing and performance validation, electronics and firmware development, mechanical and thermal design and software development.

50+

Engineers

1.5 Gwh Plant Capacity

Nexcharge is ISO 9001:2015, ISO 14000:2015 & ISO 45001:2018 certified.

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Lithium-ion batteries

are becoming essential for clean and renewable energy transition. The batteries are gaining acceptance for their low-maintenance, lower self-discharge, high demand in multiple downstream solutions like electric-vehicles, solar energy, UPS and the telecom sector. In addition, our research facility in Bangalore has developed and licensed multiple technologies and products over the last two-and-half years, keeping in mind the Indian climate and road conditions. Our battery packs are built to absorb shock, vibration, submersion of mobility on Indian roads and can sustain high temperature and humidity, typical characteristics of a tropical country. Our unique technology gives the batteries twice the life of an average battery pack.

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Promising Future
With a strong order book and
a manufacturing facility ready
to begin production - we are
excited to lead the change
as a new chapter in energy
transition unfolds across
the globe.
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Electric Vehicles

Large order for 3000 battery packs for electric three wheelers, from a renowned manufacturer

Multiple pilot orders from start-ups in e-scooter and e-rickshaw space

Long-term agreement with multiple OEMs

UPS

One of our recently developed products, it has successfully passed all technical proto-testing with a major telecom giant. A contract worth Rs 75-crore has been signed.

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Nexcharge collaboration with Tata Power-DDL (TPDDL)

In collaboration with Tata Power Delhi Distribution (TPDDL), Nexcharge installed the country’s first grid-connected lithium-ion based Community Energy Storage System (CESS). The system offers a mechanism for peak shaving, VAR compensation and Deviation Settlement based on the frequency response at substations, with emergency power supply for preferred consumers in the instance of a power failure.

Shri Satyendar Jain, Hon'ble Power Minister, Govt. of NCT of Delhi inaugurating India’s first grid-connected Community Energy Storage System at Rani Bagh, New Delhi in the presence of Mr Ganesh Srinivasan, CEO, Tata Power-DDL and Stefan Loius, Chief Executive Officer and Chief Technology Officer, Nexcharge.

Words of encouragement

Nexcharge, in collaboration with Tata Power sets up the country’s 1st gridconnected Lithium-ion based CESS

We are proud to associate with Nexcharge for setting up the country’s first Grid-Connected Battery Energy Storage System at the community level. This will further strengthen our network and ensure reliable power supply to our consumers round the clock. Instead of building a humungous infrastructure of transformers and electric equipment , the Community Energy Storage System (CESS) can be used to meet peak demand while storing surplus power. I believe a wider adoption of such storage systems will help in balancing the load curve of discoms and make them future-ready.

Mr Ganesh Srinivasan, CEO, Tata Power-DDL

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Products & Technology Products in Trial introduced during the year

Bipolar Lead-Acid Technology

Partnering with our collaborators Advance Battery Concepts (ABC), USA, we are in advanced stages of building a product which can be used as an alternative for Lithium batteries, for low power requirements, namely low-speed electric two-wheelers. Bench studies have offered promising results and we plan to test it in the Indian markets in the coming financial year.

Micro-Hybrid Car Batteries

Punch-Grid Technology

Micro-Hybrid cars, also known as Idle Start-Stop cars, are increasingly gaining acceptance in the Indian markets. It is not only beneficial for the environment, but has also emerged as a fuel efficient and economic alternative to traditional cars. Along with our Brazilian partner Moura, we are developing a robust battery to meet the requirement of new-age cars. The battery is being currently evaluated by a major European car manufacturer. The battery is expected to abide by stringent European emission norms and is likely to be launched by Q2 FY 2021-22.

2.4 million units per annum Current Manufacturing Capacity

Battery-Based Energy Storage System

The Punch-Grid Technology, developed with our partners East Penn, USA is an automated, high speed, plate manufacturing system for lead-acid batteries. In another initiative, the R&D engineers have seized an opportunity in overseas markets to introduce a large number of SKUs with Exide’s ‘punched grid’ technology, which is gaining acceptance in the ever-evolving North American markets.

We are working with our technology partner East Penn to further develop technology that gives our batteries an extended life of at least 10 years in challenging weather conditions.

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Fast-tracking of Front Access UPS

The development of our highpower front-access UPS, has been expedited due to structural changes in the market that led to a rapid demand for the product. Developed in partnership with our technology partner East-Penn, and manufactured at our Hosur plant in Tamil Nadu, the UPS is a compact, space saving product that is designed to ensure reliability of power supply.

Energy Storage project at the East Calcutta Substation using our cutting-edge Advanced Gel Technology with Remote Diagnosis Features. This helped to successfully deploy Battery Energy Storage System (BESS), fulfilling the demand for alternative storage solutions. Offering support to the electricity grid infrastructure, the BESS model creates more resilient energy systems that initiate cost savings for utility companies and consumers.

An insight on Exide-CESC BESS Project

milliseconds, opening up a huge opportunity for power regulators to maintain balance in power system with high precision.

The increasing power demand from domestic and commercial consumers has compelled people to explore alternative sources of energy, going beyond conventional sources. The shift towards battery energy storage in the de-regulated electricity market is driven by its cost effectiveness, continued utility and its growing preference as a sustainable solution.

Applications envisaged in the project primarily involve:

Load Levelling: To meet seasonal and daily peak demands without overloading distribution transformer

Frequency Regulation: To demonstrate applicability of BESS in Deviation Settlement Mechanism and also to serve generating plants as a primary reserve in handling grid anomaly events

The system has the capability to In FY 2020-21, we joined hands supply or accept rated power of with CESC Limited to set up an 125kVA with a response time in few

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Voltage Regulation: To aid DISCOMs in maintaining grid voltage in the LT distribution feeder as a replacement for STATCOM Energy Arbitrage: To demonstrate applicability of BESS in neutralizing differential tariff rates for consumers with high power demand

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Committed to ESG

As a responsible corporate, we aim to inculcate sustainable practices across the organization. We are committed to drive positive change and are constantly taking steps to integrate social and environmental stewardship throughout our value chain.

Our constant emphasis on upholding our Environment, Social and Governance (ESG) objectives empower us to engage in activities that are directly aligned to UN SDGs. Keeping sustainability at the core

of our operations, we strive to ensure value creation for stakeholders across the vertical. Resting on our core pillars of sustainability, we strive to protect our natural resources and create a safe, fair and inclusive environment, conducive for the growth and prosperity of communities as well as the natural ecosystem.

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Sustainability
Development
Goals
addressed
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Environment

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Exide is committed to protect the natural environment. We undertake various initiatives to fulfil our responsibility towards the environment. We have established and implemented Environmental Management Systems (EMS) in line with the ISO: 14001: 2015 standard and it is audited annually by certified authority. We also conduct internal checks at half-yearly intervals with the help of the factory MRR. The EHS head of the factory also ensures compliance to regulations and inhouse policies.

Energy

Energy efficiency is key to building a safe, reliable, affordable and sustainable energy system. We have established an energy management cell, at the corporate level to drive our energy-efficiency initiatives and minimize the effects of climate change by reducing emission of Green House Gases (GHG). We have reduced energy consumption by 1.4% and fuel (LPG/ PNG) consumption by 5.9% (25.24 kg/t in FY 2020-21 as against 26.82 kg/t in previous year). We have also implemented off-site solar power generation and rooftop solar installations. Demonstrating our commitment towards a low carbon economy, we are increasing the use of green energy. In FY20-21, we recorded green energy consumption of 15% against 2.2% in FY 2019-20. Moreover, we continued with our Energy Stewardship “Energy Circle” team initiative to conserve energy.

Rooftop Solar:

Off-site Solar power generation:

67.5 MWp Total installed capacity

4.7 MWp Total installed capacity

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Onsite photo of
Hosur plant
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To read more about our energy conservation initiatives refer page 142 of the Annual Report

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Water Management

We regularly monitor our water consumption and ensure proper maintenance of water supply facilities. Water used in our production plants is recycled and utilized for other purposes within the organization. We recorded annual water consumption of 17,97,688 KL in FY 2020-21, monitored through meters installed at all consumption points. Additionally, reusing of demineralized water used for battery plate washing, for acid dilution, after purification is also being practiced.

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Waste Management

We undertake concerted efforts to ensure waste segregation and resource conservation. We also strive to reduce waste generation in our facilities. All hazardous wastes are disposed in accordance with standard protocols. To reduce the negative impact of hazardous waste on soil, water and air, we ensure proper segregation of waste under expert supervision.

Social

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We invest in our employees and communities to generate inclusive economic opportunities for all. Our social endeavours aim to create lasting change in communities, empowering people to lead dignified lives.

Community Impact

`H`in Crore	`H`in Crore	`H`in Crore
	FY 2020-21 FY 2019-20	FY 2018-19
Actual amount spent 20.94 20.76 19.22

We believe in empowering communities within our areas of operation with dedicated programs focusing on good health, quality education, sustainable livelihoods and community infrastructure development. During the pandemic, we initiated Covid-19 relief projects with 77% of our CSR funds utilized for various medical projects.

Through our flagship “Abhaar” campaign, a special drive was initiated for distribution of nutrition and health kits in collaboration with our NGO partner ‘YUVA Unstoppable’. Through this initiative, we distributed immunity booster kits to 23,199 school students in 55 schools adopted by the Company. The campaign engaged 357 Exide volunteers who invested 1,140 hours to help more than 1,20,300 beneficiaries.

Paraplegics, Marrow Donor Registry (India), Indian Cancer Society, Cankid-Kidscan, the Ramakrishna Mission and Bharat Sevashram Sangha to provide necessary support required for meeting healthcare needs. We introduced livelihood

CSR spend for FY 2020-21:

We introduced livelihood enhancement programs for women from tribal and urban slums to create livelihood opportunities. We also invested in the development of community infrastructure such as classrooms, laboratories, sanitation and drinking water facilities. Moreover, we carried out training and development programs for street food vendors in Kolkata and assisted them to resume business after the lockdown.

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Taking healthcare to remote

locations in India, Exide’s primary focus remained on making healthcare accessible to the weaker sections of society. We initiated projects in collaboration with the Diabetics Association of India, the Society for the Rehabilitation of

Healthcare Education Environment

77.19% 11.76%

6.14% 3.13%

Community Development Women Empowerment

1.77%

To read more about our community initiative refer page 132 of the Annual Report

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development and fostering a conducive working culture. At Exide, we are committed to make our people more agile, backed by the 70 : 20 : 10 approach of onthe-job training, interaction with co-workers / managers and formal training. We have conceptualised and implemented multiple employee engagement initiatives to improve the working environment. Under the umbrella of Exide Learning Academy (ELA) we have designed numerous training programs. A social collaboration platform for employees called Exide One was also launched during the

Social Accountability

year to connect, collaborate and communicate with employees. It also enabled employees to actively engage with each other.

Our workforce remains the driving force behind our sustained growth. From our recruitment processes, pay practices to safety standards, we strive to create an environment where our employees feel respected, valued, and can contribute to their fullest potential. At Exide, we are conscious about the need for workforce diversity and in accordance with the Sustainable Development Goals (SDGs) we have adopted a policy on Prevention, Prohibition and Redressal of Sexual Harassment (POSH) at workplace to provide a safe working environment for our employees. We have a total workforce of 5,202, comprising 95.7% males and 4.3% females, as on March 31, 2021.

We remain committed to upholding human rights and have developed a robust mechanism to track any violation and effectively address grievances. We adhere to all applicable laws, including NonDiscrimination and Human Rights Policy to treat employees with dignity and respect. We also revised our policies and implemented rules to support our employees in the aftermath of Covid-19.

5,202 Number of employees (Staff & Permanent Workers)

8.95 Average training hours per employee

We aim to retain our high-performing team members and initiate employee engagement programs, learning and development initiatives and robust rewards and recognition programs to keep our people motivated. Our learning and development program revolves around the four pillars of Capability Building, High Potential Development, Leadership

46,581 Total number of hours of training provided

1,094 Number of training courses offered

Governance

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Transparency is the cornerstone of Exide’s philosophy. We, therefore, adhere to the highest standards of corporate governance in letter and spirit. All the Committees of the Board of Directors meet at regular intervals and your Board of Directors has taken the necessary steps to ensure compliance to statutory requirements.

44.44%

Board members are Independent Directors, against statutory requirement of 33.33%

Category of Directors	No. of directors	%	Regulatory requirement on Independence (%)
Executive 4 44.45
Non-Executive & Non-Independent 1 11.11
Non-Executive & Independent 4 44.44 33.33
Total 9 100.00
As on March 31, 2021

95%

Attendance of Directors at Board & Committee meetings during the FY 2020-21

91%

a Vendor Policy for continuous improvement of efficiency and effectiveness for achieving zero defect, zero breakdown and zero accident through TQM initiatives (e.g. 5s, QC, Lean, Kaizen, TPM, etc.)

Transparent communication with stakeholders is essential for better understanding of their needs. We are committed to building a robust corporate governance framework that ensures constant dialogue with stakeholders. Our Code of Conduct Policy, Whistle-blower Policy, Data Security Policy emphasises adherence to corporate ethics. Besides, our POSH policy enables us to create a safe and secure working environment. The CSR Policy and policy on material subsidiaries are also aligned to our organizational objectives. Moreover, we have

Of the total remuneration to the Board was paid to the Executive Directors*.

*Balance 9% was paid amongst the Independent Directors by way of Commission based on seniority, expertise, value addition made to the Company. Non-executive directors are also being remunerated by way of sitting fees for attending Board & Committee meetings.

We have a Risk Management Committee (RMC) to evaluate and review risks annually, mitigate actions and also identify new risks. To address these risks, the Executive Committee (EXCOM) regularly reviews risks and frames mitigation plans that ensure the success of business operations.

To read more about our Governance framework refer page 106 of the Annual Report

All figures pertain to FY 2020-21 or March 31, 2021

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People-first approach

At Exide, we attribute our success to the hard work and dedication of our people. The perseverance demonstrated by each team member over the years, has moulded Exide into a leading force with people empowerment being at the centre of our operational strategy.

Our people are our greatest assets and we constantly strive to create an ecosystem of continuous learning to create a future-ready workforce. We witnessed positive Industrial relations across our manufacturing locations. Sustained efforts were made to build a transformational work culture with the adoption of industry best practices such as

flexible manufacturing, productivity enhancement, total quality management (TQM), workmen engagement, plant trainee schemes and quality circles. We are also focused on leadership development, creating a steady pool of future leaders who can take the company to greater heights of success.

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Some of the Initiatives undertaken during the year are as follows:

blog posts and allowed them to communicate on a single platform through multiple digital events.

We continue to motivate our employees and drive performance through a continuous evaluation process and a competitive performancebased bonus program. Through “You Did It” we recognised and rewarded our top performers.

Amidst the pandemic, the safety of our employees was our utmost priority. A dedicated helpline, Exide Corona Mitra, was set up for employees to serve them while they worked from home.

Under the umbrella of Exide Learning Academy, an array of online courses covering TQM and Lean Management were offered to employees.

offered to employees. We also introduced ‘Win it Now’ awards recognition scheme for
We further strengthened our corporate functions.
endeavour to foster a conducive organizational culture with our “Exide Leadership Behaviour (ELB) 360 Degree survey” . 93%
We launched a social collaboration platform for employees called “Exide One” allowing employees to connect, collaborate and communicate. The platform enabled employees to share information in real-time through
We continued to develop leaders as coaches and identified “Exide Master Coaches” to build a promising talent pipeline.

Employee Participation in Exide Leadership Behaviour 360-degree survey

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Caring for the Community

Everything we do during and after this crisis [Covid-19] must be with a strong focus on building more equal, inclusive and sustainable economies and societies that are more resilient in the face of pandemics, climate change, and the many other global challenges we face.

António Guterres, Secretary-General, United Nations

Within a short period of time, the precipitous spread of the novel coronavirus turned into a public health emergency, one of the worst crises of our lifetimes.

At Exide, we have always prioritized the well-being of communities within which we operate. Our endeavours are aligned with the agendas specified in the Schedule VII of Companies Act, 2013, and UN SDGs. The social investment projects are strategized in cognizance of the core principle of inclusive growth and socio-economic development for all, especially the marginalized and vulnerable population around our operational areas.

approach, we mobilized on-theground efforts to ensure systematic support for Covid-19. We leveraged all of our resources to help communities overcome the threat posed by the virus.

Owing to the Covid-19 pandemic, we shifted the focus of our CSR initiatives away from other areas of importance such as education, women empowerment, rural development etc. During the year under review, we collaborated with NGOs and government agencies to strengthen the nation’s fight against Covid-19. With a multi-pronged

77%

of the CSR funds were invested for Covid-19 related health support and services and allied health projects undertaken in FY 2020-21

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Distribution of
Covid-19 beds
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To provide plausible support in these testing times, we initiated a consolidated Nutrition and Hygiene kit distribution drive under our signature Project Jyotirmay – Exide Employee Engagement Programme. We specially structured the drive as ‘Abhaar’ Campaign to express our gratitude for getting this opportunity to serve the underprivileged. The family essential kits consisted of pre-packed ration including wheat flour, rice, pulses, spices, cooking oil, etc. and hygiene essentials such as reusable masks, soaps, and hand sanitizers. The immunity booster kits also consisted of Horlicks and Chawanprash for malnourished children.

Project Jyotirmay – Abhaar Campaign

357

In the wake of the pandemic, we realised that children studying in government schools were suffering the most due to the unavailability of Mid-Day Meals (MDMs). Due to school closure, during and after the lockdown, children were deprived of the basic nutrition provided through mid-day meals. The parents of these children, mostly daily wage earners, have also lost their source of livelihood, making it even more difficult for the children.

Exide volunteers participated

1,140

Voluntary hours invested

Supported

23,199

school students and their families

1,20,300+

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Total beneficiaries of the campaign

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Medical equipment, PPE kits and Ambulance

The Covid relief support was delivered on a war-footing across all locations. We followed a participative process, leading from the front, partnering with local governments, business and health institutions and NGOs to empower the vulnerable during tough times. We assisted them with necessary medical equipment, appliances, furniture and accessories.

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Project Jyotirmay – Community support from Exide volunteers

Apart from participating in the massive distribution campaign, our employees engaged in various activities under Project Jyotirmay. Various initiatives for delivery and distribution of medicines in animal hospitals, Covid-19 essentials, personal hygiene items, school stationery and village sanitation products were also undertaken.

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Health Centres

At Antar Bharati Balgram, the model medical centre caters to the children and the staff in case of medical exigencies. The fully equipped medical centre was developed with the intention to ensure Covid safety. Thus, the centre was equipped to offer support to Covid patients and it provided quarantine facility for 24 positive children during the second wave of Covid.

400 143

Voluntary hours invested

Exide volunteers participated

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India Sponsorship Committee wishes to express gratitude towards Exide Industries Limited, for sponsoring the Medical Centre and providing other accessories in the year 2020-21. It was a blessing to have this fully functional centre during the second wave of Covid-19. We could use it not just for testing and isolation, but also to quarantine some of the house mothers and treated them at the centre till they recovered completely.

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Medha Oka, Director Operations - India Sponsorship Committee

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Women Empowerment

Our Project Sahelee with Sukriti Welfare Association for Women Entrepreneurs focused on training women in tailoring, embroidery, sanitary and maternity napkin making. The training helped them to earn a steady income during the pandemic.

20,000 Masks and packets of sanitary & maternity napkins were made and sold in FY 2020-21

5,000+ Sanitary napkin packets were distributed to vulnerable women at urban slums and rural areas

Education Projects

One of the highlights for the year was the model school development at the Government Inter College Kunjabahadurpur in Roorkee. The school, which did not have any laboratory facilities, now boasts of a modern building with laboratories. The building now accommodates laboratory facilities for subjects such as science, maths, English, computers, and has a SMART Classroom and a special Tinkering Lab. The facilities will not only allow children to benefit from an advanced academic infrastructure, but will also help the teachers to provide better learning and teaching opportunities.

Scholastic endeavours for Shalinis

Shalinis Under the Udayan Shalini Fellowship programme of Udayan Care, 150 graduation level girl students were chosen for this unique program. This is an academic excellence and personality development program for deserving and talented girls from weak socio-economic backgrounds, aiming to turn them into empowered and dignified women or Shalinis.

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150

Graduation level girl students benefitted

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Managing the environmental balance

Taking into consideration the beneficial impact of the pond restoration project last year, a pond restoration project was taken up at Jaithrawas village by the Bawal team. It resulted in the transformation of an old and abandoned pond that was used

as the village garbage dump. With its rejuvenation, the ground water level in the adjoining areas is expected to improve.

Waste collection vehicles were provided for all villages to ensure proper waste collection and disposal. It helped to keep the village and the area around the plant clean and hygienic.

At Hosur, the main focus of environmental projects was the creation of a robust waste management system at Chichurukanapalli, Nallur and Billapur.

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Waste collection vehicles being distributed at Hosur plant
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Salutation to the Changemakers

The fiscal year 2020-21 ended on a positive note when Exide was conferred with the YUVA Unstoppable Changemaker 2021 Award for our contribution towards empowering children by his Excellency, the Hon’ble Governor of Gujarat, Shri Acharya Devvrat, in a mega digital event that was attended by over 3000 students, teachers and volunteers from across India. The award celebrated Exide’s partnership with YUVA Unstoppable

for delivering stellar projects that ensured essential and conducive infrastructural transformation, especially for delivering safe drinking water, mid-day meals, hygienic and appropriate sanitation facilities for school children, SMART Classrooms for closing the digital divide at Government Schools across India. Model School development is one of the major priorities of ExideYUVA Unstoppable partnership.

10-year performance

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( H in Crore)
FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
Sales (Net) 5,107 6,071 5,964 6,866 6,848 7,583 9,186 10,588 9,857 10,041
Operating Profit 687 790 825 917 1,026 1,082 1,241 1,411 1,365 1,356
Profit Before 645 742 723 798 908 976 1,048 1,130 1,057 1,018
Tax (before
Exceptional
Items)
Taxation 184 219 236 252 284 282 338 395 210 260
Net Profit 461 523 487 546 624 694 668 844 826 758
Cash Profit 562 636 613 685 782 900 914 1,158 1,188 1,138
Earnings Per 5.43 6.15 5.73 6.42 7.35 8.16 7.86 9.93 9.71 8.92
Share ( H )
Dividend 145 156 178 220 243 243 246 246 499 170
Payout
BALANCE
SHEET
Net Fixed Assets 967 1,028 1,025 1,168 1,451 1,687 2,192 2,552 2,671 2,872
Investments 1,555 1,640 1,967 1,896 2,698 2,674 1,969 2,199 2,071 3,059
Current Assets 1,547 1,856 1,941 2,317 1,989 2,414 3,236 3,421 3,500 3,698
Total Assets 4,069 4,524 4,933 5,381 6,138 6,775 7,397 8,172 8,242 9,629
Loans - - - 18 103 170 - - - -
Current 954 1,027 1,120 1,205 1,397 1,486 1,867 2,010 1,844 2,658
Liabilities
Subtotal 954 1,027 1,120 1,223 1,500 1,656 1,867 2,010 1,844 2,658
Deferred Tax 83 98 105 126 127 155 141 175 102 77
Liability
Net Worth 3,032 3,399 3,708 4,032 4,511 4,964 5,389 5,987 6,296 6,894
Total Liabilities 4,069 4,524 4,933 5,381 6,138 6,775 7,397 8,172 8,242 9,629
Book Value Per 35.67 39.99 43.62 47.44 53.07 58.40 63.40 70.44 74.07 81.11
Share ( H )
Return on Net 17.0 17.2 14.3 14.7 15.5 15.4 13.5 15.7 13.8 12.0
Worth (%)
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*including Dividend Distribution Tax

** At same per value of share

Figures mentioned since 2015-16 are in accordance with the provisions under Ind-AS

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Corporate Information

Corporate Social Responsibility Committee

Board of Directors

Mr Bharat Dhirajlal Shah Chairman & Independent Director

Mr Bharat D Shah - Chairman Mr Sudhir Chand Mr Subir Chakraborty Mr Avik Kumar Roy*

Mr R.B. Raheja Vice Chairman & Non-Executive Non-Independent Director

Stakeholders Relationship Committee

Mr Gautam Chatterjee Managing Director & Chief Executive Officer (till April 30, 2021)

Mr Sudhir Chand - Chairman Mr Subir Chakraborty Mr Asish Kumar Mukherjee Mr Ranjan Sarkar

Mr Subir Chakraborty Managing Director & Chief Executive Officer (w.e.f. May 1, 2021)

Risk Management Committee

Mr Surin Kapadia - Chairman Mr Subir Chakraborty Mr Asish Kumar Mukherjee Mr Arun Mittal Mr Avik Kumar Roy*

Mr Arun Mittal Director - Automotive

Mr Asish Kumar Mukherjee Director - Finance & Chief Financial Officer

Banking Operations Committee

Mr Avik Kumar Roy Director-Industrial (w.e.f. May 1, 2021)

Mr Subir Chakraborty - Chairman* Mr Asish Kumar Mukherjee Mr Arun Mittal

Mr Sudhir Chand Independent Director

Share Transfer Committee

Ms Mona N. Desai Independent Director

Mr Subir Chakraborty - Chairman* Mr Asish Kumar Mukherjee Mr Jitendra Kumar

Mr Surin Kapadia Independent Director

Executive Committee

Mr Subir Chakraborty Mr Asish Kumar Mukherjee Mr Arun Mittal Mr Arnab Saha Dr Dipak Sen Choudhury Ms Nupur Roy Choudhury Mr Avik Kumar Roy Mr Ranjan Sarkar Mr Jitendra Kumar

Company Secretary Mr Jitendra Kumar

Board Committees

Audit Committee

Mr Surin Kapadia - Chairman Mr Sudhir Chand Ms Mona N. Desai

Statutory Auditor

Nomination & Remuneration Committee

B S R & Co. LLP Chartered Accountants Godrej Waterside, Unit No. 603 6th Floor, Tower-1, Plot No. 5 Block-DP, Sector-V, Salt Lake Kolkata 700 091

Mr Surin Kapadia - Chairman Ms Mona N. Desai Mr R.B. Raheja Mr Sudhir Chand

Cost Auditor

M/s Mani & Co. Cost Accountants ‘Ashoka’ 111, Southern Avenue Kolkata 700 029

Secretarial Auditor

M/s A. K. Labh & Co. Company Secretaries 40, Weston Street 3rd Floor, Kolkata 700 013

Bankers

The Hongkong and Shanghai Banking Corporation Limited State Bank of India Standard Chartered Bank Citibank N.A. BNP Paribas HDFC Bank Limited ICICI Bank Limited Axis Bank Limited Yes Bank Limited IDBI Bank Limited

Registrar and Share Transfer Agent

C B Management Services (P) Ltd. P-22, Bondel Road, Kolkata- 700 019 Phone: (033) 4011-6700/6729 Fax: (033) 4011 6739 CIN: U74140WB1994PTC062959 E-mail: [email protected] Website: www.cbmsl.com

Registered Office

Exide House 59E, Chowringhee Road, Kolkata 700 020 Phone: (033) 23023400/ 2283-2118/2171 Fax: (033) 22832637 CIN: L31402WB1947PLC014919 E-mail: [email protected] Website: www.exideindustries.com

Notice of the 74[th] Annual General Meeting

NOTICE is hereby given that the 74[th] Annual General Meeting of the Members of the Company will be held on Tuesday, August 31, 2021 at 10.30 A.M. through video conferencing/other audio visual means organized by the Company, to transact the following business:

Companies Act, 2013 and any statutory modification or re-enactment thereto;

RESOLVED FURTHER THAT the Board of Directors including any Committee thereof be and is hereby authorised to do all acts and take all such steps as may be necessary, proper or expedient to give effect to the aforesaid resolution.”

ORDINARY BUSINESS

To receive, consider and adopt the audited financial statements (including audited consolidated financial statements) for the financial year ended March 31, 2021 and the Reports of the Directors and the Auditors thereon.
To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 152 and other applicable provisions of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014, Mr Avik Kumar Roy (DIN:08456036), who was appointed as an Additional Director of the Company with effect from May 01, 2021 by the Board of Directors of the Company pursuant to Section 161 of the Companies Act, 2013 and Article 118 of the Articles of Association of the Company and in respect of whom the Company has received a notice in writing from a member proposing his candidature for the office of Director, be and is hereby appointed as a Director of the Company whose period of office shall be liable to determination by retirement of directors by rotation; RESOLVED FURTHER THAT pursuant to the

To confirm the payment of interim dividend paid during the financial year ended March 31, 2021.
To appoint a Director in place of Mr Asish Kumar Mukherjee (DIN:00131626) who retires by rotation and, being eligible, offers himself for re-appointment.

SPECIAL BUSINESS

To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Sections 196, 197 and 203 read with Schedule V and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force), Mr Subir Chakraborty (DIN:00130864) be and is hereby appointed as the Managing Director and Chief Executive Officer of the Company for a period of three (3) years beginning from May 01, 2021 till April 30, 2024 on such remuneration and terms and conditions of service as detailed in the Explanatory Statement under Section 102(1) of the Companies Act, 2013 annexed to the Notice convening the meeting, with liberty to the Board of Directors, including any Committee thereof, to alter or vary the terms and conditions of appointment and/or remuneration, subject to the limits specified under Schedule V of the

RESOLVED FURTHER THAT pursuant to the provisions of Sections 196, 197 and 203 read with Schedule V and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force), approval of the Company be and is hereby accorded for the appointment of Mr Avik Kumar Roy as a Wholetime Director designated as Director - Industrial of the Company at such remuneration and terms and conditions of service as detailed in the Explanatory Statement under Section 102(1) of the Companies Act, 2013 annexed to the Notice convening the meeting, with liberty to the Board of Directors, including any Committee thereof, to alter or vary the terms and conditions of appointment and/or remuneration, subject to the limits specified under Schedule V of the

** appointed as Chairman w.e.f May 1, 2021

inducted as member w.e.f May 1, 2021

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Companies Act, 2013 and any statutory modification or re-enactment thereto;

RESOLVED FURTHER THAT his re-appointment as a Director of the Company immediately on retirement by rotation shall not be deemed to constitute a break in his appointment / service as a Whole-time Director of the Company;

RESOLVED FURTHER THAT the Board, including any Committee thereof, be and is hereby authorised to do and perform all such acts, deeds, matters and things as may be considered necessary to give effect to the aforesaid resolution.”

To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 196, 197 and 203 read with Schedule V and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force) and Article 116 of the Articles of Association of the Company, revision in the remuneration and other terms and condition of service of Mr Arun Mittal, Whole time director (designated as DirectorAutomotive) (DIN:00412767) of the Company, be and is hereby approved with effect from May 01, 2021 for remainder of duration of appointment upto April 30, 2024 as detailed in the Explanatory Statement under

Place: Kolkata Date: 29.04.2021

Section 102(1) of the Companies Act, 2013 annexed to the Notice convening the meeting;

RESOLVED FURTHER THAT save and except as aforesaid, the Ordinary Resolution approved and passed by the Members vide Meeting dated August 03, 2019 with respect to the appointment of Mr Arun Mittal as Whole-time director (designated as DirectorAutomotive) shall continue to remain in full force and effect;

To consider and if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules made thereunder (including any statutory modification(s) or re-enactment thereof, for the time being in force) the remuneration payable to M/s Mani & Co., Cost Accountants (Registration no. 000004) who have been appointed by the Board of Directors as Cost Auditors for audit of the Cost Records of the products manufactured by the Company for the financial year ending March 31, 2022 on a remuneration of H 9,00,000/- (Rupees Nine Lakh only) plus out of pocket expenses and applicable taxes, be and is hereby ratified.”

By Order of the Board

Sd/-

Jitendra Kumar

Company Secretary and EVP – Legal & Administration ACS No. 11159

Scrutinizer by email through its registered email address to [email protected] with a copy marked to [email protected]. [email protected].

NOTES

In view of the continuing COVID-19 pandemic, the to [email protected]. [email protected]. Ministry of Corporate Affairs (“MCA”) continued allowing conducting Annual General Meeting (AGM) 5. The Members can join the AGM in the VC/OAVM through video conferencing (VC) or other audio visual mode 30 minutes before the scheduled time of the means (OAVM) vide its Circular No. 02/2021 dated commencement of the Meeting by following the January 13, 2021 read with Circular No. 20/2020 procedure mentioned in the Notice. The facility of dated May 05, 2020 , Circular No. 17/2020 dated participation at the AGM through VC/OAVM will be April 13, 2020 and Circular No. 14/2020 dated April made available for 1000 members on first come first 08, 2020 (collectively referred as “MCA Circulars”) served basis. This will not include large Shareholders prescribing the procedures and manner of conducting (Shareholders holding 2% or more shareholding), the Annual General Meeting through VC/OAVM and Promoters, Institutional Investors, Directors, Key Securities and Exchange Board of India (“SEBI”) vide Managerial Personnel, the Chairpersons of the Audit its Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 Committee, Nomination and Remuneration Committee dated January 15, 2021 read with Circular no. SEBI/ and Stakeholders Relationship Committee, Auditors HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 etc. who are allowed to attend the AGM without (collectively referred as “SEBI Circulars”) permitted restriction on account of first come first served basis. the holding of AGM, without physical presence of the 6. The attendance of the Members attending the AGM

Members at a common venue.

The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Act.
In compliance with the said MCA and SEBI Circulars, the 74[th] AGM of the Members will be held through video conferencing (VC) or other audio visual means (OAVM). The Members can attend and participate in the AGM through VC/OAVM only. National Securities Depository Limited (‘NSDL’) will be providing facility for voting through remote e-Voting for participation in the AGM through VC / OAVM facility and e-Voting during the AGM. The detailed procedure for participating in the meeting through VC/OAVM forms a part of this Notice. The registered office of the company shall be deemed to be the venue of the AGM.
The Notice and Annual report 2021 is also available on the website of the Company at www.exideindustries. com, website of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www. bseindia.com and www.nseindia.com respectively and the AGM Notice is also available on the website of NSDL i.e. www.evoting.nsdl.com.
The relevant details pursuant to Regulations 36(3) of the SEBI Listing Regulations and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India, in respect of Director seeking appointment/re-appointment at this AGM is annexed.
In terms of the MCA Circulars since the physical attendance of Members have been dispensed with, there is no requirement of appointment of proxies. Accordingly, the facility of appointment of proxies by Members under Section 105 of the Companies Act, 2013 (“the Act”) will not be available for the 74[th] AGM and hence the Proxy Form, Attendance Slip and route map of the AGM are not annexed to this Notice.
- The Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013 in respect of the Special Business to be transacted at the Meeting is also annexed hereto.
All the documents referred to in the accompanying Notice and Explanatory Statements will be available for inspection in electronic mode from date of circulation of this Notice up to the date of AGM. Members can inspect the same by sending an email to [email protected].
Members of the Company under the category of Institutional Investors are encouraged to attend and vote at the AGM through VC/OAVM. Institutional/ Corporate members are requested to send a duly certified copy of the Board Resolution authorizing their representative to attend AGM through VC/ OAVM on its behalf and vote through e-Voting. The said Resolution/Authorization shall be sent to the
Members can submit questions in advance with regard to the financial statements or any other matter

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to be placed at the 74[th] AGM, from their registered email address, mentioning their name, DP ID & Client ID number /folio number and mobile number, to reach the Company’s email address at [email protected] on or before Tuesday, 24[th] August, 2021. Such questions by the Members shall be taken up during the meeting and replied by the Company suitably.

Members, who would like to ask questions during the AGM with regard to the financial statements or any other matter to be placed at the AGM, need to register themselves as a speaker by sending their request from their registered email address mentioning their name, DP ID & Client ID number/folio number and mobile number, to reach the Company’s email address at [email protected] on or before Tuesday, 24[th] August, 2021. Those Members who have registered themselves as a speaker shall be allowed to ask questions during the 74[th] AGM, depending upon the availability of time. The Company reserves the right to restrict the number of questions and number of speakers, as appropriate for smooth conduct of the AGM.
The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act, and the Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act, will be available electronically for inspection by the Members during the AGM. All documents referred to in the Notice will also be available for electronic inspection without any fee by the members from the date of circulation of this Notice up to the date of AGM. Members seeking to inspect such documents can send an email to [email protected]
Pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Act read with the Companies (Audit and Auditors) Rules, 2014, the Company at its 70[th] Annual General Meeting held on 27[th] July, 2017 appointed M/s. B S R & Co. LLP, Chartered Accountants (ICAI Registration No.: 101248W/W-100022) as the Statutory Auditors of the Company for five consecutive years, i.e. till the conclusion of 75[th] Annual General Meeting, subject to ratification at every Annual General Meeting in between. In accordance with the Act, the appointment of Statutory Auditors is not required to be ratified at every AGM.
Members are requested to contact the Company’s Registrar & Share Transfer Agent (RTA),

C B Management Services (P) Limited, P-22 Bondel Road, Kolkata – 700 019 (Phone No. [033] 4011 6700/4011 6725/4011 6729/4011 6742; Fax No. [033] 4011 6739; email id: [email protected]) for reply to their queries/redressal of complaints, if any, or contact Ms Seema Bajaj/Ms Atreyee Mukherjee at the registered office of the Company (Phone +91 33 2302 3400, Email: [email protected]).

Members wishing to claim dividends that remain unclaimed are requested to correspond with the RTA as mentioned above, or with the Company Secretary, at the Company’s registered office or at cosec@exide. co.in. Members are requested to note that dividends that are not claimed/encashed for a period of seven years from the date of transfer to the Company’s Unpaid Dividend Account, are liable to be transferred to the Investor Education and Protection Fund (IEPF). Further all the shares on which dividend remains unclaimed for seven consecutive years shall be transferred to the IEPF Authority as per Section 124 of the Act, read with applicable IEPF (Accounting, Audit, Transfer and Refund) Rules 2016, as amended, from time to time.

Due dates for transfer of Unclaimed Dividend to IEPF are provided in the Report on Corporate Governance and is also available on the website of the Company under “investors” section. Particulars of shareholders who have not claimed/encashed their dividend for the financial year ended 2013-14 (Final) and 2014-15 (Interim) onwards are available on the Company’s website at https://www.exideindustries. com/investors/unclaimed-dividends.aspx and also on the website of the Ministry of Corporate Affairs.

The shareholders are therefore encouraged to verify their records and claim their dividends of all the earlier seven years, if not claimed.

The due date for transferring the final dividend and corresponding shares for the financial year ended March 31, 2014 and the interim dividend and corresponding shares for the financial year ended March 31, 2015 are August 28, 2021 and August 21, 2021 respectively. Members are requested to ensure that they claim the dividends and shares referred above, before they are transferred to the said Fund.

Members/claimants whose shares, unclaimed dividend, have been transferred to the IEPF Demat Account or the Fund, as the case may be, may claim the shares and/or apply for refund by making an

application to the IEPF Authority in Form IEPF5 (available on http://www.iepf.gov.in) along with requisite fee as decided by the IEPF Authority from time to time.

As per Regulation 40 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended, securities of listed companies can only be transferred in dematerialized form with effect from April 01, 2019. In view of this and to eliminate all risks associated with physical shares and for ease of portfolio management, Members are advised to dematerialize shares held by them in physical form.

Further, SEBI, vide circular dated September 07, 2020 had fixed March 31, 2021 as the cut - off date for relodgement of transfer requests and stipulated that such transferred shares shall be issued only in demat mode. In this regard, SEBI vide circular no. SEBI/HO/ MIRSD/RTAMB/CIR/P/2020/236 dated December 02, 2020 had issued the operational guidelines with the timelines for crediting the transferred shares into the respective demat account of the investor.

SEBI has mandated the submission of the Permanent Account Number (PAN) by every participant in the securities market. Members holding shares in electronic form are, therefore, requested to submit their PAN to their depository participant(s). Members holding shares in physical form are required to submit their PAN details to the RTA.
Members holding shares in electronic form are advised that address/bank details as furnished to the Company by the respective depositories, viz., NSDL and CDSL, will be considered for payment of dividend through NECS, or any other electronic mode. Please contact your Depository Participants (DP) and register your bank account details in your demat account, as per the process advised by your DP.
Members holding shares in physical form are requested to notify/send the following particulars to the Company or RTA to facilitate better service: -
i. Any change in their address/bank details; email address and
ii. Details of share certificate(s), held in multiple accounts in identical names or joint accounts in the same order of names for consolidation of such shareholdings into one account.

To register e-mail address for all future correspondence and update the bank account details, please follow the below process:

Physical Send a request to RTA at Holding [email protected]:

     - (i) To register e-mail address, please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN and AADHAR (self-attested scanned copy)

     - (ii) To update bank account details, In addition to documents stated in point (i) above, please send the following additional documents/ information followed by the hard copies:

        - a) Name of the bank and branch address

        - b) Type of bank account i.e. savings or current

        - c) Bank account no. allotted after implementation of core banking solutions

        - d) 9-digit MICR code no. and 11-digit IFSC code

  - f) Original cancelled cheque bearing the name of the first shareholder, failing which a copy of the bank passbook / statement attested by a bank

  - Demat Please contact your DP and follow Holding the process advised by your DP.

Members holding shares in single name are advised to avail the facility of nomination in respect of shares held by them pursuant to the provisions of Section 72 of the Act. Members holding shares in physical form desiring to avail this facility may send their nomination in the prescribed Form No. SH-13 duly filled-in to the RTA. Members holding shares in electronic mode may contact their respective Depository Participant(s) for availing this facility.
Non-Resident Indian Members are requested to inform the Company/RTA (if shareholding is in physical mode) / respective DPs (if shareholding is in demat mode), immediately of:
a) Change in their residential status on return to India for permanent settlement; and

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b) Particulars of their bank account maintained in India with account type, account number and name and address of the bank with pin code number, if not furnished earlier.
In accordance with the MCA and SEBI circulars and owing to the difficulties involved in dispatching of physical copies of the financial statements (including Report of Board of Directors, Auditor’s report or other documents required to be attached therewith), such statements including the Notice of AGM are being sent in electronic mode to Members whose e-mail address is registered with the Company or the Depository Participant(s) Members who have not updated their email addresses may follow the detailed process at point no. 20 to register their email id and obtain the Annual report.
Instructions for e-Voting and joining the AGM are as follows:

A. VOTING THROUGH ELECTRONIC MEANS

i. Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended), Regulation 44 of SEBI Listing Regulations (as amended) and in terms of SEBI vide circular no. SEBI/HO/ CFD/CMD/CIR/P/2020/242 dated December 09, 2020 in relation to e-Voting facility provided by Listed Entities, the Members are provided with the facility to cast their vote electronically, through the e-Voting services provided by NSDL, on all the resolutions set forth in this Notice. The instructions for e-Voting are given herein below.
ii. The remote e-Voting period commences on Friday, August 27, 2021 (9:00 a.m. IST) and ends on Monday, August 30, 2021 (5:00 p.m. IST). During this period, members holding shares either in physical or dematerialized form, as on cut-off date, i.e. as on Tuesday, August 24, 2021 may cast their votes electronically. The e-Voting module will be disabled by NSDL for voting thereafter. A member will not be allowed to vote again on any resolution on which vote has already been cast.
iii. The voting rights of members shall be proportionate to their share of the paid-up equity share capital of the Company as on the cut-off date. A person who is not a Member as on the cut-off date should treat this Notice of AGM for information purpose only.
iv. In addition, the facility for voting through electronic voting system shall also be made available during the AGM. Members attending the AGM who have not cast their vote by remote e-Voting shall be eligible to cast their vote through e-Voting during the AGM. Members who have voted through remote e-Voting shall be eligible to attend the AGM, however, they shall not be eligible to vote at the meeting.
v. Any person holding shares in physical form and non-individual shareholders, who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date, may obtain the login ID and password by sending a request at evoting@ nsdl.co.in. However, if he / she is already registered with NSDL for remote e-Voting then he /she can use his / her existing User ID and password for casting the vote. In case of Individual Shareholders holding securities in demat mode and who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date may follow steps mentioned below under “Login method for remote e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.”
vi. Mr A K Labh, Practicing Company Secretary (FCS-4848/ CP-3238) of M/s A. K. Labh & Co., Company Secretaries (email id: aklabhcs@ gmail.com) of 40, Weston Street, 3[rd] Floor, Kolkata 700 013 has been appointed as Scrutinizer to scrutinize the entire e-Voting in a fair and transparent manner.
vii. The results on the resolutions will be declared not later than 48 hours of conclusion of the AGM or any adjournment thereof. The declared results along with the Scrutinizer’s Report will be available on the Company’s website at www.exideindustries.com and on the website of NSDL at www.evoting.nsdl. com and will also be forwarded to the Stock Exchanges where the Company’s shares are listed. Subject to receipt of requisite number of votes, the resolutions set out in the Notice shall be deemed to be passed on the date of the AGM.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:

Step 1: Access to NSDL e-Voting system

Step 2: Cast your vote electronically and join virtual meeting on NSDL e-Voting system

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode

In terms of SEBI circular dated December 09, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

Login Method

Type of shareholders

A. NSDL IDeAS facility

Individual Shareholders holding securities in demat mode with NSDL.

If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL. Open web browser by typing the following URL: https://eservices. nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under “Login” which is available under “IDeAS” section.
A new screen will open. You will have to enter your User ID and Password. After successful authentication, you will be able to see e-Voting services.
Click on “Access to e-Voting” under e-Voting services and you will be able to see e-Voting page.
Click on options available against company name or e-Voting service provider - NSDL and you will be re-directed to NSDL e-Voting website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

If the user is not registered for IDeAS e-Services, follow below steps:

Option to register is available at https://eservices.nsdl.com
Select “Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/ SecureWeb/IdeasDirectReg.jsp
Please follow steps given from Point 1 to 5

B. e-Voting website of NSDL

Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.
A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held with NSDL), Password/OTP and a Verification Code as shown on the screen.
After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on options available against company name or e-Voting service provider - NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

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Login Method

Type of shareholders

Individual Shareholders 1. Existing users who have opted for Easi / Easiest, they can login through their user holding securities in id and password. Option will be made available to reach e-Voting page without any demat mode with CDSL further authentication. The URL for users to login to Easi / Easiest are https://web. cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
After successful login of Easi/Easiest the user will also be able to see the E Voting Menu. The Menu will have links of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote.
If the user is not registered for Easi/Easiest, option to register is available at https:// web.cdslindia.com/myeasi/Registration/EasiRegistration
Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN No. from a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the demat Account. After successful authentication, user will be provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.
Individual Shareholders 1. You can also login using the login credentials of your demat account through your (holding securities in Depository Participant registered with NSDL/CDSL for e-Voting facility. demat mode) login 2. Once login, you will be able to see e-Voting option. Once you click on e-Voting option, through their depository you will be redirected to NSDL/CDSL Depository site after successful authentication, participants
Once login, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting feature.
Click on options available against company name or e-Voting service providerNSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

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Login type Helpdesk details
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Login type	Helpdesk details
Individual Shareholders holding securities in demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request [email protected] call at toll free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding securities in demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request [email protected] contact at 022- 23058738 or 022-23058542/43

B) Login method for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl. com/ either on a Personal Computer or on a mobile phone.
Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.
A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen.

Alternatively, if you are registered for NSDL eservices i.e. IDeAS, you can log-in at https://eservices.nsdl.com/ with your existing IDeAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically on NSDL e-Voting system .

Your User ID details are given below:

Manner of holding shares i.e. Demat (NSDL or CDSL) or Physical

Your User ID is:

a) For Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID account with NSDL. For example if your DP ID is IN300 and Client ID is 12 then your user ID is IN30012**.
b) For Members who hold shares in demat 16 Digit Beneficiary ID account with CDSL. For example if your Beneficiary ID is 12** then your user ID is 12**
c) For Members holding shares in Physical Form. EVEN Number followed by Folio Number registered with the company For example if folio number is 001 and EVEN is then user ID is 001
Password details for shareholders other than ii. If your email ID is not registered, please Individual shareholders are given below: follow instructions mentioned below in this notice
If you are already registered for e-Voting, then you can use your existing password to 6. If you are unable to retrieve or have not received login and cast your vote. the “Initial password” or have forgotten your password:
If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial a) Click on “Forgot User Details/Password?”(If password’ which was communicated to you. you are holding shares in your demat Once you retrieve your ‘initial password’, account with NSDL or CDSL) option available you need to enter the ‘initial password’ and on www.evoting.nsdl.com. the system will force you to change your b) Physical User Reset Password?” (If you
password. are holding shares in physical mode) option
How to retrieve your ‘initial password’? available on www.evoting.nsdl.com.
Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can use your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system will force you to change your password.
c) How to retrieve your ‘initial password’?
c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected] mentioning your demat account number/folio number, your PAN, your name and your registered address etc.
i. If your email ID is registered in your demat account or with the company, your ‘initial password’ is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.

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Now, you will have to click on “Login” button.
Reset Password?” option available on www.evoting. nsdl.com to reset the password.
After you click on the “Login” button, Home page of e-Voting will open.
In case of any query / grievance with respect to Remote e-Voting, members may refer to the Frequently Asked Questions (FAQs) for Shareholders and Remote e-Voting User Manual for Shareholders available under the Downloads section of NSDL’s e-Voting website or contact Mr Amit Vishal, Senior Manager / Ms Pallavi Mhatre, Manager, NSDL, Trade World, “A” Wing, 4[th] Floor, Kamala Mills Compound, Lower Parel, Mumbai 400 013 at telephone no. 022 – 24994360 / 022 – 24994545 or toll free no. 1800 1020 990/ 1800 22 44 30 or at E-mail ID : [email protected]

Step 2: Cast your vote electronically and join Annual General Meeting on NSDL e-Voting system.

After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and whose voting cycle and General Meeting is in active status.
Select “EVEN” of EXIDE INDUSTRIES LIMITED which is 116399 during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on “VC/ OAVM” link placed under “Join General Meeting”.
Process for procuring user ID and password for e-Voting for those shareholders whose email IDs are not registered with the depositories / Company
Now you are ready for e-Voting as the Voting page opens.
Shareholders may sent a request to [email protected] for procuring user ID and password for e-Voting.
Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.
In case shares are held in physical mode please

assent or dissent, verify/modify the number of shares provide Folio No., Name of shareholder, scanned copy

for which you wish to cast your vote and click on of the share certificate (front and back), PAN (self-

“Submit” and also “Confirm” when prompted. attested scanned copy of PAN card), AADHAR (self-

Upon confirmation, the message “Vote cast attested scanned copy of Aadhar Card) successfully” will be displayed.
In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card)
You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
If you are an Individual shareholder holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.

General Guidelines for shareholders

Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to aklabhcs@gmail. com with a copy marked to [email protected].
Instructions for Members for e-Voting on the day of the AGM are as under: -
The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-Voting.
It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-Voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the “Forgot User Details/Password?” or “Physical User
Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.
available in Shareholder/Member login where the EVEN 116399 of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible to vote at the AGM.
The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-Voting.
Members are encouraged to join the Meeting through Laptops for better experience.

Instructions for Members for attending the AGM through VC/OAVM are as under:

Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
Member will be provided with a facility to attend the and use Internet with a good speed to avoid any

AGM through VC/OAVM through the NSDL e-Voting disturbance during the meeting.

system. Members may access by following the steps mentioned above for Access to NSDL e-Voting 4. Please note that Participants Connecting from Mobile system. After successful login, you can see link of Devices or Tablets or through Laptop connecting via “VC/OAVM link” placed under “Join General meeting” Mobile Hotspot may experience Audio/Video loss menu against company name. You are requested to due to fluctuation in their respective network. It is click on VC/OAVM link placed under Join General therefore recommended to use Stable Wi-Fi or LAN Meeting menu. The link for VC/OAVM will be Connection to mitigate any kind of aforesaid glitches.

By Order of the Board Sd/- Jitendra Kumar Company Secretary and EVP – Legal & Administration ACS No. 11159

Place: Kolkata Date: 29.04.2021

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Explanatory Statement required under Section 102 (1) of the Companies Act, 2013.

experience in marketing, sales, projects and general management. Prior to joining the Company in 1996, Mr Chakraborty was the Chief Executive Officer of MSA (India) Ltd.

Item No.4

Considering his overall experience and expertise across various functions of the Company and his vast knowledge of general business management, it is incumbent that his services should continue to be available by the Company and hence the Board of Directors of the Company upon the recommendation of Nomination & Remuneration Committee, at its meeting held on April 29, 2021 appointed Mr Subir Chakraborty as the Managing Director and Chief Executive Officer of the Company for a period of three (3) years with effect from May 01, 2021 subject to the approval of the Members in the ensuing Annual General Meeting.

Consequent upon the retirement of Mr Gautam Chatterjee as Managing Director and Chief Executive Officer (MD & CEO) with effect from April 30, 2021 it is proposed to elevate Mr Subir Chakraborty to the position of Managing Director and Chief Executive Officer of the Company.

Mr Subir Chakraborty joined the services of the Company in 1996 and was appointed as Whole-time Director (designated as Director –Industrial) with effect from May 01, 2013. Later on, he was re-designated as DirectorAutomotive in the year 2016 and inter-alia assumed the responsibility of ‘Automotive SBU’ of the Company. The Board of Directors at its meeting held on April 30, 2019 and the Shareholders at the 72[nd] Annual General Meeting of the Company held on August 03, 2019 approved his appointment as Deputy Managing Director of the Company for a period of two years with effect from May 01, 2019 upto April 30, 2021.

Mr Chakraborty has furnished the consents/declarations towards his appointment as required under the Act, Rules and Listing Regulations. He satisfies all the conditions as set out in Part I of Schedule V and also under Section 196 of the Act for being eligible to be appointed as a Managing Director & CEO of the Company. He is not disqualified from being appointed as a Director in terms of Section 164 of the Act.

Since his joining the Company in 1996, he has held several senior level position in the Company including heading and supervising critical functions like automotive, industrial and submarine.

The period of service, remuneration payable to and the terms and conditions of service of Mr Subir Chakraborty as Managing Director and Chief Executive Officer with effect from May 01, 2021 are set out below:

Mr Subir Chakraborty is a mechanical engineer from IIT, Madras and PGDM from IIM, Calcutta. He has vast

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Terms & Conditions of
Particulars
Service
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Basic Salary	`H`7,05,000/- per month
Increment	Basic Salary will be increased upto 10% per annum provided performance criteria as laid down by the Nomination and Remuneration Committee of the Board of Directors are met.
Commission	Commission of 1% of the net profits of the Company computed in the manner laid down in Section 197 & 198 of the Companies Act, 2013 subject to a maximum of annual basic salary for each year, based on certain performance criteria to be laid down by the Nomination & Remuneration Committee of the Board of Directors and payable annually after the Annual Accounts have been approved by the Board of Directors and Members of the Company.
Performance Bonus	Subject to a maximum of 24 month’s basic salary based on certain performance criteria to be laid down by the Nomination and Remuneration Committee of the Board of Directors.
Duties	Subject to the superintendence, control and direction of the Board, he shall have the responsibility of overall management of the business of the Company and for that purpose the power to do all such acts, deeds and things as may be required on behalf of the Company or delegated to him by the Board/Chairman.
Period	For a period of three (3) years beginning from May 01, 2021 till April 30, 2024.

Other terms and conditions:

In addition to the above salary, increment, commission and performance bonus, Mr Subir Chakraborty shall be entitled to perquisites like furnished accommodation with expenditure on gas, electricity, water, maintenance and repair thereof or House Rent Allowance with expenditure on gas, electricity, water and furnishings, leave travel allowance, medical expenses and medical insurance for self and family, fees of clubs, personal accident and life insurance benefits and such other perquisites and allowances in accordance with the Rules of the Company or as may be agreed to by the Board of Directors.

Perquisites Minimum Remuneration General Termination

Company’s contribution to Provident Fund and Pension Fund not exceeding 27% of salary or such percentage limit as may be prescribed under the Income Tax legislation. Gratuity payable at a rate not exceeding half a month’s salary for each completed year of service, and leave including encashment of leave at the end of the tenure, as per Company’s policy. Perquisites shall be evaluated as per Income Tax Rules, wherever applicable, and in the absence of

Perquisites shall be evaluated as per Income Tax Rules, wherever applicable, and in the absence of any such Rule, perquisites shall be evaluated at actual costs.

Provision for use of Company’s cars and telephones at residence (including payment for local calls and long distance calls) shall not be included in the computation of perquisites.

In the absence of or inadequacy of profits in any of the financial years of the Company during the tenure, Mr Chakraborty shall be entitled to such remuneration by way of salary along with perquisites, benefits and other allowances as detailed above not exceeding such sum as may be prescribed under Schedule V of the Companies Act, 2013 from time to time. In addition, the contract of appointment shall set out the usual rights and obligations of the parties. The appointment is terminable by either party by giving three months prior written notice to the other.

An abstract of the terms of appointment of Mr Subir Chakraborty pursuant to Section 190 of the Companies Act, 2013 will be available for inspection in electronic mode from date of circulation of this Notice up to the date of AGM. Members are requested to write to the Company to [email protected] for inspection of the said document.

Boards, the remuneration last drawn have been disclosed in the Corporate Governance Report. Except Mr Subir Chakraborty being an appointee, no other Director and Key Managerial Personnel of the Company or their relatives are concerned with or interested in, financial or otherwise, in the aforesaid resolution as set out in Item No. 4 of the Notice. Mr Chakraborty is also interested in the resolution to the extent of his shareholding in the Company.

The Board considers the appointment of Mr Chakraborty on the terms set out above to be in the interest of the Company and therefore recommends that this resolution be adopted by the Members.

This Explanatory Statement may also be regarded as a disclosure under Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS2) issued by ICSI.

Brief particulars of Mr Chakraborty as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS-2) issued by ICSI is annexed to this Notice.

Mr Subir Chakraborty holds 1,106 equity shares in the Company and is not related to any Director or Key Managerial Personnel of the Company in any way.

Item No.5

The Board of Directors of the Company, at its meeting held on April 29, 2021 and pursuant to recommendation of Nomination and Remuneration committee appointed Mr Avik Kumar Roy (DIN:08456036) as an Additional Director with effect from May 01, 2021. He holds office

The details relating to number of Meetings of the Board attended during the year and other Directorships, Membership/ Chairmanship of Committees of other

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up to the date of the ensuing Annual General Meeting of the Company pursuant to Section 161 of the Companies Act, 2013 and Article 118 of Articles of Association of the Company.

Considering his vast experience and commendable services rendered by him during last 2 years since joining the Company, the Board of Directors of the Company upon the recommendation of Nomination & Remuneration Committee, at its meeting held on April 29, 2021 appointed Mr Avik Kumar Roy as the Whole-time Director, designated as Director-Industrial, for a period of five (5) years with effect from May 01, 2021, subject to the approval of the Members in ensuing Annual General Meeting.

The Company has received a Notice in terms of Section 160 of the Companies Act, 2013 from a Member proposing that Mr Roy be appointed as a Director of the Company.

Mr Avik Kumar Roy holds a Bachelor’s of Electrical Engineering degree from Jadavpur University, Kolkata and has completed his EMBA from Asian Institute of Management, Manila. Mr. Roy comes with more than 31 years of work experience as an Industrial Business Leader in reputed multinational organisations with management assignments in multiple countries and locations. He joined Exide on January 2, 2019 as “President- Industrial” and is in-charge of overall Industrial division of the Company. Prior to joining the Company, he was “Vice President & Business Unit Head” in Siemens Ltd., India. Mr Roy has worked in International management assignments as Director-Strategy in Siemens AG, Germany as well as Director of Siemens Energy in Bangladesh.

Mr Roy has furnished the consents/declarations for his appointment as required under the Act, Rules and Listing Regulations. He satisfies all the conditions as set out in Part I of Schedule V and also under Section 196 of the Act for being eligible to be appointed as a Whole-time Director of the Company. He is not disqualified from being appointed as a Director in terms of Section 164 of the Act.

The period of service, remuneration payable and the terms and conditions of service of Mr Avik Kumar Roy with effect from May 01, 2021 are set out below:

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Terms & Conditions of
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Basic Salary	`H`4,00,000/- per month
Increment	Basic Salary will be increased upto 10% per annum provided performance criteria as laid down by the Nomination and Remuneration Committee of the Board of Directors are met.
Commission	Commission of 1% of the net profits of the Company computed in the manner laid down in Section 197 & 198 of the Companies Act, 2013 subject to a maximum of annual basic salary for each year, based on certain performance criteria to be laid down by the Nomination & Remuneration Committee of the Board of Directors and payable annually after the Annual Accounts have been approved by the Board of Directors and Members of the Company.
Performance Bonus	Subject to a maximum of 24 months’ basic salary based on certain performance criteria to be laid down by the Nomination and Remuneration Committee of the Board of Directors.
Duties	Subject to the superintendence, control and direction of the Managing Director and CEO, he shall have the overall responsibility for all matters relating to manufacturing, marketing and sales activities pertaining to the products of the Industrial Group and for that purpose the power to do all such acts, deeds and things as may be required on behalf of the Company or delegated by the Managing Director and CEO.
Period	For a period of five (5) years with effect from May 01, 2021 to April 30, 2026.

Other terms and conditions:

In addition to the above salary, increment, commission and performance bonus, Mr Roy shall be entitled to perquisites like furnished accommodation with expenditure on gas, electricity, water, maintenance and repair thereof or House Rent Allowance with expenditure on gas, electricity, water and furnishings, leave travel allowance, medical expenses and medical insurance for self and family, fees of clubs, personal accident and life insurance benefits and such other perquisites and allowances in accordance with the Rules of the Company or as may be agreed to by the Board of Directors.

Perquisites

Perquisites shall be evaluated as per Income Tax Rules, wherever applicable, and in the absence of any such Rule, perquisites shall be evaluated at actual costs.

Provision for use of Company’s cars and telephones at residence (including payment for local calls and long distance calls) shall not be included in the computation of perquisites.

The overall amount of perquisites shall not exceed an amount equal to the annual basic salary. In computing the monetary ceiling on perquisites, Company’s contribution to Provident Fund, Pension Fund and Gratuity shall not be taken into account. Minimum In the absence of or inadequacy of profits in any of the financial years of the Company during the Remuneration tenure Mr Roy shall be entitled to such remuneration by way of salary along with perquisites, benefits and other allowances as detailed above not exceeding such sum as may be prescribed under Schedule V of the Companies Act, 2013 from time to time. General In addition, the contract of appointment shall set out the usual rights and obligations of the parties. Termination The appointment is terminable by either party by giving three months’ prior written notice to the other.

An abstract of the terms of appointment of Mr Avik Kumar Roy pursuant to Section 190 of the Companies Act, 2013 will be available for inspection in electronic mode from date of circulation of this Notice up to the date of AGM. Members are requested to write to the Company on [email protected] for inspection of the said document.

or their relatives are concerned with or interested in, financial or otherwise, in the aforesaid resolution as set out in Item No. 5 of the Notice. This Explanatory Statement may also be regarded as a disclosure under Regulation 36 of SEBI (Listing

The Board considers the appointment of Mr Roy on the terms set out above to be in the interest of the Company and therefore recommends that this resolution be adopted by the Members.

Item No.6

At the 72[nd] Annual General Meeting of the Company held on August 03, 2019 the Members approved re-appointment, remuneration and other terms and conditions of service of Mr Arun Mittal as a Whole-time director of the Company designated as Director-Automotive for a period of five (5) years with effect from May 01, 2019 upto April 30, 2024.

Brief particulars of Mr Avik Kumar Roy, as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS-2) issued by ICSI is annexed to this Notice.

Mr Roy does not hold any Equity Shares in the Company and is not related to any Director or Key Managerial Personnel of the Company in any way.

As per the terms and condition of his re-appointment approved by the shareholders of the Company on August 03, 2019, the Nomination & Remuneration Committee (NRC) of the Board was authorised to approve his

Except Mr Avik Kumar Roy being an appointee, no other Director and Key Managerial Personnel of the Company

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increment in Salary upto a maximum of 10% per annum. Increment in his salary beyond 10% per annum in any year during his tenure can be given effect, subject to the approval of the shareholders.

April 29, 2021, has approved the increase in his basic Salary from H 3,93,250/- per month to H 5,50,000/- per month with effect from May 01, 2021, subject to the approval of the shareholders in the ensuing Annual General Meeting.

Due to outbreak of Covid-19 and the uncertainties prevailing during the financial year 2020-21, NRC did not recommend any increment in Salary of any Executive Directors of the Company, including Mr Arun Mittal. Under his guidance and leadership quality, the automotive division of your Company has performed exceedingly well during the year, despite stiff challenges faced due to the pandemic. Keeping in mind his exemplary performance and benchmarking his remuneration with the industry standard, the Board of Directors of the Company upon the recommendation of NRC, at its meeting held on

Except the above revision in remuneration payable to Mr Arun Mittal, all other terms and condition of his appointment remain unchanged. Since the proposed increase in the basic salary is in excess of the threshold limit of 10%, hence approval is sought for revision in managerial remuneration of Mr Mittal by passing an Ordinary resolution.

The revised remuneration payable and the terms and conditions of service of Mr Arun Mittal with effect from May 01, 2021 are set out below:

Terms & Conditions of Particulars Service

Terms & Conditions of Service	Particulars
Basic Salary	`H`5,50,000/- per month
Increment	Basic Salary will be increased upto 10% per annum provided performance criteria as laid down by the Nomination and Remuneration Committee of the Board of Directors are met.
Commission	Commission of 1% of the net profits of the Company computed in the manner laid down in Section 197 & 198 of the Companies Act, 2013 subject to a maximum of annual basic salary for each year, based on certain performance criteria to be laid down by the Nomination & Remuneration Committee of the Board of Directors and payable annually after the Annual Accounts have been approved by the Board of Directors and Members of the Company.
Performance Bonus	Subject to a maximum of 24 months’ basic salary based on certain performance criteria to be laid down by the Nomination and Remuneration Committee of the Board of Directors.
Duties	Subject to the superintendence, control and direction of the Managing Director and CEO, he shall have the responsibility for all matters relating to manufacturing, marketing and sales activities pertaining to Automotive products and for that purpose the power to do all such acts, deeds and things as may be required on behalf of the Company or delegated by the Managing Director & CEO.
Period	For remaining period of three (3) years with effect from May 01, 2021 to April 30, 2024.

Other terms and conditions:

Perquisites In addition to the above salary, increment, commission and performance bonus, Mr Mittal shall be entitled to perquisites like furnished accommodation with expenditure on gas, electricity, water, maintenance and repair thereof or House Rent Allowance with expenditure on gas, electricity, water and furnishings, leave travel allowance, medical expenses and medical insurance for self and family, fees of clubs, personal accident and life insurance benefits and such other perquisites and allowances in accordance with the Rules of the Company or as may be agreed to by the Board of Directors.

Perquisites shall be evaluated as per Income Tax Rules, wherever applicable, and in the absence of any such Rule, perquisites shall be evaluated at actual costs.

Provision for use of Company’s cars and telephones at residence (including payment for local calls and long distance calls) shall not be included in the computation of perquisites.

In the absence of or inadequacy of profits in any of the financial years of the Company during the tenure Mr Mittal shall be entitled to such remuneration by way of salary along with perquisites, benefits and other allowances as detailed above not exceeding such sum as may be prescribed under Schedule V of the Companies Act, 2013 from time to time. In addition, the contract of appointment shall set out the usual rights and obligations of the parties. The appointment is terminable by either party by giving three months’ prior written notice to the other.

Minimum Remuneration General Termination

An abstract of revision in terms of remuneration of Mr Arun Mittal pursuant to Section 190 of the Companies Act, 2013 will be available for inspection in electronic mode from date of circulation of this Notice up to the date of AGM. Members are requested to write to the Company on [email protected] for inspection of the said document.

Item No.7

The Board of Directors at its meeting held on April 29, 2021 appointed M/s Mani & Co., Cost Accountants to audit the cost records of the products manufactured by the Company for the year ending March 31, 2022. At the same meeting, the Board of Directors approved a remuneration of H 9,00,000/- (Rupees Nine lakh only) plus out of pocket expenses and applicable taxes payable to M/s. Mani & Co., Cost Accountants for conducting such audit.

The Board considers the revision in terms of remuneration of Mr Mittal on the terms set out above to be in the interest of the Company and therefore recommends that this resolution be adopted by the Members.

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Audit & Auditors) Rules, 2014, the remuneration payable to the cost auditors shall be approved by the Board of Directors and subsequently ratified by the Members of the Company. Accordingly, the remuneration payable to M/s. Mani & Co., Cost Accountants, for conducting the cost audit for the year 2021-22, as approved by the board of directors, is being placed before the Members for ratification.

Brief particulars of Mr Mittal as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS-2) issued by ICSI is annexed to this Notice. Mr Mittal holds 1,152 equity shares in the Company and is not related to any Director or Key Managerial Personnel of the Company in any way.

Except Mr Arun Mittal, no other Director and Key Managerial Personnel of the Company or their relatives are concerned with or interested in, financial or otherwise, in the aforesaid resolution as set out in Item No. 6 of the Notice.

The directors recommend adoption of the Resolution at Item No.7 of the Notice by the Members.

None of the Directors, Key Managerial Personnel of the Company or their relatives are concerned with or interested in, financial or otherwise, in the proposed Resolution set out at Item no.7 of the Notice.

By Order of the Board

Sd/-

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

Place: Kolkata Date: 29.04.2021

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ANNEXURE

Information pursuant to Regulation 36(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and Para 1.2.5 of Secretarial Standard – 2 on General Meetings, requisite particulars of director seeking appointment/ re-appointment/revision in terms of remuneration are provided herewith:

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Name of the Mr Asish Kumar
Mr Subir Chakraborty Mr Avik Kumar Roy Mr Arun Mittal
Director Mukherjee
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DIN	00131626	00130864	08456036	00412767
Date of Birth	14.05.1961	30.09.1957	26.07.1966	20.12.1966
Date of first appointment on the Board	20.04.2007	01.05.2013	01.05.2021	01.05.2016
Brief resume. Qualification, Experience and nature of expertise in specific functional area	Mr A. K. Mukherjee is a Chartered Accountant and also a Cost Accountant and has a wide range of experience in financial and accounting matters. He joined the Company in 1998 and has been on the Company’s Board of Directors since May 01, 2007. He was nominated as the best performing CFO Auto and Auto Ancillaries Sector by CNBC – TV 18 in 2008-09. He was also nominated as the Best Transformation Agent (Large Companies) by Business Today in association with Yes Bank in 2013-14.	Mr Subir Chakraborty is a mechanical engineer from IIT, Madras and PGDM from IIM, Calcutta. He has vast experience in marketing, sales, projects and general management. Prior to joining the Company in 1996, Mr Chakraborty was the Chief Executive Officer of MSA (India) Ltd.	Mr Avik Kumar Roy holds a Bachelor’s of Electrical Engineering degree from Jadavpur University, Kolkata and has completed his EMBA from Asian Institute of Management, Manila. Mr Avik Kumar Roy joined the services of the Company on January 02, 2019 as President- Industrial and is in charge of Industrial – SBU of the Company. He has more than 31 years of work experience as an Industrial Business Leader in reputed multinational organisations with management assignments in multiple countries and locations. Prior to joining Exide in January 2019 as President-Industrial, he was designated as “Vice President & Business Unit Head” in Siemens Ltd. India. He has worked in International Management Ltd. assignments as Director-Strategy in Siemens AG, Germany as well as Director of Siemens Energy in Bangladesh.	Mr Arun Mittal is a Fellow member of Institute of Chartered Accountant of India, an Associate member of Institute of Cost & Works Accountants of India and Institute of Company Secretaries of India. He has experience across various functions with in-depth knowledge of best practices, ability in formulating & implementing successful strategies to effect high business growth.

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Name of the Mr Asish Kumar
Mr Subir Chakraborty Mr Avik Kumar Roy Mr Arun Mittal
Director Mukherjee
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Name of the Director	Mr Asish Kumar Mukherjee	Mr Subir Chakraborty	Mr Avik Kumar Roy	Mr Arun Mittal
No. of equity shares held in the Company as on March 31, 2021	1,000	1,106	Nil	1,152 5 of 5 • Member of Risk Management committee DIRECTORSHIPS None COMMITTEE MEMBERSHIPS Exide Leclanche Energy Pvt Ltd. ✓Audit committee (Member) As mentioned in the Notice and explanatory statement As mentioned in Corporate Governance report As mentioned in the Notice and explanatory statement None
					Corporate Overview
Number of meetings of the Board attended during the financial year 2020-21	5 of 5	5 of 5	-
					Statutory Reports
Chairperson/ Membership of the Statutory Committee(s) of Board of Directors of the Company as on March 31, 2021	• Member of Risk Management committee	• Member of Stakeholders Relationship committee • Member of Risk Management committee	None
Other Directorships in listed entities / Other Committee memberships/ Chairmanship* held as on March 31, 2021	DIRECTORSHIPS None COMMITTEE MEMBERSHIPS Exide Life Insurance Company Limited ✓Audit Committee (Member)	DIRECTORSHIPS None COMMITTEE MEMBERSHIPS None	DIRECTORSHIPS None COMMITTEE MEMBERSHIPS None
Terms and conditions of appointment/ re- appointment	As per the terms and conditions approved by the Members of the Company vide postal ballot on March 25, 2020.	As mentioned in the Notice and explanatory statement	As mentioned in the Notice and explanatory statement
					Financial Statements
Details of remuneration last drawn (FY 2020-21)	As mentioned in Corporate Governance report	As mentioned in Corporate Governance report	`H`148.72 lakh (as President-Industrial of the Company)
Details of Proposed remuneration	Not applicable	As mentioned in the Notice and explanatory statement	As mentioned in the Notice and explanatory statement
Relationship with other Directors, Managers and KMPs	None	None	None

Includes Chairmanship/Membership in Audit Committee/Stakeholders’ Relationship Committee.

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Directors’ Report to the Shareholders (Including Management Discussion & Analysis)

Your Board of Directors is pleased to present the 74th Annual Report of Exide Industries Limited (“Exide” or “Company”) together with the Audited Accounts for the year ended March 31, 2021.

observed in the availability of vaccines especially for lowincome countries, which poses a significant risk for the recovery of global growth.

The global economy is projected to grow at 6 per cent in CY2021 before moderating to 4.4 per cent in CY2022. The optimism around GDP is due to the more-than-expected recovery in the last quarter of CY2020 and the availability of vaccines. However, the growth depends not only upon the various vaccines and the vaccination programmes but also on how nations deploy economic policies to overcome this crisis. Various countries have announced fiscal packages and economic reforms aimed at boosting the economy.

Economic Environment

Global Economy

During the year under review, the COVID-19 pandemic plunged the world into a bedlam, threatening all that we take for granted—mobility, social intercourse, health and normal life itself. The pandemic posed the most formidable economic challenge in a century. With no standard cure and vaccines taking time to develop, public health policy became central to tackling the crisis. The need to flatten the disease curve threatened to set off a recession as governments worldwide announced lockdowns to contain the pandemic. The policy dilemma led to a “lives versus livelihoods” trade-off. Governments and central banks worldwide deployed a range of policy tools to support their economies, such as lowering key policy rates, quantitative easing, loan guarantees, cash transfers and fiscal stimulus measures.

GDP growth rate (in %)

Into the trough

GDP, % change on a yer earlier

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Forecast 15
China
10
United States
5
0
Latin America Euro ares -5
Emerging markets -10
and developing economies
-15
1992 95 20000 05 10 15 21
Source: IMF
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The global economy contracted by 3.3 per cent in the calendar year (CY) 2020, mainly because of the COVID-19 pandemic. The output loss was not uniform and depended on pre-existing vulnerabilities in individual economies and the strength of their macroeconomic fundamentals. Sectors such as tourism, airlines and commodity exports were the most impacted sectors across the globe.

Indian Economy

Although economic activities have contracted, extraordinary policy support has prevented worse economic outcomes. Over the past year, central banks and governments have implemented various economic reforms and extended policy support such as stimulus packages, lower interest rates and asset buying. These were aimed at stimulating demand and mitigating the impact of the crisis. The value of the stimulus package by Japan, the US, Italy and Germany was more than 25 per cent of their national GDP. However, the divergence in per capita income and inequality is likely to increase in the aftermath of the crisis. The divergence has also been

Recognizing the disruptive impact of the pandemic, India charted its unique path amidst dismal projections by several international institutions about the pandemic’s spread given the country’s huge population, high population density and overburdened health infrastructure.

According to the second advanced and quarterly estimates of GDP released by the Ministry of Statistics & Programme Implementation (MoSPI), India’s GDP is estimated to contract by 8 per cent for the FY 2020-21, while the Gross Value Added (GVA) at Basic Prices in FY 2021 is estimated to contract by 6.5 per cent.

After the sharp 24.4 per cent contraction in GDP recorded in the April-June quarter (Q1), there was an equally sharp recovery in July-September (Q2), in which the GDP contracted by 7.3 per cent. After two consecutive quarters of contraction, the October-December quarter (Q3) GDP grew by 0.4 per cent. This return to growth marked India’s exit from a technical recession, wherein the economy witnessed negative growth for two consecutive quarters.

Starting July 2020, a resilient V-shaped recovery is under way, as demonstrated by the recovery in GDP growth in Q2. As India’s mobility and pandemic trends aligned and improved concurrently, indicators like E-way bills, rail freight, GST collections and power consumption reached not only pre-pandemic levels but also surpassed previousyear levels. The reignited inter- and intra-state movement and record high monthly GST collections have marked the unlocking of industrial and commercial activity. A sharp rise in commercial paper issuances, easing yields, and sturdy credit growth to MSMEs signified revamped credit flows for enterprises to survive and grow.

Sector-wise, agriculture has remained the silver lining while contact-based services, manufacturing, construction were hit hardest and had been recovering steadily. Government consumption and net exports have cushioned the growth from diving further down.

The gradual scaling back of lockdowns during the year and the support of the Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival, and the fundamentals remain strong. The Reserve Bank of India also announced a slew of measures to shield individuals and companies amid the crisis. This path is expected to entail a growth in real GDP by 2.4 per cent over the absolute level of 2019-20, implying that the economy would take two years to reach and go past the pre-pandemic level. The International Monetary Fund expects India to emerge as the fastest-growing economy in the next two years.

India is not yet out of the shadow of the pandemic, whose resurgence from late March 2021 has raised serious concerns about the economy’s recovery. The first wave of COVID-19 in India ravaged the economy, but the shock was absorbed to a great extent by relief measures announced by the government and the RBI. This time, however, the relief measures may not be so broad-based. Government revenues are already strained after last year’s generous efforts, while banks are in a much weaker position to extend financial help to borrowers. Therefore, relief measures may not be enough to support the economy if the pandemic deepens and continues for a longer period in the current financial year.

Industry Structure & Development

Globally, the automotive industry had run into some hurdles even before the COVID-19 pandemic struck in the last quarter of FY 2019-20. During the year under review, countrywide lockdowns and plummeting automobile sales wreaked havoc on the already weak automotive sector. The manufacturing sector was also severely affected by the pandemic. Original Equipment Manufacturers (OEMs) and auto part manufacturers are still trying to reach optimum manufacturing capacities. Massive disruptions to supply chains, depressed demand, laggard sales and continuous delays in new launches affected the sector further. Moreover, stricter CO2 emission requirements and increased investment in emerging technologies continue to weigh heavily on the auto sector. With the resumption of economic activity and gradual unlocking of the economy, sales of vehicles began showing a month-onmonth improvement since the second quarter of FY 20-21.

Overall, domestic sales of passenger vehicles recorded a de-growth of 2.2 per cent during the year under review compared with 17.8 per cent de-growth in the previous year. The commercial vehicles segment has seen a degrowth of 20.8 per cent this year against a de-growth of 28.8 per cent last year. Three-wheeler domestic sales have also de-grown by 66.1 per cent compared with a 9.2 per cent de-growth the previous year. Two-wheeler sales showed a de-growth of 13.2 per cent compared with a degrowth of 17.8 per cent de-growth last year.

Company Performance

Despite the continued deceleration in the automotive sector and standstill in the economy brought about by the lockdown during the first quarter of the year, your Company performed exceedingly well in the three quarters that followed and made up the business lost in the first quarter. As a result of several strategic decisions taken by your Company and its ability to ride the spike in demand after the government eased lockdowns, Exide bounced back very strongly in the second half of the year and was able to match the performance it had reported for the full previous year FY 2019-20 in just three quarters of the year under review.

Your Company’s strategic initiatives have helped it to put in place strong and effective mitigating actions in response to COVID-19’s impact on the business. It has taken effective measures to ensure that core, support and strategic risks are effectively mitigated.

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Automotive Batteries

While Original Equipment (OE) sales faced a significant slow-down in line with the lower industry demand, your Company managed to maintain its high share across almost all leading vehicle manufacturers. Several new models have been launched in the market with only Exide batteries— the New Maruti Suzuki Swift-ISG, Nissan Magnite (Petrol) and Tata Motors Safari.

In the aftermarket, your Company bounced back quickly after the lockdowns were removed and supported its Channel Partners and Consumers to navigate the New Normal. Several initiatives across markets, including the enablement of Covid Warriors and essential services, were rolled out without compromising the safety and health of its employees. These initiatives have helped the Company ensure that the aftermarket sales for its brands neutralize the initial loss suffered by it due to COVID-19.

Exports

Automotive Battery exports not only continued their growth story but increased their momentum during the year. The Company successfully managed the export logistics in the face of COVID-19 challenges and did not allow delivery lead times to be affected significantly.

Despite lockdowns in many countries, our exports have grown in the Middle East, African and ROW regions. There was a marginal de-growth in Southeast Asia, where the pandemic has slowed down business significantly.

We could make significant inroads into GCC countries, especially Saudi Arabia. The establishment of our UAE office helped us to stay connected with our ME distributors to consolidate and grow our business in the region. Your Company successfully entered new markets such as the USA and South Africa during the year.

Apart from exploring the placement of manpower in Southeast Asian countries, your Company also focused on expanding its distributor base, introducing new products and new technologies, and investing in brand-building activities in all export markets to establish a strong presence in international markets.

Outlook

The Organisation for Economic Co-operation and Development (OECD) has projected that India’s economy will rebound and estimates India’s GDP growth at 12.6 per cent in 2021-22, ahead of China’s 7.8 per cent. If the

OECD’s growth projection proves accurate, India will again become the fastest-growing economy in the world. Global rating agency Moody’s has also revised the growth estimate for the next financial (2021-22) to 13.7 per cent from the earlier 10.08 per cent. Moody’s said India’s economy had rebounded quickly from one of the world’s longest and most stringent lockdowns, which also came with the steepest fall in GDP in the second quarter of 2020. This portends well for the Automotive Industry, and one can expect a much faster recovery from the 2019-20 downturn and the impact of COVID-19 in 2020-21.

However, the outlook will depend upon the pandemic’s resurgence, which has already started impacting the recovery process.

Opportunities and Threats

The improvement in automobile sales in the last few months of the year under review augurs well for our industry. As many people opt out of public transport for personal vehicles, OE demand will get a boost, and there should be a rise in demand for replacement batteries. The strategic positioning of the Company’s three brands— Exide, SF and Dynex—with their unique price-value propositions will help us seize the market opportunities.

The Company’s simultaneous focus on the electric mobility demands of the future carried out through its subsidiary Exide Leclanche Energy Private Limited, coupled with the upgrading of lead-acid technology, will ensure medium- to long-term advantage. Digital transformation of the entire Sales and Service network coupled with a data and analytics-based approach to leveraging market opportunities has started paying immediate dividends in terms of response to consumer needs.

With many players fighting for market share in the leadacid battery space, your Company’s dominance will face some pressure. But, with its multi-brand strategy straddling different price-value segments and a digitallyenabled sales and service ecosystem, your Company is fully prepared not just to tackle these threats but grow at a pace that will leave the competition further behind.

Risk Mitigation

To mitigate various risks significant to its business, your Company took several strategic initiatives during the year, such as:

Implementing effective COVID-19 guidelines for all its employees, vendors, customers

Putting strategies in place to capture battery induced operational and financial challenges replacement market and released market by continues to stall project construction activity. unorganized sectors
The telecom sector continued with its financial stress, which resulted in further consolidation of the industry. During the year under review, the telecom sector reported several shut-downs and M&A announcements by mobile telephony operators and tower infrastructure companies. However, your Company has done considerably well by registering a double-digit growth over the previous year, while increasing the market share.
Restructuring of marketing network and activating series of new regional offices
Re-engineering its after-sales services
Putting in place monitoring and control mechanism to ensure availability of critical resources like manpower, material and power
Infrastructure Power & Projects division started the year with almost nil business in the first two months but bounced back to end the year with a marginal growth over the previous FY 2019-20. Your Company remains the undisputed market leader with significant market share. It has bagged several prestigious and big orders during the year. The product differentiation and renewed service support was the key factor during the difficult COVID-19 environment.
Focused on manufacturing cost reduction
Implementation of Industry 4.0 for productivity, quality and reliability
Implementation of S/4 HANA extended warehouse management (EWM)
Formation of a special task force to develop alternative sources for its critical supplies

These initiatives have helped minimize the impact of uncertainties and helped the Company achieve its planned business objectives during the year.

The traction division of your Company is working on an Opportunity Rapid Charge or ORC battery for specific application areas such as airports where recharging of the battery is a challenge. Exide Gen-X Traction battery continued to hold a major share in all three business verticals—OEM, Replacement and Rental.

Industrial Batteries

Similar to the performance of the Company’s automotive division, the Industrial division also started to claw back after the near wash-out in the first quarter and bounced back strongly in the second half of the year. It reported a record performance for the full year and matched its preCOVID performance in FY 2019-20.

Cap lamp division reported robust growth, and your Company continues to be the preferred brand for most of its customers.
Railways division reported de-growth over the previous year, mainly because of the pandemic, as passenger trains did not operate during the lockdown and a significant part of the year.
The UPS business, the largest business vertical of the Industrial division, reported a slight growth over last year, mainly from the trade segment. OE business suffered a minor de-growth primarily due to a lack of government/ private project orders. However, this de-growth was compensated by the higher Work-From-Home (WFH) demand. With continuous product and process upgradation, duly backed by a strong sales and service network across India, the UPS business has become the growth engine of the Industrial division.

Outlook

With the gradual increase in commercial activity and government initiative to increase infrastructure spending, the outlook of the UPS business, which is the largest vertical of the Industrial division of your Company, is promising and we can expect decent growth in the Industrial UPS business in the coming fiscal year.

The Solar industry kicked off 2020 with great expectations. However, the COVID-19 pandemic adversely affected the sector, as activity in the industry halted following the nationwide lockdown imposed in March 2020. An increase in module prices and other project costs coupled with COVID-19
The Solar division also shows a lot of promise in the current year, with a decent order book in place. The new government policy in the power segment to buy only Indian products made with more than 95 per cent Indian raw materials is likely to eliminate some competition and so benefit your Company.

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However, the Industrial Exports market is expected to be under stress in the coming year due to restrictions imposed by several countries following the pandemic’s resurgence.

Opportunities & Threats

Market liquidity remains the biggest threat. The Industrial UPS division expects a surge in demand from emerging technological infrastructure, healthcare infrastructure, educational, BFSI verticals, WFH and the replacement market and hopes to keep your Company’s Industrial sales buoyant.

Industrial activity began to recover slowly from the second half of the year following the easing of lockdown restrictions in several phases. The industry expects construction to pick up in 2021 with record capacity addition. The pandemic has made solar more valuable to Commercial and Industrial (C&I) customers. Rooftop solar is one of the cheapest sources of power for C&I customers considering the high retail tariffs. Booming sectors such as agro, textiles, chemicals, pharma, hospitals, and education were some of the industries pushing to go solar. The short-term challenges such as the rise in module prices, significant increase in shipping and freight charges and a surge in raw material costs have increased solar project costs.

Market liquidity and fund flow remain a big challenge in the intra-state Power and Project segment as well. As witnessed during the year, despite high order books, execution remained very slow. Demand from power projects looks very promising this year. Many projects are planned in infrastructure segments such as power generation, transmission and distribution, railway freight corridor, urban metro railways and oil pipelines. But only a faster execution in 2021-22 will enable good growth in the infrastructure segment.

Tower companies are exerting severe pressure for price reduction in the highly competitive telecom market. The government has planned to make India 5G-ready by FY 23 and has initiated the auction of 5G spectrum. Tower companies are looking for disruptive technology, and we can push our new technologies to meet their expectation.

The increase in e-commerce activities has pushed up warehousing and material handling, creating a higher demand from the traction division. Competition from lowcost manufacturers is a major threat in this business vertical.

Risks and Concern

The resurgence of the pandemic may pose significant risks and challenges in the current year. The IUPS business may be impacted by reduced commercial activity and delay in the execution of projects planned by both government and private sectors.

The reluctance of power distribution companies (discoms) to sign Power Purchase Agreements (PPAs) is of concern. The low tariffs distort future tariff of discoms and increase the risk of project cancellation or contract renegotiations. The biggest uncertainty looming over the rooftop solar market is the new net metering policy, which restricts net metering to rooftop solar systems of up to 10 kW and mandates gross metering on systems above 10 kW. The provision has caused widespread anxiety among stakeholders who fear that it may wipe out the Indian rooftop solar segment.

In telecoms, consolidation by tower companies is expected to increase price negotiations in an already price-sensitive market. With 5G powering requirements, companies may prefer Li-ion batteries once the global rate of Li-ion starts falling.

Your Company has taken several strategic initiatives to ensure that core, support and strategic risks are effectively mitigated.

Submarine Batteries

During the year under review, your Company successfully manufactured two sets of submarine batteries along with full sets of accessories and spares, overcoming all challenges posed by the COVID-19 pandemic. Because of prevailing pandemic condition and restriction on international travel, the Company had successfully conducted video recordings of all Factory Acceptance Tests (FATs) while exporting the batteries to the overseas customer. During the fiscal year, one set of such batteries exported in the previous year was commissioned and installed on board, and successfully passed the most important milestone of Sea Acceptance Trials (SATs). The second set of indigenous Type-IV submarine batteries for the Scorpene class submarine, manufactured and supplied earlier by your Company to the Indian Navy, was installed on board and passed all the Harbour Acceptance Trials (HATs) successfully.

Production capacity utilization and sales of submarine batteries during the year were subdued compared with previous years due to lack of adequate demand. Your Company has submitted its readiness to utilize the spare capacity to manufacture and supply Type-I submarine batteries to the Indian Navy.

Your Company is also continuing its efforts to innovate and enhance the battery performance to add further value to the customer and secure future orders for Type-I replacement submarine batteries.

Technology Upgrade

Technology has always been the keyword of your Company’s commitment towards providing the country with the most efficient energy storage solution for each application. A team of close to 90 engineers and scientists in the Research & Development division of your Company is constantly engaged in bringing out new products, improving upon the existing ones and working on the modernization of the manufacturing infrastructure. The team is closely supported by an array of ‘best-in-class’ collaborators—giants in their respective domains—in providing the latest knowledge on design, materials and manufacturing processes that gives your Company’s products the unrivalled edge over the competition.

The year under review has been a trying year. Unlike in the past, when developments were accelerated by regular exchange of visits by engineers of the Company and its collaborators across the world, in the year gone by, all interactions had to be limited to virtual meetings. Yet, this did not diminish the effort and possibly intensified the more frequent virtual meetings. So work progressed as usual. In fact, as a testimony of this passion, engineers from Moura Battery, Brazil, and Exide worked together tirelessly, overcoming all concerns of the challenging situation, and completed the development of the country’s first full M3compliant EFB Battery for fitment in upcoming advanced architecture passenger vehicles with full ISS enabled features. Currently, the samples are in an advanced stage of certification in the German laboratories of a vehicle manufacturer and the start of regular business is being planned for the later part of the current year.

In another initiative, the R&D engineers have quickly seized an opportunity in overseas markets and introduced a very large number of SKUs that included versions with Exide’s ‘punched positive’ technology, which is fast gaining acceptance in the ever-demanding North American markets too. Coming to the other end of the globe, engineers from Furukawa Battery, Japan, have closely guided your Company in developing the country’s first M1 compliant ISS battery, which is already a favored product of select OEMs. Taking this initiative forward, Exide is working to go for the next generation ‘UltraBatteries’ for vehicular application too. With huge improvements in recharging efficiencies and the consequent improvement to the vehicle’s fuel efficiency, this new range is now set for launch in the coming financial year.

In two-wheelers, Exide, with support from its collaborator Furukawa Battery, has completed the upgrade of most

of the popular types to be BS-VI compliant. This is a major step in making our country environment friendly and is expected to have very far-reaching consequence, so far as the health of the citizens is concerned. Your Company’s engineers have also completed some major improvements in the manufacturing process that will cut down the manufacturing cycle-time significantly yet make the environment greener. The improved processes are scheduled for introduction in the next financial year.

In the Industrial vertical, your Company has been very keen to play a significant role in Energy Storage System (ESS)—be it storage of renewable power or even off-peak surplus grid power for use during periods of peak power demand. Towards this end, Exide is pleased to announce the deployment of its first 315 KWh “Community ESS” in Kolkata in partnership with CESC, the city’s generation and distribution utility. The offered lead-acid technology is Exide’s ‘Advanced Tubular Gel’, complete with a management system developed by your Company’s subsidiary Chloride Power System & Solutions Limited (CPSSL). The ESS has a life expectancy of 10 years plus. Currently, R&D engineers are working on a solution to develop 15-years-plus life lead-acid solution.

In a separate development, the R&D engineers of your Company have designed and launched an advanced traction battery range with Opportunity Recharge Capability (ORC), which is becoming increasingly popular, particularly overseas, as it helps the battery to ‘fast charge’ during shifts and extend the useful hours for which the truck may be deployed. It is also heartening to note that Exide designed Telecom VRLA solutions have become the preferred choice amongst private tower operators.

Finally, the research work on ‘Bipolars’ remains on course as the exercise has now moved to vehicle-level testing in two-wheelers. Given the country’s drive towards e-vehicles, unlike conventional lead-acid batteries, a Bipolar lead-acid battery can provide a much more economical yet performance competitive solution than other exotic storage chemistries. This can be a key change driver in coming years. However, Bipolar technology is expected to take at least another year or two to be established as a reliable and robust technology.

COVID-19

The COVID-19 pandemic started spreading in India in March 2020, forcing the central government to order a complete lockdown of all but essential outdoor activities from end-March 2020. Your Company had to close its

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offices, factories and warehouses, as did its channel partners and dealer networks, during the first quarter of the financial year 2020-21.

Your Company has taken effective and timely measures to ensure that the pandemic related risks of all nature— core, support and strategic—are effectively mitigated. The strategic initiatives undertaken by it helped your Company to put in place strong and effective mitigating actions in response to COVID-19’s impact on its business. As a result of these initiatives and with the gradual easing of restrictions from the second quarter onwards, your Company put up a strong performance during second half of the year, resulting in higher sales in the financial year 2020-21 compared with the previous financial year.

The COVID-19 pandemic’s resurgence in India from March 2021 could derail any economic recovery if it deepens and spreads for a longer period. The full impact of COVID-19 for the current financial year 2020-21 is difficult to establish and quantify at this moment, as we are still in its grip. Impact assessment is a continuing process given the uncertainties associated with the pandemic’s nature and duration.

However, our industry’s direction is expected to remain unchanged. A forecast made today is likely to get completely changed tomorrow. The senior management team is continuously monitoring, assessing and taking steps to mitigate the impact of COVID-19 on your Company. The strong balance sheet position and the inherent resilience of our business model position your Company well to navigate the challenges ahead. Since the overall direction of the industry in which we are operating is likely to remain unchanged, we do not foresee a serious impact of COVID-19 on a long-term basis.

Sharp focus on reducing cost base

The crisis created by the pandemic has allowed us to take a fresh look at our cost base. Your Company has embarked upon a cost reduction drive across its operations, including procurement, manufacturing, logistics, and further optimizing fixed overheads. The operational efforts complemented with the cost-saving initiatives have successfully reduced the fixed cost over the base of FY 2019-20. A cross-functional and large team is directly responsible and working with the Management to drive these programmes across the Company. Technology, analytics and innovation continue to be the key levers to optimize cost further and drive operational efficiencies.

Efficient Supply Chain management

Supply chain management is an extremely important function of your Company. The COVID-19 lockdowns disrupted the movement of goods and materials and your Company faced several challenges to its supply chain network, including uncertainty around movement of global shipments and fluctuations in commodity costs. To optimize and mitigate the risks arising out of supply chain disruption in coming years, your Company has undertaken a major initiative to reorganize its supply chain network, which will not only ensure regular uninterrupted supplies of the raw material and finished products to its customers, vendors and other stakeholders, but also optimize its entire network chain in a cost-effective manner.

Sustainability is more critical than ever

Your Company continues to focus and work on its environmental, social and governance (ESG) parameters to create sustainable value for all its stakeholders. The pandemic has ensured that sustainability has now become more relevant than ever. The Company outlined a comprehensive sustainability framework, where it creates a significant impact. Going forward, Exide will work in a more focused manner to further improve to strengthen its ESG performance.

Highlights of Performance

Your Company recorded net sales of H 10,041 Crores in 2020-21, against H 9,857 Crores in the previous year, and a profit before tax of H 1,018 Crores against H 1,035 Crores in the previous year.

Standalone Financial Results

==> picture [233 x 156] intentionally omitted <==

----- Start of picture text -----

(In H Crore)
2020-21 2019-20
Revenue from operations 10,040.84 9,856.66
Other income 65.44 63.94
Total Income 10,106.28 9,920.60
Profit before depreciation, 1,421.02 1,428.92
finance cost & tax
expenses
Depreciation and 379.35 362.63
amortization expenses
Finance cost 23.77 9.40
----- End of picture text -----

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----- Start of picture text -----

(In H Crore)
2020-21 2019-20
Profit Before Exceptional 1,017.90 1,056.89
item and Tax
Exceptional income/ - (21.70)
(expense)
Profit Before Tax 1,017.90 1,035.19
Tax expenses 259.62 209.68
Profit After Tax 758.28 825.51
Other Comprehensive 9.12 (17.78)
Income
Total Comprehensive 767.40 807.73
Income for the year
Balance brought forward 6,211.11 5,901.99
Making a total of 6,978.51 6,709.72
Out of this, appropriations
are:
Final Dividend for - 68.00
2018-19 (80%)
Tax on Final Dividend - 13.98
Interim Dividend for 170.00 -
2020-21 (200%)
1st Interim Dividend for - 136.00
2019-20 (160%)
Tax on above Interim - 26.47
Dividend
2nd Interim Dividend for - 212.50
2019-20 (250%)
Tax on 2nd Interim - 41.66
Dividend
Aggregate Dividend 170.00 498.61
amounts to 200% for
2020-21 (previous year
– 410%)
And leaving a balance of 6,808.51 6,211.11
(which is carried forward
to next year)
----- End of picture text -----

Transfer to Reserves

The Board of Directors has decided to retain the entire amount of profit in the retained earnings.

Consolidated Financial Statements

As required under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, (SEBI Listing Regulations) and in accordance with the Indian Accounting Standard

(Ind-AS) 110, the Consolidated Financial Statements (CFS) of the Company, its subsidiaries and Associates form part of the Annual Report and are reflected in the consolidated financial statements of the Company. These statements have been prepared on the basis of audited financial statements received from the subsidiary companies and associates as approved by their respective Boards.

The separate audited financial statements in respect of each subsidiary company and associates are also available on the website of the Company at https://www. exideindustries.com/investors/annual-reports.aspx

Dividend

During the year under review, your Company has paid an interim dividend at the rate of 200 per cent or H 2.00 per equity share of H 1/- each to shareholders whose names appeared in the Register of Members on February 6, 2021. Your Board did not recommend a final dividend and therefore the above dividend distribution resulted in a cash outgo of H 170 crore (including withholding tax of H 13.66 crore).

The Board of Directors of your Company has approved and adopted the dividend distribution policy of the Company and dividend declared/recommended during the year are in accordance with the said policy. The policy is available on the website of the Company at https://www. - exideindustries.com/investors/governance policies.aspx

Share Capital

The paid-up equity share capital as on March 31, 2021, was H 85 crore divided into 85,00,00,000 equity shares of the face value of H 1 each.

During the year, the Company did not issue any shares with differential rights or convertible securities. The Company does not have any scheme for the issue of shares, including sweat equity to the Employees or Directors of the Company. The Company does not have a scheme for the purchase of its shares by employees or by trustees for the benefit of employees.

Deposits

During the year under review, the Company did not accept any deposits from the public within the ambit of Section 73 of the Companies Act, 2013 (Act), and the Companies (Acceptance of Deposits) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof) for the time being in force.

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Particulars of Loans, Guarantees or Investments

The Company has not granted any loans or provided any guarantee or security pursuant to Section 186 of the Act. The details of investment made by the Company during the year under review have been disclosed in the financial statements under Note nos. 4 and 9.

Material Changes and Commitments

Except for the material changes and commitments arising out of COVID-19, there have been no material changes subsequent to the close of the company’s financial year to which the financial statements relate and prior to the date of this report.

Key financial ratios

Under the SEBI (Listing Obligations & Disclosure Requirements) (Amendment) Regulations, 2018, the Company has to give details of significant changes (i.e. change of 25 per cent or more as compared with the immediately previous financial year) in key sector-specific financial ratios, including debtors turnover, inventory turnover, interest coverage ratio, current ratio, debt-equity ratio, operating profit margin (per cent) and Net Profit Margin (per cent) and details of any change in Return on Net Worth as compared with the immediately previous financial year along with a detailed explanation thereof.

Interest coverage ratio shows significant change, i.e. an increase of 53 per cent compared with the immediately previous financial year due to significant decrease in interest cost (excluding interest on lease liabilities) in the current year.

Return on Net Worth decreased from 13.8 per cent in 201920 to 12.0 per cent in year 2020-21. A significant driver is exceptional items. In 2020-21, there were no exceptional items as compared with an exceptional item charge of H 22 crore [Indirect tax settlement expenses incurred under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019] in 2019-20. Additionally, the business profit from operations decreased by eight per cent in 2020-21 over the prior year.

Auditors

Statutory Auditors and their Report

M/s B S R & Co. LLP, Chartered Accountants (Firm’s Registration No: 101248W/W– 100022), were appointed

as Statutory Auditors of the Company at the Annual General Meeting held on July 27, 2017, for an initial term of five consecutive years till the conclusion of 75th Annual General Meeting of the Company.

The Report given by the Auditors on the financial statements of the Company is part of the Annual Report. There have been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report. The emphasis of matter and the key audit matters paragraphs are self-explanatory and require no clarification.

The Statutory Auditors have not reported any incidence of fraud to the Audit Committee of the Company during the year under review.

Cost Auditors

Under Section 148 of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, (as amended), the cost records maintained by the Company in respect of the products manufactured by the Company are required to be audited. Your Directors, on the recommendation of the Audit Committee, have appointed M/s Mani & Co., Cost Accountants (Firm Registration no. 000004), to audit the cost records of the Company for the financial year 202122 at a remuneration of H 9,00,000/- plus out-of-pocket expenses and taxes as applicable.

A resolution regarding the ratification of the remuneration payable to M/s Mani & Co., Cost Accountants, forms part of the Notice convening the 74th Annual General Meeting of the Company.

Secretarial Auditors & their Report

Pursuant to the provisions of Section 204 of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s A.K.Labh & Co., practising company secretaries (FCS: 4848/CP No:3238), to audit secretarial and other related records of the Company for the financial year 2020-21. The Secretarial Audit Report is given as Annexure-I. The Secretarial Audit Report does not contain any qualification, reservations or adverse remark.

Business Responsibility Report

In July 2011, the Ministry of Corporate Affairs came out with the ‘National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business’. These guidelines contain certain principles that are to be

adopted by companies as part of their business practices and require disclosures regarding the steps taken to implement these principles through a structured reporting format, viz., the Business Responsibility Report. Pursuant to Regulation 34(2)(f) of SEBI Listing Regulations, the Company has prepared the Business Responsibility Report, which is given in Annexure-II.

Corporate Governance

Transparency is the cornerstone of Exide’s philosophy and your Company adheres to all requirements of corporate governance in letter and spirit. All the Committees of the Board of Directors meet at regular intervals as required in terms of SEBI Listing Regulations. Your Board of Directors has taken the necessary steps to ensure compliance of statutory requirements. The Directors and Key Management Personnel and Senior Management Personnel of the Company have complied with the approved ‘Code of Conduct for Board of Directors and Senior Management Personnel’ of the Company. The declaration to this effect pursuant to Schedule V of the SEBI Listing Regulations signed by the Managing Director and CEO of the Company forms part of the Annual Report.

The Report on Corporate Governance as required under Regulation 34(3), read along with Schedule V of the SEBI Listing Regulations, is given in Annexure-III. The Auditors’ Certificate on compliance with Corporate Governance norms is also attached to this Report. Further, as required under Regulation 17(8) of SEBI Listing Regulations, a certificate from the Managing Director & CEO and DirectorFinance & CFO is being annexed with this Report.

Business Excellence

Business Excellence or BE is about developing and strengthening the management systems and processes of the organization to improve performance and create value for stakeholders. It is about achieving excellence in everything that an organization does, including leadership, strategy, customer focus, information management, people and processes and, most importantly, achieving superior business results.

Your Company has adopted a globally proven model to drive excellence across the organization, engaging all its stakeholders including employees and business partners. Exide’s model of excellence is dynamic, everevolving, designed to use an integrated approach to performance management that results in the delivery

of ever-improving value to customers and stakeholders, contributing to organizational sustainability, improvement of overall organizational effectiveness and capabilities, organizational and personal learning to fulfill the expectations.

Your Company regularly participates in external assessments conducted by various national and international organizations; competes for prestigious awards aiming to evaluate findings to improve the framework continually. Some of the external awards won by the Company are the Tamil Nadu State Safety Award, QFCI CCQC / NCQC Award, BML Munjal Award-Achieving Expert Panel Milestone for Excellence through L&D.

Your Company has deployed internationally recognized approaches for business excellence and TQM such as TPM, Quality Circle, 5S and SOP-driven business processes. Business units of Exide are certified to International Standards such as ISO 9001 & IATF 16949 for Quality, ISO 14001 for Environment, and ISO 45001 for Occupational Health & Safety, being focused on the health and safety of employees and other stakeholders. We encourage our business partners to opt for these standards. Our Test House Laboratories are certified to ISO/IEC 17025 and have NABL accreditation. NABL and audited annually as a part of compliance to a standard.

Over the years, the company has developed and deployed a robust TPM culture across the organization. All manufacturing units follow TPM practices with varying level of maturity. Six out of the seven factories have won prestigious TPM awards for different categories from the Japan Institute of Plant Maintenance (JIPM). During the year under review, your Company has continued its focus on deploying the TPM policies effectively to achieve zero accidents, zero waste, zero breakdowns and zero losses. This year, greater focus was given on the safety of employees from COVID-19 infection and, at the same time, improving process effectiveness and efficiency to remain cost-competitive. Unique SGA or Small Group Activity teams were formed under the TPM Pillars to achieve the improvement objective and target set by the management.

Occupational Health, Safety & Environment

Exide is committed to the safety of its people and assets and protecting the environment through various initiatives in areas of sustainability. Towards this, it follows industry-accredited best practices in health, safety and environment-related aspects to constantly set higher benchmarks.

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Your Company is committed to utilizing natural and manmade resources optimally and responsibly, and reducing, reusing, recycling and managing waste. We regularly monitor and prevent pollution through waste minimization at the source; recovery/treatment of emissions and energy conservation.

Exide has a well laid down Corporate EHS structure, where Head- EHS oversees EHS practice across the organization and ensures compliance with statutory and regulatory requirements. The Head- EHS is supported by dedicated teams headed by an EHS head in each factory to ensure effective compliance and implementation of EHS policy and practices.

Your Company has taken various measures to counter the inherent risk to the safety and health of employees across all functions and locations of the Company arising out of the COVID-19 pandemic. The Company implemented a comprehensive standard operating procedure, workfrom-home/ work-from-anywhere policy. To support the COVID-19 vaccination process initiated by the Government of India and to take care of its employees’ safety and wellbeing, your Company has decided to bear the cost of COVID-19 vaccination of all its employees and their spouses.

Corporate Social Responsibility

Exide always seeks ways to create long-term sustainability through inclusive growth and development not only within the adjoining community at its main operational locations but in society at large at the regional or national level. The core thematic areas that continue to be the main pillars of the Company’s CSR philosophy are:

Basic Education
Health
Environment Management
Women Empowerment

Community Development

The Board of Directors of Exide has approved a Corporate Social Responsibility (CSR) Policy, namely “EIL CSR Policy”, in accordance with Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014, notified by the Ministry of Corporate Affairs, Government of India. The CSR policy underlines the guiding principles and mechanisms for undertaking various CSR activities/ programmes by the Company. Pursuant to the

notification of Companies (Corporate Social Responsibility) Amendment Rules, 2021, and The Companies (Amendment) Act, 2020 effective from January 22, 2021, the Board of Directors at its meeting held on April 29, 2021, amended the CSR policy to include, inter-alia, guidelines relating to selection, implementation and monitoring of CSR activities, impact assessment studies as well as formulation of the annual action plan. The revised policy is available on the Company’s website at http://www.exideindustries.com/ investors/governance-policies.aspx.

The disclosures as required by Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, are given in Annexure-IV.

In continuation with its legacy, the Company met more than its CSR obligation by investing H 2,093.59 lakh during the year under as against its spending obligation of H 2,091 lakh.

During the year, the Company took significant strides to execute and complete numerous CSR projects under the broad five thematic areas mentioned. There were myriad volunteering contributions for other COVID-19 relief services such as community sanitation, distribution of basic education materials etc. to students, who found it challenging to continue their education since their basic survival was at stake. However, the main thrust for the year was to provide support for health and disaster management relief to combat COVID-19 exigencies.

Through the signature employee volunteering engagement, viz., “ABHAAR”, your Company distributed essential nutrition, hygiene and immunity booster kits to more than 23,000 school students and their families. The campaign benefited 55 schools adopted by Exide across all the manufacturing units and its offices. Overall, the project impacted over 1,20,300 beneficiaries from the most vulnerable and worst-hit population group.

Most of the health projects undertaken by the Company were towards providing COVID safe medical facilities, developing adequate maternity care facilities in rural hospitals, contributions for cancer care, especially for children and supporting adequate healthcare for the most vulnerable stakeholders.

Niche women empowerment projects for health and safety, livelihood and higher education were undertaken during the year. Street food vendors were provided with business revival support and training to ensure that they get back to work armed with confidence and knowledge to safely run and gain back from their small businesses during the post lockdown period.

Though the year threw up exceptionally challenging situations due to the pandemic, the CSR projects at the plant level continued to perform with extra grit and delivered results despite all odds. Among the highlights were development of a model school and village projects for inclusive growth in basic education, and watershed and waste management initiatives. These projects were initiated in the north and the southern zones to mitigate social and environmental concerns especially in the local areas around the Company’s operational units. It is envisaged that these model initiatives will bring in planned and consistent development in a sustained manner.

The social initiatives undertaken by the Company during the year essentially stepped up in creating long-term sustainable development through inclusive growth amongst the neighboring communities along with strong contribution through the employee engagement efforts.

Internal Controls

A strong internal control framework is an essential prerequisite of a growing business. In this context, your Directors, to the best of their knowledge and belief and according to the information and explanations obtained by them, state that your Company’s internal control systems are commensurate with its size and scale of operations, and that they are designed to provide reasonable assurance that the Company’s financial statements are reliable and prepared in accordance with the law. It has a well-defined system of internal audit to independently review and strengthen these internal controls continually. The Audit Committee of your Company regularly reviews the reports of the internal auditors and recommends actions for further improvement of the internal controls.

Vigil Mechanism/ Whistle-Blower Policy

Exide has a Whistle-Blower Policy that offers a formal mechanism to its directors, employees and stakeholders to report genuine concerns about unethical behavior, actual or suspected, fraud or violation of the Company’s Code of conduct in accordance with the provisions of the Act, read with the Companies (Meeting of Board and its Powers) Rules, 2014, and SEBI Listing Regulations. It contains a reporting mechanism, the manner in which all reported concerns are dealt with, confidentiality of the investigations and processes, protection of the whistle-blower against any retaliation, and guidelines for retention of records during the investigation/ reporting of the case etc. The policy provides for adequate safeguards against victimization of persons who use such mechanism

and provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases. The Company has a dedicated email address for reporting such concerns at [email protected]. Any incidents that are reported are investigated and suitable action is taken in line with the Whistle-Blower Policy. It is affirmed that no personnel of the Company were denied access to the Audit Committee. The Audit Committee of Board oversees the vigil mechanism.

The policy is available on the website http://www. - exideindustries.com/investors/governance policies.aspx

Subsidiaries, Joint Ventures and Associates

A statement containing the salient features of financials of subsidiaries and associates of the Company in the prescribed Form AOC–1, forms part of the Consolidated Financial Statement (CFS). This Form highlights the financial performance of each subsidiary and associate company along with their contribution to the overall performance of the Company pursuant to Rule 8(1) of the Companies (Accounts) Rules, 2014. The said report is not repeated here for the sake of brevity.

In accordance with Section 136 of the Act, the financial statements of the subsidiary and associate companies will be available for inspection in electronic mode up to the date of AGM. Members can inspect the same by sending an email to [email protected].

Any member who wants a copy of the financial statements may write to the Company Secretary at the Registered Office of the Company. The financial statements including the CFS, and all other documents required to be attached to this report have been uploaded on the website of the Company at www.exideindustries.com.

Exide Life Insurance Company Limited (ELI) and Chloride Metals Limited (CML) are material subsidiaries of Exide as prescribed under the provisions of SEBI Listing Regulations. ELI has assets under management or AUM of over H 18,381 crore as of March 31, 2021. The total premium collected by ELI during the year ended March 31, 2021 was H 3,325 crore, against H 3,220 crore collected during the previous year.

Chloride Metals Limited (CML) is a secondary smelting & refining unit, a 100 per cent subsidiary company of Exide Industries Limited. It was promoted by Exide strategically as a part of backward integration to meet the lead and lead alloys demand of Exide. CML is operating with two units located in Karnataka and Pune, while the third new

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greenfield secondary smelting and refining unit in Haldia in West Bengal, with a capacity of 110,000 MT is expected to start its commercial production in the first quarter of the current financial year 2021-22. The new unit is made with the latest technology from Engitec Italy with improved environment-friendly facilities to control air and water pollution. During the year under review, the Company invested around H 35 crore for meeting its capital and other funding requirements.

Exide Leclanche Energy Private Limited (known as Nexcharge brand), a subsidiary of Exide, had its beginning in 2018 as a Joint Venture between Exide Industries Limited and one of the leading Lithium-ion or li-ion battery manufacturers based in Switzerland, Leclanché SA, to build lithium-ion batteries and provide energy storage systems for India’s electric vehicle market and grid-based applications.

Nexcharge envisions to fast-track the world’s transformation towards sustainable energy solutions by developing solutions to increase the amount of renewable energy to reduce India’s dependence on fossils fuels. The Company aims to become a leading supplier of (i) e-transport solutions, which will power the electrification of the transport in the form of efficient and reliable energy storage solutions and (ii) diverse segments of industry and utility markets with state-of-art products and end-toend solutions made available through li-ion batteries of different chemistries such as NMC, LFP, LTO etc.

To fulfil its mission, Nexcharge has built India’s largest factory with fully automated lithium-ion battery pack and modules (pouch/ prismatic/ cylindrical) assembly lines and Cell testing labs, at Prantij, Sabarkanta, Gujarat.

Nexcharge is also supported by state-of-the-art inhouse R&D. with a well-resourced teams of engineers enthusiastic in designing these battery packs to their customer requirements and offer high-quality products at competitive pricing.

During the year 2020-21, your Company invested H 66.35 crore in Nexcharge for meeting its funding requirement, thereby increasing its stake to 80.15 per cent.

Annual Return

In terms of Section 92(3) of the Companies Act, 2013, and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the link: https://www. exideindustries.com/investors/annual-reports.aspx

Directors

Mr Asish Kumar Mukherjee (having DIN 00131626) retires by rotation in accordance with the provisions of the Companies Act, 2013, and being eligible, offers himself for re-appointment at the ensuing Annual General Meeting.

During the year, Mr Nawshir H Mirza, Non-executive & Independent Director, retired from the Company w.e.f. October 28, 2020. Your Board of Directors wishes to place on record its sincere appreciation for the contribution made by Mr Mirza during his tenure as Independent director in the Company.

The term of Mr Gautam Chatterjee, Managing Director and Chief Executive Officer (CEO), is due to expire at the close of business hours on April 30, 2021. Your Board of Directors wishes to record its sincere appreciation for the exemplary services rendered by Mr Chatterjee during his long association with the Company and his immense contribution to the success of the Company.

The Board of Directors, on the recommendation of the Nomination and Remuneration Committee, at its meeting held on April 29, 2021 has appointed Mr Subir Chakraborty as the Managing Director and CEO for a period of three (3) years with effect from May 1, 2021 subject to the approval of the Shareholders. Mr Subir Chakraborty joined the services of the Company in 1996 and was appointed a Whole-time Director (designated as Director-Industrial) with effect from May 1, 2013. After heading the automotive section and submarine business for three years, Mr Chakraborty was appointed as Deputy Managing Director with effect from May 1, 2019 and is overseeing the automotive and industrial business of the Company. A resolution proposing his appointment as Managing Director & CEO with effect from May 1, 2021 will be placed at the ensuing Annual General Meeting for the approval of the Shareholders.

At the said Meeting, the Board, on the basis of the recommendation of the Nomination and Remuneration Committee, appointed Mr Avik Kumar Roy as an Additional director w.e.f May 1, 2021. He shall hold office up to the ensuing AGM. It is also proposed to appoint him Wholetime Director to be designated as Director–Industrial, for a period of five (5) years, with effect from May 1, 2021. A Notice has been received from a Member under Section 160(1) of the Companies Act, 2013 proposing the appointment of Mr Roy as a Director at the ensuing Annual General Meeting.

Necessary information pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Secretarial Standard 1 (SS-1) issued by ICSI,

in respect of directors to be appointed and re-appointed at the ensuing Annual General Meeting are given in the Annexure to the Notice convening the Annual General Meeting.

None of the Directors of your Company is disqualified for being appointed as directors, as specified in Section 164(2) and Rule 14(1) of Companies (Appointment and Qualification of Directors) Rules, 2014.

Key Managerial Personnel

During the year under review, the following directors/ executives continued as Key Managerial Personnel of the Company:

Mr Gautam Chatterjee, Managing Director & CEO
Mr Subir Chakraborty, Deputy Managing Director
Mr A K Mukherjee, Whole-time Director (DirectorFinance & CFO)
Mr Arun Mittal, Whole-time Director (DirectorAutomotive)
Mr Jitendra Kumar, Company Secretary & EVP - Legal & Administration

Declaration of Independence

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Act and SEBI Listing Regulations. There has been no change in the circumstances affecting their status as independent directors of the Company.

Board Evaluation

Pursuant to the provisions of the Act and SEBI Listing Regulations, the performance evaluation of the Board as a whole, and of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. This exercise was carried out in accordance with the Nomination & Remuneration Policy framed by the Company within the framework of applicable laws.

The Board carried out an annual evaluation of its own performance, as well as the evaluation of the working of its committees and individual directors, including Chairman of the Board. The performance evaluation of

all the directors was carried out by the Nomination and Remuneration Committee. The questionnaire and the evaluation process were reviewed in accordance with the SEBI guidance note on Board evaluation dated January 5, 2017, and suitably aligned with the requirements. While evaluating the performance and effectiveness of the

While evaluating the performance and effectiveness of the Board, various aspects of the Board’s functioning such as adequacy of the composition and quality of the Board, time devoted by the Board to the Company’s long-term strategic issues, quality and transparency of Board discussions, execution and performance of specific duties, obligations and governance were taken into consideration. Committee performance was evaluated on their effectiveness in carrying out respective mandates, composition, the effectiveness of the committees, the structure of the committees and meetings, independence of the committee from the Board, and contribution to decisions of the Board. A separate exercise was carried out to evaluate the performance of Independent Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution to Board deliberations, independence of judgement, safeguarding the interest of the Company and focus on the creation of shareholder’s value, ability to guide the Company in key matters, attendance at meetings, etc.

Considering the success of the Company in most spheres and the value delivered to all its stakeholders, it was evident that the Directors had been diligent, sincere and consistent in the performance of their duties. The Directors expressed their satisfaction with the evaluation process.

Nomination & Remuneration Policy

In accordance with the provisions of Section 178(3) of the Act and the SEBI Listing Regulations, Exide has a Nomination & Remuneration policy in place. The objectives and key features of this Policy are:

(a) Formulation of the criteria for determining qualifications, positive attributes of directors, Key Managerial Personnel (KMP) and senior management personnel and also independence of independent directors
(b) Aligning the remuneration of directors, KMPs and senior management personnel with the Company’s financial position, remuneration paid by its industry peers, etc.

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(c ) Performance evaluation of the board, its committees and directors including independent directors
(d) Ensuring board diversity
(e) Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down
(f) Directors’ induction and continued training

The Nomination & Remuneration Policy is available on the Company’s website under the link http://www. - exideindustries.com/investors/governance policies.aspx

Meetings

The Board meets at regular intervals to discuss and decide on Company/business policy and strategy apart from other items of business. The Board exhibits strong operational oversight with regular presentations by business heads to the Board. The Board and committee meetings are prescheduled and a tentative annual calendar of Board and committee meetings is circulated to the directors well in advance to help them plan their schedule and to ensure meaningful participation at the meetings.

During the year under review, five (5) board meetings and six (6) audit committee meetings were convened and held, the details of which are given in the Corporate Governance report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.

The details of the constitution of the Board and its Committees are given in the Corporate Governance report.

Compliance with Code of Conduct for the Board of Directors and Senior Management Personnel

All directors and senior management personnel have affirmed compliance with the Code of Conduct for the Board of Directors and Senior Management Personnel. A declaration to that effect is attached with the Corporate Governance report.

Compliance with Secretarial Standards on Board and Annual General Meetings

The Company has complied with Secretarial Standards

issued by the Institute of Company Secretaries of India on Board Meetings and Annual General Meetings.

Risk Management Policy

In accordance with the SEBI Listing Regulations, the Board of Directors of the Company is responsible for framing, implementing and monitoring the risk management plans of the Company. The Company has a “Risk Management Policy” to identify risks associated with the Company, assess its impact and take appropriate corrective steps to minimize the risks that may threaten the existence of the Company.

The Enterprise Risk Management (ERM) framework of the Company is comprehensive and robust enough to respond against any uncertainty. It has risk identification, analysis, evaluation and treatment mechanism, ensuring that smallest factor of uncertainty present in any layer is identified, evaluated and treated suitably. Annual risk assessment exercise is conducted in line with the framework, existing risks, their mitigation actions are evaluated and new risks are identified. Risk Management Committee (RMC) of the organization reviews the risks, adequacy of mitigating actions and also identifies the new risks.

The committee has half-yearly meetings as well as when triggered by a major risk. The executive committee of the Company reviews the risk register and effectiveness of mitigating actions and takes strategic decisions to ensure that organization successfully achieves the business objectives and fulfils expectations of all its stakeholder. Corporate Risk Register is reviewed annually by Board. An update on ERM activities is presented and deliberated upon in the RMC meetings on half yearly basis and at least once in a year at the Board level. The Audit Committee has additional oversight over financial risks and controls.

During the year under review, the RMC reviewed the potential impact of COVID-19 on the Company’s critical areas of operations like health & safety, customer, supplier, manufacturing, liquidity risk, etc. It also reviewed the mitigating factor and action initiated by the management to minimize the impact on the Company.

It noted that due to distinct surge in demand of both Automotive and Industrial batteries from Q2 of FY 2020-21, the Company was able to ride out challenges and risks in all areas of operations and gain comfortable liquidity position.

The Risk Management Policy is available on the Company’s website at the link https://www.exideindustries.com/ - about/policies certifications.aspx

Listing

The equity shares continue to be listed on the BSE Limited (BSE), National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Limited (CSE). The Company has paid the annual listing fee for the financial year 202021 to BSE, NSE and CSE.

Particulars of Contracts or Arrangements with Related Parties

All related-party transactions which were entered during the financial year were in the ordinary course of business and on an arms-length basis. There were no materially significant related-party transactions entered into by the Company with promoters, directors, key managerial personnel or other persons which may have a potential conflict with the interests of the Company.

All related-party transactions are placed before the Audit Committee for review and approval. Prior omnibus approval is also obtained from the Audit Committee for related-party transactions that are repetitive and can be foreseen, and accordingly the required disclosures are made to the Audit Committee on a quarterly basis in terms of the omnibus approval of the Committee.

The policy on materiality of related-party transactions and on dealing with related-party transactions as approved by the Audit Committee and the Board of Directors is uploaded on the website under link http:// - www.exideindustries.com/investors/governance policies.aspx

The disclosure of material related party transactions is required to be made under Section 134(3)(h) read with Section 188(2) of the Act and Rule 8 (2) of the Companies (Accounts) Rules, 2014 in Form AOC 2. Accordingly, related party transactions that individually or taken together with previous transactions during a financial year, exceed 10 per cent of the consolidated annual turnover as in the last audited financial statements, which were entered into during the year by the Company are enclosed as Annexure-V to this Report.

Your Directors draw your attention to Notes to the financial statements which set out related-party disclosures.

Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future

There are no significant material orders passed by the regulators/courts/tribunals which would impact the going-concern status of the Company and its future operations. However, the members’ attention is drawn to the statement on contingent liabilities and commitments in the notes forming part of the financial statements.

Conservation of energy, technology absorption and foreign exchange earnings

and outgo

Information pursuant to Clause (m) of Sub-Section (3) of Section 134 of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, is given in Annexure-VI.

Human Resources

Your Company recognizes its employees as its greatest asset and constantly strives to create an ecosystem of continuous learning to help our workforce be futureready.

Amidst the pandemic, the safety of our employees has been our top-most priority and the Company had taken several measures to ensure their well-being. Most of the employees in our offices had been working from home in accordance with the guidelines issued by the central, state and municipal authorities. The Company created an exclusive helpline namely “Exide Corona Mitra” for its employees for helping them to navigate issues arising out of the pandemic.

Your Company has been increasingly leveraging digital learning as a way to develop skills and enable learning on the go. This year under the umbrella of the “Exide Learning Academy” most of the functional trainings were conducted online. A social collaboration platform for employees called “Exide One” was launched to connect, collaborate and communicate amongst each other.

In line with our effort of culture building, the Company during the year under review initiated its “Exide Leadership Behaviour (ELB) 360 Degree survey” for its leadership and also identified “Exide Master Coaches” to further help in developing and nurturing talent for Exide in an ongoing basis.

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Exide continues to drive performance through a continuous evaluation process and a competitive performance-based bonus for its employees. The “You Did It” platform to recognize and reward top performers publicly continues to motivate our employees. This year, Recognition scheme for corporate functions called ‘Win it Now’ awards, have also been introduced by the Company.

High-quality leadership talent has also been infused across all functions to build a robust talent pipeline. The Industrial Relations scenario continued to be positive across all our manufacturing locations. During the year under review, wage settlements were successfully carried out. Sustained efforts were made towards building a transformational work culture by adopting industry best practices of flexible manufacturing, productivity enhancements, total quality management (TQM), workmen engagement, plant trainee schemes, quality circles, etc.

The total number of employees of the Company as on March 31, 2021, was 5,202.

Particulars of Employees

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the Report and financial statements are being sent to Members and others entitled thereto, excluding the information on employees’ particulars which will be available for inspection in electronic mode up to the date of AGM. Members can inspect the same by sending an email to [email protected]. Further, we confirm that there was no employee employed throughout the financial year or part thereof, who was in receipt of remuneration in the financial year which, in the aggregate, is in excess of that drawn by the Managing Director and Whole-time Directors and holds by himself or along with his spouse and dependent children, not less than two per cent of the equity shares of the Company.

The Managing Director & CEO and whole-time directors of the Company have not received any remuneration or commission from any of the subsidiary companies.

Particulars of employees pursuant to Section 197 of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are given in Annexure-VII.

Prevention of Sexual Harassment at Workplace

Exide has zero tolerance for sexual harassment at the workplace and has adopted a Policy on prevention, prohibition, and redressal of sexual harassment at the workplace in line with the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013, (‘the Act’) and Rules thereunder. It is committed to providing equal opportunities without regard to their race, caste, sex, religion, colour, nationality, disability, etc.

The Company has complied with provisions relating to the constitution of an Internal Complaints Committee which was reconstituted in May 2020. The Apex Internal Committee conducts meeting on a regular basis for updates and building awareness on the policy and provisions of the Act.

The Company had organized virtual sessions and awareness programmes for sensitizing employees on the issues and implications of workplace sexual harassment. These workshops not only help create a safe and conducive work environment to prevent any incidents of such nature, but also impart an awareness of legal laws. Virtual Workshops were also organized for the Internal Apex and Regional Committee members to understand their role as a committee member and comprehend the provisions of the Act in detail.

During the financial year 2020-21, no complaints were reported, and no case is pending as on end of financial year 2020-21.

Directors’ Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c ) of the Act:

a. That, in the preparation of the annual financial statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any
b. That the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;
c. That the Directors have taken proper and sufficient expressions as they relate to the Company and/or its care for the maintenance of adequate accounting businesses are intended to identify such forward-looking records in accordance with the provisions of this Act statements. The Company undertakes no obligation to for safeguarding the assets of the Company and for publicly update or revise any forward-looking statements, preventing and detecting fraud and other irregularities; whether as a result of new information, future events, or otherwise. Actual results, performance or achievements
d. That the Directors have prepared the annual accounts could differ materially from those expressed or implied in
on a going-concern basis; such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking
e. That proper internal financial controls were in place statements that speak only as of their dates. This Report
and that the financial controls were adequate and should be read in conjunction with the financial statements
were operating effectively; and included herein and the notes thereto.
f. That systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

Acknowledgement

Your Directors would like to record their appreciation for the enormous personal efforts as well as the collective contribution of all the employees to the Company’s performance. The directors would also like to thank the Company’s customers, employee unions, shareholders, dealers, suppliers, bankers, government agencies and all stakeholders for their co-operation and support to the Company and the confidence reposed on the management.

Forward-Looking Statements

This report contains forward-looking statements that involve risks and uncertainties.

When used in this Report, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, and other similar

On behalf of the Board of Directors Sd/Sd/- Bharat D Shah Gautam Chatterjee Chairman Managing Director & CEO DIN: 00136969 DIN: 00012306 Place: Mumbai Place: Kolkata

Date: 29.04.2021

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Annexure I

Secretarial Audit Report

For the Financial Year Ended 31.03.2021

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

We have followed the audit practices and processes as were appropriate to the best of our understanding to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed, provide a reasonable basis for our opinion.

The Members,

Exide Industries Limited

Exide House 59 E, Chowringhee Road Kolkata - 700020 West Bengal

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Exide Industries Limited having its Registered Office at Exide House, 59 E, Chowringhee Road, Kolkata – 700020, West Bengal (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

We have not verified the correctness, appropriateness and bases of financial records, books of accounts and decisions taken by the Board and by various committees of the Company during the period under scrutiny. We have checked the Board process and compliance management system to understand and to form an opinion as to whether there is an adequate system of seeking approval of respective committees of the Board, of the Board, of the members of the Company and of other authorities as per the provisions of various statutes as mentioned hereinafter.

Based on our verification of the books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended 31.03.2021 complied with the statutory provisions listed hereunder and also that the Company has proper Boardprocesses and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.

Wherever required we have obtained the management representation about the compliance of the laws, rules and regulations and happening of events, etc.

In certain cases, we have relied upon the accuracy of the documents and information as shared by the Company with us through appropriate Information Technology tools to assist us in completing the secretarial audit work due to unprecedented situation prevailing in the Country due to CoVID-19 virus pandemic and the same is subject to physical verification by us post normalization of the situation in due course.

Auditors’ Responsibility

Maintenance of Secretarial Records is the responsibility of the management of the Company. Our responsibility is to express an opinion on existence of adequate Board process and compliance management system, commensurate to the size of the Company, based on these secretarial records as shown to us during the said audit and also based on the information furnished to us by the officers’ and the agents of the Company during the said audit.

The Compliance of the provisions of Corporate and other applicable laws, rules, regulations and standards is the responsibility of the management. Our examination was limited to the verification of compliance procedures on test basis.

Our report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness or

to the extent of its applicability to the Company during the financial year ended 31.03.2021 and our examination and reporting is based on the documents, records and files as produced and shown to and the information and explanations as provided to us by the Company and its management and to the best of our judgment and understanding of the applicability of the different enactments upon the Company. Further, to the best of our knowledge and understanding there are adequate systems and processes in the Company commensurate with its size and operation to monitor and ensure compliances with applicable laws including general laws, labour laws, competition law, environmental laws, etc. During the period under review the Company has complied

accuracy with which the management has conducted the affairs of the Company.

We report that, we have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended 31.03.2021 according to the provisions of (as amended) :

(i) The Companies Act, 2013 (the Act) and the rules made there under;
(ii) Secretarial Standards as issued by The Institute of Company Secretaries of India;
(iii) The Securities Contracts (Regulation) Act, 1956 and the rules made there under;

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. as mentioned above.

(iv) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

During the period under review, provisions of the following regulations/guidelines/standards were not applicable to the Company:

(v) Foreign Exchange Management Act, 1999 and the rules and regulation made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(i) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;
(vi) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992:
(ii) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(iii) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011;
(iv) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation, 2018;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (v) The Securities and Exchange Board of India (Delisting (Registrars to an Issue and Share Transfer Agents) of Equity Shares) Regulations, 2009. Regulations, 1993 regarding the Companies Act We further report that :
and dealing with client;
(a) The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place, if any, during the period under review were carried out in compliance with the provisions of the Act.
(d) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We further report that, having regard to the compliance system prevailing in the Company and on examination of the relevant documents and records in pursuance thereof, on test-check basis, the Company has specifically complied with the provisions of the following Acts:

(b) Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
Legal Metrology Act, 2009;
The Environment (Protection) Act, 1986 and various Rules thereunder as issued by Ministry of Environment, Forest and Climate Change, Government of India;

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(c) Majority decision is carried through while the dissenting members’ views, if any, are captured and recorded as part of the minutes.
(d) There are adequate systems and processes in the Company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

For A. K. LABH & Co.

Company Secretaries

Sd/-

(CS A. K. LABH)

Practicing Company Secretary FCS – 4848 / CP No.- 3238 UIN : S1999WB026800 UDIN : F004848C000211857

We further report that :

In the light of heightened concern on spread of Covid-19 across the nation during the year under report, the Company had temporarily suspended its operation of certain facilities at its Plants and Offices for certain period.

Place : Kolkata Dated : 29.04.2021

Annexure II

Business Responsibility Report 2020-21

About this Report

About Exide Industries Limited

Sustainability continues to be a core issue for mainstream business and will become more so in the post-pandemic world. Enterprise sustainability is a strategic business concept that organizations have to embed in their corporate culture for legal compliance and engagements with stakeholders. In an increasingly interconnected world, Exide Industries Limited (“Exide” or “the Company”) does its best to make its business strategy more sustainable as it sets benchmarks in excellence. The aim, as always, is to become a global powerhouse respected by customers, preferred by investors and known for innovative products and solutions.

Exide has been one of India’s most reliable brands for more than seven decades, enjoying an unrivalled reputation and recall among users of automobile batteries and other storage batteries. A leader in packaged-power technology, Exide today is India’s largest storage battery company with the widest range of both conventional flooded batteries as well as the latest in VRLA or valveregulated lead-acid batteries. Our constant emphasis on innovation, extensive geographic footprint, strong relationship with marquee clients and continuous technology upgrades with global business partners have made us a distinct frontrunner in lead-acid storage batteries for both automotive and industrial applications. Exide Industries designs, manufactures, markets and sells the widest range of lead-acid storage batteries in the world to cover the broadest spectrum of applications. Very few companies in the world can match Exide’s range and scale of manufacturing operations at its ten factories across the country. Exide’s manufacturing facilities have the world’s latest and most advanced machinery. The Company is constantly upgrading and acquiring technology to meet the ever-increasing demands of its customers. In addition to having the latest in-house R&D Centre recognized by the Government of India’s Department of Scientific & Industrial Research (DSIR), Exide also acquires new technology through technical collaboration agreements with leading international battery manufacturers. Out of the ten factories, seven factories are dedicated to manufacturing batteries, the other two for UPS or uninterruptible power supply systems for homes and one for battery charging. Using the latest technology, we manufacture batteries for the automotive, power, telecom, infrastructure projects and computer industries, as well as the railways, mining and defence sectors.

The top leadership of Exide drives Business Responsibility, Corporate Social Responsibility (CSR) and governance of sustainability within the organization. Our Board and CSR Committee formulate, revise and update the CSR Policy that governs the implementation of all our CSR initiatives, in line with Section 135 of the Companies Act, 2013. Exide’s governance philosophy embraces the tenets of trusteeship, transparency, empowerment and accountability, control and ethical corporate citizenship. Trusteeship recognizes that large corporations have both an economic and a social purpose, so the Board of Directors has to protect and enhance shareholder value, as well as fulfil obligations to other stakeholders.

This Business Responsibility Report complies with our accountability towards all our stakeholders. The report enumerates details required by the Securities & Exchange Board of India guidelines along with the nine principles of the Government of India’s ‘National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business’. It summarizes our efforts to conduct business responsibly.

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Section A: General Information about the Company

Corporate Identity Number (CIN) of the Company: L31402WB1947PLC014919
Name of the Company: Exide Industries Limited
Registered address: Exide House, 59E Chowringhee Road, Kolkata 700020, West Bengal, India 4. Website: www.exideindustries.com

4.	Website:www.exideindustries.com
5.	Email id:[email protected]
6.	Financial Year reported: 2020-21
7.	Sectors that the Company is engaged in (industrial activity code-wise)
	Industrial Activity Code	Product Category
	(as per Central Excise Tariff Code)
	272	Manufacture of batteries and accumulators
	279	Manufacture of other electrical equipment

1. Corporate Identity Number (CIN) of the Company: L31402WB1947PLC014919 2. Name of the Company: Exide Industries Limited 3. Registered address: Exide House, 59E Chowringhee Road, Kolkata 700020, West Bengal, India 4. Website:www.exideindustries.com	1. Corporate Identity Number (CIN) of the Company: L31402WB1947PLC014919 2. Name of the Company: Exide Industries Limited 3. Registered address: Exide House, 59E Chowringhee Road, Kolkata 700020, West Bengal, India 4. Website:www.exideindustries.com
5. Email id:[email protected]
6. Financial Year reported: 2020-21
7. Sectors that the Company is engaged in (industrial activity code-wise)
Industrial Activity Code (as per Central Excise Tariff Code)	Product Category
272	Manufacture of batteries and accumulators
279	Manufacture of other electrical equipment
8. List of three key products that the Company manufactures (as in balance sheet):
a. Electric storage batteries used for starting piston engines
b. Other Lead-Acid Accumulators
c. Home UPS systems
9. Total number of locations where business activity is undertaken by the Company
i. Number of international locations	Three
	Sri Lanka
	Singapore
	UK
ii. Number of national locations	Ten Factories
	Ahmednagar
	Bawal
	Chinchwad
	Haridwar
	Roorkee
	Taloja
	Haldia
	Hosur
	Shyamnagar
	Prantij

Markets served by the Company – Local/State/National/International

The Company has a pan-India market presence through its extensive network of over 55,000 direct and indirect dealers across India. Additionally, we serve markets in over 60 countries in the Middle East, South East Asia, Africa, Europe and the Americas.

Section B: Financial Details of the Company

Section B: Financial Details of the Company
1. Paid-up Capital (INR)	`H`85 crore
2. Total net turnover	`H`10,040.84 crore
3. Total profit after taxes	`H`758.28 crore
4. Total spending on Corporate Social Responsibility as a percentage of profit after tax	`H`20.94 crore (2.76 per cent)
5. List of activities in which expenditure in 4 above has been incurred

Corporate Social Responsibility has always been a tool for creating positive and sustainable developmental impact on society at large through various activities. The social investment projects revolve around the core thematic areas—basic education, health, environment management, women empowerment and community development. These thematic areas continue to remain the main pillars of Exide’s CSR philosophy.

The Company invested H 2,093.59 lakh in FY 2020-21 to successfully execute numerous CSR projects across all locations, including the manufacturing units at Haryana, Maharashtra, Tamil Nadu, Uttarakhand, West Bengal and at the national level. The projects were undertaken either directly by the Company or through its several partner organizations.

As a socially responsible citizen, the Company provided its financial support for several COVID-19 related relief services. These included support for critical medical equipment, distribution of personal protective equipment and personal sanitization kits for medical professionals, health workers, police personnel, sanitation workers and rural population around its manufacturing units and also at its Head Office in Kolkata. The employee volunteering activities engaged employees, their families, vendors, local administration and community stakeholders across all locations irrespective of the critical pandemic condition. In association with YUVA Unstoppable, the engagement initiative leveraged volunteers to distribute nutrition, hygiene and immunity booster kits across all the schools adopted by the organization over the last few years.

During the year under review, the Company collaborated with local partnerships, especially for education support, employment enhancing vocational skill development training programme, health-related and public sanitation projects, women empowerment through training and livelihood enhancement programmes. The local partnerships included Haltu Arya Balika Vidyalaya, The Art of Living Foundation - Project UDAAN, Child in Need Institute (CINI), CII Foundation, Sukriti Welfare Association for Women Entrepreneurs, South Gurukul Society, Udayan Care and The Bengal Chamber of Commerce & Industry. Among the national partner organizations through which the Company executed its healthrelated CSR projects were Diabetics Association of India, Society for the Rehabilitation of Paraplegics, Marrow Donor Registry (India), Indian Cancer Society, Cankids…Kidscan, Ramakrishna Mission and Bharat Sevashram Sangha. At the plant level, the Company acted directly through the dedicated CSR teams at Exide and its subsidiaries.

Section C: Other Details

As on March 31, 2021, your Company has eight (8) subsidiary companies, out of which five (5) are registered in India and three (3) abroad. i. Exide Life Insurance Company Limited (ELI), India ii. Chloride Metals Limited (CML), India iii. Chloride Power Systems & Solutions Limited (CPSSL), India iv. Chloride International Limited (CIL), India v. Exide Leclanche Energy Private Limited (ELEPL), India vi. Chloride Batteries S.E. Asia Pte Limited (CBSEA), Singapore vii. Espex Batteries Limited (ESPEX), UK viii. Associated Battery Manufacturers (Ceylon) Limited (ABML), Sri Lanka

1. Does the Company have any subsidiary company/ companies?

2. Do the subsidiary Company/companies participate in the BR initiatives of the parent Company? If yes, then indicate the number of such subsidiary company(s).

The Company involves its subsidiaries in BRR initiatives. All subsidiaries are guided by Exide’s values and code to conduct business in an ethical, transparent and accountable manner. Two subsidiary companies, viz., Chloride Metals Limited (CML) and Exide Life Insurance Company Limited (ELI), have their CSR activities and sustainability initiatives completely aligned with the overall parent organizational framework for planning, execution, management and monitoring.

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3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More than 60%]

Suppliers and distributors are critical to the Company’s supply-chain sustainability. The Company has several programmes to engage suppliers in BRR initiatives. The Supplier Sustainability programme for developing suppliers’ capability on key facets of sustainability—risk management, safety, health and environment etc is one such initiative that engaged many small and medium suppliers. The Company regularly conducts Technology, Quality and Efficiency improvement initiatives involving the suppliers. Many of the Company’s suppliers and other business associates are established entities in the organized sector. The Company has several OEMs as customers. Most of such entities follow their business responsibility initiatives. Overall, 30-60 per cent suppliers/ customers participate in various business responsibility initiatives.

Section D: BR Information

1. Details of Director/Directors responsible for BR

1. Details of Director/Directors responsible for BR	1. Details of Director/Directors responsible for BR	1. Details of Director/Directors responsible for BR
a. Details of the Director/Directors responsible for the implementation of the BR policy/policies • DIN Number 00012306 • Name Mr Gautam Chatterjee • Designation Managing Director & Chief Executive Officer b. Details of the BR head • DIN Number The Executive Committee, comprising of Key Managerial Personnel, oversees the implementation of the BR Policies • Name • Designation • Telephone Number +91 33 23023400 • Email id [email protected]
• DIN Number		00012306
• Name		Mr Gautam Chatterjee
• Designation		Managing Director & Chief Executive Officer
b. Details of the BR head
• DIN Number		The Executive Committee, comprising of Key Managerial Personnel, oversees the implementation of the BR Policies
• Name
• Designation
• Telephone Number		+91 33 23023400
• Email id		[email protected]

2. Principle-wise (as per NVGs) BR Policy/policies

(a) Details of compliance (Reply in Y/N)

Sl. No	Questions	Business Ethics	Product Responsibility	Wellbeing of Employees	Stakeholder Engagement	Human Rights	Environment	Public Policy	CSR	Customer Relations
		P1	P2	P3	P4	P5	P6	P7	P8	P9
1	Do you have a policy for	Y*	Y*	Y	Y	Y	Y	N	Y	Y*
2	Has the policy being formulated in consultation with the relevant stakeholders	Y	Y	Y	Y	Y	Y	N	Y	Y
3	Does the policy conform to any national/ international standards? If yes, specify? (50 words)
4	Has the policy been approved by the board? If yes, has it been signed by the MD/Owner/CEO/ appropriate board director?	Y	Y	Y	Y	Y	Y	N	Y	Y

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Sl.
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No
P1 P2 P3 P4 P5 P6 P7 P8 P9
Business Ethics Product Responsibility Wellbeing of Employees Stakeholder Engagement Human Rights Environment Public Policy CSR Customer Relations
Overview Corporate
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5	Does the Company have a specified committee of the Board/ Director/ Official to oversee the implementation of the policy?	Y	Y	Y	Y	Y	Y	N	Y
6	Indicate the link for the policy to be viewed online	(i)	(i)	(ii)	(i) & (iii)	(v)	(iii)	N	(iv)
7	Has the policy been formally communicated to all relevant internal and external stakeholders?	Y	Y	Y	Y	Y	Y	N	Y
8	Does the Company have an in-house structure to implement the policy/policies?	Y	Y	Y	Y	Y	Y	N	Y
9	Does the Company have a grievance redressal mechanism related to the policy/policies to address stakeholders’ grievances related to the policy/policies?
10	Has the Company carried out independent audit/revaluation of the working of this policy by an internal or external agency?

ii) http://docs.exideindustries.com/pdf/policies-certifications/human-resource-policy.pdf iii) http://docs.exideindustries.com/pdf/policies-certifications/sustainability-policy.pdf http://docs.exideindustries.com/pdf/policies-certifications/env-health-&-safety-policy.pdf https://docs.exideindustries.com/pdf/policies-certifications/RISK-MANAGEMENT-POLICY.pdf (iv) https://www.exideindustries.com/investors/governance-policies.aspx (v) http://docs.exideindustries.com/pdf/policies-certifications/human-rights-policy.pdf

(b) If the answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)

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Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
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Sl. No	Questions	P6 P7
1	The Company has not understood the principles	Currently at a draft stage
2	The Company is not at a stage where it finds itself in a position to formulate and implement the policies on specified principles
3	The Company does not have financial or manpower resources available for the task
4	It is planned to be done within the next six months
5	It is planned to be done within the next 1 year
6	Any other reason (please specify)

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3. Governance related to BR

(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO assess the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than one year

The Executive Committee, comprising of the Key Management Personnel, is responsible for the strategic day-to-day management. This Committee of the Company oversees the implementation of and monitors the BR performance periodically. This Committee meets every month; however, the BR performance on an average is assessed in 3-6 months.

(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently is it published?
Yes, the Company has been publishing a business responsibility report as part of the annual report. The report has been aligned with the National Voluntary Guidelines on Social, Environmental and Economic responsibilities of business, released by the Ministry of Corporate Affairs and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report is published yearly.

Section E: Principle-wise Performance

Principle 1

Businesses should conduct and govern themselves with Ethics, Transparency and Accountability

(1) Does the policy relating to ethics, bribery and corruption cover only the Company?

The policies governing these subject cover employees, vendors and also subsidiaries of the Company. The Company is committed to conducting its business by adopting the highest standards of professional integrity and ethical behaviour. Towards this end, the Company has adopted a “Code of Conduct” for Directors and Senior Management Personnel that lays down the principles and standards governing the leadership team’s actions.

The Company has a vigil mechanism governed by the “Whistle Blower Policy” for employees and stakeholders of Company to report genuine concerns about unethical behaviour, actual or suspected, fraud or violation of Company’s Code of Conduct. Through this, it has placed mechanism for ensuring confidentiality and protecting the whistle-blower from any harassment/victimization, retaliation, the threat of termination of service, appropriate action, transfer, demotion, refusal of promotion, or the like including any direct or indirect use of authority to obstruct the whistle-blower’s right to continue to perform his/her duties/functions including making further protected disclosure. The policy is monitored by the Chairman of the Audit Committee and the Whistle Officer of the Company.

(2) Does it extend to the Group/Joint Ventures/ Suppliers/ Contractors/NGOs/Others?

Yes, it extends to vendors, suppliers and also subsidiaries of the Company. Vendors, suppliers and contractors, and their employees are covered by the written Code of Business Conduct that all vendors have to accept before supplying anything to the Company and comply with during the life of the business association.

(3) How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily resolved by the management? If so, provide details in about 50 words.

During the financial year 2020-21, no complaint was received relating to ethics, bribery or corruption from any stakeholder.

Principle 2

Businesses should provide goods and services that are safe and contribute to sustainability throughout their lifecycle

1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and or opportunities

I. FT product range for Export Telecom Application: The product is free of cadmium, which makes it environment friendly, and comes with Lead-TinCalcium based alloy & recombinant technology

for low gassing and minimal water-loss, making this product free of periodic after topping up

II. Advanced Valve-Regulated Lead-Acid (VRLA) technology for Telecom: Reduces water loss/ does not require water top-up by the consumer; saves energy as the required recharge energy is significantly lower than that of conventional flooded-type cells/batteries;
III. EFB & ISS Battery for Automotive: Improves the fuel efficiency of vehicles and the relative life of the battery.

2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of product (optional):

i. Reduction during sourcing/production/ distribution achieved since the previous year throughout the value chain?
ii. Reduction during usage by consumers (energy, water) has been achieved since the previous year?

The Company has implemented various management programmes to reduce the consumption of energy, water and natural resources and comply with the International Standard on Environment Management (ISO 14001). Energy is a key focus area for the Company. There is a corporate head to monitor, control and improve energy consumption and implement the best practices. Some of the corporate focus programmes include solar energy projects for factories.

The Company practises TPM, a Japanese manufacturing excellence practice, across all its manufacturing factories. The Japan Institute of Plant Maintenance has given TPM Excellence awards to six factories. Through a pillar-based approach, there is a focused initiative to improve the yield of lead, which is the critical raw material.

3. Does the Company have procedures in place for sustainable sourcing (including transportation)?

(a) If yes, what percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.

Lead, the main raw material for the Company’s products, is sourced either through mining or

  - by recycling lead/lead-based products. The Company is gradually increasing the quantity of recycled lead in its products and has created an elaborate system to collect used batteries, mainly through its dealers. The Company has also acquired two lead smelting units for captive consumption. At present, the Company meets close to 40 per cent of its lead and lead alloy requirements from recycled lead. The vendors are assessed through a stringent onboarding system that is part of the E-sourcing mechanism. They have to comply with regular audits for maintaining the sustainability perspectives in line with the Vendor Policy of the Company.

4. Has the Company taken any steps to procure goods and services from local and small producers, including communities surrounding their place of work?

(a) If yes what steps have been taken to improve their capacity and capability of local and small vendors?

The Company’s manufacturing facilities are at ten locations across India. In each of the locations, the Company has taken special measure to make small vendors an integral part of its supply chain. The key service inputs for manufacturing are sourced locally in almost all locations. The manpower suppliers/ contractors/ maintenance, etc. are some of the key services taken locally from small vendors. The Company encourages and develops local manufacturers and small enterprises for the supply of various locally procurable goods, e.g., boxes, charging and small-parts manufacturing. It also gives regular technical assistance to such enterprises to upgrade and maintain the quality and sustainability of the products they manufacture. New vendors are added every year for different categories of material supply and job work.

5. Does the Company have a mechanism to recycle products and waste? If yes, what is the percentage of recycling of products and waste? (Separately as < 5%, 5-10%, >10%). Also, provide details thereof in about 50 words or so.

The Company has a structured process to ensure the recycling of products and waste generated during the process. Dealers collect old batteries at the end of the product life from the customer. The Company has taken a special initiative to scale up the registration

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of dealers with state pollution control boards for improved accountability regarding the recycling of used batteries.

The Company also has a wholly-owned subsidiary, Chloride Metals Limited (CML), to process these batteries and extract lead in an environment-friendly way. The extracted lead is a key input for the battery. During the process, waste generated in the form of rejects or waste is recycled. The Company ensures optimal usage of raw materials and emphasizes the recycling of waste generated during the manufacturing process, and promotes recycled materials. Our subsidiary CML has two captive smelting plants for recycling lead. To support the recycling volume, the Company is expanding the capacity and setting up a smelting facility in West Bengal.

Apart from this, the packaging material used by the Company also contains recycled paper to a significant extent. Also, most of the plants use recycled grey water for cleaning and gardening purposes. All the manufacturing and one of the smelting units are certified under the environmental management system ISO 14001. As a result, all these locations have a robust waste management system that ensures plastic recycling for battery manufacturing.

Principle 3

Businesses should promote the wellbeing of all employees

Please indicate the total number of employees – 5,202
Please indicate the total number of employees hired on temporary/contractual/casual basis – 10,858
Please indicate the number of permanent women employees – 115
Please indicate the number of permanent employees with disabilities – Nil
Do you have an employee association that is recognized by the management – Yes
What percentage of your permanent employees are members of this recognized employee association? – 53.9%
Please indicate the number of complaints relating to child labour, forced labour, involuntary labour

and sexual harassment in the last financial year and pending as on the end of the financial year.

Sr. No.	Category	No. of complaints filed during the financial year	No. of complaints pending as on end of the financial year
1	Child labour/ forced labour/ involuntary labour	Nil	Nil
2.	Sexual harassment	Nil	Nil
3.	Discriminatory employment	Nil	Nil

8. What percentage of your under-mentioned employees were given safety training and training for upgrading skills in the last year?

Permanent employees – 42 per cent
Permanent women employees – 20 per cent
Casual/temporary/contractual employees – 17 per cent
Employees with disabilities – Nil

Principle 4

Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalized

1. Has the Company mapped its internal and external stakeholders? Yes/No

Yes. The Company has mapped its internal and external stakeholders as follows: Internal Stakeholders: All Employees

External Stakeholders: Customers, dealers, vendors, technical collaborators, suppliers, shareholders, regulatory authorities, NGOs, social institutions, communities around our operations and members of the society at large who are directly or indirectly impacted by the Company’s operations.

2. Out of the above, has the Company identified the disadvantaged, vulnerable and marginalized stakeholders?

Yes. The Company’s factories are in semi-urban or rural areas where many basic amenities for the inhabitants are absent or minimal. The Company has identified the inhabitants of several neighbouring villages in the vicinity of its factories as the disadvantaged, vulnerable and marginalized stakeholders.

3. Are there any special initiatives taken by the Company to engage with the disadvantaged, vulnerable and marginalized stakeholder? If so, provide details thereof, in about 50 words or so.

The Company took up specific initiatives based on need assessment, especially for the disadvantaged, vulnerable and marginalized stakeholders. The Company took up such initiatives by partnering with Cheshire Homes Kolkata, CII Foundation, Project UDAAN, Child in Need Institute (CINI), Udayan Care, Bharat Sevashram Sangha and India Sponsorship Committee. These initiatives revolved around support for appropriate education, nutrition and health support for girl students, young women with disabilities, pregnant women and complete rehabilitation programmes for destitute children.

Parallel initiatives were also implemented directly by some manufacturing units for health care, sanitation and livelihood enhancement programmes, especially for women from vulnerable backgrounds around the plant locations, to improve their quality of life. Some such significant initiatives were COVID-19 relief services across all the plants and in Kolkata by way of PPE kits, dry rations, community sanitization, critical medical equipment, nutrition, hygiene and immunity booster kits to the worst affected populations.

Principle 5

Businesses should respect and promote human rights

1. Does the policy of the Company on human rights cover only the Company or extend to the Group/Joint Ventures/Suppliers/Contractors/ NGOs/others?

Human rights policy has been defined and communicated to all stakeholders. The areas specially covered are child labour, work hours, wages, forced

labour, human trafficking, safe and healthy workplace, valuing diversity and community and stakeholders’ engagement. The policy is communicated to suppliers, and it is governed by the business code of conduct. All suppliers have signed the business code of conduct. 2. How many stakeholder complaints have been

2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily resolved by the management?

None.

Principle 6

Business should respect, protect and make efforts to restore the environment

1. Does the policy related to Principle 6 cover only the Company or extends to the Group/ Joint Ventures/Suppliers/Contractors/NGOs/ others?

The Company’s environment policy is communicated to all Company employees, subsidiaries, suppliers and all its stakeholders.

2. Does the Company have strategies/initiatives to address global environmental issues such as climate change, global warming etc? Y/N. If yes, please give hyperlink for webpage, etc.

The Company recognizes that climate change is a real threat facing not just the Company but the entire global community. Green supply chain through E-sourcing, lithium-ion technology, East Penn Punch Plate Technology, projects related to solar power, and solar battery manufacturing technology are some of the key strategies. Environmental impact assessment and plantation in factories are some of the initiatives in practice.

The Company has a large product pipeline to support the demand and usage of solar energy initiatives. The Company has a well laid down Environment and Sustainability policy and is always striving to implement measures to reduce GHG emissions.

The Environmental Policy of the Company may be viewed at www.exideindustries.com.

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3. Does the Company identify and assess potential environmental risks? Y/N

Yes. The Company and its subsidiaries have a risk management process that actively identifies, assesses and addresses potential environmental risks and takes pre-emptive actions to mitigate such risks. The manufacturing units and subsidiaries have a risk management framework. The vendors are also covered under the vendor sustainability model. Major vendors are already engaged for training and disseminating information on risk management. The engagement sessions with smaller vendors are in process. We have implemented the ISO 14001 system in all our factories and compliance is ensured. Aspect and Impact study of our operations/activities are identified and measures are ensured to reduce the impact on the environment through our operations/activities. Environmental incidents and improvements done are monitored.

4. Does the Company have any project related to Clean Development Mechanism? If so, provide details thereof in about 50 words or so. Also, if yes, whether any environmental compliance report is filed.

With clean development in mind, the Company is optimizing the SCM to reduce the carbon emissions in the distribution network by reducing shipment distances and setting up warehouses near supply locations. Such warehouses will reduce unnecessary vehicle movement pan India and reduce carbon emissions. All manufacturing units and the smelting unit of our subsidiary CML, along with the industrial regional offices, are ISO 14001-certified. Clean Development Mechanism (CDM) is stringently followed as part of the compliance system of the certification. The Company monitors air, water and noise emissions regularly and these are regulated in line with the prescribed norms for monthly reporting to the SPCBs at each location. Many of the Company’s products are meant to provide clean energy or to replace polluting technologies. The Company is also engaged in the renewable energy and solar power business as it manufactures batteries for solar power systems. The Company also manufactures batteries for hybrid vehicles and so contributes to the movement towards reducing dependence on fossil fuels.

The Company has also undertaken various projects

for the use of renewable energy, viz., solar and wind power, in its various plants, which should help reduce its carbon footprint. As stated earlier, proactive steps are taken to reduce GHG emissions continually.

5. Has the Company undertaken any other initiatives on clean technology, energy efficiency, renewable energy, etc. Y/N. If yes, please give hyperlink for webpage, etc.

Yes. There is a constant focus at all level in the Company to conserve energy and use it efficiently. This is the key to financial success also, as energy is one of the important cost elements of conversion cost. Your Company has been implementing shortand long-term actions to improve energy efficiency as its commitment toward minimizing the effects of factors in climate change. Your Company has a mechanism to excel in this area. Regular reviews are done to evaluate the progress and effectiveness of various ongoing initiatives to reduce energy consumption. Rooftop panels have been installed in the factories to produce solar energy, an energy audit is done, and recommendations are acted on. The Company has been progressively reducing its energy and raw material consumption per unit of battery manufactured. The Annexure to the Director’s Report contains details of the steps taken to conserve energy during the financial year 2020-21. We do VA/VE or value analysis/ value engineering in our products to reduce the lead consumption in the product so that we can reduce the consumption of natural resources and as our product is hazardous, this will also reduce hazardous waste.

6. Are the emissions/waste generated by the Company within the permissible limits given by CPCB/SPCB for the financial year being reported?

Yes. All factories comply with CPCB/SPCB requirements with the prescribed emission norms. A legal register and compliance evaluation process are in place at all the manufacturing and smelting units. All the factories of the Company comply with various norms of the state or central pollution control boards. The Company’s factories have also obtained international certifications for environmental management and cleanliness. A government official and third-party auditors of the certification bodies verify these reports every year during their

visit to factories.

7. Number of show-cause/legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as on end of the financial year.

No show-cause or legal notices from the pollution control authorities are pending as at the end of the financial year 2020-21.

Principle 7

Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner

1. Is your Company a member of any trade and chamber or association? If yes name only those major ones that your business deals with:

The major industry associations of which the Company is a member include:

Bengal Chamber of Commerce and Industry

Confederation of Indian Industry
Engineering Export Promotion Council of India
Society of Indian Automobile Manufacturers
Indian Electrical & Electronics Manufacturers Association and
Indian Battery Manufacturers’ Association

2. Have you advocated/lobbied through the above associations for the advancement or improvement of public good? Yes/No; If yes, specify the broad areas (drop box: Governance and Administration, Economic Reforms, Inclusive Development Policies, Energy Security, Water, Food Security, Sustainable Business Principles, Others)

Through joint actions with various pollution control authorities and other associations, public awareness campaigns have been organized regarding the responsible use of lead and its proper disposal. The Company also took an active role in formulating the legislation for responsible handling and management of used lead-acid batteries. Apart from this, the Company is represented on the governing bodies and several committees — both at the state and national levels— of CII and the Bengal Chamber of Commerce

& Industry. Through these forums, the Company actively participates in various issues concerning business and society.

Principle 8

Businesses should support inclusive growth and equitable development

1. Does the Company have specified programmes/ initiatives/ projects in pursuit of the policy related to Principle 8? If yes, details thereof. The Company considers sustainable development important for inclusive growth and equitable development. During FY 2020-21 the Company engaged in several socially inclusive and developmental projects. These were implemented both at the national level and around the adjoining areas of all the plants and subsidiary units. Continued development of model schools, livelihood programmes especially for women, watershed management projects, diverse health care programme including diverse relief services for COVID-19 exigencies across all locations, substantial investment for rehabilitation of vulnerable communities including children with disability, women and senior citizens from vulnerable and marginalized backgrounds, strategic rural development projects all provides testimony and adherence to the gamut of inclusive growth and equitable development in pursuit of the policy related to Principle 8.

2. Are the programmes/projects undertaken through in-house team/own foundation/ external NGO/government structures/any other organization?

As mentioned in section: B Question No. 5, the Company executed CSR investments through reputable NGOs/ government institutions and government schools. All projects around manufacturing units were implemented through in-house and dedicated CSR teams at each plant led by the Central CSR team.

3. Have you done any impact assessment of your initiative?

Yes. CSR projects have been analyzed for their impact on the target beneficiaries by third-party assessment organization for all the CSR interventions across all projects both for the parent company and the subsidiary.

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4. What is your Company’s direct contribution to community development projects – amount in INR and the details of the projects undertaken

Overall the Company has spent over 100% of the mandatory budget of H 2,093.59 lakh on CSR projects during 2020-21, mainly for promoting education, support for health with special emphasis on COVID-19 diverse relief services, promoting environmental sustainability and conservation of natural resources, women empowerment and unique livelihood enhancement programme which brought in inclusive growth, empowerment and insightful transformations within the beneficiary communities. Direct interventions were made through significant social investments projects across all plant locations in Haryana, Uttarakhand, Maharashtra, West Bengal and Tamil Nadu. Similar projects were also undertaken at the subsidiary plant locations in Maharashtra and Karnataka. The year was dedicated to employee volunteering engagements, especially for COVID-19 relief services ranging from distribution of community sanitization kits and PPE to nutrition and immunity booster kits to vulnerable populations around the plants and for all the students and their families from all the government schools adopted over the last few years.

5. Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please explain in 50 words or so.

Community development initiatives are planned and undertaken based upon need assessment done within the communities, which ensures the successful involvement of the communities from the project planning and implementation phase for more accountability and inclusive growth. This process enables better ownership and sustainable development in the long run once the CSR interventions cease to operate. The communities always aligned to adopt and adapt accordingly. Infrastructure projects specifically for educational institutions have made a significant difference to the schools. Such projects have helped sustain the current capacity and have also ensured that the admissions increase and school dropouts get reversed. Projects like women empowerment for livelihood and healthcare, health check-up camps, community solid waste management systems and watershed management are some of the successful models initiated in association with the community

and the local administration to ensure that community ownership and accountability make it sustainable. Special care is taken to handhold projects for a longer period till the communities get capacitated with the regular management for ensured sustainability of the CSR initiatives

Principle 9

Businesses should engage with and provide value to their customers and consumers in a responsible manner

1. What percentage of customer complaints/ consumer cases are pending as at the end of the financial year?

The Company resolves customer complaints promptly and has taken a drive to close calls within 24 hours. There is an escalation matrix in case complaints are not resolved promptly. Overall, the percentage of pending complaints is 0.28 per cent in the consumer forum and 0.27 per cent in the call centre.

2. Does the Company display product information on the product label, over and above what is mandated by local laws? Answer with Yes/No/ NA/Remarks (additional information)

Yes, the Company has displayed all mandatory information on the product labels as per local laws. Over and above the same, the product labels are designed to make customers aware of the procedures for the safe usage, handling and disposal of the products.

3. Is there any case filed by any stakeholder against the Company regarding unfair trade practices, irresponsible advertising and/or anti-competitive behaviour during the last five years and pending as at the end of the financial year? If so, provide details thereof in about 50 words or so.

None. There have been no cases relating to unfair trade practices, irresponsible advertising and/or anticompetitive behaviour against the Company in the last five (5) years and which is pending as at the end of the financial year 2020-21.

4. Did your Company carry out any consumer survey/consumer satisfaction trends?

The Company has a process of taking customer feedback and customer satisfaction. Regular feedback

is taken from all the OEMs. The feedback on product experience, packaging, service support, behaviours, response, etc., is aimed at ensuring that the Company continually improves and upgrades the processes to exceed the customer’s changing expectations.

In the trade segment, the feedback is taken from the customers through portals, and one of the vital parameters, turnaround time (TAT), is monitored for all the complaints raised by the customers. The overall Pan-India TAT is two days and is improving every year. In our Industrial segment, customer feedback is taken regularly and is used to improve products and services. In addition, customer care is an integral part of the organizational system, for which the Company has set up more than 1,500 exclusive

Date: 29.04.2021

outlets promising an out-of-the-world experience to customers. Familiar as Exide Care, these flagship outlets are the pride of Exide Industries and reinforce the Company’s commitment to superior customer care and service. These offer complete auto power solutions through the Company’s wide range of products. Exide Care outlets maintain specified service standards and offer complete customer delight and experience of the brand through a combination of state-of-the-art design, pleasant ambience, cuttingedge service technology and customer focus.

Exide Care is an on-demand battery service app that aims to end all battery-related issues, whether it’s an automobile or inverter.

On behalf of the Board of Directors

Sd/Sd/- Bharat D Shah Gautam Chatterjee Chairman Managing Director & CEO DIN: 00136969 DIN: 00012306 Place: Mumbai Place: Kolkata

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Annexure III

Report on Corporate Governance 2020-21

Under the tenet of transparency, the Company makes necessary disclosures and explains the rationale behind its policies and decisions to all affected by them.

Governance Philosophy

The Company’s approach and commitment to ethical corporate governance have remained unchanged in the 74 years of its existence. The underlying principles and core values still guide the Company in all its executive decision-making processes.

Empowerment makes it possible for the Company to remain innovative across the levels. It makes every individual employee within the organization free to determine his or her destiny in tune with that of the organization. Empowerment means delegation and decentralization so that the decision-making process is fast and transparent to everyone.

Corporate governance is an internalized process that drives your Company to remain in its path as a creator of sustainable wealth for all its stakeholders—shareholders, customers, employees and the society in which it exists. Your Company believes that while large corporates are using substantial societal resources to generate wealth and add value, only good corporate governance ensures that the wealth creation process is sustainable.

However, this freedom of action that empowerment allows is counter-balanced by control, which ensures that management decision-making remains within the framework of rules. Checks and balances prevent malpractices and remove opacity in decision-making so that risk management becomes more effective.

Your Company’s principles of corporate governance are based on the philosophy of empowerment and responsibility. It feels the management must be empowered to drive the organization forward in the best interest of all stakeholders. The management so empowered has the responsibility of being accountable and transparent so that its actions are sustainable and benefit the larger society.

The corporate governance principles and processes make it possible for the Company to remain steadfast in its path of ethical corporate behaviour and citizenship. The principles are also manifest in its high standards of ethical behaviour, both internally and externally.

The Governance Structure

Your Company believes that if proper checks and balances are woven into the system of functioning, then its executive decision making becomes more process-driven than individual-driven, and there are minimal chances of abuse of authority.

Exide Industries practices corporate governance within the following three interlinked levels:

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In its quest to inculcate an ethical corporate culture and citizenship within the organization, the Company’s governance philosophy depends heavily on a few tenets. These are trusteeship, transparency, empowerment and accountability, control and ethical corporate citizenship. Your Company believes that by inculcating these tenets, the appropriate corporate culture can be created whereby the Company is managed in a way that reflects ethical corporate citizenship.

The tenet of trusteeship dictates that the Board of Directors will protect and enhance shareholder value and discharge the Company’s obligations to all the other stakeholders. The Company’s role in the economic and social spheres will be fulfilled under this tenet.

responsibilities of strategic supervision of the Company and as trustees of stakeholders.

The structure ensures that at the ground level the executive management of the divisions is focused on strengthening the quality, efficiency and effectiveness of each business vertical. This level functions under the strategic day-today management of the executive committee, which has under its ambit the overall vision of the entire organization. Above both is the Board of Directors, which provides strategic supervision on behalf of the shareholders. The Board is free from strategic management but has the larger role of guiding the executive management with objectivity so that accountability is ensured at all levels.

Composition

As on the date of this report, the Board of Directors of the Company consists of four (4) Executive Directors and five (5) Non-Executive Directors. The composition of the Board represents an optimal mix of professionalism, knowledge and experience in business, finance, audit, law, corporate governance and corporate management, which enables the Board to discharge its responsibilities and provide effective leadership to the business. The skills and expertize available with the Board are adequate within the context and needs of the Company’s business. The positions of the Chairman of the Board and the Chief Executive Officer of the Company are held by separate individuals, where the Chairman of the Board is a Nonexecutive Independent Director. None of the directors of your Company is related to each other.

The central role of these three entities is dependent on the structure. Their role, in turn, determines the responsibilities that are vested in them. Each entity is formally empowered with the requisite powers so that there is no hindrance to its discharge of responsibilities for the overall growth of the organization.

Board of Directors

The following are the details of each member of the Board along with the number of Directorship(s)/Committee Membership(s)/Chairmanship(s):

In terms of the Company’s corporate governance policy, all statutory and other significant and material information is placed before the Board to enable it to discharge its

Composition and Directorship(s)/Committee Membership(s)/Chairmanship(s) as on March 31, 2021

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No. of other Committee memberships
Directorships held in other
Category of Directorships held in other Companies ()
Name of Director Listed entities and category of
Directors held excluding As As
directorship
Exide* Member Chairperson
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Name of Director	Category of Directors	Directorships held excluding Exide*	held in other C As Member	ompanies (**) As Chairperson	rectorsps e n oter Listed entities and category of directorship
Mr Bharat Dhirajlal Shah	Independent Non-executive Chairman	7	6	2	1. Strides Pharma Science Ltd (Non-executive Independent) 2. 3M India Limited (Non-executive Independent & Chairman) 3. Mahindra Life Space Developers Limited (Non- executive Independent) 4. Spandana Sphoorty Financial Limited (Non-executive Independent)
Mr Rajan B Raheja	Non-executive Non-independent director	4	1	Nil	1. Prism Johnson Limited (Non-executive Non- independent) 2. Supreme Petrochem Limited (Non-executive Promoter)
Mr Gautam Chatterjee	Executive Director	3	Nil	Nil	Nil
Mr Asish Kumar Mukherjee	Executive Director	3	1	Nil	Nil

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Name of Director	Category of Directors	No. of other Directorships held excluding Exide*	Committee memberships held in other Companies (**)	Committee memberships held in other Companies (**)	Directorships held in other Listed entities and category of directorship
			As Member	As Chairperson
Mr Subir Chakraborty	Executive Director	4	Nil	Nil	Nil
Mr Arun Mittal	Executive Director	3	1	Nil	Nil
Ms Mona N Desai	Independent Non- executive Director	2	1	Nil	Nil
Mr Sudhir Chand	Independent Non- executive Director	1	2	Nil	1. ESAB India Limited (Non-executive Independent)
Mr Surin Shailesh Kapadia	Independent Non- executive Director	2	Nil	1	1. EIH Associated Hotels Limited (Non-executive Independent)

Excludes directorships in Indian Private Limited companies, Foreign companies, Companies u/s 8 of the Companies Act, 2013 and memberships of managing committees of various chambers/bodies and alternate directorships.

** Committees include only Audit Committee and Stakeholder’s Relationship Committee

Appointment/Re-appointment of Directors

Directors’ attendance at Board Meetings and at Annual General Meeting (AGM):

Your Board of Directors wishes to record its sincere appreciation for the services rendered by Mr Nawshir H Mirza during his association with the Company.

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No. of Board Attendance
Name of Director
Meetings Attended at last AGM
Mr Bharat
Dhirajlal Shah
Mr Rajan B Raheja
Mr Gautam
Chatterjee
Mr Asish Kumar
Mukherjee
Mr Subir
Chakraborty
Mr Arun Mittal
Ms Mona N Desai
Mr Sudhir Chand
Mr Nawshir H
Mirza
Mr Surin Shailesh
Kapadia
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Mr Asish Kumar Mukherjee (having DIN: 00131626), Whole-time director, retires by rotation in accordance with the provisions of the Companies Act, 2013, and being eligible, offers himself for re-appointment at the ensuing Annual General Meeting. Mr Mukherjee holds 1,000 Equity Shares in the Company, and details, as required under Regulation 36(3) of SEBI Listing Regulations, have been appended to the Notice of the Annual General Meeting circulated to the Members along with this report.

Any person who becomes Director or Officer, including an employee acting in a managerial or supervisory capacity, is covered under Directors’ and Officers’ Liability Insurance Policy. The Company has provided insurance cover in respect of legal action brought against its Directors and officers for alleged wrongful acts under the Directors’ and Officers’ Liability Insurance subject to certain terms and conditions.

Meetings and Attendance

*Ceased to be director upon retirement w.e.f. October 28, 2020

During the financial year ended March 31, 2021, five (5) board meetings were held on April 8, 2020, June 5, 2020, August 3, 2020, November 10, 2020 and January 29, 2021 respectively. The previous Annual General Meeting was held on September 15, 2020.

Independent Directors

Independent Directors play a significant role in the governance processes of the Board by enriching the

Board’s decision making and also preventing possible conflicts of interest that may emerge in such decision making.

The Company has appointed Independent Directors as per the requirements of the Companies Act, 2013 (“Act”) and Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, (hereinafter referred to as “SEBI Listing Regulations”). The Nomination and Remuneration committee identifies candidates based on certain laid-down criteria and considers the need for diversity of the Board, and makes recommendations to the Board accordingly.

None of the existing Independent Directors serves as Independent Director in more than seven listed companies in line with the requirements of SEBI Listing Regulations. The said Independent Directors have also confirmed that they meet the criteria of independence as laid down in the Act and SEBI Listing Regulations, as amended and they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. In the opinion of the Board, the Independent Directors fulfill the conditions specified in the SEBI Listing Regulations and are independent of management.

In compliance with rule 6(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014, the Independent Directors have also registered themselves on the Independent director’s data bank maintained by the Indian Institute of Corporate Affairs.

Directors’ Induction, Training and Familiarization

The Board is responsible for selecting new directors on the recommendations received from the Nomination and Remuneration Committee. After getting appointed, the directors receive a formal letter of appointment which, inter alia, explains the role, functions, duties and responsibilities expected from him/her as a director of the Company. The director is also briefed in detail about the compliances required to be made under the Act and the SEBI Listing Regulations, and other relevant regulations.

By way of an introduction to the Company, the director is presented with the Company profile, annual reports and an overview of the Company’s manufacturing facilities. All Non-executive directors newly inducted in the Board are introduced to the Company through appropriate orientation sessions. Presentations are made by various Executive Directors and Senior Management Personnel and site visits to various plant locations are organized for

them to provide a complete insight of the manufacturing processes, facilities and the social environment in which the Company functions.

Further, the Board is updated regularly through presentations and discussions on the overall economic trends, the legal and regulatory framework and amendments thereto, the performance of the Company and that of the battery industry. Analysis of the circumstances that have helped or adversely impacted the Company’s performance with its peers in the industry based on the information available in the public domain and the initiatives taken/proposed to be taken to bring about an overall improvement in the performance of the Company, including marketing strategy, business risks, mitigation plans and so on are also updated and discussed at the Board meeting. Taking into account the impact of COVID-19, the revised business plan of the Company in the midst of various manufacturing, supply and liquidity constraints along with the actions taken / proposed to be undertaken by the Company to ride out the challenges were also presented to the Board.

During the year, the board members were also familiarized with some of the CSR initiatives undertaken by the Company by connecting them through video conferencing with various stakeholders to provide a first-hand insight on the CSR activities.

The details of such familiarization programmes for Independent Directors along with the familiarization policy are available on the Company’s website at http://www. - exideindustries.com/investors/governance policies.aspx

Board Portal – Meetings Management System

With a view to leverage advances in technology and reducing paper consumption, the Company has a webbased application for transmitting Board/Committee agenda. The Directors of the Company receive the agenda in electronic form through this application, which can be accessed through browsers and iPads/tablets. The application meets high standards of integrity and ensures confidentiality that is required for storage and transmission of Board/Committee agenda in electronic form.

In terms of Rule 4 of The Companies (Meetings of Board and its Powers) Rules, 2014, for the period beginning from the commencement of the Companies (Meetings of Board and its Powers) Amendment Rules, 2020 and ending on June 30, 2021, the meetings on matters referred to in sub-rule (1) of the said rule may be held through video conferencing or other audio-visual means in accordance with rule 3 of the said rule. Due to the COVID 19 pandemic

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this year, all the Board/committee meetings were held through video conferencing or other audio visual means.

Code of Conduct for Directors and Senior Management Personnel

All Directors and members of the Senior Management have affirmed their compliance with the Code of Conduct for Board of Directors and Senior Management Personnel (SMP) as on March 31, 2021 and a declaration to that effect, signed by the Managing Director & CEO is enclosed and forms part of this report. The Code of Conduct for Board of Directors and SMP has also been posted on the website of the Company at http://www.exideindustries. - com/investors/governance policies.aspx

Committees of the Board

The constitution, terms of reference and the functioning of the existing Committees of the Board is explained below. Each of these Committees demonstrates the highest levels of integrity and has the requisite expertize to handle issues relevant to their field.

A. Audit Committee

The Audit Committee acts as an interface between the Statutory Auditors and Internal Auditors, the Management and the Board of Directors. The Committee is governed by a Charter which is in line with the regulatory requirements mandated by the Act and SEBI Listing Regulations which was reviewed by the Committee during the year.

The role / terms of reference of the Audit Committee is to –

(a) Assist the Board of Directors of the Company in fulfilling its responsibilities to oversee the:
i. Company’s financial reporting process;
ii. the integrity of the Company’s financial statements according to the authority and responsibilities provided in the Charter;
iii. Auditors’ appointment, qualifications and independence;
iv. the performance of the Company’s internal audit function and that of statutory auditors.
(b) Oversee the reporting requirements for inclusion in the Company’s annual report.
(c) Laying down the criteria for granting the omnibus approval in line with Policy on Related Party Transactions and such approval shall be applicable in respect of transactions which are repetitive in nature.
(d) Review with management of quarterly and annual financial statements.
(e) Review the compliance of risk management system, adequacy and effectiveness of internal financial controls and system to ensure compliance with the provisions of all applicable laws.
(f) Review the compliance of SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time and verify adequacy and effectiveness of internal control system to ensure its compliance.

The role/terms of reference of the Audit Committee are in conformity with the SEBI Listing Regulations read in conjunction with Section 177 of the Companies Act, 2013.

In addition to quarterly meetings for consideration of financial results, special meetings of the Audit Committee are convened. In these meetings, the Audit Committee, inter-alia, reviews various matters arising out of internal audit, control assurance reports and other areas as per its terms of reference.

Composition and Attendance

As on March 31, 2021 the Audit Committee comprises of four (4) directors out of which three (3) are Nonexecutive Independent Directors. Mr Surin Shailesh Kapadia, Chairman of the Committee, is a Non-executive Independent Director and a Chartered Accountant, acknowledged as a financial expert in his own right. All the other members are well-versed in corporate finance and related areas.

During the financial year ended March 31, 2021, six (6) Audit Committee meetings were held on June 3, 2020, August 3, 2020, September 29, 2020, November 10, 2020, January 29, 2021, and March 22, 2021. In addition, the Chairman also held pre-audit conference call before the quarterly Audit Committee meetings to discuss key accounting matters, etc. These calls helped the Chairman to optimize its committee time on quarterly financial results at the meeting and invest more time on discharging the responsibilities assigned to it under the terms of reference.

The composition and attendance of the Committee meetings are as follows:

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Name of Director Category Designation Number of meetings attended
Mr Nawshir H. Mirza Independent Non-executive Chairman
Mr Surin Shailesh Kapadia Independent Non-executive Chairman
Ms Mona N Desai Independent Non-executive Member
Mr Sudhir Chand Independent Non-executive Member
Mr Gautam Chatterjee Executive Member
Overview Corporate
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The average attendance of the members at the Audit Committee meetings during FY 2020-21 was 100%. The Chairman of the Committee (Mr Nawshir H. Mirza) was present at the Annual General Meeting of the Company held on September 15, 2020. Director- Finance & CFO and other executive directors are permanent invitees to the Audit Committee meetings. The representative(s) of the Statutory Auditors also attend the Audit Committee meetings. The Company Secretary acts as the Secretary to the Committee. Other members of the management and Chief-Internal audit are also invited as may be required from time to time. vi. Devising a policy on board diversity. During the year, the committee also reviewed key human resource related matters including organization structure, critical leadership recruitments, employee attrition/ retention/ development plans, cultural transformation initiatives, learning management system, annual increment approach including variable pay, COVID-19 strategy for employees including work-from-home facilitation, safety and hygiene, compensation during pandemic, employee engagement initiatives etc. The Nomination & Remuneration policy is available on the website of the Company athttp://www. exideindustries.com/investors/governance-policies. Ceased to be director upon retirement w.e.f. October 28, 2020 Appointed as Chairman by the Board at its meeting held on November 10, 2020 ** Inducted as member w.e.f. April 21, 2020
	Statutory Reports

The average attendance of the members at the Audit
Committee meetings during FY 2020-21 was 100%.
The Chairman of the Committee (Mr Nawshir H. Mirza)
was present at the Annual General Meeting of the
Company held on September 15, 2020.
Director- Finance & CFO and other executive directors
are permanent invitees to the Audit Committee
meetings. The representative(s) of the Statutory
Auditors also attend the Audit Committee meetings.
The Company Secretary acts as the Secretary to
the Committee. Other members of the management
and Chief-Internal audit are also invited as may be
required from time to time.

vi. Devising a policy on board diversity.
During the year, the committee also reviewed
key
human
resource
related
matters
including
organization structure, critical leadership recruitments,
employee attrition/ retention/ development plans,
cultural transformation initiatives, learning management
system, annual increment approach including variable
pay, COVID-19 strategy for employees including
work-from-home facilitation, safety and hygiene,
compensation during pandemic, employee engagement
initiatives etc.
The Nomination & Remuneration policy is available
on the website of the Company athttp://www.
exideindustries.com/investors/governance-policies.

Ceased to be director upon retirement w.e.f. October 28, 2020

Appointed as Chairman by the Board at its meeting held on November 10, 2020
** Inducted as member w.e.f. April 21, 2020

Statutory
Reports

The Nomination & Remuneration policy is available on the website of the Company at http://www. - exideindustries.com/investors/governance policies. aspx

B. Nomination & Remuneration Committee

For the performance evaluation criteria for Independent Directors, please refer to the Board’s Report.

The terms of reference of the Nomination and Remuneration Committee inter alia include the following:

i. To identify persons who are qualified to become directors and who may be appointed in the senior management and to lay down the criteria thereof;

Composition and Attendance

As on March 31, 2021 the Nomination and Remuneration Committee comprises of four (4) Nonexecutive Directors. Mr Surin Shailesh Kapadia, Chairman of the Committee, is also a Non-executive Independent Director. The Company Secretary acts as the Secretary to the Committee.

ii. To recommend to the Board appointment of Directors and Senior Management Personnel and their removal;
iii. To evaluate the individual director’s performance;

During the financial year ended March 31, 2021, four (4) meetings of the Nomination & Remuneration Committee were held on June 5, 2020, July 31, 2020, November 10, 2020, and January 29, 2021. The average attendance of the members at the NRC meetings during FY 2020-21 was 100%.

iv. Formulate the criteria for determining the qualification, positive attribute and independence of the directors;
v. Recommend to the Board policy relating to remuneration for Directors, Key Managerial Personnel and other employees; and

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The composition and attendance details of the Committee meetings are as follows:

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Name of Director Category Designation Number of meetings attended
Mr Surin Shailesh Kapadia Independent Non-executive Chairman
Ms Mona N Desai Independent Non-executive Member
Mr Sudhir Chand Independent Non-executive Member
Mr Rajan B Raheja Non-executive Non-independent Member
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The Chairman of the Committee was present at the last AGM held on September 15, 2020.

Remuneration of Directors

Details of Remuneration paid/payable to the Directors for the year ended March 31, 2021, are as follows:

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(in H )
Salary & Contributions Perquisites
Name of Director Performance to retiral & Other Commission [1] Sitting Fees [2] Total
Bonus funds benefits
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Executive Directors
Mr Gautam Chatterjee	3,91,03,548	64,18,203	31,35,591	1,32,89,760	-	6,19,47,102
Mr Asish Kumar Mukherjee	2,24,81,745	36,82,941	16,91,485	76,53,360	-	3,55,09,531
Mr Subir Chakraborty	1,71,62,343	28,11,520	14,59,435	58,42,500	-	2,72,75,798
Mr Arun Mittal	1,39,07,439	22,86,903	13,98,986	47,19,000	-	2,23,12,328

Mr Rajan B Raheja	-	-	-	-	1,50,000	1,50,000
Ms Mona N Desai	-	-	-	20,00,000	3,50,000	23,50,000
Mr Sudhir Chand	-	-	-	20,00,000	3,50,000	23,50,000
Mr Bharat Dhirajlal Shah	-	-	-	45,00,000	1,50,000	46,50,000
Mr Nawshir H Mirza3	-	-	-	25,00,000	3,75,000	28,75,000
Mr Surin Shailesh Kapadia	-	-	-	25,00,000	3,50,000	28,50,000

The Commission for the year ended March 31, 2021, will be paid, subject to deduction of tax, after adoption of accounts by the Members at the ensuing Annual General Meeting.
The sitting fee paid to the Non-executive Directors is towards attending the Board and Audit Committee meetings held during the year.
Ceased to be director upon retirement w.e.f. October 28, 2020

Nomination and Remuneration Committee and approved by the Board, subject to the approval of the Shareholders.

Notes:

All the Executive Directors of the Company have been appointed on a contractual basis. According to the contract, the notice period is three months.

They are additionally evaluated against the Key Performance Indicators (hereinafter referred as ‘KPIs’) set at the beginning of the financial year, which, inter alia, includes both long-term and short-term financial performance parameters including inter-alia performance targets on revenue, EBITDA, PAT, cost reduction, market share, economy, etc.

Payment of remuneration to the Executive/Whole-time Directors of the Company is governed by the terms and conditions of their appointment as recommended by the

Non-Executive/Independent Directors of the Company receive remuneration by way of fees for attending meetings of the Board or Committee thereof as approved by the Board from time to time within the prescribed limits. Non-executive Independent Directors may also be paid commission as approved by the Shareholders subject to a limit of 1% of the net profits of the Company computed under the applicable provisions of the Companies Act, 2013. The Commission payable to the Independent Directors is determined by the Board upon the recommendation of Nomination & Remuneration Committee within the aforesaid limit of 1% of the net profits after taking into account their attendance roles and responsibilities in various Committees of the Board, their operational and functional expertize and contribution made by them.

Following the approval of the Shareholders in the Annual General Meeting held on August 3, 2019, the payment of commission to Non-executive Directors has been determined by the NRC, which is well within the ceiling of 1% of net profits of the Company for the year ended March 31, 2021, as computed under applicable provisions of the Companies Act, 2013. The allocation of the Commission amongst the eligible Non-executive Independent Directors has been decided by the NRC with each interested director present not participating in the deliberations in respect of his/her own commission.

Shareholding of Non-executive Directors

Name of Director	No. of shares held as on March 31, 2021
Ms Mona N Desai	78,666
Mr Sudhir Chand	18,872

Apart from the above, there was no pecuniary relationship or transactions between the Company and Non-executive Directors.

The performance criteria for the payment of remuneration to the Directors are in line with the Nomination and Remuneration Policy of the Company.

Board Membership Criteria and list of core skills/ expertize/ competencies identified in the context of the business:

In terms of requirement of SEBI Listing Regulations, the Board has identified the following core skills/ expertize / competencies of the Directors in the context of the Company’s business for effective functioning as given below:

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Definitions of director’s
qualifications
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Leadership	Extended leadership experience for a significant enterprise, resulting in a practical understanding of organizations, processes, strategic planning, and risk management. Demonstrated strengths in developing talent, planning succession, and driving change and long-term growth
General management/ Governance	Strategic thinking, decision making and protecting the interest of all stakeholders
Global business	Experience in driving business success in markets around the world, with an understanding of diverse business environments, economic conditions, cultures and regulatory frameworks and a broad perspective on global market opportunities. Experience in leading businesses in different geographies/ markets around the world.

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Definitions of director’s qualifications

Financial, Regulatory/ Legal & Risk Management	Understanding the financial statements, financial controls, risk management, mergers and acquisition, etc.
Technology	Strong technological background resulting in continuous improvement, knowledge of how to anticipate technological trends, adapt to the market developments, generate disruptive innovation and create new business models.
Industry knowledge and experience	Experience in Manufacturing, Quality, Safety, Project Management and knowledge of Corporate Research and Development pertaining to automotive/industrial battery and allied industries.
Sales and marketing	Experience in developing strategies to grow sales and market share, build brand awareness and equity and enhance enterprise reputation

In the table below, the specific areas of focus or expertize of individual Board members have been highlighted. However, the absence of a mark against a member’s name does not necessarily mean the member does not possess the corresponding qualification or skill.

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Qualification or Skill
Financial, Industry
General
Name of Director Global Regulatory / knowledge Sales and
Leadership management/ Technology
business Legal & Risk and marketing
Governance
Management experience
Mr Bharat
Dhirajlal Shah
Mr Rajan B
Raheja
Mr Gautam
Chatterjee
Mr Asish Kumar
Mukherjee
Mr Subir
Chakraborty
Mr Arun Mittal
Ms Mona N Desai
Mr Sudhir Chand
Mr Surin
Shailesh Kapadia
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(viii) Report to the Board, the status of CSR activities and contributions made etc.; and

C. Corporate Social Responsibility Committee

The Corporate Social Responsibility (CSR) Committee is responsible for:

(ix) Any other activity(ies)/functions, as may be assigned by the Board.
(i) Formulating the CSR Policy and proposing revisions as and when required subject to the approval of the Board of Directors;

Pursuant to the notification of Companies (Corporate Social Responsibility) Amendment Rules, 2021, and The Companies (Amendment) Act, 2020 effective from January 22, 2021, the Board of Directors at its meeting held on April 29, 2021, amended the CSR policy to include, inter-alia, guidelines relating to selection, implementation and monitoring of CSR activities, impact assessment studies as well as formulation of the annual action plan. The revised policy is available on the Company’s website at http:// - www.exideindustries.com/investors/governance policies.aspx

(ii) Recommending CSR projects in appropriation with the thematic areas in pursuance and as specified in Schedule VII and investments to be incurred thereof;
(iii) Identifying and recommending CSR project life cycle management process including identification and recommendation of appropriate implementation agency, as applicable;
(iv) Institutionalizing transparent and effective monitoring mechanism;

Composition & Attendance

As on March 31, 2021, the Corporate Social Responsibility Committee comprises of four (4) members with Mr Bharat D Shah, Non-executive Independent Director, acting as Chairman.

(v) Monitor progress of the CSR projects on a regular basis;
(vi) Identify the need and review outcomes of such impact assessment studies;

Four meetings of the CSR Committee were held on June 3, 2020, August 3, 2020, November 10, 2020 and January 29, 2021. The composition and attendance details of the Committee are given below:

(vii) Formulate, recommend and modify/ alter whenever necessary, the Annual Action Plan;

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Name of Director Category Designation Number of meetings attended
Mr Bharat Dhirajlal Shah Independent Non-executive Chairman
Mr Sudhir Chand Independent Non-executive Member
Mr Gautam Chatterjee Executive Member
Mr Subir Chakraborty Executive Member
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The average attendance of the members at the CSR committee meetings during FY 2020-21 was 100%.

D. Risk Management Committee

As on March 31, 2021, the Risk Management Committee comprises of five (5) members, with Mr Surin Shailesh Kapadia, Non-executive Independent Director, acting as Chairman. Two (2) meetings of the committee were held during the year on May 20, 2020 and November 6, 2020. The composition and attendance details of the Committee are given below:

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Name of Director Category Designation Number of meetings attended
Mr Surin Shailesh Kapadia Independent Non-executive Chairman
Mr Gautam Chatterjee Executive Member
Mr Subir Chakraborty Executive Member
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Name of Director Category Designation Number of meetings attended
Mr Asish K Mukherjee Executive Member
Mr Arun Mittal Executive Member
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The Committee is governed by a charter and the broad area of terms of reference of the Committee, inter alia, includes the following:

Identifying risks and suggesting measures to mitigate them;
Monitoring and reviewing risk management plan;
Evaluating & mitigating cyber-security related risks; and
Dealing with such matters as may be referred to by the Board of Directors from time to time.

E. STAKEHOLDERS RELATIONSHIP COMMITTEE

The terms of reference of the Stakeholders Relationship Committee includes, inter alia, the following:

(a) Resolving grievances of security holders of the Company including complaints related to transfer/transmission of shares, non-receipt of the annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings, etc;
(b) Review of measures taken for the effective exercise of voting rights by shareholders;
(c) Review of adherence to service standards adopted by the Company in respect of various services being rendered by R&TA;
(d) Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the Shareholders of the Company.

Composition and Attendance

As on March 31, 2021, the Stakeholders Relationship Committee of the Company comprises of three (3) Directors. Mr Sudhir Chand, Non-executive Independent Director, is the Chairman of the Stakeholders Relationship Committee. Mr Jitendra Kumar, Company Secretary and Executive Vice-President (Legal & Administration), is the Compliance Officer and acts as the Secretary to the Committee.

During the financial year 2020-21, the Committee met once, on February 22, 2021. The composition and attendance details of the Committee meeting are as follows:

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Name of Director Category Designation Number of meetings attended
Mr Sudhir Chand Independent Non-executive Chairman
Mr Subir Chakraborty Executive Member
Mr Gautam Chatterjee Executive Member
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The Committee’s Chairman was present at the Annual General Meeting of the Company held on September 15, 2020.

Investor Grievance Redressal Mechanism

F. Share Transfer Committee

During the financial year ended March 31, 2021, a total of 22 complaints were received from shareholders. All complaints have been redressed to the satisfaction of the shareholders, and none of them was pending as on March 31, 2021.

The Share Transfer committee approves the transfer/ transmission of shares, sub-division or consolidation of shares and issue of new/duplicate share certificates and related matters. As on March 31, 2021 the Share Transfer Committee comprises of three (3) Executive Directors.

Number of complaints received and resolved during the year and pending share transfers as on March 31, 2021:

Composition and Attendance

Number of complaints pending at the beginning of the financial year 2020-21	Number of complaints pending at the beginning of the financial year 2020-21	2 22 24 Nil Nil During the financial year ended March 31, 2021, six (6) meetings of Share Transfer committee were held on September 22, 2020, November 10, 2020, November 20, 2020, December 17, 2020, February 23, 2021 and March 8, 2021 respectively. The composition and attendance details of the committee meetings are as follows:	2 22 24 Nil Nil During the financial year ended March 31, 2021, six (6) meetings of Share Transfer committee were held on September 22, 2020, November 10, 2020, November 20, 2020, December 17, 2020, February 23, 2021 and March 8, 2021 respectively. The composition and attendance details of the committee meetings are as follows:
Number of complaints received during the financial year 2020-21
Number of complaints redressed during the financial year 2020-21
Number of complaints pending redressal at the end of the financial year 2020-21
Number of pending share transfers as at March 31, 2021

Name of Director	Category	Designation	Number of meetings attended
Mr Gautam Chatterjee	Executive	Chairman
Mr Asish Kumar Mukherjee	Executive	Member
Mr Subir Chakraborty	Executive	Member

During the financial year ended March 31, 2021, six (6) meetings of Share Transfer committee were held on September 22, 2020, November 10, 2020, November 20, 2020, December 17, 2020, February 23, 2021 and March 8, 2021 respectively. The composition and attendance details of the committee meetings are as follows:

The average attendance of the members during FY 2020-21 was 100%.

All routine matters including, inter alia, formalities pertaining to transfer, transmission, etc. within specified threshold limits as delegated by the Board, are being dealt by “Share Transfer Committee of Executives” comprising of a representative from the Registrar & Share Transfer Agent, the Compliance Officer and an Officer from the Secretarial team which meets at least once in a fortnight.

Management Personnel viz. Mr Gautam Chatterjee, Mr Asish Kumar Mukherjee, Mr Subir Chakraborty, Mr Arun Mittal, Mr Jitendra Kumar, Mr Arnab Saha, Mr Ranjan Sarkar, Dr Dipak Sen Choudhury, Ms Nupur Roy Choudhury and Mr Avik Kumar Roy.

The Committee focuses on the strategic management issues of the Company, subject to the overall supervision of the Board of Directors. The Committee reports to the Board and the minutes of these meetings are placed before the Board.

G. Banking Operations Committee

The Banking Operations Committee has been constituted to approve opening and closing of bank accounts, change in signatories and carrying on other routine banking operations. As on March 31, 2021 the Committee comprises of three (3) Executive Directors, viz. Mr Gautam Chatterjee, Mr Asish Kumar Mukherjee and Mr Subir Chakraborty.

I. Independent Directors Meeting

During the year under review, the Independent Directors met once on January 29, 2021, inter alia, to discuss:

i. Evaluation of the performance of Nonindependent Directors and the Board of Directors as a whole;

H. Executive Committee

ii. Evaluation of the performance of the Chairman of the Company, taking into account the views of the Executive and Non-executive Directors;

The Executive Committee comprises of the Executive Directors, Key Management Personnel and Senior

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iii. Evaluation of the quality, content and timelines of flow of information between the management and the Board to effectively and reasonably perform its duties.

All the Independent Directors were present at the said meeting.

General Body Meetings

Particulars of last three Annual General Meetings:

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AGM Year Ended Venue Date Time
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71st	31.03.2018		Kala Mandir, 48 Shakespeare Sarani, Kolkata – 700 017	02.08.2018	10.30 AM
72nd	31.03.2019		Kala Mandir, 48 Shakespeare Sarani, Kolkata – 700 017	03.08.2019	10.00 AM
73rd	31.03.2020		The Company conducted the meeting through VC/OAVM pursuant to MCA circular dated May 5, 2020	15.09.2020	2.30 PM

Special Resolutions

The details of the special resolutions passed by the Company at the last three Annual General Meetings (AGMs) are given herein below:

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Triggering Section of
Date of AGM Subject matter of the resolution
the Companies Act
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August 2, 2018	-	-
August 3, 2019	i. Re-appointment of Ms Mona N Desai (DIN: 03065966), as an Independent Director of the Company for a second term	Section 149
	ii. Re-appointment of Mr Sudhir Chand (DIN: 01385201), as an Independent Director of the Company for a second term	Section 149
	iii. Re-appointment of Mr Gautam Chatterjee (holding DIN: 00012306) as Managing Director and Chief Executive Officer	Section 196 & 197
	iv. Approval u/s 180(1)(a) of the Companies Act, 2013	Section 180(1)(a)
September 15, 2020	-	-

Postal Ballot

Details of Special Resolution(s) passed through Postal Ballot during the Financial Year 2019-20

No Special Resolution is proposed to be passed through Postal Ballot as on the date of this Report.

During the year 2019-20, approval of shareholders of the Company was sought through Postal Ballot and details of the same are given below:

Date of Postal Ballot Notice: February 4, 2020

Voting period: February 25, 2020 to March 25, 2020

Date of declaration of result: March 26, 2020

Date of passing of resolution(s): March 25, 2020

A summary of the voting pattern is as follows:

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----- Start of picture text -----

Votes cast in Votes cast
Resolution
favor (in %) against (in %)
----- End of picture text -----

Resolution	Votes cast in favor (in %)	Votes cast against (in %)
Special resolution for re-appointment of Mr Bharat Dhirajlal Shah as an Independent Director of the Company to hold office for a second term from April 30, 2020 to April 29, 2025	99.14	0.86
Ordinary resolution for re-appointment of Mr Asish Kumar Mukherjee as Whole-time director designated as Director-Finance & CFO from May 1, 2020 to April 30, 2025	99.54	0.46

Mr A. K. Labh, Practising Company Secretary (FCS4848/ CP-3238) of A K Labh & Co., Company Secretaries, was appointed as Scrutinizer to scrutinize the Postal Ballot (including Remote E-voting) process in a fair and transparent manner.

Procedure for Postal Ballot:

In accordance with Sections 108 and 110 of the Act, read with the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI Listing Regulations, the Company had provided remote e-voting facility for voting electronically on the Resolutions set out in the Postal Ballot Notice. The Company had engaged National Securities Depository Limited (NSDL) to provide remote e- voting facility to its Members. The Members had an option to vote either by postal ballot or through remote e-voting.

The Company dispatched the postal ballot notices and forms along with postage prepaid business reply envelopes to its members whose names appear on the Register of Members/ list of beneficiaries as on February 4, 2020. The postal ballot notice was sent to members in electronic form to the email addresses registered with the Company/Depository Participants. Newspaper advertisement containing the requisite particulars as

required under Rule 22 of Companies (Management and Administration) Rules 2014 and Secretarial Standards issued by Institute of Company Secretaries of India was published in Business Standard (English) and Aajkaal (Bengali) on February 25, 2020.

Voting rights were reckoned on the paid-up value of shares of the Company registered in the names of the shareholders as on the cut-off date, i.e., February 4, 2020. Members were requested to return the Postal Ballot Form duly completed and signed with their Assent (For) or Dissent (Against) in postage pre-paid self-addressed Business Reply Envelope so as to reach the Scrutinizer not later than 5.00 P.M (IST) on Wednesday, March 25, 2020. In case of remote e-voting, Members were requested to cast their votes electronically up to 5.00 PM on Wednesday, March 25, 2020.

The Scrutinizer submitted his report to the Chairman, after the completion of scrutiny and the consolidated results of the voting by postal ballot were then announced by Company Secretary, being the person authorized to declare the results of the Postal Ballot. The results were displayed on the website of the Company (www. exideindustries.com), besides being communicated to the Stock Exchanges and e-voting website of NSDL.

Disclosures

a. Related-Party Transactions

All transactions entered with the related parties during the financial year ended March 31, 2021 were in the ordinary course of business and on an arm’s length basis and without any conflict of interest in accordance with the provisions of the Companies Act, 2013 and SEBI Listing Regulations.

Majority of the Company’s related-party transactions are with its subsidiaries and associates to further the Company’s business interest.

Moreover, there were no materially significant relatedparty transactions entered into by the Company with promoters, directors, key managerial personnel or other persons which may have a potential conflict with the interest of the Company. Suitable disclosures as prescribed under the applicable Accounting Standard have been made in the notes to the Financial Statements.

The policy for related party transactions has been uploaded on the Company’s website. The web-link is http://www. - exideindustries.com/investors/governance policies.aspx

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b. Details of non-compliance by the Company, penalties, strictures imposed on the Company by the stock exchanges or SEBI or any statutory authority on any matter related to capital markets during the last three years.

There was no such instance of non-compliance during the last three years.

c. Whistle-Blower Policy/Vigil Mechanism

In accordance with the provisions of the Companies Act, 2013, read with the Companies (Meeting of Board and its Powers) Rules, 2014 and SEBI Listing Regulations, every listed Company is required to have a vigil mechanism for the directors, employees and stakeholders to report their genuine concerns and grievances. Exide has a whistle-blower policy in place, and it is available on the Company’s website. The Audit Committee of Directors is entrusted with the responsibility to oversee the vigil mechanism. During the year, no person was denied access to the Audit Committee.

The Whistle-Blower Policy can be seen on the Company’s website under the following weblink http://www.exideindustries.com/investors/ - governance policies.aspx

d. Policy on Material Subsidiaries

In accordance with the requirements of Regulation 16(1)(c ) of SEBI Listing Regulations, the Company has a policy on material subsidiaries. The policy on material subsidiaries has been uploaded on the Company’s website under the following web-link http://www. - exideindustries.com/investors/governance policies. aspx

e. Dividend Distribution Policy

In accordance with Regulation 43A of SEBI Regulations, 2015, the Company has framed a Dividend Distribution Policy, approved by the Company’s Board of Directors. The Dividend Distribution Policy of the Company endeavors to maintain a consistent approach towards dividend payment to its shareholders and regulate the process of dividend declaration and its payout by the Company in line with the laws in force. The Policy, inter alia, covers the financial parameters that will be considered when declaring dividends, internal and external factors that would be considered for declaring dividends and the circumstances under which shareholders can or cannot expect a dividend. The Policy

has been uploaded on the Company’s website under the following web-link http://www.exideindustries.com/ - investors/governance policies.aspx

f. As required under the provisions of the law, all other policies and disclosures are uploaded on the website of the Company at http://www.exideindustries.com/ investors/governance-policies.aspx. Investors are encouraged to visit the Company’s website to access such documents.
g. All mandatory requirements have been appropriately complied with and the non-mandatory requirements are dealt with at the end of the report.

h. Disclosure of commodity price risk and commodity hedging activities

Lead and lead alloys are the primary materials consumed in the manufacture of batteries, representing more than 70 per cent of total material consumption by value.

The Company procures about 60 per cent of its lead and lead alloys requirement through imports or import-parity pricing based on prices quoted on London Metal Exchange (LME). Balance 40 per cent of its lead and lead alloys are procured from local smelters, including its own smelters, prices of which are influenced by demand/supply situation as well as LME price movement.

At times, prices of lead and lead alloys become volatile due to sudden changes in demand/supply situation as well as LME price movement due to international forces. The Company procures lead and lead alloys mostly at current pricing or on LME averages and there is no long-term contract for pricing. Similarly, the Company’s selling price of batteries to OEM/ institutional customers is linked to such rates. As the Company’s revenue is linked to the cost of lead, the impact of any change in lead prices on the Company’s profit is not expected to be significant. However, increasing usage of recycled lead (replacing pure lead), which is cheaper than pure lead and not directly exposed to LME price movement, reduces the risk of lead price volatility to some extent.

Exposure to currency fluctuations and its impact on the Company’s business is significant since about 60 per cent of lead and lead alloys procurement is based on “import parity price.” Moreover, there are imports of a few other materials and most of the capital goods (machineries).

While exposure to currency fluctuation on lead and lead alloys cost is to some extent mitigated as stated above, exposure on account of other imports remains. However, exports, which constitute about seven per cent of the Company’s business, act as an automatic hedge against risks resulting from currency fluctuation.

As a policy, the Company does not enter into commodity hedging. Accordingly, as on the date of reporting, there was no open position held by the Company on commodity futures or options. The same principle applies in the case of currency also. Very few “forward covers” are taken, at times, against import liabilities when the situation warrants. At the end of March 2021, there was no “forward cover contract” that remained open for foreign currency liability.

i. Certificate from Practising Company Secretary

Certificate as required under Part C of Schedule V of SEBI Listing Regulations, received from Sushil Tiwari & Associates, Company Secretary, in practice certifying that none of the directors on the Board of the Company is debarred or disqualified from being appointed or continuing as directors of companies by the Board/ Ministry of Corporate Affairs or any such statutory authority, is annexed at the end of this Report.

j. Total fees paid to Statutory Auditors of the Company

Total fees for all services paid by the Company and its subsidiaries, on a consolidated basis, to the statutory auditor and all entities in the network firm/network entity of which the statutory auditor is a part – H 1,96,01,407/-

k. Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The status of the complaints filed, disposed and pending during the financial year ended March 31, 2021 is given below:

No. of complaints filed during the year Nil 2020-21 No. of complaints disposed during the 1* year 2020-21 No. of complaints pending during the Nil year 2020-21

*Note: The complaint disposed of during the year 2020-21 pertains to complaint received in FY 2019-20.

l. The disclosures on corporate governance as required under Regulation 17 to 27 and Clause (b) to (i) of subregulation (2) of Regulation 46 have been adhered and complied with.

Means of Communication

A. Quarterly results and Audited Financial Results are generally published in the following Newspapers:

The Telegraph The Mint

Ananda Bazar Patrika

B. The Company’s website at www.exideindustries.com is regularly updated with financial results.
C. Whether MD&A is a part of Annual Report : Yes
D. Whether Official News Releases and Presentations made to Institutional Investors/Analysts are posted on the web-site of the Company : Yes
General Shareholder Information
The 74th Annual General Meeting is proposed to be held for the financial year: April 1, 2020, to March 31, 2021.
The Company has furnished information, as required under Regulation 36 of SEBI Listing Regulations, relating to the appointment/re-appointment of director. Shareholders may kindly refer to the Notice convening the 74th Annual General Meeting of the Company. The name of other companies in which the directors appointed/re-appointed holds directorship and the membership of committees of the board are also given in the annexure to the Notice convening the 74th Annual General Meeting.

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3. Annual General Meeting for the financial year 2020-21

Annual Results for the year On or before May ending on March 31, 2022 30, 2022 Annual General Meeting for the August 2022 year ending on March 31, 2022

Date Tuesday, August 31, 2021 Venue The Company is conducting the meeting through VC/OAVM pursuant to MCA circular dated May 5, 2020 and January 13, 2021, and as such, there is no requirement to have a venue for the AGM. The deemed venue of the meeting will be Exide House, 59E Chowringhee Road, Kolkata 700020. For details please refer to the Notice of the AGM. Time 10.30 A.M.

5. Dividend Payment Date

Pursuant to the approval of the Board of Directors on January 29, 2021, the Company paid an interim dividend at the rate of 200 per cent i.e. @ H 2.00 per equity share of H 1/- each, to the shareholders whose names appeared in the Register of Members on February 6, 2021, being the record date fixed for this purpose.

Unclaimed Dividend

4. Tentative financial calendar for 2020-21

Section 124 of the Companies Act, 2013 mandates that companies transfer dividend that has been unclaimed for a period of seven (7) years from the unpaid dividend account to the Investor Education & Protection Fund (IEPF). In accordance with the following schedule, the dividend for the years mentioned as follows, if unclaimed within seven years, will be transferred to the IEPF:

First Quarterly Results On or before August 14, 2021 Second Quarterly/Half Yearly On or before Results November 14, 2021 Third Quarterly Results On or before February 14, 2022

Details of Unclaimed Dividend as on 31.03.2021

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----- Start of picture text -----

Year Type Account No Date of Declaration Due Date for transfer to IEPF
----- End of picture text -----

2014	Final	50200006512872	22-Jul-14	28-Aug-21
2015	Interim	704922	21-Jul-14	21-Aug-21
2015	Final	50200013542151	31-Jul-15	06-Sept-22
2016	Interim	50200015464528	28-Oct-15	04-Dec-22
2016	Final	50200020247750	19-Jul-16	25-Aug-23
2017	Interim	705017	26-Oct-16	02-Dec-23
2017	Final	50200025616737	27-Jul-17	01-Sept-24
2018	Interim	50200027732367	25-Oct-17	30-Nov-24
2018	Final	50200032462904	02-Aug-18	07-Sept-25
2019	Interim	50200034736340	05-Nov-18	11-Dec-25
2019	Final	50200042368438	03-Aug-19	08-Sept-26
2020	Interim	50200045484761	06-Nov-19	12-Dec-26
2020	2nd Interim	50200048231700	24-Feb-20	31-Mar-27
2021	Interim	50200055664062	29-Jan-21	6-Mar-28

Pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company has uploaded the details of unpaid and unclaimed amounts lying with the Company as on March 31, 2020, on the Company’s website http://www.exideindustries.com/investors/ unclaimed-dividends.aspx and on the website of Ministry of Corporate Affairs.

6. Listing of Equity Shares on Stock Exchanges and Stock Code/Symbol

ISIN: INE302A01020

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----- Start of picture text -----

The Equity Shares of the Company are at present listed
on the following Stock Exchanges:
Name and Address of the
Stock Code Symbol
Stock Exchange
Overview Corporate
----- End of picture text -----

Transfer of Unclaimed Dividend and Shares to Investor Education and Protection Fund

The Calcutta Stock
Exchange Limited (CSE) 7 Lyons Range, Kolkata - 700 001	15060 & 10015060	-	Reports	Statutory
BSE Limited (BSE)
Phiroze Jeejeebhoy Towers, Dalal Street,	500086	-
Mumbai - 400 001 National Stock Exchange of India Limited (NSE)
Exchange Plaza, 5th Floor, Plot no. C/1, G Block	-	EXIDEIND
Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 051
The listing fees for the Financial Year 2020-21 have been paid to the above Stock Exchanges.
SE & CSE

During the year, pursuant to Section 124 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, H 98,88,947/- and 4,74,571 equity shares were transferred to the Investor Education and Protection Fund in respect of which dividend had remained unclaimed/unpaid for a consecutive period of seven years. The process of claiming unpaid/unclaimed dividend and/or shares transferred by the Company to IEPF is provided in the notes to the Notice of 74th Annual General Meeting of the Company and is also available at http://www.exideindustries.com/ investors/unclaimed-dividends.aspx

The Nodal officer of the Company for IEPF refund is Mr Jitendra Kumar, whose email id is [email protected] and details of same are also available on the website of the Company.

7. Stock Market price date for the year on BSE, NSE & CSE

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BSE [(#)] NSE [(#)] CSE
Month
High ( J ) Low ( J ) High ( J ) Low ( J ) High ( J ) Low ( J ) Statements Financial
----- End of picture text -----*

April 2020	163.30	127.50	163.35	127.30	*
May 2020	164.60	142.40	164.70	142.35	*
June 2020	175.35	145.00	175.00	145.00	*
July 2020	162.60	147.75	162.75	147.60	*
August 2020	178.45	151.00	178.40	153.00	*
September 2020	169.30	153.65	169.50	153.60	*
October 2020	168.70	155.10	168.85	155.00	*
November 2020	186.25	157.10	186.40	157.10	*
December 2020	197.50	174.85	197.45	174.70	*
January 2021	209.10	190.50	209.20	190.40	*
February 2021	220.60	187.65	219.30	187.60	*
March 2021	211.50	180.05	211.55	180.00	*

(#) Source BSE and NSE website
No trading on the exchange

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8. (a) Performance of Exide Share Price in (b) Performance of Exide Share Price in comparison comparison to BSE Sensex to NIFTY

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----- Start of picture text -----

400 53,000.00 400 15,900.00
350 50,000.00 350 15,100.00
300 300 14,300.00
47,000.00
250 250 13,500.00
44,000.00
200 200 12,700.00
41,000.00
150 150 11,900.00
100 38,000.00 100 11,100.00
50 35,000.00 50 10,300.00
0 32,000.00 0 9,500.00
EXIDE BSE HIGH BSE SENSEX EXIDE NSE HIGH NIFTY
Apr-20May-20Jun-20 Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21 Apr-20May-20Jun-20 Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21
----- End of picture text -----

Regulation 40(9) of SEBI Listing Regulations and files a copy of the said certificate with stock exchanges.

9. Registrar and Transfer Agent

The Company has engaged C B Management Services (P) Ltd, P-22 Bondel Road, Kolkata- 700 019, a SEBI registered body as its Registrar and Share Transfer Agent for processing transfers, sub-division, consolidation, etc. Since trading in Company’s shares can now be done only in the dematerialized form, request for demat and remat should be sent directly to the Registrar through depository participants concerned. The Company has made arrangements for dematerialization of its share currently held in physical form with National Securities Depository Limited (NSDL) and Central Depository Service (India) Limited (CDSL).

W.e.f. April 1, 2019, in compliance with regulation 40 of the Listing Regulations, the Company is not accepting any new request for effecting transfer of securities in physical mode except in the case of transmission or transposition of securities.

SEBI vide circular dated September 7, 2020 had fixed the cut-off date for re-lodgement of transfer deeds rejected/returned due to deficiency in documents as March 31, 2021 and mandated to issue securities in dematerialized mode only.

Any shareholder desirous of transferring shares (held in physical form) after April 1, 2019 can do so only after the shares are dematerialized. In view of the above and the inherent benefits of holding shares in electronic form, the shareholders holding shares in physical form are advised to opt for dematerialization at the earliest.

10. Share Transfer System

As stated above, the Company’s shares are compulsorily traded in demat mode on the stock exchanges. The shareholders are therefore requested to kindly note that physical documents, viz. Demat Request Forms (DRF) and share certificates, etc. should be sent by their Depository Participants (DP’s) directly to the Share Transfer Agents. Any delay on the part of the DP’s to send the DRF and the share certificates beyond 15 days from the date of generation of the DRN by the DP will be rejected/ cancelled. This is being done to ensure that no demat requests remain pending with the Share Transfer Agent beyond a period of 15 days. Therefore, shareholders should ensure that their DPs do not delay sending the DRF and share certificates to the Share Transfer Agent after generating the DRN.

11. Nomination Facility

Pursuant to Section 72 of the Companies Act, 2013, read with Rule 19 (1) of the Companies (Share Capital & Debentures) Rules, 2014, nomination facility is available to the shareholders. This facility is mainly useful for shareholders holding the shares in single name. In cases where the shares are held in joint names, the nomination will be effective only in the event of death of all the joint holders.

Investors, especially those holding securities in single name, are advised to avail themselves of this facility to avoid the expensive and long-drawn process of transmission by law.

The Company obtains from a Company Secretary in practice, a half-yearly certificate of compliance with the share transfer formalities as required under

Investors holding shares in physical form may obtain a nomination form (Form SH-13) from the Registrar and Share Transfer Agent of the Company. However, if the shares are held in dematerialized form, the nomination has to be intimated to your depository participants directly, as per the format prescribed by them.

12. Share Transfer Record

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----- Start of picture text -----

Month No. of Transfer No. of shares processed
----- End of picture text -----

Apr-20 to Oct-20	NIL	NIL
Nov-20	1	2,000
Dec-20 to Mar-21	NIL	NIL

13. Distribution of Shareholding as on March 31, 2021

. sruon o are	ong as on arc ,	ong as on arc ,	ong as on arc ,	ong as on arc ,
Range	Shares
	No. of shares of face value`H`1/- each	% of total shares		Total no. of holders
1 - 5000	2,48,54,072	2.924		3,41,569
5001-10000	79,66,747	0.937		10,116
10001-20000	80,37,207	0.946		5,403
20001-30000	58,54,007	0.689		2,331
30001-40000	44,96,760	0.529		1,262
40001-50000	47,02,631	0.553		1,032
50001-100000	1,24,25,521	1.462		1,747
100001 & above	78,16,63,055	91.960		1,594
TOTAL	85,00,00,000	100.000		3,65,054
14. Shareholding pattern of the Company as on March 31, 2021 * Non-consolidation basis
Category			No. of shares
Promoter Holding			39,09,54,666
Foreign Portfolio Investors			10,15,81,840
Non-Resident Individual			50,64,705
Mutual Funds			9,16,52,197
Financial Institutions, Insurance Companies & Banks			10,64,88,913
Public			10,84,86,681
Bodies Corporate			4,07,53,101
Directors & their relatives			5,18,194
Investor Education and Protection Fund			44,99,703
Total			85,00,00,000

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15. Dematerialization of Shares and Liquidity

Exide shares are tradable compulsorily in the electronic form. We have established connectivity with both depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The International Securities Identification Number (ISIN) allotted to our shares under the Depository system is INE302A01020.

As on March 31, 2021, 99.07 per cent of the Company’s total shares representing 84,21,21,383 shares are held in dematerialized form and 0.93 per cent representing 78,78,617 shares are in physical form.

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----- Start of picture text -----

Number
Category % to total equity
Shareholders Shares
----- End of picture text -----*

Demat Mode
NSDL	1,35,851	81,35,55,058	95.71
CDSL	2,25,719	2,85,66,325	3.36
Total	3,61,570	84,21,21,383	99.07
Physical Mode	3,484	78,78,617	0.93
Grand Total	3,65,054	85,00,00,000	100.00

Non-consolidation basis

16. Outstanding GDRs/ADRs/Warrants or any 19. Plant Locations convertible instruments, conversion date and likely impact on equity State Address

State Address West Bengal 91 New Chord Road, Authpur, Shamnagar, 24 Parganas (N)- 743 128 Durgachak, Haldia, Dist Midnapore, West Bengal- 721 602

The Company has not issued any GDRs, ADRs, Warrants or any other convertible instruments.

17. Cost Audit

Haryana Plot No. 179, Sector 3, HSIIDC Growth Centre, Bawal- 123 501

Name of the Cost Auditor: M/s Mani & Co. Cost Accountants Ashoka 111, Southern Avenue Kolkata 700029 Regn No.: 000004

D2, MIDC Industrial Estate, Chinchwad East, Pune- 411 019
Maharashtra

Plot No. T-17 MIDC Taloja Industrial Area, Taloja- 410 208

E-5, MIDC, Nagpur Taluka, Ahmednagar - 414 111

Actual date of filing the Cost Audit Report for 2019-20 : September 1, 2020

Tamil Nadu Chichurakanapalli, Sevaganapalli Panchayat, Hosur Taluk, Dist Krishnagiri - 635 103

18. Commodity Price risk or Foreign Exchange risk and Hedging activities

Khasra No. - 275, Lakeshwari Industrial Area, Bhagwanpur, Roorkee, Dist-Haridwar – 247 661

Uttarakhand

The same has already been explained under the heading ‘Disclosures’ in this report.

Plot No. 31, Sector 8A, Integrated Industrial Estate, Ranipur, Haridwar – 249 403 Gujarat Plot No. 10/1, Kamalpur, N.H. No. 8, Taluka Prantij, District Sabarkantha, Gujarat - 383 205

20. Address for Correspondence

The Company’s registered office is situated at Exide House, 59E, Chowringhee Road, Kolkata- 700 020.

All Shareholders’ correspondence should be addressed to:

(a) Secretarial Department, Exide Industries Limited Exide House, 59E Chowringhee Road, Kolkata700 020.

Contact Person:

Mr Jitendra Kumar

Company Secretary and Compliance Officer, Tel Nos.: [033] 23023400/ 22832118/ 2150/ 2171 Fax No.: [033] 2283 2637

Email : [email protected]

(b) C B Management Service (P) Ltd. P-22 Bondel Road, Kolkata- 700 019

Contact Person:

Mr Subhabrata Biswas,

Vice-President

Tel No.: [033] 4011 6700//40116725/ 40116729/ 40116742

Fax No.: [033] 4011 6739 Email: [email protected]

21. List of all credit ratings obtained by the entity along with any revisions thereto during the relevant financial year, for all debt instruments of such entity or any fixed deposit programme or any scheme or proposal of the listed entity involving mobilization of funds, whether in India or abroad.

Facilities/Instruments	Credit rating by ICRA
Short-term debt instrument (Commercial paper)	ICRA A1+

Date: 29.04.2021

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Facilities/Instruments Credit rating by ICRA
----- End of picture text -----

Facilities/Instruments Credit rating by ICRA
Long-term banking facility (Fund based and Non fund based facility) ICRA AAA There has been no revision in ratings as compared to last
	Corporate Overview

There has been no revision in ratings as compared to last year.

Status as regards adoption/non-adoption of discretionary requirements laid down in Part E of Schedule II of Regulation 27(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and forming part of the Report on Corporate Governance

==> picture [289 x 50] intentionally omitted <==

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part of the Report on Corporate Governance
Particulars Status
Reports Statutory
----- End of picture text -----

The Board A non-executive chairperson may be entitled to maintain a Chairperson’s office at the expense of the Company and also allowed reimbursement of expenses incurred in performance of his duties.	Not adopted Not adopted Company’s financial statements have unmodified audit opinion. Adopted
Shareholders Rights A half-yearly declaration of financial performance including summary of the significant events in the last six months, may be sent to each household of shareholders.
Modified opinion (s) in audit report Company may move towards a regime of financial statements with unmodified audit opinion
		Financial Statements
Reporting of Internal Auditor The Internal auditor may report directly to the Audit Committee

Pursuant to Regulation 34(3) read with Schedule V of SEBI Listing Regulations, Compliance Certificate from the Statutory Auditors regarding compliance of conditions of Corporate Governance by the Company is annexed with the Directors’ Report.

On behalf of the Board of Directors

Sd/Sd/- Bharat D Shah Gautam Chatterjee Chairman Managing Director & CEO DIN: 00136969 DIN: 00012306 Place: Mumbai Place: Kolkata

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Independent Auditors’ Certificate on Compliance with the Corporate Governance Requirements Under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Members of Exide Industries Limited

on Certification of Corporate Governance both issued by the Institute of the Chartered Accountants of India (the “ICAI”), in so far as applicable for the purpose of this certificate. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

This certificate is issued in accordance with the terms of our engagement letter dated August 05, 2019 and addendum to the engagement letter dated April 05, 2021.
We have examined the compliance of conditions of Corporate Governance by Exide Industries Limited (“the Company”), for the year ended March 31, 2021, as stipulated in regulations 17 to 27, clauses (b) to (i) of regulation 46(2) and paragraphs C, D and E of Schedule V of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time (“Listing Regulations”) pursuant to the Listing Agreement of the Company with Stock Exchanges.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the abovementioned Listing Regulations.

Management’s Responsibility

The compliance of conditions of Corporate Governance as stipulated under the listing regulations is the responsibility of the Company’s Management including the preparation and maintenance of all the relevant records and documents. This responsibility includes the design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of Corporate Governance stipulated in the Listing Regulations.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Restriction on use

The certificate is addressed and provided to the Members of the Company solely for the purpose of enabling the Company to comply with the requirement of the Listing Regulations and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

Auditors’ Responsibility

Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance whether the Company has complied with the conditions of Corporate Governance as stipulated in Listing Regulations for the year ended March 31, 2021.

For B S R & Co. LLP Chartered Accountants Firm’s Registration No: 101248W/W-100022

Sd/- Jayanta Mukhopadhyay Place: Kolkata Partner Date: April 29, 2021 Membership No: 055757 UDIN: 21055757AAAABG5171

We conducted our examination of the above corporate governance compliance by the Company in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) and Guidance Note

Certification by Chief Executive Officer (CEO) & Chief Financial Officer (CFO)

The Board of Directors

Exide Industries Limited

Exide House 59E, Chowringhee Road Kolkata – 700 020

We, Gautam Chatterjee, Managing Director & CEO, and Asish Kumar Mukherjee, Director-Finance & CFO of Exide Industries Limited, certify to the Board in terms of Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that we have reviewed the financial statement and cash flow statement of the Company for the financial year ended March 31, 2021.

To the best of our knowledge and belief, we certify that:
a) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
b) these statements together present a true and fair view of the Company’s affairs and comply with existing accounting standards, applicable laws and regulations; and
c) there are no transactions entered into by the Company during the year which are fraudulent, illegal or violative of the Company’s Code of Conduct;
For the purposes of financial reporting, we accept the responsibility for establishing and maintaining internal controls and that we have evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors and the Audit Committee, and further state that there were no deficiencies in the design or operation of such internal controls.
We do further certify that there has been:
a) no significant changes in internal controls over financial reporting during the year;
b) no significant changes in accounting policies during the year; and
c) no instances of fraud, of which we are aware during the period.

Sd/Sd/- Gautam Chatterjee Asish Kumar Mukherjee Managing Director & CEO Director-Finance & CFO DIN: 00012306 DIN: 00131626

Place: Kolkata Date: 27.04.2021

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Annual Declaration under Regulation 34(3) read with Part D of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Declaration

As required under Regulation 34(3) read with Part D of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I hereby declare that all the Board members and Senior Management Personnel of the Company have complied with the Code of Conduct of the Company for the year ended March 31, 2021.

Sd/- Gautam Chatterjee Managing Director & CEO DIN: 00012306

Place: Kolkata Date: 14.04.2021

Certificate of Non-Disqualification of Directors

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To

The Members of Exide Industries Limited 59E, Chowringhee Road Kolkata – 700 020

Sr. No. Name of the Director DIN Date of appointment in the Company 1 Mr Gautam Chatterjee 00012306 22/07/1996 2 Mr Bharat Dhirajlal Shah 00136969 30/04/2015 3 Mr Rajan Beharilal Raheja 00037480 12/12/1991 4 Mr Subir Chakraborty 00130864 01/05/2013 5 Mr Asish Kumar Mukherjee 00131626 20/04/2007 6 Mr Arun Mittal 00412767 01/05/2016 7 Mr Surin Shailesh Kapadia 00770828 25/10/2017 8 Mr Sudhir Chand 01385201 19/10/2012 9 Ms Mona Ninad Desai 03065966 28/04/2010 We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of EXIDE INDUSTRIES LTD. having CIN L31402WB1947PLC014919 and having registered office at 59E, Chowringhee Road, Kolkata – 700 020 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portalwww.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2021 has been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities & Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.	Sr. No. Name of the Director DIN Date of appointment in the Company 1 Mr Gautam Chatterjee 00012306 22/07/1996 2 Mr Bharat Dhirajlal Shah 00136969 30/04/2015 3 Mr Rajan Beharilal Raheja 00037480 12/12/1991 4 Mr Subir Chakraborty 00130864 01/05/2013 5 Mr Asish Kumar Mukherjee 00131626 20/04/2007 6 Mr Arun Mittal 00412767 01/05/2016 7 Mr Surin Shailesh Kapadia 00770828 25/10/2017 8 Mr Sudhir Chand 01385201 19/10/2012 9 Ms Mona Ninad Desai 03065966 28/04/2010 We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of EXIDE INDUSTRIES LTD. having CIN L31402WB1947PLC014919 and having registered office at 59E, Chowringhee Road, Kolkata – 700 020 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portalwww.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2021 has been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities & Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.	Sr. No. Name of the Director DIN Date of appointment in the Company 1 Mr Gautam Chatterjee 00012306 22/07/1996 2 Mr Bharat Dhirajlal Shah 00136969 30/04/2015 3 Mr Rajan Beharilal Raheja 00037480 12/12/1991 4 Mr Subir Chakraborty 00130864 01/05/2013 5 Mr Asish Kumar Mukherjee 00131626 20/04/2007 6 Mr Arun Mittal 00412767 01/05/2016 7 Mr Surin Shailesh Kapadia 00770828 25/10/2017 8 Mr Sudhir Chand 01385201 19/10/2012 9 Ms Mona Ninad Desai 03065966 28/04/2010 We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of EXIDE INDUSTRIES LTD. having CIN L31402WB1947PLC014919 and having registered office at 59E, Chowringhee Road, Kolkata – 700 020 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portalwww.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2021 has been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities & Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.	Statutory Reports
Sr. No.	Name of the Director	DIN
1	Mr Gautam Chatterjee	00012306
2	Mr Bharat Dhirajlal Shah	00136969
3	Mr Rajan Beharilal Raheja	00037480	Financial Statements
4	Mr Subir Chakraborty	00130864
5	Mr Asish Kumar Mukherjee	00131626
6	Mr Arun Mittal	00412767
7	Mr Surin Shailesh Kapadia	00770828
8	Mr Sudhir Chand	01385201
9	Ms Mona Ninad Desai	03065966

Ensuring the eligibility for the appointment/ continuity of every Director on the Board is the responsibility of the Company’s management. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For Sushil Tiwari & Associates

Dated: 14.04.2021 UDIN No.: A006199C000092692

Company Secretaries Sd/- Sushil Tiwari Proprietor ACS no. 6199 CP no. 1903

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Annexure IV

Annual Report on Corporate Social Responsibility (CSR) Activities

Sl. Amount available for set-off from Amount required to be set-off for the Financial Year No. preceding financial years (in J ) financial year, if any (in J ) NA Total

6. Average net profit of the company as per section 135(5) – H 1045.52 crore

1. Brief outline on CSR Policy of the Company:

Our aim is to be one of the most respected companies in India delivering superior and sustainable value to all our customers, business partners, shareholders, employees and host communities.

The CSR initiatives focus on holistic development of host communities and create social, environmental and economic value to the society.

To pursue these objectives, we continue to:

a. Increasingly contribute to activities that are beneficial to the society and community at large.

7. (a) Two percent of average net profit of the company as per section 135(5) – H 20.91 crore

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years – NIL
(c ) Amount required to be set off for the financial year, if any - Not applicable
(d) Total CSR obligation for the financial year (7a+7b-7c) - H 20.91 crore
b. Chart out a mechanism for undertaking CSR activities.
c. Engage with the Company’s key stakeholders in matters related to CSR activities.
d. Align the CSR activities undertaken by the Company with the applicable laws.

2. Composition of CSR Committee:

Sl. No.	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR Committee held during the year	Number of meetings of CSR Committee attended during the year
1	Mr Bharat D Shah	Independent & Non-executive director (Chairman)	4	4
2	Mr Sudhir Chand	Independent & Non-executive director (Member)	4	4
3	Mr Gautam Chatterjee	Executive director (Member)	4	4
4	Mr Subir Chakraborty	Executive director (Member)	4	4

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company.

https://www.exideindustries.com/sustainability/

8. (a) CSR amount spent or unspent for the financial year:

Total Amount Spent for the Financial Year (`J`in Lakh)	Amount Unspent (`J`in Lakh)	Amount Unspent (`J`in Lakh)
	Total Amount transferred to Unspent CSR Account as per section 135(6)	Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5)
	Amount Date of transfer 0.00 Not applicable	Name of the Fund Amount Date of transfer
2093.59		Not applicable 0.00 Not applicable

(b) Details of CSR amount spent against ongoing projects for the financial year: NIL

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(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item from Local area Project Amount Amount Amount Mode of Mode of
No. of the the list of (Yes/No) duration allocated spent transferred Implementation Implementation
Project activities for the in the to Unspent - Direct (Yes/ - Through
in project current CSR Account No) Implementing
Schedule (in J ) financial for the Agency
VII to the State District Year project as Name CSR
Act (in J ) per Section
Registration
135(6) (in J ) number
NIL
Total
----- End of picture text -----

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report). Not applicable

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any - Not applicable

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(c ) Details of CSR amount spent against other than ongoing projects for the financial year:

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(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Name of the Project Item from Local Location of the project Amount Mode of Mode of implementation - Through
No. the list of area spent for implementation - implementing agency
activities (Yes/ State District the project Direct (Yes/No) Name CSR Registration
in schedule No) ( J in Lakh) number
VII to the
Act
----- End of picture text -----

		activities in schedule VII to the Act	(Yes/ No)	State	District	the project (`J`in Lakh)	Direct (Yes/No)	Name	CSR Registration number
1.	Promoting health care including preventive health care	Clause (i)	No	Maharashtra, West Bengal	Mumbai, Kolkata, Howrah, South 24 Parganas	820.26	No	Diabetics Association of India	CSR00005411
								Society for the Rehabilitation of Paraplegics	CSR00003853
								Marrow Donor Registry (India)	CSR00008317
								Cankids Kidscan	CSR00000341
								Ramakrishna Mission Belur Math & Ramakrishna Mission Seva Pratishthan	CSR00006101
								Bharat Sevashram Sangha	CSR00000812
								Indian Cancer Society	CSR00000792
2.	Eradicating hunger, poverty and malnutrition, promoting healthcare including preventive health care	Clause (i)	Yes	Haryana, Maharashtra, Tamil Nadu, West Bengal, Uttarakhand	Rewari, Raigarh, Ahmednagar, Pune, Krishnagiri, Kolkata, South 24 Parganas, Purba Medinipur, North 24 Parganas, Haridwar & Roorkee	384.36	No	YUVA Unstoppable	CSR00000473
3.	Promoting education especially among children, sanitation and making available safe drinking water, eradicating hunger, poverty and malnutrition, promoting health care including preventive health care, setting up homes for orphans and measures for reducing inequalities faced by socially and economically backward groups and including special education especially among the differently abled	Clause (i), (ii), (iii)	Yes	Maharashtra, West Bengal	Pune, Kolkata	96.76	No	Haltu Arya Balika Vidyalaya,	N/A
								The Art of Living Foundation - Project UDAAN	CSR00002469
								Child in Need Institute (CINI)	CSR00000494
								India Sponsorship Committee - Antar Bharati Balgram	CSR00001870
								Cheshire Homes- Kolkata Unit	CSR00002553

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4.	Promoting education, including special education and employment enhancing vocation skills especially among women and livelihood enhancement projects; promoting gender equality, empowering women	Clause (ii) & (iii)	Yes	West Bengal	Kolkata & Jhargram	51.42	No	CII Foundation	te w
								Sukriti Welfare Association for Women Entrepreneurs
								South Gurukul Society
									Statutory Reports
								Udayan Care
								The Bengal Chamber of Commerce & Industry
5.	Setting up old age homes, day care centers and such other facilities for senior citizens	Clause (iii)	Yes	West Bengal	Kolkata	38.72	No	Little Sisters of the Poor (Kolkata)
6.	Making available safe drinking water	Clause (i)	Yes	Tamil Nadu	Krishnagiri	25.23	No	Tandarust Bharat Foundation
7.	Promoting health care including preventive health care, sanitation & eradicating hunger, poverty and malnutrition and making available safe drinking water	Clause (i)	Yes	Haryana, Maharashtra, Tamil Nadu, Karnataka, West Bengal, Uttarakhand	Rewari, Raigarh, Ahmednagar, Pune, Krishnagiri, Haridwar & Roorkee	386.28	Yes	N/A
8.	Promoting education	Clause (ii)	Yes	Uttarakhand, West Bengal	Haridwar & Roorkee, Purba Medinipur	135.13	Yes	N/A
9.	Enduring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, conservation of natural resources and maintaining quality of soil, air and water	Clause (iv)	Yes	Haryana, Tamil Nadu, West Bengal	Rewari, Krishnagiri & Kolkata	130.60	Yes	N/A
									Financial Statements
10.	Rural development projects	Clause (x)	Yes	West Bengal	Purba Medinipur	20.06	Yes	N/A
	Total					2088.82

(d) Amount spent in Administrative Overheads: NIL

(e) Amount spent on Impact Assessment, if applicable: `H` 4.77 lakh*

*Impact assessment was undertaken on voluntary basis in 2020-21, however the report is awaited.

(f) Total amount spent for the Financial Year (8b+8c+8d+8e): `H` 2093.59 lakh

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(g) Excess amount for set off, if any: NIL*

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Sl.
Particular Amount
No.
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(i)	Two percent of average net profit of the company as per section 135(5)	`H`2091 lakh
(ii)	Total amount spent for the Financial Year	`H`2093.59 lakh
(iii)	Excess amount spent for the financial year [(ii)-(i)]	`H`2.59 lakh
(iv)	Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any	NIL
(v)	Amount available for set off in succeeding financial years [(iii)-(iv)]	NIL*

*The Company has spent H 2.59 lakh in excess towards CSR, however, excess has been considered as expenditure for the FY 2020-21 and will not be carried forward for set off in the next year

9. (a) Details of Unspent CSR amount for the preceding three financial years: Not applicable

Preceding Financial Year	Amount spent in the reporting Financial Year (in`J`)	Amount transferred to any fund specified under Schedule VII as per section 135(6), if any	Amount transferred to any fund specified under Schedule VII as per section 135(6), if any	Amount transferred to any fund specified under Schedule VII as per section 135(6), if any
		Name of the Fund	Amount (in`J`)	Date of transfer
	Not Applicable
Total

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not applicable

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Sl. No.	Project ID	Name of the Project	Financial Year in which the project was commenced	Project duration	Total amount allocated for the project (in`J`)	Amount spent on the project in the reporting Financial Year (in`J`)	Cumulative amount spent at the end of reporting Financial Year (in`J`)	Status of the project - Completed / Ongoing
					Not Applicable
	Total

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year

(a) Date of creation or acquisition of the capital asset(s).

Please refer point 10(d).

(b) Amount of CSR spent for creation or acquisition of capital asset.

Please refer point 10(d).

(c ) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.

Please refer point 10(d).

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).

Capital Asset Created in FY 2020 - 21

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Entity or public Date of
authority or beneficiary creation/ Final
Sl. Capital Assets Location & Complete
under whose name acquisition Expenditure
No. created Address
such capital asset is of Capital ( J in Lakh)
registered Asset
Reports Statutory
----- End of picture text -----

1	60 Seater School Bus	Haltu Arya Balika Vidyalay	57, Arya Vidyalaya Road, Haltu, Kolkata - 700078	Mar-21
2	Digital Gadgets for conducting online classes	South Gurukul Society	2nd & 3rd Floor, 59A, Southern Park, Kolkata - 700029	Nov-20
3	Ambulance	Ramkrishna Mission Belur Math	Ramakrishna Math, Belur Math, Howrah 711202, West Bengal	Feb-21
4	C-Arm X-Ray Machine	Ramakrishna Seva Pratishthan	99, Sarat Bose Road, Kolkata – 700026	Mar-21
5	Maternity Medical Machinery & Equipment, Furniture & Fixture	Pranavananda Seva Niketan	Bharat Sevashram Sangha, Pranavananda Seva Niketan. Lot No. 8, Kakdwip, South 24 Parganas 743347	Mar-21
					Financial Statements
6	Medical Machinery & Equipment	Diabetic Association of India	Raheja Rugnalaya Marg, Mahim, Mumbai -400 016	Mar-21
7	Medical Beds for COVID relief support	GS Gune Ayurvedic College Mukbadhir Apanag Covid Centers Sant Tukaram Vidyalaya	GS Gune Ayurvedic College, Tilak Road Vishrambaag, Maliwada Ahmednagar - 414001	Feb-21
8	Construction of 3000 sq ft mortuary dissection hall	GS Gune Ayurvedic College		Mar-21
9	Mortuary Cabinet			Mar-21
10	Medical equipment operation support system.	B.J.Govt. Medical College & Sasoon General Hospital, Pune (new ward fully dedicated for Covid-19 patients)	B.J.Govt. Medical College & Sasoon General Hospital, Jai Prakash Narayan Road, Railway Station Rd, near Pune, Maharashtra 411001	Jul-20
11	Medical Machinery			Dec-20
12	Medical Machinery1 Anaesthesia Work Station			Jan-21

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Entity or public Date of Entity or public Date of
authority or beneficiary creation/ Final authority or beneficiary creation/ Final
Sl. Capital Assets Location & Complete Sl. Capital Assets Location & Complete
under whose name acquisition Expenditure under whose name acquisition Expenditure
No. created Address No. created Address
such capital asset is of Capital ( J in Lakh) such capital asset is of Capital ( J in Lakh)
registered Asset registered Asset
----- End of picture text -----

Sl. No. 25	Capital Assets created Waste collection vehicle	Entity or public authority or beneficiary under whose name such capital asset is registered Billapura Panchayat	Location & Complete Address Billapura Grama Panchayat, Billapura,	Date of creation/ acquisition of Capital Asset Dec-20	Final Expenditure (`J`in Lakh) 9.70	Overview	Corporate
			Anekal,
			Karnataka - 562125
26	Medical Equipments &	Department of Public	Hosur Government	Feb-21	2.40
	Accessories	Health, Hosur	Hospital and Primary Health Centre, Tamilnadu - 635126			Reports	Statutory
27	Waste collection	Nallur Panchayat	Nallur Panchayat,	Feb-21	10.25
	vehicle		Nallur, Hosur,
			Tamilnadu - 635121
28	1000 LPH RO plant	Chichuraganapalli	Opposite to	Mar-21	7.13
		Panchyat	Anjeneyar temple,
			Chichuraganapalli,
			Sevaganapalli, Hosur,
			Tamilnadu - 635103
29	1000 LPH RO plant	Sokkarasanapalli	Near government	Mar-21	9.14
		Panchayat	school,
			Sokkarasanapalli,
			Sevaganapalli, Hosur,
			Tamilnadu - 635103
30	1000 LPH RO plant	Kodiyalam Panchayat	Back side of Vinayagar	Mar-21	8.96
			Temple, Kodiyalam,
			Sevaganapalli, Hosur,
			Tamilnadu - 635103
	Total				540.97	Sta	Fin

							Capital Assets created	Entity or public authority or beneficiary under whose name such capital asset is registered	Location & Complete Address	Date of creation/ acquisition of Capital Asset	Final Expenditure (`J`in Lakh) 9.70 2.40 10.25 7.13 9.14 8.96 540.97
												Corporate Overview
13	Medical equipment & accessories	Mela Hospital, Haridwar (Dedicated to COVID-19)	Mela Hospital, Haridwar Pin Code - 249401	Jul-20	7.41 20.48 27.13 30.00 70.00 16.99 17.48 4.74 4.74 8.10 4.84 8.54 25 Waste collection vehicle Billapura Panchayat Billapura Grama Panchayat, Billapura, Anekal, Karnataka - 562125 Dec-20 9.70 26 Medical Equipments & Accessories Department of Public Health, Hosur Hosur Government Hospital and Primary Health Centre, Tamilnadu - 635126 Feb-21 2.40 27 Waste collection vehicle Nallur Panchayat Nallur Panchayat, Nallur, Hosur, Tamilnadu - 635121 Feb-21 10.25 28 1000 LPH RO plant Chichuraganapalli Panchyat Opposite to Anjeneyar temple, Chichuraganapalli, Sevaganapalli, Hosur, Tamilnadu - 635103 Mar-21 7.13 29 1000 LPH RO plant Sokkarasanapalli Panchayat Near government school, Sokkarasanapalli, Sevaganapalli, Hosur, Tamilnadu - 635103 Mar-21 9.14 30 1000 LPH RO plant Kodiyalam Panchayat Back side of Vinayagar Temple, Kodiyalam, Sevaganapalli, Hosur, Tamilnadu - 635103 Mar-21 8.96 Total 540.97 Note: Handover of all Capital Assets had been made and none of such assets are held by the Company. Necessary formalities, if any required shall also be completed in due course. 11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).Not applicable Sd/- Sd/- Gautam Chatterjee Bharat D Shah Managing Director & CEO Chairman of CSR committee DIN: 00012306 DIN: 00136969 Date : 29.04.2021 Place : Kolkata Place : Mumbai	25	Waste collection vehicle	Billapura Panchayat	Billapura Grama Panchayat, Billapura, Anekal, Karnataka - 562125	Dec-20	9.70
14	Medical Machinery & Equipments	Community Health Centre, Bhagwanpur	Community Health Centre, Bhagwanpur Pin Code - 247661	Jan-21
						26	Medical Equipments & Accessories	Department of Public Health, Hosur	Hosur Government Hospital and Primary Health Centre, Tamilnadu - 635126	Feb-21	2.40
15	Medical Machinery & Equipments	Civil Hospital, Roorkee	Civil Hospital, Roorkee Pin Code - 247667	Dec-21								Statutory Reports
16	Digital hardware and software	GIC, Kunja Bhadurpur	GIC, Kunja Bhadurpur Pin Code - 247668	Feb-21
						27	Waste collection vehicle	Nallur Panchayat	Nallur Panchayat, Nallur, Hosur, Tamilnadu - 635121	Feb-21	10.25
17	Civil construction for 4 laboratory facilities			Feb-21
						28	1000 LPH RO plant	Chichuraganapalli Panchyat	Opposite to Anjeneyar temple, Chichuraganapalli, Sevaganapalli, Hosur, Tamilnadu - 635103	Mar-21	7.13
18	Laboratory furniture, fixtures, equipment, digital hardware and software			Mar-21
19	Construction of 2500 sq ft area with 2 class rooms, staircase and 4 sanitation rooms	Khejuri College	Khejuri College, P.O - Baratala, P.S - Khejuri, District - Purba Medinipur, PIN - 721431, Contai, West Bengal	Mar-21
						29	1000 LPH RO plant	Sokkarasanapalli Panchayat	Near government school, Sokkarasanapalli, Sevaganapalli, Hosur, Tamilnadu - 635103	Mar-21	9.14
20	Borewell and Motor Pump	Sevaganapalli Panchayat	Near solid waste management facility, Chichuraganapalli, Sevaganapalli, Hosur, Tamilnadu - 635103	Oct-20
						30	1000 LPH RO plant	Kodiyalam Panchayat	Back side of Vinayagar Temple, Kodiyalam, Sevaganapalli, Hosur, Tamilnadu - 635103	Mar-21	8.96
												Fin Sta
							Total				540.97
21	Borewell and Motor Pump	Sevaganapalli Panchayat	Back side of VGP, Kakkanur,Sevaganapalli, Hosur, Tamilnadu - 635103	Nov-20

22	Pipeline	Sevaganapalli Panchayat	Sevaganapalli water tank, Sevaganapalli, Hosur, Tamilnadu - 635103	Nov-20
23	Waste collection vehicle	Chichuraganapalli Panchayat	Solid Waste Management facility, Chichuraganapalli, Sevaganapalli, Hosur, Tamilnadu - 635103	Nov-20
24	Medical Equipments & Accessories	Primary Health Center, Bagalur	Primary Health Center, Bagalur, Hosur, Tamilnadu - 635109	Dec-20

Note: Handover of all Capital Assets had been made and none of such assets are held by the Company. Necessary formalities, if any required shall also be completed in due course.

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5). Not applicable

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Annexure V

Form No. AOC - 2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transaction under third proviso thereto.

1. Details of contracts or arrangements or transactions not at Arm’s length basis.

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a)	Name(s) of the related party & nature of relationship NIL (All contracts or arrangements or transactions with related parties are at arm’s length basis) Nature of contracts/arrangements/transaction Duration of the contracts/arrangements/transaction Salient terms of the contracts or arrangements or transaction including the value, if any Justification for entering into such contracts or arrangements or transactions’ Date of approval by the Board Amount paid as advances, if any Date on which the special resolution was passed in General meeting as required under first proviso to section 188
b)
c)
d)
e)
f)
g)
h)

3. Details of contracts or arrangements or transactions not in the ordinary course of business:

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a	Name(s) of the related party & nature of relationship NIL (All contracts or arrangements or transactions with related parties are in ordinary course of business) Nature of contracts/arrangements/transaction Duration of the contracts/arrangements/transaction Salient terms of the contracts or arrangements or transaction including the value, if any Justification for entering into such contracts or arrangements or transactions’ Date of approval by the Board Amount paid as advances, if any
b
c
d
e
f
g

h Date on which the special resolution was passed in General meeting as required under first proviso to section 188

On behalf of the Board of Directors

Sd/Sd/- Bharat D Shah Gautam Chatterjee Chairman Managing Director & CEO DIN: 00136969 DIN: 00012306 Place: Mumbai Place: Kolkata

Date: 29.04.2021

2. Details of material contracts or arrangements or transactions at Arm’s length basis.

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a)	Name(s) of the related party & nature of relationship	Chloride Metals Limited (CML) (Wholly Owned Subsidiary Company)
b)	Nature of contracts/arrangements/transaction	Purchase of lead, lead alloys and lead small parts and sale of scrap batteries
c)	Duration of the contracts/arrangements/transaction	April 2020 to March, 2021
d)	Salient terms of the contracts or arrangements or transaction including the value, if any	Value of transactions with CML amounted to`H`2,606.26 cr.
e)	Date of approval by the Board	February 4, 2020
f)	Amount paid as advances, if any	-

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Annexure VI

Information as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 and forming part of the Directors’ Report for the year ended March 31, 2021

Operational Control on daily/ hourly consumption of energy on different process centers, highlighting sections of high consumption against target through Dashboard is in practice.

A. Conservation of Energy

(i) The steps taken or impact on conservation of energy

Ahmednagar plant

Your Company is primarily focused on enhancing energy efficiency and striving to achieve excellence in cost competitiveness, as energy cost is one of the key components of cost element of conversion cost. This is in line with our commitment towards minimizing the effects of climate change by reducing Carbon foot print and GHG emissions. A dedicated energy management cell, formed at corporate level drives our energy efficiency initiatives.

Achieved saving through rooftop and ground mounted solar panels.
Replaced main header line from 2” to 4” in E5 & E6 connecting header line for compressed air for reduction in air pressure drop.
Implemented double stroke for proper runner ejection at Lac30 machines to improve productivity and reduce recycling.

Your Company has been implementing short and medium-term actions to improve the energy efficiency and also adheres to the energy efficient practices & methods for cost competitiveness and promoting energy efficiency throughout the supply chain.

Automatic Stoppage of conveyor of engraving machine after idling time for 2 minutes.
Provided interlock of feeding conveyor with Air Leak Tester for optimum use of energy.

Energy Efficiency improvement has been one of the top priority of the company. Energy Initiatives were spread across all factories under close supervision of Corporate Energy Cell, resulting into 1% improvement in Consumption (KHW/MAh) & 13% improvement Carbon Foot Print (Tonne/MAh) over last year.

Cost saving achieved by Contract demand reduction during lockdown period.

Bawal plant

Achieved Power cost saving through usage of IEX Power.

As part of the green energy initiative undertaken by the Company, the net solar energy usage increased to 541.77 Lakh kWh during the financial year 202021. This increased the percentage of usage of Green Energy vs Brown Energy to 15% as compared to 2.2% achieved in the previous financial year 2019-20.

Achieved optimal speed of Blower through Installation of VFD in Ball Mill
Replaced identified energy inefficient motor re-winded motor with energy efficiency IE2 motor.

Some of the initiatives undertaken by your Company for energy conservation are:

Installed Energy efficient screw Aircompressor with variable speed drive (VSD).
Energy performance of individual manufacturing units have been analysed to identify the major source of inefficiency (sections/process level) in accordance with Energy Management System (EnMS) ISO 50001 standard guideline.

Chinchwad plant

Achieved Energy Savings of 10KWH/MT replacing higher capacity Motors (Above 25H.P) with IE3 Motors.
Continuing Energy Stewardship “Energy Circle” team to conserve the energy and use it efficiently.
Monthly compressed air leakage test to identify and close of leakage points to achieve compressed air savings.
High capacity motors driven by VFD and speed optimized to achieve energy saving of 8KWH/MT.
Culture of Switching off equipment while not in Run has been established and compliance is monitored.
VFD installed with a) Fresh air system blower to reduce speed during cold seasons b) Dust Collector System to optimize blower speed c) Curing Ovens to reduce speed d) FDO blower to lower speed. This resulted into savings of 15KWH/MT of lead.
50HP Hydraulic power pack motor system conversion into 20HP hydraulic system for power savings.
Flow control valve provided at the inlet of Main Line feeding to casting machines to control fluctuations
Express feeder commissioning has given benefit in Ball Mill area, loss due to power failure is eliminated because after power failure we require to start mill operation, during which 200HP motor used to operate for 2 hours to achieve operating temperature without oxide output.

Haldia plant

Modified compressed air distribution line at Haldia–Auto assembly with low loss “AL” pipe, appropriate pipe size & ring main for reduction in line pressure drop & air leakages.
Installed Energy efficient screw Aircompressor with Super premium efficiency IE4 motor in-place of inefficient aircompressor.
Installed timer to control usage of energy in APC Fan blowers & cooling fans.
Implemented action to improve and sustain power factor.
Used of trans vector nozzle in place of open blow pipe of 6 mm & 12 mm tube in assembly section for cleaning purpose.

Hosur plant

Installed time controller for Strip caster scrubber fan blower.
Calcium Zone 3 pipe modified to accommodate one more casting m/c in which new zone requirement is been avoided
Installed VFD to control the speed of Curing oven circulation motor.
Installed Solar UPS system for street light.
Automated the Expander Strip airflow for cleaning.
Installed VFD to control the speed of Assembly 3 ICW conveyor motor.
Automatic Switching of Man Coolers in VRLA Plant., (13 Nos- Bay-11 and 6 Nos - Large Assembly) with digital timer switch to avoid idle running during scheduled breaks or shift changeover.
Auto Cut Off through Level Sensor installation in Overhead Tank (used in cooling tower) of charging area to stop pump operation when level meets the process requirement.
Idle run of motor eliminated for FOP2 Flash Drying Oven Exhaust Circulation Motor & Conveyor.

Shyamnagar plant

Shyamnagar plant Auto Cut off system for eliminating idle run of man coolers implemented.
Stopped the circulating water pumps in cooling towers by redesigning pipe line.
Optimized the pump capacity by replacing higher kW Circulating pumps with lower kW in Battery Charging cooling tower.
Optimization of compressed air usages by leakage test and closure, VSD, Automatic Air purging.
Implemented actions to improve and sustain power factor.
Installed 50 HP VFD for plate cutting D.E System exhaust blower to control the operation.

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Details of purchase of solar energy through onsite rooftop (capacity of 4.7 MWp) and off-site ground arrangement (capacity 67.5 MWh) vide a long term Power Purchase Agreement with solar power developer is given below:

Taloja plant

Use of IE-4 Energy efficient motor for D&F blowers, Mill motors- resulted in saving of H 9.72 Lakh.
Use of VFD based panel to battery washer blower motor.

Manufacturing Units	Cumulative Generation (FY’20-21), Lakh KWH (Roof Top)	Cumulative Generation (FY’20-21), Lakh KWH (Ground Mounted)
EXIDE (Overall)	40.8	478
EIL-Ahmednagar	9.8	53.9
EIL-Chinchwad	4.1	52.8
EIL-Taloja		51.9
EIL-Bawal		0.0
EIL-Haldia	8.2	0.0
EIL-Hosur	16.1	319.4
EIL-Shyamnagar	2.6	0.0

Installation of 1000 KVAR APFC for (iii) The capital investment made by the maintaining 0.99 power factor Company on energy conservation equipment during the financial year ended
Strip caster machine with 02 lead pots March 31, 2021: H 100,15,627/-
instead of 03 pots resulting in LPG & electricity reduction.

B. TECHNOLOGY ABSORPTION

(ii) The steps taken by the Company for utilising alternate sources of energy:

I. Technology Absorption, Adaptation and Innovation

As part of the green energy initiative, the Company significantly increased its usage of solar energy (which is relatively cleaner and environment friendly) which went upto 541.77 lakh kWh during the financial year 2020-21. The details of implementing solar energy drive in the Company is given below:

In order to maintain and consolidate its leadership position, your Company continue to work on widening its product portfolio and bringing in the latest manufacturing practices so that it can offer the exact solution required by users, both in the country and abroad. The R&D department strives to introduce novel, efficient, and cost-effective alternative materials as well as advanced manufacturing techniques in the factories. Your Company also acquires the latest technologies through technical collaboration agreements with leading international battery manufacturers from across the globe. They bring technical knowhow, as well as first-hand experience of challenges encountered in successful battery operation in different parts of the world, a knowledge that your Company needs to succeed in

Rooftop solar at manufacturing facilities.

Manufacturing Units	FY 2020-21
	Cumulative Generation (In Lakh KWh )
EXIDE (EIL) (Overall)	23
EIL- Bawal	1.9
EIL- Hosur	14.1
EIL- Taloja	7

System” (ISS) features. This was only possible for the intense interactions that took place between a team of dedicated engineers designated by Moura Battery, Brazil and the Exide team. The samples are under advanced stage of certification in the German laboratories of a vehicle manufacturer in India. Regular commencement of supplies to this OEM is scheduled towards the later part of the current year.

the international as well as the national market. The R&D department provides the interface between the company’s priorities and the collaborator’s technology.

Introduction of new technologies, new products or new manufacturing process as well as upgradation of the existing range, with help from collaborators is a continuous process. This happens normally through multiple visits from either side, intense rounds of prototype evaluations, exchange of test data and information, before a design gets finalized and adopted for introduction. In a ‘pandemic’ year this should have been a challenge due to restrictions in travel. Yet, aligning with the global adjustments, your Company overcame this challenge by substituting physical travel of engineers with more frequent and more intense virtual meetings between the engineers of the two sides. Significant development work could be completed or progressed through regular planned interaction, discussing ideas, data so that any gap, if it arose, could be quickly closed.

During the year with sustained support provided by the engineers of Furukawa Battery, Japan almost the entire range of currently manufactured batteries for two-wheelers could be upgraded to BS VI vehicle requirement compatible. A major long term development activity taken up with technology support of ‘Advanced Battery Concepts’, USA has remained on course with proto testing having now moved out of the laboratory to vehicle level testing.

II. Benefits

Introduction of new products/processes has helped the Company to meet the emerging market needs and maintain its technological leadership. Significant benefits have been derived by way of enhanced market penetration by meeting the specific requirements of international and domestic vehicle manufacturers and the highly quality-conscious export markets.

Working as above, the most significant work completed during the year under review was the completion of the development of the M3 compliant “Enhanced Flooded Battery” (EFB) battery required for state-of-art passenger vehicles with “Idling Stop

III. Particulars of Imported Technology in the last 3 years

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If not fully
Sl. absorbed,
Technology Imported Year of Import Has Technology been absorbed
No. reasons and
future action plan
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1	Valve Regulated Lead Acid Storage Batteries (VRLA) for Motorcycles with Furukawa Battery Co. Ltd., Japan for Bawal and Ahmednagar Plants.	Since March 9, 2007. Current arrangement is effective from April 1, 2020 and is valid till March 31, 2025.	Agreement is for Technical Assistances under license for continuous improvements in manufacturing technology, process etc. of different products and is in progress.	Since the technology is continuous, the Agreement will be ongoing
2	Automotive Batteries with C21 Alloy and C21 Technology with Furukawa Battery Co. Ltd., Japan for Taloja and Bawal Plants.	Since December 1, 2010. Current arrangement is effective from December 1, 2020 and is valid till November 30, 2022.	Agreement is for Technical Assistance for continuous improvements in manufacturing technology of different products and is in progress	Since the technology is continuous, the Agreement will be ongoing

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3	Automotive Technical Assistance/Collaboration Agreement with Furukawa Battery Co. Ltd., Japan for Taloja and Bawal Plants	Since 1987-1988. Current arrangement is effective from December 1, 2020 and is valid till November 30, 2025	Agreement is for Technical Assistance for continuous improvements in manufacturing technology of different products and is in progress.	Since the technology is continuous, the Agreement will be ongoing
4	Automotive Batteries for Idling Stop System (ISS) with Furukawa Battery Co. Ltd., Japan for Taloja and Bawal Plants.	Since February 1, 2010. Current arrangement is effective from February 1, 2020 and is valid till January 31, 2025	Agreement is for Technical Assistance for continuous improvements in manufacturing technology of different products and is in progress.	Since the technology is continuous, the Agreement will be ongoing
5	Lead Acid Batteries, used for Automotive, Industrial, Motor Cycle and Other Applications from East Penn Manufacturing Co., USA.	Since January 15, 2017 and is valid upto January 14, 2022	Agreement is for Technical Collaboration and Assistance for continuous improvements in manufacturing technology of different products. and is in progress	Since the technology is continuous, the Agreement will be ongoing
6	Special Conventional Batteries for Automotive Applications having positive electrode plates and expanded grids with Shin-Kobe Electric Machinery Co. Ltd. Japan for Shamnagar, Haldia, Chinchwad and Hosur.	Since February 3, 2013 and is valid upto February 2, 2023	Agreement is for Technical License and Assistance for continuous improvements in manufacturing technology of different products and is in progress	Since the technology is continuous, the Agreement will be ongoing
7	Li-ion Batteries for use in Motive Power and Energy Storage System with Zhejiang Chaowei Chuangyuan Shiye Co. Ltd. Group, China.	Since January 3, 2017 and is valid till January 2, 2025	Agreement is for Technical Assistance/Collaboration for continuous improvements in manufacturing technology of different products and is in progress	Since the technology is continuous, the Agreement will be ongoing
8	Energy Storage Solution (ESS) centered around Ultra Battery Technology with Smart Storage Pty Ltd. Australia (Ecoult).	Since January 1, 2017 and is valid upto December 31, 2021	Agreement is to establish collaborative technology and joint marketing program to create and offer ESS Solutions and Storage Blocks and is in progress	Since the technology is continuous, the Agreement will be ongoing
9	Ultra Battery (UB) Technology for stationary industrial and other battery applications from East Penn Manufacturing Co., USA.	Since January 1, 2017 and is valid upto December 31, 2021	Agreement is for Patent Sub- License of UB Technologies i.e. integration of lead acid batteries with Ultra-capacitors for continuous improvements in manufacturing technology of different products and is in progress	Since the technology is continuous, the Agreement will be ongoing

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Sl. No.	Technology Imported	Year of Import	Has Technology been absorbed	absorbed, reasons and future action plan	C O
10	Bi-Polar Lead Acid Storage Batteries from Advanced Battery Concepts, LLC, USA.	Since December 18, 2017 and is valid upto December 17, 2037.	Agreement is for Technical Assistance License for continuous improvements in manufacturing technology of Bi-polar Lead Acid Batteries and is in progress	Since the technology is continuous, the Agreement will be ongoing Since the technology is continuous, the Agreement will be ongoing. Since the technology is continuous, the Agreement will be ongoing. Since the technology is continuous, the Agreement will be ongoing.	orporate verview
11	Enhanced Flooded Batteries (EFB), Heavy Duty Batteries (HDB), Motorcycle AGM Batteries (MAB) and Stationary Flooded Batteries (SFB), referred to as Moura High Efficiency (MHE) Batteries from Acumuladores Moura S.A., Brazil.	Since February 26, 2018 and is valid upto February 25, 2028	Agreement is for Technology Licensing to design, manufacture, produce, sell, maintain and for continuous improvements in manufacturing technology of Moura High Efficiency (MHE) Batteries and is in progress
					Statutory Reports
12	Pocket Type Nickel - Cadmium Alkaline Storage Battery and Sintered Type Nickel-Cadmium Alkaline Storage Battery referred to as ‘Alkaline Battery’ for emergency power supply of electrical train and wide range of industrial electric equipment from The Furukawa Battery Co. Ltd., Japan	Since July 11, 2018 and is valid upto July 10, 2023	Agreement is for Technological Assistance and Support with all necessary know-how and technical information for continuous improvements in manufacturing technology of Alkaline Batteries and is in progress
					Financial Statements
13	Ultra Battery (UB) Technologies for automotive applications from The Furukawa Battery Co. Ltd., Japan.	Since July 19, 2018 and is valid till the last Patent and Patent Applications lapses, ceases or expires or all payment obligations under the sub-license agreement dated July 19, 2018 are fully discharged by Exide Industries Limited	Agreement is for Patent Sub- License of Ultra Batteries (UB) Technologies i.e. integration of lead acid batteries with ultra-capacitors under Ultra Battery (UB) Patents and Patent Applications for use in automotive applications and for continuous improvements in manufacturing technology of Ultra Batteries and is in progress

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14	Ultra Batteries (UB) Technologies for use in automotive applications from The Furukawa Battery Co. Ltd, Japan.	Since October 22, 2018 and is valid upto October 21, 2023.		Agreement is for Technical Assistance and Technological Support in respect of Ultra Batteries (UB) Technologies i.e. lead acid batteries integrated with ultra-capacitors under Ultra Batteries Patents (UB1, UB2 and UB3) and for continuous improvements in manufacturing technology of Ultra Batteries and is in progress Since the technology is continuous, the Agreement will be ongoing.
15	Battery Monitoring and Management System (BMMS) License centered around Ultra Battery Technology from Smart Storage Pty Ltd. Australia (Ecoult).	Since May 31, 2017 and is valid upto May 30, 2022		Agreement is for Manufacturing License of BMS Hardware and to exploit the BMMS and for continuous improvements in manufacturing technology of BMMS and is in progress Since the technology is continuous, the Agreement will be ongoing.

IV. Expenditure on Research & Development

The capital and revenue expenditure on R & D were H 1.94 crore and H 18.08 crore respectively, aggregating to H 20.02 crore

Total R & D expenditure as percentage of Net Turnover: 0.20 per cent

C. Foreign Exchange – Earnings and Outgoings

Total Foreign Exchange used and earned:

Used : H 983.88 crore

Earned : H 645.11 crore

On behalf of the Board of Directors

Sd/Sd/- Bharat D Shah Gautam Chatterjee Chairman Managing Director & CEO DIN: 00136969 DIN: 00012306 Date: 29.04.2021 Place: Mumbai Place: Kolkata

Annexure VII

Particulars of Employees Pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

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The ratio of the remuneration of each Executive director to the median remuneration of the employees of the Company for the financial year	Directors: Mr Gautam Chatterjee : 37x Mr A K Mukherjee : 21x Mr Subir Chakraborty : 16x Mr Arun Mittal : 13x Directors: Mr Gautam Chatterjee : Nil Mr A K Mukherjee : Nil Mr Subir Chakraborty : Nil Mr Arun Mittal : Nil Key Managerial Personnel: Mr Jitendra Kumar : Nil Nil 5,202 employees as on 31.03.2021 Average Salary increase of non-managerial employees is 2% Average Salary increase of managerial employees is Nil There are no exceptional circumstances in increase in managerial remuneration.
		Statutory Reports
The percentage increase in remuneration of each Executive Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any in the financial year
The percentage increase in the median remuneration of employees in the financial year
The number of permanent employees on the rolls of company
Average percentiles increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and

Average percentiles increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration;

However, due to exceptional situation that prevailed all over the country during the financial year ended March 31, 2021 because of the COVID 19 pandemic, the Company in order to conserve its liquidity position, did not increase the salary of its managerial employees for this year.

Affirmation that the remuneration is as per the Remuneration paid during the year ended March 31, 2021 is as per remuneration policy of the company. the Remuneration Policy of the Company. On behalf of the Board of Directors Sd/Sd/- Bharat D Shah Gautam Chatterjee Chairman Managing Director & CEO DIN: 00136969 DIN: 00012306 Date: 29.04.2021 Place: Mumbai Place: Kolkata

Note: (a) The Non-Executive Directors of the Company are entitled for sitting fees and commission as per the statutory provisions and within the limits approved by the Members. The details of remuneration of NonExecutive Directors are provided in the Corporate Governance Report.

(b) Remuneration details given above is computed on the basis of basic salary.

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Independent Auditors’ Report

To the Members of Exide Industries Limited

Report on the Audit of the Standalone Financial Statements

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Opinion

We have audited the standalone financial statements of Exide Industries Limited (“the Company”), which comprise the standalone balance sheet as at 31 March 2021, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2021, and profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Description of Key Audit Matter Provision for warranties

See note 25 to the standalone financial statements

The key audit matter

How the matter was addressed in our audit

The Company provides warranty for sale of its products. The calculation of costs (of repairing and replacing the product which is ascertained to be faulty) in respect of future warranty claims requires application of estimation techniques.

In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence:

Assessed the appropriateness of accounting policy for provision of warranties as per relevant accounting standard;

Provision for warranties (Contd..)

See note 25 to the standalone financial statements (Contd..)

The key audit matter

How the matter was addressed in our audit

The provision for warranty is computed based on sales volume and historical information about product failures (and consequential repairs and returns), adjusted for the key developments occurring during the year which • may affect the liability.

Tested the design, implementation and operating effectiveness of key controls associated with the process of computation of the provision for warranties;

Evaluated the warranty provision model. This included evaluation of the reasonableness of the relevant assumptions, the relevance and reliability of underlying data (including cost of repairs and returns) Performed retrospective review of the management estimate by comparing costs incurred during the current financial year to the

The estimation of warranty provision is associated with estimation uncertainties. •

Performed retrospective review of the management estimate by comparing costs incurred during the current financial year to the previously recognised corresponding provision. We also considered the existence of any indicators of significant product defect occurring during the year and subsequent to the year-end that would significantly affect the estimates of the year end warranty provision.

Given the level of estimation uncertainties and quantitative significance of the provision for warranty as at 31 March 2021, we have determined this to be a key audit matter.

Incentives under customer loyalty programmes

See note 23 and 24 to the standalone financial statements

The key audit matter

How the matter was addressed in our audit

The Company gives incentives to its dealers In view of the significance of the matter we applied the following audit through customer loyalty programmes. procedures in this area, among others to obtain sufficient appropriate audit evidence:
Due to the multitude of schemes and a large variety of contractual terms across the various • Evaluated the appropriateness of the Company’s accounting policy markets of the Company, the calculation of relating to the incentives provided under the customer loyalty programme; these incentives is considered to be complex. • Tested the design, implementation and operating effectiveness of
The amount of such incentive is also significant. the Company’s controls over computation of incentives and payout
In view of the above, we determined this matter against the corresponding liability

In view of the above, we determined this matter to be a key audit matter.

Evaluated the model used for estimating the liability including the relevance and reliability of underlying historical data, developments during the year and assumptions used
Performed retrospective review of the management’s estimate by comparing utilisation of incentives with previously recognised corresponding liability. We also considered the developments during the year and subsequent to the year-end that would significantly affect the measurement of the year end incentive liability.

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Information Other than the Standalone Financial Statements and Auditors’ Report Thereon

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the financial statements and our auditors’ report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management’s and Board of Directors’ Responsibility for the Standalone Financial Statements

The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies Report on Other Legal and Regulatory used and the reasonableness of accounting estimates Requirements and related disclosures in the standalone financial statements made by the Management and Board of 1. As required by the Companies (Auditors’ Report) Order, Directors. 2016 (“the Order”) issued by the Central Government
As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”) issued by the Central Government in terms of section 143 (11) of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
As required by Section 143(3) of the Act, we report that:
- a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
- b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
- c) The standalone balance sheet, the standalone Statement of Profit and Loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this report are in agreement with the books of account.
Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

e) On the basis of the written representations received from the directors as on 31 March 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2021 from being appointed as a director in terms of Section 164(2) of the Act.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

g) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March 2021 on its

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financial position in its standalone financial statements - Refer Note 37 to the standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in these financial statements since they do not pertain to the financial year ended 31 March 2021.
With respect to the matter to be included in the Auditors’ Report under section 197(16):
In our opinion and according to the information and explanations given to us, the remuneration paid by the company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
```
 - **For B S R & Co. LLP**

 - Chartered Accountants
```
- Firm’s Registration Number: 101248W/W-100022

Sd/- Jayanta Mukhopadhyay Partner Place: Kolkata Membership Number: 055757 Date: 29 April 2021 UDIN: 21055757AAAABC3534

Annexure A to the Independent Auditor’s Report on the standalone financial statements of Exide Industries Limited for the year ended 31 March 2021

Report on the matters specified in paragraphs 3 and 4 of Companies (Auditor’s Report) Order, 2016 to the aforesaid standalone financial statements under Section 143(11) of the Companies Act, 2013

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

We report that:

Partnerships or other parties covered in the register maintained under section 189 of the Act. Accordingly, the provisions of paragraph 3(iii) of the Order are not applicable to the Company.

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(iv) According to the information and explanations given to us, the Company has not granted any loans or provided any guarantee or security during the year that would attract provisions of section 185 and 186 of the Act. The provisions of section 186 of the Act in respect of investments made, have been complied with by the Company.
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.
(v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits as per the directives issued by the Reserve Bank of India under the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. Accordingly, the provisions of paragraph 3(v) of the Order are not applicable to the Company.
(c ) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company, except the following:

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( H in crores)
Total Gross
Net Block
number Class of Block at
at 31 March
of Asset 31 March
2021
Cases 2021
3 Residential 2.55 1.60
Apartments
1 Leasehold 41.00 36.89
land
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(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under Section 148(1) of the Act and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income-tax, Goods and Service Tax, duty of customs, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us by the management, the Company did not have any dues on account of Sales Tax, Service Tax, duty of excise and Value Added Tax.
(ii) The inventory, except goods in transit and stocks lying with third parties, have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. The discrepancies noticed on verification between the physical stock and the book records were not material. For stocks lying with third parties at the year-end, written confirmations have been obtained by the Management.
(iii) According to the information and explanation given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability

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According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income-tax, Goods and Service Tax, duty of customs, cess and other material statutory dues were in arrears as at 31 March 2021 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Service Tax, duty of customs, duty of excise and Value Added Tax which have not been deposited with the appropriate authorities on account of any dispute, except the following:

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( H in Crores)
Period to which the Forum where dispute is
Name of the Statute Nature of the dues Amount
amount relates pending
----- End of picture text -----

The Central Sales Tax Act, 1956	Sales tax (including interest and penalty, as applicable)	12.00	1997-98 to 2017-18	Appellate Authority up to Commissioner’s level
The Central Sales Tax Act, 1956	Sales tax (including interest and penalty, as applicable)	0.99	2000-01 to 2015-16	Sales Tax Appellate Tribunals of various states
Various State Sales Tax Act	Sales tax (including interest and penalty, as applicable)	57.96	1997-98 to 2017-18	Appellate Authority up to Commissioner’s level
Various State Sales Tax Act	Sales tax (including interest and penalty, as applicable)	4.00	2000-01 to 2015-16	Value Added Tax Appellate of various states
Various State Sales Tax Act	Sales tax (including interest and penalty, as applicable)	0.19	2000-01 and 2008- 09	High Courts of various states
Service tax (Finance Act, 1994)	Service tax (including interest and penalty, as applicable)	9.52	2005-06 to 2010-11	Appellate Authority up to Commissioner’s level
Service tax (Finance Act, 1994)	Service tax (including interest and penalty, as applicable)	25.05	2009-10 to 2015-16	Customs, Excise and Service Tax Appellate Tribunals of various states
The Central Excise Act, 1944	Excise duty (including interest and penalty, as applicable)	1.51	2007-08 to 2016-17	Appellate Authorities up to Commissioner level
The Central Excise Act, 1944	Excise duty (including interest and penalty, as applicable)	9.18	2002-03 to 2015-16	Customs, Excise and Service Tax Appellate Tribunals of various states
Customs Act, 1962	Custom duty (including interest and penalty,as applicable)	4.52	2010-11	Customs, Excise and Service Tax Appellate Tribunals,Mumbai

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings from financial institutions or banks. The Company did not have any outstanding loan or borrowings from government or debenture holders during the year.
are in compliance with sections 177 and 188 of the Act, wherever applicable, and the details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, the provisions of paragraph 3(xiv) of the Order are not applicable to the Company.
(ix) According to the information and explanation given to us, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, the provisions of paragraph 3(ix) of the Order are not applicable to the Company.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, the provisions of paragraph 3(xv) of the Order are not applicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, the provisions of paragraph 3(xvi) of the Order is not applicable to the Company.
(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) According to the information and explanations given to us and based on our examination of the records, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For B S R & Co. LLP

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, the provisions of paragraph 3(xii) of the Order are not applicable to the Company.

Chartered Accountants

Firm’s Registration Number: 101248W/W-100022

3(xii) of the Order are not applicable to the Company. Sd/- Jayanta Mukhopadhyay (xiii) According to the information and explanations given Partner to us and based on our examination of the records of Place: Kolkata Membership Number: 055757 the Company, transactions with the related parties Date: 29 April 2021 UDIN: 21055757AAAABC3534

*Amounts are net of pre-deposits, made under protest, aggregating to H 13.73 crores

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Annexure B to the Independent Auditor’s Report on the standalone financial statements of Exide Industries Limited for the year ended 31 March 2021

Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013

[Referred to in clause (f) of paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date]

accordance with the Guidance Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and whether such controls operated effectively in all material respects.

Opinion

We have audited the internal financial controls with reference to financial statements of Exide Industries Limited (“the Company”) as of 31 March 2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2021, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

Management’s Responsibility for Internal Financial Controls

The Company’s management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (“the Act”).

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based on our audit. We conducted our audit in

recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override

of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For B S R & Co. LLP

Chartered Accountants

Firm’s Registration Number: 101248W/W-100022

Sd/- Jayanta Mukhopadhyay Partner Place: Kolkata Membership Number: 055757 Date: 29 April 2021 UDIN : 21055757AAAABC3534

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Balance Sheet

AS AT MARCH 31, 2021

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( H in Crores)
Note
Particulars March 31, 2021 March 31, 2020
No.
I) ASSETS
1) NON-CURRENT ASSETS
a) Property, plant and equipment 2a 2,601.79 2,302.92
b) Capital work-in-progress 2a 200.75 296.88
c) Investment property 2b 33.77 34.23
d) Intangible assets 3 36.06 36.47
e) Financial assets
(i) Investments 4 2,176.09 2,052.07
(ii) Trade receivables 5 0.08 0.10
(iii) Loans 6 23.64 17.19
f) Current tax assets (net) 51.05 64.72
g) Other non-current assets 7 110.65 98.00
5,233.88 4,902.58
2) CURRENT ASSETS
a) Inventories 8 2,346.19 2,192.27
b) Financial assets
(i) Investments 9 882.54 18.73
(ii) Trade receivables 10 887.37 815.30
(iii) Cash and cash equivalents 11 82.54 144.87
(iv) Bank balances other than (iii) above 12 8.81 9.72
(v) Loans 13 14.65 14.98
(vi) Other financial assets 14 38.50 24.66
c) Other current assets 15 134.29 118.97
4,394.89 3,339.50
TOTAL ASSETS 9,628.77 8,242.08
II) EQUITY AND LIABILITIES
1) EQUITY
a) Equity share capital 16 85.00 85.00
b) Other equity 17 6,808.51 6,211.11
6,893.51 6,296.11
2) LIABILITIES
i) NON-CURRENT LIABILITIES
a) Financial liabilities
(i) Lease liabilities 279.29 27.39
(ii) Trade payables 18
Total outstanding dues of micro enterprises and small - -
enterprises
Total outstanding dues of creditors other than micro 6.64 5.74
enterprises and small enterprises
(iii) Other financial liabilities 19 3.75 2.95
b) Provisions 20 53.68 63.78
c) Deferred tax liabilities (net) 21 77.05 101.86
420.41 201.72
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Particulars Note No.	March 31, 2021	Corporate Overview
ii) CURRENT LIABILITIES
a)Financial liabilities
(i)Lease liabilities	6.23
(ii)Tradepayables 22
Total outstanding dues of micro enterprises and small enterprises	132.65
		Statutory Reports
Total outstanding dues of creditors other than micro enterprises and small enterprises	1,508.96
(iii)Other financial liabilities 23	221.35
b)Other current liabilities 24	174.93
c)Provisions 25	270.73
	2,314.85
TOTAL EQUITY AND LIABILITIES	9,628.77	Financial Statements
Significant accounting policies 1 The accompanying notes are an integral part of the financial statements. As per our report of even date. For B S R & Co. LLP For and on behalf of Board of Directors ofExide Industries Limited Chartered Accountants CIN No.: L31402WB1947PLC014919 Registration Number: 101248W/W-100022 Sd/- Sd/- Sd/- Jayanta Mukhopadhyay Jitendra Kumar A. K. Mukherjee Partner Company Secretary & Director- Finance & CFO Membership No. 055757 EVP (Legal & Administration) DIN: 00131626 ACS: 11159 Kolkata, 29 April, 2021 Kolkata, 29 April, 2021

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Statement of Profit and Loss

for the year ended March 31, 2021

( H in Crores)

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Note
Particulars 2020-21 2019-20
No.
I) INCOME:
Revenue from operations 26 10,040.84 9,856.66
Other income 27 65.44 63.94
Total income (I) 10,106.28 9,920.60
II) EXPENSES:
Cost of materials consumed 28 6,527.61 6,519.80
Purchase of stock-in-trade 7.46 6.17
Changes in inventories of finished goods, work-in-progress and 29 44.44 (259.58)
stock-in-trade
Employee benefit expenses 30 721.52 666.40
Other expenses 33 1,384.23 1,558.89
Total expenses (II) 8,685.26 8,491.68
III) Earnings before interest, tax, depreciation and amortisation 1,421.02 1,428.92
expenses (I-II)
Finance costs 31 23.77 9.40
Depreciation and amortisation expenses 32 379.35 362.63
IV) Interest, depreciation and amortisation expenses 403.12 372.03
V) Profit before exceptional items and tax (III-IV) 1,017.90 1,056.89
VI) Exceptional items 46 - (21.70)
VII) Profit before tax (V-VI) 1,017.90 1,035.19
VIII) Tax expenses: 21
1. Current tax [net of provision for earlier years H 8.13 crs 285.78 280.92
(PY: H 2.86 crs)]
2. Deferred tax (26.16) (71.24)
259.62 209.68
IX) Profit for the year (VII-VIII) 758.28 825.51
X) Other Comprehensive Income (OCI)
Other comprehensive income not to be reclassified subsequently to
profit or loss:
a) Re-Measurement gains/(losses) on defined benefit plans 36 (0.10) (11.16)
Income tax effect 0.02 2.81
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( H in Crores)
Note
Particulars 2020-21 2019-20
No.
b) Net (loss)/ gain on investment in equity shares / units accounted 10.55 (11.47)
at Fair Value
Income tax effect (1.35) 2.04
Other Comprehensive Income for the year 9.12 (17.78)
XI) Total Comprehensive Income for the year (IX+X) 767.40 807.73
Earnings per share - Basic and Diluted (Nominal value H 1 per share 34 8.92 9.71
(PY H 1 per share))
Significant accounting policies 1
Overview Corporate
Reports Statutory
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The accompanying notes are an integral part of the financial statements. As per our report of even date.

For B S R & Co. LLP Chartered Accountants Registration Number: 101248W/W-100022

For and on behalf of Board of Directors of Exide Industries Limited CIN No.: L31402WB1947PLC014919

Sd/-

Sd/Sd/Sd/- Jitendra Kumar A. K. Mukherjee Gautam Chatterjee Company Secretary & Director- Finance & CFO Managing Director & CEO EVP (Legal & Administration) DIN: 00131626 DIN: 00012306 ACS: 11159

Jayanta Mukhopadhyay Partner Membership No. 055757

Kolkata, 29 April, 2021

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Statement of Cash Flows

for the year ended March 31, 2021

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( H in Crores)
Particulars 2020-21 2019-20
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit Before Tax 1,017.90 1,035.19
Adjustment for:
Depreciation and amortisation 379.35 362.63
Loss on property, plant and equipment sold / discarded (net) 0.15 2.07
Dividend income (35.25) (37.15)
Rent income (2.83) (2.17)
Interest income (0.98) (5.73)
Gain on fair valuation of investments designated as - (0.42)
FVTPL
Finance costs 23.77 9.40
Provision for expected credit loss / (write-back) (1.06) 14.74
363.15 343.37
Operating profit before working capital changes 1,381.05 1,378.56
(Increase)/decrease in trade receivables (70.98) 251.08
(Increase) in inventories (153.91) (388.31)
(Increase) / decrease in other financial assets, loans (18.67) 99.09
and other assets
Increase/(decrease) in financial liabilities, other liabilities 547.98 304.42 (177.37) (215.51)
and provisions
Cash generated from operations 1,685.47 1,163.05
Direct Taxes Paid (net of refunds and interest thereon) (272.08) (249.42)
Net Cash from operating activities 1,413.39 913.63
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of property, plant and equipment (339.39) (465.98)
(including intangible assets)
Proceeds from sale of property, plant and equipment 1.02 1.41
Acquisition of investment property (0.25) (18.09)
Investment in subsidiary (106.35) (84.60)
Investment in associates - (23.36)
Acquisition of investment in shares/units (10.67) (14.37)
Redemption of investment in shares/units 3.54 4.27
Purchase of investment of mutual fund units (2,345.00) (1,535.00)
Sale of investment of mutual fund units 1,480.00 1,770.00
Interest received 0.98 0.94
Rent received 2.83 2.17
Dividend received 36.42 37.74
Net Cash used in investing activities (1,276.87) (324.87)
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( H in Crores)

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Particulars 2020-21 2019-20
( C ) CASH FLOW FROM FINANCING ACTIVITIES :
Dividends paid (including tax) (170.00) (498.61)
Payment of lease liabilities (24.40) (3.03)
Interest paid (4.45) (6.95)
Net Cash used in financing activities (198.85) (508.59)
Net increase/(decrease) in cash and cash equivalents (62.33) 80.17
Cash and cash equivalents - Opening Balance # 144.87 64.70
Cash and cash equivalents - Closing Balance # 82.54 144.87
#as disclosed in Notes 11
Overview Corporate
Reports Statutory
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The aforesaid Statement of Cash Flows has been prepared under the indirect method as set out in IND AS 7- Statement of Cash Flow.

The accompanying notes are an integral part of the financial statements.

As per our report of even date.

For B S R & Co. LLP For and on behalf of Board of Directors of Exide Industries Limited Chartered Accountants CIN No.: L31402WB1947PLC014919 Registration Number: 101248W/W-100022

Sd/-

Sd/Sd/Sd/- Jitendra Kumar A. K. Mukherjee Gautam Chatterjee Company Secretary & Director- Finance & CFO Managing Director & CEO EVP (Legal & Administration) DIN: 00131626 DIN: 00012306 ACS: 11159 Kolkata, 29 April, 2021

Jayanta Mukhopadhyay Partner Membership No. 055757 Kolkata, 29 April, 2021

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Amount	85.00	-	85.00	- 85.00	- 85.00	Total 5,901.99	Total 5,901.99	825.51	(8.35)	(9.43)	6,709.72		(68.00)	(13.98)	(136.00)	(26.47)	(212.50)	(41.66) 6,211.11 758.28	(41.66) 6,211.11 758.28	(41.66) 6,211.11 758.28	(`H`in Crores)	Total (0.08)	Total (0.08)	9.20	6,978.51		(170.00) 6,808.51	(170.00) 6,808.51
																													Corporate Overview
Number	85,00,00,000	-	85,00,00,000	- 85,00,00,000		OCI	Investments in equity shares / units at fair value 12.13	-	-	(9.43)	2.70		-	-	-	-	-	- 2.70 -				OCI	Investments in equity shares / units at fair value -	9.20	11.90		- 11.90
																													Statutory Reports
Particulars Equity Shares of`H`1 each issued, subscribed and fully paid	On April 1, 2019	Changes in equity share capital during the year	Balance at March 31, 2020	Changes in equity share capital during the year	Balance at March 31, 2021
						nd Surplus	Retained earnings 5,151.98	825.51	(8.35)	-	5,969.14		(68.00)	(13.98)	(136.00)	(26.47)	(212.50)	(41.66) 5,470.53 758.28				nd Surplus	Retained earnings (0.08)	-	6,228.73		(170.00) 6,058.73
																													Financial Statements
						Reserves a	Securities Premium 737.88	-	-	-	737.88		-	-	-	-	-	- 737.88 -				Reserves a	Securities Premium -	-	737.88		- 737.88
						Particulars Balance at April 1, 2019		Profit for the year 2019-20	Re-Measurement gains/(losses) on defined benefit plans, net of tax	Net (loss)/ gain on investment in equity shares / units accounted at Fair Value, net of tax		Adjustments	Final Dividend for the year 2018-19 (`H`0.80 per share)	Tax on Final Dividend for the year 2018-19	Payment of 1st Interim dividend for the year 19-20 (`H`1.60 per share)	Tax on 1st interim dividend for the year 19-20	Payment of 2nd Interim dividend for the year 19-20 (`H`2.50 per share)	Tax on 2nd interim dividend for the year 19-20	Balance at March 31, 2020	Profit for the year 2020-21	B) Other Equity (Contd..)	Particulars Re-Measurement gains/(losses) on defined benefit plans, net of tax		Net (loss)/ gain on investment in equity shares / units accounted at Fair Value, net of tax		Adjustments	Payment of Interim dividend for the year 20-21 (`H`2.00 per share)	Balance at March 31, 2021

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Goodwill is not amortised and is tested for impairment annually. Amortisation is calculated to write off the cost of

Notes to the Financial Statements

for the year ended March 31, 2021

and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.

Corporate Information

Exide Industries Limited (the company) is a public company domiciled in India and is incorporated under the provisions of the Companies Act, 2013. Its shares are listed on three recognised stock exchanges in India. The registered office of the company is located at Exide House, 59E Chowringhee Road, Kolkata, 700020. The Company is primarily engaged in the manufacturing of Storage Batteries and allied products in India.

The cost of a self-constructed item of property, plant and equipment comprises the cost of materials and direct labor, any other costs directly attributable to bringing the item to working condition for it intended use, and estimated costs of dismantling and removing the item and restoring the site on which it is located.

Basis of preparation

These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of Companies Act, 2013, (the ‘Act’) and other relevant provisions of the Act.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company and the cost can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.

The financial statements were authorised for issue by the Company’s Board of Directors on 29 April 2021.

These financial statements are presented in Indian Rupees ( H ), which is also the Company’s functional currency. All amounts have been rounded-off to the nearest crore, unless otherwise indicated.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in Statement of Profit and Loss.

The financial statements have been prepared on the historical cost basis except for:

When the use of a property changes from owneroccupied to investment property, the property is reclassified as investment property at its carrying amount on the date of transition.

Certain financial assets and liabilities, which are measured at fair value
Net defined benefit (asset)/ liability, which are measured at Fair Value of plan assets less present value of defined benefit obligations

Refer Note 2a to the Financial Statements

b. Depreciation

1. Significant accounting policies

a. Property, plant and equipment

Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

The estimated useful lives of items of property, plant and equipment are as follows:

Cost of an item of property, plant and equipment comprises its purchase price, including import duties

Notes to the Financial Statements

for the year ended March 31, 2021

==> picture [214 x 28] intentionally omitted <==

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Useful
Particulars
economic life
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Buildings	28.5 / 58.5 years
Plant and machinery (includingelectrical installation)	10/15 years
Moulds	8.5years
Furniture and fittings	10years
Office equipment	5years
Vehicles	6years
Computers	3 to 6years

Amortisation is calculated to write off the cost of intangible assets less their estimated residual values over their estimated useful lives using the straight-line method and is included in depreciation and amortisation in the Statement of Profit and Loss.

The estimated useful lives are as follows:

Particulars	Useful economic life
Computer Software / Trademark	5years

Based on technical assessment done by experts and management’s estimate,

Amortisation method, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(i) the useful life of factory buildings, other buildings, moulds and vehicles are different than those indicated in Schedule II to the Companies Act, 2013,

Research costs are expensed as incurred.

(ii) residual value of plant & machinery including electrical installation, moulds and computers has been considered to be 2% of the cost. For buildings, office equipment, furniture & fittings and vehicles, residual value has been estimated at 5% of the cost.

Refer Note 3 and 32 to the Financial Statements

Borrowing costs

d.

Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur.

Depreciation method, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. Based on technical evaluation, the management believes that its estimates of useful lives as given above best represent the period over which management expects to use these assets.

Depreciation on additions (disposals) is provided on a pro-rate basis i.e. from (upto) the date on which asset is ready for use (disposed of).

e. Inventories

Refer Note 32 to the Financial Statements

Inventories are valued at the lower of cost and net realisable value.

c. Intangible assets and Amortisation

Acquired intangible assets are initially measured at cost and subsequently at cost less accumulated amortisation and accumulated impairment loss, if any.

Costs incurred in bringing each product to its present location and condition are accounted for as follows:

(i) Raw materials and Components, Stores, Spares parts, loose tools etc: These are valued at weighted average cost. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Raw materials,

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognised in profit or loss as incurred.

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Notes to the Financial Statements

for the year ended March 31, 2021

components and other supplies held for use in the production of finished products are not written down below cost except in cases where material prices have declined and it is estimated that the cost of the finished products will exceed their net realisable value.

Provisions

g.

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pretax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.

(ii) Finished goods and work in progress: These are valued at lower of cost and net realisable value. Cost includes an appropriate share of production overheads based on the normal operating capacity.
(iii) Stock-in-trade: These are valued at lower of cost and net realisable value. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average basis.

Refer Notes 20 and 25 to the Financial Statements.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion and the estimated costs necessary to sell them.

Employee benefits

h.

(i) Short term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid e.g., under short-term cash bonus, if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the amount of obligation can be estimated reliably.

Refer Note 8 to the Financial Statements.

f.

Investment property

Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Upon initial recognition, an investment property is measured at cost. Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any.

(ii) Post-retirement benefits

Post-retirement benefits to employees can either be through defined contribution plans or defined benefit plans.

The Company depreciates investment properties over a period of 28.5 years on a straight-line basis, which is different from the indicative useful life of relevant type of buildings mentioned in Part C of Schedule II to the Act.

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. The Company makes specified monthly contributions towards Government administered provident fund and pension schemes.

Any gain or loss on disposal of an investment property is recognised in the Statement of Profit and Loss.

Refer Note 2b to the Financial Statements.

Notes to the Financial Statements for the year ended March 31, 2021

The Company recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related service.

part of the liability towards pension plan upto 31st March 2003 for employees as on that date is in the nature of defined benefit plan. From 1st April 2003, the pension remains as a defined contribution liability. The Defined benefit portion is provided for on the basis of an actuarial valuation done at the end of each financial year. The contributions towards defined contribution are charged to Statement of Profit and Loss of the year when the employee renders the service.

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.

The Company operates the following defined benefit plans:

(a) Defined benefit gratuity plan, which requires contributions to be made to a separately administered fund and

The current and non-current bifurcation is done as per Actuarial report.

(b) Post-retirement medical benefit plan which is unfunded.

(iii) Other long-term employee benefits

The Company’s net obligation in respect of long-term employee benefits other than postemployment benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The obligation is measured on the basis of an annual Independent actuarial valuation using the projected unit credit method. Re-measurements gains or losses are recognised in profit or loss in the period in which they arise.

The calculation of defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method.

Re-measurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised in OCI. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in the Statement of Profit and Loss.

Refer Notes 20, 25, 30 and 36 to the Financial Statements.

Foreign Currency

i.

Transactions in foreign currencies are translated into the functional currency of the Company at the exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service (‘past service cost’ or ‘past service gain’) or the gain or loss on curtailment is recognised immediately in profit or loss. The Company recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Exchange differences are recognised in the Statement of Profit and Loss.

Pension liability is split into a defined benefit portion and a defined contribution portion. The

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Notes to the Financial Statements

for the year ended March 31, 2021

Refer Notes 27 to the Financial Statements.

to those customers as part of a sales transaction which allows them to accumulate and redeem those credit points.

j. Revenue Recognition

The Company earns revenue primarily from sale of batteries and HUPS.

The Company allocates a portion of the consideration received to loyalty points. This allocation is based on the relative stand-alone selling prices. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when loyalty points are redeemed or the likelihood of the customer redeeming the loyalty points becomes remote.

Sale of products and rendering of services

At contract inception, Company assess the goods or services promised in a contract with a customer and identify as a performance obligation each promise to transfer to the customer. Revenue is recognised upon transfer of control of promised products or services to customers in an amount of the transaction price that is allocated to that performance obligation and that reflects the consideration which the Company expects to receive in exchange for those products or services.

The deferred revenue is included in contract liability.

Warranty

The Company provides only assurance types warranty in conjunction with sale of product and hence same is not considered as separate performance obligation.

The Company considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer net of returns, excluding amounts collected on behalf of third parties (for example, taxes) and excluding discounts and incentives, as specified in the contract with customer.

Refer Note 23, 24, 25, 26, 33 and 35 to the Financial Statements.

k.

Income Taxes

Income tax comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination or to an item recognised directly in equity or in other comprehensive income.

With respect to sale of products and rendering of certain services revenue is recognised at a point in time when the performance obligation is satisfied and the customer obtains the control of goods or services. There is no significant financing components involved on contract with customers. Invoices are usually payable within the credit period as agreed with respective customers.

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.

Revenue from certain services are generated over a period of time, during which services are rendered based on contractual milestones. Revenue recognition takes place when a milestone is completed.

Current tax assets and current-tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.

The Company recognises revenue only when it is probable that it will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.

Deferred tax is recognised on temporary differences between the tax bases and accounting bases of assets and liabilities at the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Customer loyalty programme

The Company has a customer loyalty programme for selected customers. The Company grants credit points

Notes to the Financial Statements

for the year ended March 31, 2021

Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same. Taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a Net basis or their tax assets and liabilities will be realised simultaneously.

For items recognised in OCI or equity, deferred / current tax is also recognised in OCI or equity.

Refer Notes 21 to the Financial Statements.

l. Leases

The Company as a lessee

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the company. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

The Company assesses whether a contract contains a lease as per the requirements of Ind AS 116 “Leases” at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

The Company as a lessor

When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

The Company recognizes a right-of-use asset (“ROU”) and a lease liability at the lease commencement date, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

For operating leases, rental income is recognized on a straight basis over the term of the relevant lease.

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Notes to the Financial Statements

for the year ended March 31, 2021

Refer Note 2a, 2b, 27, 31, 32, 33 and 44 to the financial statements.

FVTPL. Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the company changes its business model for managing financial assets.

m. Earnings per share

Earnings per share is calculated by dividing the net profit or loss before OCI for the year by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss before OCI for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

A financial asset is measured at amortised cost if it meets both the conditions and is not designated as at FVTPL: (i) The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI (designated as FVOCI – equity investment). This election is made on an investment by investment basis.

Refer Note 34 to the Financial Statements.

n. Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Refer Note 37 to the Financial Statements.

The subsequent measurement of gains and losses of various categories of financial instruments are as follows:

o. Financial instruments

Recognition and initial measurement

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument.

(i) Financial assets at amortised cost: these assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.

(ii) Equity investments at FVOCI: these assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are not reclassified to profit or loss.

Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at amortised cost; Fair value through other comprehensive income (FVOCI) – equity investment; or

Notes to the Financial Statements

for the year ended March 31, 2021

(iii) Financial assets at FVTPL: these assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held- for- trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and Losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

Impairment

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised is recognized as an impairment gain or loss in profit or loss.

Derecognition

Financial assets: The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. If the Company enters into transactions whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognised.

Refer Note 41 to the Financial Statements.

Impairment of non-financial assets

p.

The Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

Financial liabilities: The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognises a financial liability when its terms are modified and the cash flows under the modified terms are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss.

For impairment testing, assets that do not generate independent cash inflows are combined together into cash-generating units (CGUs). Each CGU represents the smallest Company of assets that generates cash inflows that are largely independent of the cash inflows of other assets or CGUs.

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Notes to the Financial Statements

for the year ended March 31, 2021

using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU (or the asset).

recognised in the Statement of Profit and Loss on a systematic basis over the useful life of the asset.

Refer Note 26 to the Financial Statements.

An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the Statement of Profit and Loss. Impairment loss recognised in respect of a CGU is allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets of the CGU (or Company of CGUs) on a pro rata basis.

s. Recognition of dividend income, interest income or expense

Dividend income is recognised in profit or loss on the date on which the Company’s right to receive payment is established.

Interest income or expense is recognised using the effective interest method.

In respect of other assets for which impairment loss has been recognised in prior periods, the Company reviews at each reporting date whether there is any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

the gross carrying amount of the financial asset; or
the amortised cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer creditimpaired, then the calculation of interest income reverts to the gross basis.

q. Investments in Subsidiaries and Associates

Investments in subsidiaries and associates are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiaries and associates, the difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss.

Refer Note 27 and Note 31 to the Financial Statements.

t. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification.

Refer Note 4 to the Financial Statements.

Government grants

r.

An asset is treated as current when it is:

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to revenue, it is recognised in the Statement of Profit and Loss on a systematic basis over the periods to which they relate. When the grant relates to an asset, it is treated as deferred income and

Expected to be realised or intended to be sold or consumed in normal operating cycle
Held primarily for the purpose of trading
Expected to be realised within twelve months after the reporting period, or

Notes to the Financial Statements

for the year ended March 31, 2021

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

AS 1. The term EBITDA are not defined in Ind AS. Ins AS compliant schedule III allows companies to present Line items, sub-line items and sub-totals shall be presented as an addition or substitution on the face of the financial statement when such presentation is relevant to an understanding of the company’s financial position or performance or to cater to industry/sectorspecific disclosure requirements or when required for compliance with the amendments to the Companies Act or under the Indian Accounting Standard.

All other assets are classified as non-current.

A liability is current when:

It is expected to be settled in normal operating cycle
It is held primarily for the purpose of trading

Measurement of EBITDA

It is due to be settled within twelve months after the reporting period, or

Accordingly, the Company has elected to present earnings before interest, tax, depreciation and amortisation (EBITDA) as a separate line item on the face of statement of profit or loss. The Company measures EBITDA on the basis of profit / (loss) from continuing operations. In its measurement, the Company does not include depreciation and amortisation expense, finance cost and tax expenses.

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

• The Company classifies all other liabilities as noncurrent.

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

1.1 Standards Issued but not yet Effective

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from April 1, 2021.

u. Earnings before interest, tax, depreciation and amortisation (EBITDA)

The Company presents EBITDA in the statement of profit or loss; this is not specifically required by Ind

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Exide Industries Limited

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in Crores) Total 3,142.34 408.65 10.84 16.56 3,523.59 666.04 8.19 4,181.44 876.37 351.74 7.37 0.07 1,220.67 365.99 7.01 1,579.65 2,601.79
( H Plant and equipment - 28.58 - - 28.58 262.61 - 291.19 - 1.14 - - 1.14 9.10 - 10.24 27.44 2,302.92 280.95
Leased Assets Leasehold Land 73.64 - - - 73.64 - - 73.64 3.99 1.97 - - 5.96 1.97 - 7.93 67.68 65.71
Computers 34.97 8.08 0.82 - 42.23 2.99 0.44 44.78 17.42 8.67 0.60 - 25.49 7.54 0.35 32.68 16.74 12.10
Vehicles 2.62 0.63 1.02 - 2.23 0.51 0.19 2.55 1.61 0.33 0.77 - 1.17 0.27 0.17 1.27 1.06 1.28
Furniture & fixtures 5.76 0.76 0.03 - 6.49 1.31 0.07 7.73 1.19 0.59 0.02 - 1.76 0.86 0.02 2.60 4.73 5.13
Office 16.37 5.26 0.42 - 21.21 2.64 0.24 23.61 8.33 2.76 0.32 - 10.77 3.17 0.20 13.74 10.44 9.87 39.91 crs) are pending execution. H
Equipment
Owned Assets Moulds 299.87 29.35 0.36 - 328.86 32.40 1.52 359.74 93.27 35.08 0.05 - 128.30 37.00 1.40 163.90 195.84
38.50 crs (PY:
288.74 3.62 - 287.46 4.61 697.83 278.24 1.46 - 974.61 284.22 4.01 H
Plant and equipment (including electrical installation) 2,173.68 2,458.80 2,741.65 1,254.82 1,484.19 200.56 1,486.83
Buildings (including roads) 491.58 40.54 4.57 2.92 524.63 76.12 1.08 599.67 52.73 22.96 4.15 0.07 71.47 21.86 0.86 92.47 453.16 507.20
Freehold land 43.85 6.71 - 13.64 36.92 - 0.04 36.88 - - - - - - - - 36.92 36.88
0.10 crs) being the cost of shares in respective Co-operative Housing Societies.
H
0.10 crs (PY:
H
Conveyance / Lease deeds for certain immovable properties valued at
Particulars Cost or deemed cost (gross carrying amount) Balance as at April 1, 2019 Additions for the year 2019-20 Disposals / deductions for the year 2019-20 Recalssification to investment property Balance as at March 31, 2020 Additions for the year 2020-21 Disposals / deductions for the year 2020-21 Balance as at March 31, 2021 Accumulated Depreciation and Impairment losses Balance as at April 1, 2019 Depreciation for the year 2019-20 Disposals / deductions for the year 2019-20 Recalssification to investment property Balance as at March 31, 2020 Depreciation for the year 2020-21 Disposals / deductions for the year 2020-21 Balance as at March 31, 2021 Carrying amount (net) Balance as at March 31, 2020 Balance as at March 31, 2021 a. b.
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Notes to the Financial Statements

for the year ended March 31, 2021

2 a Property, Plant and Equipment (Contd..)

c. Movement of capital work-in-progress:				orate rview
Particulars	Opening Balance	Addition during the year	Capitalised
2020-21	296.88	307.55	403.68
				Statutory Reports
2019-20	254.93	441.83	399.88
2 b I

2 b Investment property

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( H in Crores)
Particulars Land and Building
Cost
Balance as at April1, 2019 -
Recalssification from property, plant and equipment 16.56
Additions for the year 2019-20 18.09
Balance as at March 31, 2020 34.65
Additions for the year 2020-21 0.25
Balance as at March 31, 2021 34.90
Accumulated depreciation and impairment losses
Balance as at April1, 2019 -
Recalssification from property, plant and equipment 0.07
Depreciation for the year 2019-20 0.35
Balance as at March 31, 2020 0.42
Depreciation for the year 2020-21 0.71
Balance as at March 31, 2021 1.13
Carrying amount (net)
Balance as at March 31, 2020 34.23
Balance as at March 31, 2021 33.77
Fair value of the investment property as at March 31, 2020 34.65
Fair value of the investment property as at March 31, 2021 36.33
This pertains to land and building which has been leased to subsidiary, ELEPL and therefore treated as Investment Property.
3 Intangible Assets
( H in Crores)
Trade Computer
Particulars Goodwill Total
Mark Software
Cost or deemed cost (Gross carrying amount)
Balance as at April1, 2019 3.89 3.12 57.57 64.58
Additions for the year 2019-20 - - 15.71 15.71
Disposals / deductions for the year 2019-20 - - - -
Balance as at March 31, 2020 3.89 3.12 73.28 80.29
Statements Financial
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Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

3 Intangible Assets (Contd..)

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----- Start of picture text -----

( H in Crores)
Trade Computer
Particulars Goodwill Total
Mark Software
Additions for the year 2020-21 - - 12.24 12.24
Disposals / deductions for the year 2020-21 - - - -
Balance as at March 31, 2021 3.89 3.12 85.52 92.53
Accumulated Amortisation & Impairment losses
Balance as at April1, 2019 3.89 2.90 26.49 33.28
Amortisation for the year 2019-20 - 0.22 10.32 10.54
Balance as at March 31, 2020 3.89 3.12 36.81 43.82
Amortisation for the year 2020-21 - - 12.65 12.65
Balance as at March 31, 2021 3.89 3.12 49.46 56.47
Carrying amount (net)
Balance as at March 31, 2020 - - 36.47 36.47
Balance as at March 31, 2021 - - 36.06 36.06
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4 Non-current Investments

( H in Crores)

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----- Start of picture text -----

Particulars March 31, 2021 March 31, 2020
Investments at cost (Unquoted)
EQUITY SHARES, FULLY PAID UP
IN SUBSIDIARY COMPANIES
Chloride International Limited of H 10 each [4,50,000 shares 0.20 0.20
(PY: 4,50,000 Shares)]
Chloride Power Systems and Solutions Limited of H 10 each [69,80,000 7.93 2.93
shares (PY:19,80,000 Shares)]
Chloride Metals Limited of H 10 each [5,08,80,952 shares 179.03 144.03
(PY: 4,73,80,952 shares)]
Chloride Batteries S.E.Asia Pte Limited of Singapore $ 1 each [70,00,000 10.35 10.35
shares (PY: 70,00,000 shares)]
Espex Batteries Limited of GBP 1 each [1,02,000 shares (PY: 1,02,000 0.78 0.78
shares)]
Associated Battery Manufacturers (Ceylon) Ltd of Sri Lankan Rupees 10 7.31 7.31
each [38,96,640 shares (PY: 38,96,640 shares)]
Exide Life Insurance Company Limited of H 10 each [185,00,00,000 1,679.59 1,679.59
shares (PY: 185,00,00,000 shares)]
Exide Leclanche Energy Private Limited of H 10 each [10,30,70,120 192.23 125.88
shares (PY: 7,65,30,920 shares)]
IN ASSOCIATE COMPANIES
CSE Solar Sunpark Maharashtra Private Limited of H 10 each [9,92,465 7.24 7.24
shares (PY: 9,92,465 shares)]
CSE Solar Sunpark Tamilnadu Private Limited of H 10 each [11,81,250 10.87 10.87
shares (PY: 11,81,250 shares)]
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Notes to the Financial Statements

for the year ended March 31, 2021

4 Non-current Investments (Contd..)

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----- Start of picture text -----

( H in Crores)
Particulars March 31, 2021 March 31, 2020
Greenyana Solar Private Limited of H 10 each [5,83,333 shares 5.25 5.25
(PY: 5,83,333 shares)]
Investments at Amortised Cost
Government Securities ( lodged as security deposits with various 0.01 0.01
authorities )
Investments at fair value through OCI
Debentures (Fully Paid Up)
Woodlands Multispeciality Hospital Limited
^ 1/2% Debentures of H 100 each [20 debentures (PY: 20 debentures)] - -
^ 5% Non-redeemable Registered Debentures of H 6000 each (1 - -
debenture (PY: 1 debenture)
Units (Unquoted)
Faering Capital India Evolving Fund of H 1000 each [4,67,292 units (PY: 57.65 46.37
4,01,696 units)]
Equity shares (Unquoted)
Haldia Integrated Development Agency Ltd of H 10 each (5,00,000 shares 1.85 2.15
[PY: 5,00,000 shares)]
Suryadev Alloys of H 10 each [5,80,000 shares (PY: 5,80,000 shares)] 1.76 1.76
Equity shares (Quoted)
Hathway Cable and Datacom Limited of H 2 each [54,62,830 shares (PY: 14.04 7.35
54,62,830 shares)]
2,176.09 2,052.07
(i) Aggregate book value of unquoted investments 2,162.05 2,044.72
(ii) Aggregate value of quoted investments and market value thereof 14.04 7.35
(iii) Refer Note 41 for information about fair value measurement and Note 42 for
credit risk and market risk of investment
(iv) ^ Figures being less than H 50,000 in each case, has not been disclosed
(v) Dividend income from Faering Capital India Evolving Fund aggregates to
H 0.33 crs (PY: H 1.17 crs)
Overview Corporate
Reports Statutory
Statements Financial
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5 Non-current trade receivables (at amortised cost)

5 Non-current trade receivables (at amortised cost)
		(`H`in Crores)
Particulars March 31, 2021		March 31, 2020
Trade receivables,consideredgood - unsecured	0.08	0.10
	0.08	0.10

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Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

6 Non-current loans (at amortised cost)

( H in Crores)

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----- Start of picture text -----

Particulars March 31, 2021 March 31, 2020
Unsecured, considered good
a) Loans to employees 0.01 0.01
b) Security Deposits 23.63 17.18
23.64 17.19
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7 Other Non-current Assets

( H in Crores)

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----- Start of picture text -----

Particulars March 31, 2021 March 31, 2020
(i) Unsecured, considered good
a) Capital advances 69.84 40.58
b) Prepaid expenses 25.32 39.87
c) Balances and deposit with Government Authorities 15.49 17.55
(ii) Unsecured, considered doubtful
a) Balances and deposit with Government Authorities 20.34 26.73
130.99 124.73
Less: Provision for doubtful advances 20.34 26.73
110.65 98.00
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8 Inventories

		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
(At lower of cost and net realisable value)
a)Stores and spares	55.32	46.33
b) Raw materials [Including in transit/ lying in bonded warehouse`H`257.78 crs (PY:`H`176.08 crs)]	766.77	577.40
c)Work-in-progress	729.74	707.76
d)Finishedgoods	789.12	854.28
e)Stock-in-trade	5.24	6.50
	2,346.19	2,192.27

I. The cost of inventories recognised as an expense during the year has been disclosed on the face of the Statement of Profit and Loss and Note 33.

II. The cost of inventories recognised as an expense includes H 21.71 crs (PY: H 16.72) in respect of write downs of inventory.

Notes to the Financial Statements

for the year ended March 31, 2021

9 Current Investments

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( H in Crores)
Particulars No. of units March 31, 2021 No. of units March 31, 2020
Investments at fair value through Profit & Loss
UNITS OF MUTUAL FUND (Unquoted)
Aditya Birla Sun Life Liquid Fund - Growth 45,38,925 150.48 - -
Direct Plan H 100 each
HDFC Liquid Fund - Growth Direct Plan of 4,95,668 200.52 - -
H 1000 each
ICICI Prudential Liquid Fund - Growth 46,07,607 140.41 - -
Direct Plan of H 100 each
ICICI Prudential Money Market Fund - 1,69,323 5.00 - -
Direct Plan Growth of H 100 each
SBI Liquid Fund - Direct Growth of H 1000 4,35,828 140.41 - -
each
Kotak Liquid Fund - Growth Direct Plan of 2,77,368 115.36 - -
H 1000 each
DSP Liquid Fund - Growth Direct Plan of H 4,43,224 130.36 - -
1000 each
DSP Black Rock India Enhanced Equity - - 5,00,000 8.71
Fund - Class B - 3 of H 100 each
882.54 8.71
UNITS OF MUTUAL FUND (Quoted)
HDFC Cancer Cure Fund-Debt Plan of H 10 - - 1,00,00,000 10.02
each
- 10.02
882.54 18.73
Aggregate amount of quoted investment and - 10.02
market value thereof
Aggregate amount of unquoted investment 882.54 8.71
(i) Refer Note 41 for information about fair value measurement and Note 42 for credit risk and market risk of investment.
10 Trade receivables (Unsecured) (at amortised cost)
Overview Corporate
Reports Statutory
Statements Financial
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10 Trade receivables (Unsecured) (at amortised cost)

10 Trade receivables (Unsecured) (at amortised cost)
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Trade receivables,Consideredgood - Unsecured	906.66	835.65
Less: Loss allowance	19.29	20.35
Total	887.37	815.30

Refer Note no 39 for Related Party disclosure for trade receivables from related parties.

The Company’s exposure to credit and currencies risks, and loss allowances related to trade receivables are disclosed in Note 42.

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Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

11 Cash and Cash Equivalents

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
a) Balances with banks on
Current Account 19.51 107.79
b) Cheques, drafts in hand 62.88 36.88
c) Cash in hand 0.15 0.20
82.54 144.87
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12 Bank balances other than Cash and Cash Equivalents

( H in Crores)

Particulars March 31, 2021 March 31, 2020	Particulars March 31, 2021 March 31, 2020	Particulars March 31, 2021 March 31, 2020
Unclaimed Dividend Account	8.81	9.72
	8.81	9.72

13 Loans (at amortised cost)

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Unsecured, considered good
a) Loans to employees 0.02 0.02
b) Security Deposits 14.63 14.96
14.65 14.98
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14 Other Financial Assets (at amortised cost)

		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Unsecured, consideredgood
a)Rebates and discounts receivables	38.50	24.66
	38.50	24.66

15 Other current assets

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
a) Advance to suppliers 9.19 17.19
b) Other recoverables and advances 33.40 22.52
c) Balances and deposit with Government Authorities 65.71 53.18
d) Prepaid expenses 25.99 26.08
134.29 118.97
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*includes export incentive receivables aggregating to H 29.97 crs (PY: H 17.99 crs)

Notes to the Financial Statements

for the year ended March 31, 2021

16 SHARE CAPITAL

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a) Authorised
100,00,00,000 (PY: 100,00,00,000) Equity Shares of H 1 each 100.00 100.00
100.00 100.00
b) Issued, subscribed & fully paid-up
85,00,00,000 (PY: 85,00,00,000) Equity Shares of H 1 each 85.00 85.00
85.00 85.00
c) Reconciliation of the number of equity shares outstanding at the beginning
and at the end of the reporting year
Balance at the beginning and at the end of the year 85,00,00,000 85,00,00,000
d) Terms / rights attached to equity shares
The company has only one class of Equity Shares having a Par Value of H 1
per share. Each Holder of Equity Shares is entitled to one Vote per share.
In the event of Liquidation of the Company, the holders of equity shares will
be entitled to receive remaining assets of the company, after distribution
of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
e) Shares held by holding company
Name of Shareholder
Chloride Eastern Limited, UK (considered to be Holding company by virtue 39,09,54,666 39,09,54,666
of de-facto control) 45.99% (PY: 45.99%)
f) Details of shareholders holding more than 5% shares in Company
Name of Shareholder Number of Shares
Chloride Eastern Limited, UK holding 45.99% (PY: 45.99%) 39,09,54,666 39,09,54,666
Life Insurance Corporation of India 5.89% (PY: 3.09%) 5,00,44,588 2,62,84,775
As per records of the company, including its register of shareholders /
members and other declaration received from shareholders, the above
shareholding represents legal ownership of shares.
17 OTHER EQUITY
( H in Crores)
Particulars March 31, 2021 March 31, 2020
Overview Corporate
Reports Statutory
Statements Financial
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Particulars March 31, 2021 March 31, 2020
a) Securities Premium 737.88 737.88
Premium received on equity shares issued is recognised in the securities
premium
b) Retained earnings 6,058.73 5,470.53
Retained earnings are profits that the Company has earned till date, less
dividends or other distributions paid to the shareholders. It also includes
remeasurement gain/ loss of defined benefit plans.
c) Items of Other Comprehensive Income
- Fair value of Equity instruments through OCI 11.90 2.70
Changes in fair value of equity instruments recorded in other
comprehensive income
6,808.51 6,211.11
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186

187

Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

18 NON-CURRENT TRADE PAYABLES (at amortised cost)

18 NON-CURRENT TRADE PAYABLES (at amortised cost)
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Tradepayable forgoods & services
Total outstandingdues of creditors other than Micro and Small Enterprises	6.64	5.74
	6.64	5.74
19 OTHER NON-CURRENT FINANCIAL LIABILITIES (at amortised cost)		(`H`in Crores)
Particulars March 31, 2021		March 31, 2020
Payable for capitalgoods 3.75 3.75		2.95
		2.95

20 NON-CURRENT PROVISIONS

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Provision for employee benefits (refer note 36)
Post retirement medical benefits 4.58 4.55
Gratuity 9.10 17.84
Pension 0.17 3.42
Compensated absences 38.14 36.44
Others
Provision for site restoration liabilities 1.69 1.53
53.68 63.78
Provision for site restoration liabilities
A provision is recognised for site restoration liabilities on leasehold lands taken
by the Company:
Opening Balance 1.53 1.38
Add: Interest accrued on the provision during the year 0.16 0.15
Closing Balance 1.69 1.53
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21 DEFERRED TAX LIABILITY (NET)

( H in Crores)

Particulars	March 31, 2021	March 31, 2020
Deferred tax liabilities	118.26	136.22
Less: Deferred tax assets	41.21	34.36
	77.05	101.86

Notes to the Financial Statements

for the year ended March 31, 2021

21 DEFERRED TAX LIABILITY (NET) (Contd..)

Movement in deferred tax liabilities / assets balances:

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----- Start of picture text -----

( H in Crores)
Movement Movement
through through Other
2020-21 April 01, 2020 March 31, 2021
Statement of Comprehensive
Profit and Loss Income
Deferred tax liabilities:
Arising out of temporary difference in (132.40) 15.85 - (116.55)
depreciable assets
Expenses claimed as deduction as per (3.82) 2.11 - (1.71)
Income Tax Act, 1961 but not booked in
current year
Deferred tax assets:
On expenses allowable against taxable 30.95 7.03 - 37.98
income in future years
On lease liabilities (net of Right-of-use 0.14 1.64 - 1.78
assets)
Unrealised loss on investment 2.91 (0.11) (1.35) 1.45
Others 0.36 (0.36) - -
(101.86) 26.16 (1.35) (77.05)
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( H in Crores)

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----- Start of picture text -----

Movement Movement
through through Other March 31,
2019-20 April 01, 2019
Statement of Comprehensive 2020
Profit and Loss Income
Deferred tax liabilities:
Arising out of temporary difference in (207.30) 74.90 - (132.40)
depreciable assets
Expenses claimed as deduction as per (4.76) 0.94 - (3.82)
Income Tax Act, 1961 but not booked in
current year
Deferred tax assets:
On expenses allowable against taxable 35.50 (4.55) - 30.95
income in future years
On lease liabilities (net of Right of use - 0.14 - 0.14
assets)
Unrealised loss on investment 0.92 (0.05) 2.04 2.91
Others 0.50 (0.14) - 0.36
(175.14) 71.24 2.04 (101.86)
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Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

21 DEFERRED TAX LIABILITY (NET) (Contd..)

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2020-21 2019-20
Particulars
Rate ( J in Crores) Rate ( J in Crores)
Reconciliation of statutory rate of tax and effective
rate of tax:
At India’s statutory income tax rate of 25.17% (PY: 25.17% 256.19 25.17% 260.54
25.17%)
Adjustments:
Impact of reduction in corporate tax rate - - -4.76% (49.25)
Non-deductible expenses for tax purposes 0.52% 5.27 0.40% 4.10
Exempt income for tax purposes - - -0.90% (9.35)
Impact of lower tax rate on certain items -0.02% (0.22) - -
Others including Tax impact of earlier years -0.15% (1.62) 0.35% 3.64
Total tax expense 25.51% 259.62 20.26% 209.68
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		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Breakupof tax expense is as follows:
Current tax
Currentperiod	277.65	278.06
Priorperiod	8.13	2.86
Deferred tax
Origination and reversal of temporarydifferences	(26.16)	(71.24)
Total tax expenses	259.62	209.68

Notes to the Financial Statements

for the year ended March 31, 2021

23 OTHER CURRENT FINANCIAL LIABILITIES (at amortised cost)

		Corporate Overview
Particulars	March 31, 2021
a) Unclaimed dividends (to be credited to Investor Education and Protection Fund as and when due)	8.81
b)Otherpayables -
For Sellingand distribution costs	66.45
For Capitalgoods	62.23	Statutory Reports
For Other Expenses*	83.86
	221.35

*other liabilities includes employee related liabilities aggregating to H 77.04 crs (PY: H 62.55 Crs)

i. There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as 31 March 2021.
ii. Other payables for selling and distribution costs represents outstanding liabilities for incentives and trade schemes, etc.

24 OTHER CURRENT LIABILITIES

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
a) Taxes and duties payable 109.67 52.25
b) Advances from customers 31.06 29.90
c) Deferred revenue 34.20 59.34
174.93 141.49
----- End of picture text -----*

*Deferred revenue relates to loyalty credit points granted to the customers as part of sales transactions and has been estimated with reference to the fair value of the products for which they could be redeemed.

22 TRADE PAYABLES (at amortised cost)

22 TRADE PAYABLES (at amortised cost)
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
a)Tradepayable forgoods & services
Total outstandingdues of micro and small enterprises(refer note no. 38)	132.65	71.36
Total outstandingdues of creditors other than micro and small enterprises	1,170.29	855.92
b)Acceptances	338.67	103.04
	1,641.61	1,030.32

Refer note 42 for information about liquidity risk and market risk related to trade payables.

For terms and conditions with related parties, refer to Note 39.

25 CURRENT PROVISIONS

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
a) Provision for employee benefits (refer note 36)
Post retirement medical benefits 0.38 0.38
Compensated absences 2.59 2.20
b) Others
Provision for Warranty Claims 214.21 239.65
Provision for litiIations and tax disputes 53.55 54.19
270.73 296.42
Provisions for warranties
A provision is recognised for expected warranty claims on products sold,
based on past experience of the level of repairs and returns. The table
below gives information about movement in warranty provision:
Opening Balance 239.65 211.31
Add: Provision created during the year 196.85 269.64
Less: Utilised against warranty claims during the year 222.29 241.30
Closing Balance 214.21 239.65
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Leading the Charge.

Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

25 CURRENT PROVISIONS (Contd..)

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Provisions for litigations and tax disputes
The management has estimated the provisions for pending litigation,
claims and demands relating to indirect taxes based on its assessment of
probability for these demands crystallising against the company in due
course:
Opening Balance 54.19 54.19
Add: Provision written back during the year (0.64) -
Closing Balance 53.55 54.19
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26 Revenue from operations

26 Revenue from operations
		(`H`in Crores)
Particulars	2020-21	2019-20
Sale ofproducts	10,007.66	9,809.00
Other operatingincome
Export incentive	18.43	33.75
Scrapsales	4.65	4.44
Income from Service / Installation	10.10	9.47
	10,040.84	9,856.66

(i) Sales are net of price adjustments settled during the year by the Company and discounts, trade incentives, GST etc.

Revenue disaggregation is as follows:

Disaggregation of product sold based on industry vertical and customers profile

( H in Crores)

Particulars	2020-21	2019-20
Institutional sales	2,488.79	2,924.29
Non-institutional sales	7,533.62	6,898.62
	10,022.41	9,822.91

Disaggregation based on geography

Disaggregation based on geography
		(`H`in Crores)
Particulars	2020-21	2019-20
India	9,311.26	9,161.67
Outside India	711.15	661.24
	10,022.41	9,822.91

Geographic location is based on the location of customers excluding export incentive.

Information about major customers:

No single customer represents 10% or more of the Company’s total revenue during the year ended March 31, 2021 and March 31, 2020.

Notes to the Financial Statements

for the year ended March 31, 2021

26 Revenue from operations (Contd..)

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Changes in deferred revenue are as follows:
( H in Crores)
Particulars 2020-21 2019-20
Balance at the beginning of the year 59.34 36.04
Revenue recognised that was included in the unearned and deferred revenue (40.24) (33.20)
at the beginning of the year
Other adjustments - settlement through credit notes (19.10) (2.84)
Increase due to invoicing during the year, excluding amounts recognised as 34.20 59.34
revenue during the year
Balance at the end of the year 34.20 59.34
Reconciliation of revenue recognized with the contracted price is as follows:
( H in Crores)
Particulars 2020-21 2019-20
Contracted revenue 10,475.81 10,269.07
Reduction towards variable consideration components (453.40) (446.16)
Revenue recognised 10,022.41 9,822.91
The reduction towards variable consideration comprises of discounts, incentive etc.
Contract balances
( H in Crores)
Particulars 2020-21 2019-20
Trade receivables 887.45 815.40
Contract liabilities 34.20 59.34
853.25 756.06
27 Other Income
( H in Crores)
Particulars 2020-21 2019-20
Interest Income on :
Overview Corporate
Reports Statutory
Statements Financial
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( H in Crores)
Particulars 2020-21 2019-20
Interest Income on :
Income Tax refunds - 4.79
Financial assets carried at amortied cost 0.98 0.94
Dividend Income on
Long Term Investments in subsidiaries 8.56 17.04
Current investments in mutual funds designated at FVTPL 26.69 20.11
Other non-operating income
Gain on fair value of investments in mutual funds units designated at FVTPL - 0.42
Net foreign exchange Gain 19.73 11.88
Rental income from investment property 2.83 2.12
Others 6.65 6.64
65.44 63.94
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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

28 Cost of materials consumed

( H in Crores)

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Particulars 2020-21 2019-20
Opening Stock 577.40 451.64
Add: Purchases 6,716.98 6,645.56
7,294.38 7,097.20
Less: Closing Stock 766.77 577.40
6,527.61 6,519.80
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Cost of material consumed includes net proceeds from scrap battery.

29 Changes in inventories of finished goods, work-in-progress and stock-in-trade

( H in Crores)

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Particulars 2020-21 2019-20
Opening Stock
Work-in-progress 707.76 530.04
Finished goods 854.28 773.68
Stock-in-trade 6.50 5.24
1,568.54 1,308.96
Closing Stock
Work-in-progress 729.74 707.76
Finished goods 789.12 854.28
Stock-in-trade 5.24 6.50
1,524.10 1,568.54
44.44 (259.58)
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30 Employee benefit expenses

( H in Crores)

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Particulars 2020-21 2019-20
Salaries, wages and bonus 617.08 567.83
Contribution to provident and other funds (Refer Note 36) 38.73 34.08
Staff welfare expenses 65.71 64.49
721.52 666.40
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The Indian Parliament has approved the Code on Social Security, 2020 (‘Code’) which may have impact on the employee benefits during employment and post employment benefits. The Company will assess the impact of the Code and record any related impact in the period in which the Code becomes effective and the related rules are notified.

31 Finance costs

		(`H`in Crores)
Particulars	2020-21	2019-20
Interest expenses	4.45	6.95
Interest on lease liabilities	19.32	2.45
	23.77	9.40

Notes to the Financial Statements

for the year ended March 31, 2021

32 Depreciation and Amortisation

32 Depreciation and Amortisation
		(`H`in Crores) 2019-20 350.60 10.54 0.35 1.14 362.63	Corporate Overview
Particulars	2020-21
Depreciation ofproperty, plant and equipments	356.89
Amortisation of intangible assets	12.65
Depreciation of investmentproperty	0.71
Depreciation of right-of-use asset	9.10
	379.35		S R

33 Other expenses

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( H in Crores)
Particulars 2020-21 2019-20
Stores and spare parts consumed 70.68 68.24
Power and fuel 286.61 331.59
Battery Charging / Battery assembly expenses 71.80 92.75
Repairs and maintenance
Buildings 6.34 7.17
Plant & machinery 24.57 25.11
Others 1.47 2.16
Software expenses 45.06 39.65
Rent & Hire Charges 42.68 41.00
Rates and taxes 4.26 9.12
Insurance 10.71 8.56
Commission 1.60 1.13
Royalty and Technical Aid Fees 38.53 53.37
Warranty expenses 196.85 269.64
Publicity and Sales Promotion 34.33 68.01
Freight & Forwarding (net) 288.15 276.63
After Sales Services 71.78 68.11
Clearing and forwarding Expenses 41.81 36.06
Travelling & Conveyance 13.58 33.61
Bank Charges 1.02 1.67
Communication Costs 3.34 4.25
Donations 0.01 0.02
Directors' Sitting Fees 0.10 0.24
Loss on Property, plant and equipment sold/discarded (net) 0.15 2.07
Auditors' Remuneration:
As Auditors
- For Statutory audit 0.64 0.49
- For Limited Reviews 0.39 0.39
- For Others 0.05 0.05
As Tax Auditors 0.07 0.07
Other Services 0.05 0.09
Out of pocket expenses 0.06 0.10
Miscellaneous expenses (refer Note 33.1) 127.54 117.54
1,384.23 1,558.89
Statements Financial
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Notes to the Financial Statements for the year ended March 31, 2021

33.1 Miscellaneous Expenses

( H in Crores)

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Particulars 2020-21 2019-20
Motor Vehicle Running Expenses 6.70 6.88
Consultancy & Services outsourced 65.23 57.55
Security Service Charges 9.33 9.38
General Expenses 4.14 1.07
Legal Expenses 1.62 2.47
Printing & Stationery 3.99 5.71
Total Quality Management Expenses 0.23 0.10
Corporate Social Responsibility expenses 20.94 20.76
Pollution Control Expenses 4.40 4.96
Testing Charges 1.24 1.55
Liquidated Damages 0.04 0.11
Battery Erection / Installation Costs 9.68 7.00
127.54 117.54
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The Company has spent H 20.94 crs ( PY: H 20.76 crs ) towards various schemes of Corporate Social Responsibility as prescribed under Sec. 135 of the Companies Act, 2013. The details are:

I. Gross amount required to be spent by the Company during the year H 20.91 crs ( PY: H 20.49 crs)
II. Amount spent during the year on :

Amount spent during the year on :
		(`H`in Crores)
Particulars	2020-21	2019-20
i) Construction/Acquisition of anyasset	5.41	-
ii)Forpurposes other than(i)above	15.53	20.76
	20.94	20.76

34 Earnings per share (EPS)

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( H in Crores)
Particulars 2020-21 2019-20
Details for calculation of basic and diluted earning per share:
Profit after tax as per Statement of Profit and Loss 758.28 825.51
Weighted average number of equity share (Numbers) 85,00,00,000 85,00,00,000
Basic and diluted earning per share ( H ) 8.92 9.71
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the financial statements were prepared and are reviewed at each Balance Sheet date. Uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the reported amounts and disclosures. Information about critical judgements in applying accounting policies, as well as estimates and assumptions that have the most significant effect on the financial statements is as follows:

35 Significant accounting judgements, estimates and assumptions

Notes to the Financial Statements

for the year ended March 31, 2021

(d) Customer’s loyalty programme

35 Significant accounting judgements, estimates and assumptions (Contd..)

Judgement is required to determine the transaction price for the contract. The transaction price could be either a fixed amount of customer consideration or variable consideration with elements such as volume discounts and incentives. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer.

(a) Estimation of uncertainty due to COVID-19 pandemic

The Company has considered the possible risk that may result from the pandemic relating to COVID-19 on the carrying amounts of assets including inventories, receivables, investments and other financial and nonfinancial assets. As per the assessment carried out by the management based on the internal and external information available upto the date of approval of these standalone financial statements, the Company does not foresee any uncertainty related to recoverability or liquidation of the aforesaid assets and also about the ability of the non-financial assets to generate future economic benefits.

The Company estimates the fair value of points/ awards accrued under the incentive schemes based on application of budgeted incentive payout rate or based on the fair value of the products against which such points/awards could be redeemed. Refer note 23 and 24 for further details.

(e) Warranty provisioning

However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The impact of the global health pandemic may be different from that estimated as at the date of approval of these standalone financial statements and the Company will continue to closely monitor any material changes to future economic conditions.

The Company estimates the provision for warranty based on past trend of actual issues of batteries under warranty. As at 31 March 2021, the estimated liability towards warranty amounted to approximately H 214.21 crs (PY: H 239.64 crs). For further details refer Note 25. The provision towards warranty is not discounted as the management, based on past trend, expects to use the provision within twelve months after the Balance Sheet date.

(b) Employee benefit plans

The cost of the employment benefit plans and their present value are determined using actuarial valuations which involves making various assumptions that may differ from actual developments in the future. For further details refer Note 36.

(f) Provision for litigations and tax disputes

The likelihood of outcome of litigations and tax disputes are estimated by the management based on past experiences, legal advice, other public information etc. For further details, refer Note 25.

( c ) Fair value measurement of investments

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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

36 Gratuity and Other Post employment Benefit Plans

( H in Crores)

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2020-21 2019-20
Particulars GRATUITY PENSION PRMB GRATUITY PENSION PRMB
Plan (Benefit ) Plan (Benefit )
I Expenses recognised in the
statement of Profit & Loss
1 Current Service Cost 8.73 - 0.05 7.39 - 0.04
2 Interest Cost 7.27 0.26 0.32 6.95 0.27 0.35
3 Expected Return on plan (6.68) (0.14) - (6.82) (0.03) -
assets
4 Total 9.32 0.12 0.37 7.52 0.24 0.39
Expenses recognised in
OCI
5 Actuarial ( Gains ) / Losses 0.10 0.05 (0.05) 10.73 0.29 0.14
6 Total Expense 9.42 0.17 0.32 18.25 0.53 0.53
II Net Asset / ( Liability )
recognised in the Balance
Sheet
1 Present Value of Defined 119.80 3.96 4.96 112.88 3.85 4.93
Benefit Obligation
2 Fair Value of Plan Assets 110.70 3.79 - 95.04 0.43 -
3 Net Asset / ( Liability ) (9.10) (0.17) (4.96) (17.84) (3.42) (4.93)
III Change in Obligation during
the year
1 Present Value of Defined 112.88 3.85 4.93 97.25 4.02 4.62
Benefit Obligation at the
beginning of the year
2 Current Service Cost 8.73 - 0.05 7.39 - 0.04
3 Interest Cost 7.27 0.26 0.32 6.95 0.27 0.35
4 Benefits Paid (8.70) (0.10) (0.29) (9.05) (0.73) (0.22)
5 Actuarial ( Gains ) / Losses
Arising from changes in 0.58 (0.04) (0.02) 3.35 0.21 (0.18)
experience
Arising from changes in - - - - - -
demographic assumptions
Arising from changes in (0.96) (0.01) (0.03) 6.99 0.08 0.32
financial assumptions
Total (0.38) (0.05) (0.05) 10.34 0.29 0.14
6 Present Value of Defined 119.80 3.96 4.96 112.88 3.85 4.93
Benefit Obligation at the
end of the year
IV Change in the Fair Value of
Plan Assets during the year
1 Plan assets at the 95.04 0.43 - 93.28 0.40 -
beginning of the year
2 Expected return on plan 6.68 0.14 - 6.82 0.03 -
assets
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Notes to the Financial Statements

for the year ended March 31, 2021

36 Gratuity and Other Post employment Benefit Plans (Contd..)


			2020-21
Particulars		GRATUITY	PENSION PRMB		GRATUITY
			Plan (Benefit )
3 Contribution byemployer		18.16	3.42	-	4.38	0.73
4 Transfers		-	-	-	-	-
5 Actual Benefits Paid		(8.70)	(0.10)	-	(9.05)	(0.73)
6 Actuarial Gains / ( Losses)		(0.48)	(0.10)	-	(0.39)	-
7 Plan assets at the end of the year		110.70	3.79	-	95.04	0.43
8 Actual return on Plan Assets		6.20	0.04	-	6.43	0.03
V The major categories of plan assets as a percentage of the fair value of total plan assets
Investments with insurer		100%	100%	-	100%	100%
VI Maturity profile of the defined benefit obligation
Weighted average duration of the defined benefit obligation		5 & 9 years	2 years	9 years	6 & 9 years	3 years
Expected benefit payments forthe yearending
Not later than 1year		9.63	1.01	0.39	6.38	0.69
Later than 1 year and not laterthan5 years		45.77	2.57	1.73	45.30	2.69
More than 5years		72.88	0.96	2.17	69.06	1.09
VII Actuarial Assumptions 1 Discount Rate 2 Mortality pre retirement 3 Mortality post retirement 4 Employee Turnover Rate
	1 Discount Rate 2 Mortality pre retirement 3 Mortality post retirement 4 Employee Turnover Rate	6.8 % p.a (March 31, 2020: 6.7% p.a.) Indian Assured Lives Mortality (2006-08) (modified) Ult. LIC (1996-98) Ultimate 2% (March 31, 2020: 2%)
	5 Expected increase in salary - executive staff 10 % p.a (March 31, 2020: 10% p.a.) - other management staff 8 % p.a (March 31, 2020: 8% p.a.) - non-management staff 5 % p.a (March 31, 2020: 5% p.a.)

1	Discount Rate	6.8 % p.a (March 31, 2020: 6.7% p.a.)
2	Mortality pre retirement	Indian Assured Lives Mortality (2006-08) (modified) Ult.
3	Mortality post retirement	LIC (1996-98) Ultimate
4	Employee Turnover Rate	2% (March 31, 2020: 2%)
5	Expected increase in salary
	- executive staff	10 % p.a (March 31, 2020: 10% p.a.)
	- other management staff	8 % p.a (March 31, 2020: 8% p.a.)
	- non-management staff	5 % p.a (March 31, 2020: 5% p.a.)

VIII In 2021-22 the Company expects to contribute H 9.00 crs (2020-21: H 18.00 crs) to gratuity and H 0.17 crs (2020-21: H 3.40 crs) to Pension funds.
IX Healthcare cost trend rates have no effect on the amounts recognised in the Statement of Profit and Loss, since the benefit is in the form of a fixed amount as per the various grades, which is not subject to change.

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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

36 Gratuity and Other Post employment Benefit Plans (Contd..)

X The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
XI The Company makes contribution to provident fund, superannuation fund and employees' state insurance schemes, which are defined contribution plans. Total contribution to the aforesaid funds during the year aggregated to H 28.93 crs (2019-20 - H 25.93 crs).

( H in Crores)

XII

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Particulars 2020-21 2019-20
1 Gratuity
Defined Benefit Obligation 119.80 112.88
Plan Assets 110.70 95.04
Surplus / ( deficit ) (9.10) (17.84)
Experience (Gain) / loss adjustments on plan liabilities 0.58 3.35
Experience Gain / ( loss) adjustments on plan assets (0.48) (0.39)
2 Pension
Defined Benefit Obligation 3.96 3.85
Plan Assets 3.79 0.43
Surplus / ( deficit ) (0.17) (3.42)
Experience (Gain) / loss adjustments on plan liabilities (0.04) 0.21
Experience Gain / ( loss) adjustments on plan assets (0.10) -
3 Post Retirement Medical Benefit
Defined Benefit Obligation 4.96 4.93
Experience Gain / ( loss) adjustments on plan liabilities (0.02) (0.18)
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XIII The basis of various assumptions used in actuarial valuations and their quantitative sensitivity analysis is as shown below:

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Assumptions Discount rate (a) Discount rate (a)
Sesitivity level 1% increase 1% decrease 1% increase 1% decrease
Impact on Retiral Benefit (9.42) 10.79 (9.13) 10.48
Assumptions Future salary increases (b) Future salary increases (b)
Sesitivity level 1% increase 1% decrease 1% increase 1% decrease
Impact on Retiral Benefit 9.87 (8.86) 9.46 (8.51)
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(a) Based on interest rates of government bonds

(b) Based on managements estimate

Notes to the Financial Statements

for the year ended March 31, 2021

37 Commitments and contingencies

(i) Capital and other commitments

( H in Crores)

Particulars	March 31, 2021	March 31, 2020
Commitment for acquisition of fixed assets	732.46	494.64
Commitment for investment	1.05	9.85
	733.51	504.49

(ii) Contingent Liabilities

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Guarantees excluding financial guarantees
Outstanding Bank Guarantees / Indemnity Bonds 42.42 41.08
Claims against the company not acknowledged as debt
Sales Tax demands 5.46 5.73
Excise Duty demands 4.82 4.82
Income Tax demands 3.05 3.05
Claim from a landlord , an appeal whereby is pending in Hon’ble Not Ascertainable Not Ascertainable
Bombay High Court
55.75 54.68
38 Details of dues to micro and small enterprises as defined under Micro, Small and Medium
Enterprises Development Act, 2006 (MSMED Act)
( H in Crores)
Particulars March 31, 2021 March 31, 2020
Principalcipalipalpal and interestnd interestd interest interestterestrestest amount remainingmount remainingount remainingnt remainingt remaining remainingemainingmainingaininginingg unpaidnpaidpaididd
- Principalcipalipalpal 132.6532.652.65.65 71.36.36
- Interest - -
The amount of interest paid by the Company in terms of Section 16 of the - -
MSMED Act alongwith the amount of the payment made to the supplier
beyondndd thehee appointedintedted date duringringg thehee year.r..
The amount of the payments made to micro and small suppliers beyond - -
Statements Financial
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38 Details of dues to micro and small enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act)

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Principalcipalipalpal and interestnd interestd interest interestterestrestest amount remainingmount remainingount remainingnt remainingt remaining remainingemainingmainingaininginingg unpaidnpaidpaididd
- Principalcipalipalpal 132.6532.652.65.65 71.36.36
- Interest - -
The amount of interest paid by the Company in terms of Section 16 of the - -
MSMED Act alongwith the amount of the payment made to the supplier
beyondndd thehee appointedintedted date duringringg thehee year.r..
The amount of the payments made to micro and small suppliers beyond - -
the appointed day during each accounting year.
The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the
year) but without adding the interest specified under MSMED Act.
The amount of interest accrued and remaining unpaid at the end of each - -
accounting year.
The amount of further interest remaining due and payable even in the 0.14 0.14
succeeding years, until such date when the interest dues above are
actually paid to the small enterprise, for the purpose of disallowance of a
deductible expenditure under section 23 of the MSMED Act.
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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure:

i ) Particulars of related parties :

A. Where control exists

A. Where control exists
1. Subsidiaries	ChlorideBatteries S.E.AsiaPte.Limited, Singapore (CBSEA)
	ChlorideInternationalLimited (CIL)
	Chloride Power Systems and Solutions Limited (CPSSL)
	Espex Batteries Limited, UK (Espex) Associated BatteryManufacturers (Ceylon) Ltd , Sri Lanka (ABML)
	Chloride Metals Limited (CML)
	Exide Life Insurance CompanyLimited (ELI)
	Exide Leclanche EnergyPrivate Limited (ELEPL)
2. Enterprise / Individuals having a direct or indirect control over the Company	Chloride Eastern Limited, UK. (CEL)
	Chloride Eastern Industries Pte Limited, Singapore (CEIL)
	LIEC Holdings SA, Switzerland
	Mr. S. B. Raheja

B Where significant influence exists

Associates CSE Solar Sunpark Maharashtra Private Limited (CSSMPL) CSE Solar Sunpark Tamil Nadu Private Limited (CSSTPL) Greenyana Solar Private Limited (GSPL) 1. Key Management Personnel Mr. Bharat D. Shah, Director Mr. R. B. Raheja, Director Mr. G Chatterjee, Whole Time Director Mr. Subir Chakraborty, Whole Time Director Mr. Nawshir H. Mirza, Director ( up to October 27,2020 ) Mr. Vijay Agarwal, Director ( up to August 3,2019 ) Mr. Sudhir Chand, Director Ms. Mona N. Desai, Director Mr. Surin S. Kapadia, Director Mr. A K Mukherjee, Whole Time Director Mr. Arun Mittal, Whole Time Director Mr. Jitendra Kumar, Company Secretary 2. Name of the Companies / firms / in which Shalini Construction Company Private Limited (Shalini Construction) Directors / Key Management Personnel have Peninsula Estates Private Limited (Peninsula Estates) significant influence with whom transactions Raheja QBE General Insurance Company Limited (Raheja QBE) have happened during the year 3. Employees Trusts where there is significant Chloride Officer’s Provident Fund (COPF) influence:

C Others

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure: (Contd..)

39 Related Party Disclosure: (Contd..)	39 Related Party Disclosure: (Contd..)	39 Related Party Disclosure: (Contd..)	39 Related Party Disclosure: (Contd..)	39 Related Party Disclosure: (Contd..)
ii) Details of transactions entered into with the related pa					rties:			(`H`in Crores) Total Transaction Value 2,140.47 (2,339.28) 12.05 (15.28) - (0.03) - (1.61) 2,152.52 (2,356.20) 7.87 - 13.53 - 21.40 - 25.65 (41.12) 16.26 (24.68) 66.43 (53.20) 465.34 (470.63)	Corporate Overview
Particulars	Subsidiari		es Enterpr Individ ha dire indi con	ise/ uals ving ct or rect trol En in indivi with d indirect co ov Company a signi influen is a me o Mana Pers	tities which duals irect/ ntrol er the have ficant ce or mber f Key gerial onnel Associate Company	Key Management Personnel	Employees Trust
									Statutory Reports
									Financial Statements
	Transactio Val	ansactio	n ue Transac V	tion alue Transa	ction Value Transaction Value	Transaction Value	Transaction Value
Purchases of goods/ Capital assets					- - - - - - - - - - - - - - - - - - - - - 7.87 - - - 13.53 - - - 21.40 - - - - - - - - - - - - - - - - - -
CML	2,140.		47	-		-	-
	(2,339.2		8)	-		-	-
CPSSL	12.0		5	-		-	-
	(15.2		8)	-		-	-
ESPEX			-	-		-	-
	(0.0		3)	-		-	-
ELEPL			-	-		-	-
	(1.6		1)	-		-	-
Total	2,152.5		2	-		-	-
	(2,356.2		0)	-		-	-
Purchase of Electricity
CSSMPL			-	-		-	-
			-	-		-	-
CSSTPL			-	-		-	-
			-	-		-	-
Total			-	-		-	-
			-	-		-	-
Sale ofgoods
CBSEA	25.6		5	-		-	-
	(41.1		2)	-		-	-
CPSSL	16.2		6	-		-	-
	(24.6		8)	-		-	-
ESPEX	66.4		3	-		-	-
	(53.2		0)	-		-	-
CML	465.3		4	-		-	-
	(470.6		3)	-		-	-

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Annual Report 2020-21

Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure: (Contd..)

( H in Crores)

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure: (Contd..)

( H in Crores)

Particulars	Subsidiari	es Enterpr Individ ha dire ind co	ise/ uals ving ct or irect ntrol En in indivi with d indirect co ov Company a signi influen is a me o Mana Pers	tities which duals irect/ ntrol er the have ficant ce or mber f Key gerial onnel Associate Company	Key Management Personnel	Employees Trust	Particulars	Subsidiari	es Enterpr Individ ha dire indi con	ise/ uals ving ct or rect trol En in indivi with d indirect co ov Company a signi influen is a me o Mana Pers	tities which duals irect/ ntrol er the have ficant ce or mber f Key gerial onnel Associate Company	Key Management Personnel	Employees Trust	rate iew
														Statutory Reports
	Transacti Val	on ue Transac V	tion alue Transa	ction Value Transaction Value	Transaction Value	Transaction Value		Transactio Val	n ue Transac V	tion alue Transa	ction Value Transaction Value	Transaction Value	Transaction Value	Financial Statements
ABML	4.	60	-	- - - - - - - - - - - - - - - - 0.71 - (0.71) - 0.18 - (0.18) - 0.89 - 0.89) - 0.01 - (0.02) - - - - - - - - - - - - - - - - -	-	-	CSSMPL		-	-	- - - (7.24) - - - (10.87) - - - (5.25) - - - (23.36) - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	-
	(5.4	0)	-		-	-			-	-		-	-
ELEPL	1.	69	-		-	-	CSSTPL		-	-		-	-
	(0.1	3)	-		-	-			-	-		-	-
Total	579.	97	-		-	-	GSPL		-	-		-	-
	(595.1	6)	-		-	-			-	-		-	-
Rent and Maintenance Costs							Total	106.3	5	-		-	-
								(84.6	0)	-		-	-
CIL	0.	62	-		-	-	Dividend Income
	(0.6	2)	-		-	-	ESPEX	0.3	0	-		-	-
Shalini		-	-		-	-			-	-		-	-
Construction		-	-		-	-	CML	7.8	6	-		-	-
Peninsula		-	-		-	-		(9.4	8)	-		-	-
Estates		-	-		-	-	CIL	0.	41	-		-	-
Total	0.	62	-		-	-		(7.5	6)	-		-	-
	(0.6	2)	- (		-	-	Total	8.5	7	-		-	-
Insurance Expenses								(17.0	4)	-		-	-
Raheja QBE		-	-		-	-	Technical Assistance Expenses
		-	-		-	-
Employee Welfare Expenses
							CEIL		-	0.14		-	-
ELI	1.	22	-		-	-			- (	0.13)		-	-
	(1.0	7)	-		-	-	Technical Assistance Income
Investments during the year
CML	35.0	0	-		-	-	ABML	0.4	9	-		-	-
		-	-		-	-		(0.4	6)	-		-	-
CPSSL	5.0	0	-		-	-	Marketing Expenses
		-	-		-	-	CBSEA	1.7	8	-		-	-
ELEPL	66.	35	-		-	-		(1.9	7)	-		-	-
	(84.6	0)	-		-	-

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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure: (Contd..)

								(`H`in Crores)
Particulars	Subsidiari		es Enterpr Individ ha dire ind co	ise/ uals ving ct or irect ntrol En in indivi with d indirect co ov Company a signi influen is a me o Mana Pers	tities which duals irect/ ntrol er the have ficant ce or mber f Key gerial onnel Associate Company	Key Management Personnel	Employees Trust	Total
	Transacti Val	ansacti	on ue Transac V	tion alue Transa	ction Value Transaction Value	Transaction Value	Transaction Value	Transaction Value
ESPEX	0.0		6	-	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -			0.06
	(0.2		8)	-				(0.28)
Total	1.8		4	-		-	-	1.84
	(2.2		5)	-		-	-	(2.25)
Contributions to employees benefit plans
COPF			-	-		-	22.58	22.58
			-	-		-	(22.12)	(22.12)
Rental Income
CPSSL	0.0		5	-		-	-	0.05
	(0.0		6)	-		-	-	(0.06)
Lease Rental
ELEPL	3.		34	-		-	-	3.34
	(2.5		1)	-		-	-	(2.51)
Sale of Assets
CML			-	-		-	-	-
	(0.0		8)	-		-	-	(0.08)
ABML			-	-		-	-	-
	(0.1		7)	-		-	-	(0.17)
Total			-	-		-	-	-
	(0.2		5)	-		-	-	(0.25)
Remuneration*
Short term employee benefits (including commission and sittingfees)			-	-		15.71	-	15.71
			-	-		(11.76)	-	(11.76)

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure: (Contd..)

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( H in Crores)
Entities
in which
individuals
with direct/
Enterprise/
indirect control
Individuals
over the Key
having Associate Employees
Subsidiaries Company have Management Total
direct or Company Trust
Particulars a significant Personnel
indirect
influence or
control
is a member
of Key
Managerial
Personnel
Transaction Transaction Transaction Transaction Transaction Transaction Transaction
Value Value Value Value Value Value Value
Post retirement - - - - 1.62 - 1.62
benefits - - - - (1.55) - (1.55)
Total - - - - 17.33 - 17.33
- - - - (13.31) - (13.31)
Does not include post-employment benefit based on actuarial valuation as this is done for the Company as a whole.
Transaction amount disclosed above are inclusive of tax, wherever applicable.
Figures for the previous year are in brackets.
iii) Details of amounts due to or due from related parties as at March 31, 2021 and March 31, 2020 are as follows:
( H in Crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
Amounts due to or due from Subsidiaries
Trade Payablesyablesables
CML 89.31 9.33
CPSSL 0.06 -
ELEPL - 1.61
Trade Receivables
Overview Corporate
Reports Statutory
Statements Financial
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( H in Crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
Amounts due to or due from Subsidiaries
Trade Payablesyablesables
CML 89.31 9.33
CPSSL 0.06 -
ELEPL - 1.61
Trade Receivables
CBSEA 10.56 8.68
CPSSL 27.05 29.37
CML - 11.08
ELEPL 1.69 0.11
ESPEX 35.86 16.48
ABML 1.02 4.26
Advance paid
CPSSL - 1.49
Dividend Receivable
ABML 0.98 0.98
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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

39 Related Party Disclosure: (Contd..)

Notes to the Financial Statements

for the year ended March 31, 2021

40 Segment Reporting (Contd..)

( H in Crores)

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As at As at
Particulars
March 31, 2021 March 31, 2020
Technical Assistance Income Receivables
ABML 0.49 0.46
Lease Rental Receivables
ELEPL - 0.28
Marketing Expenses Payables
CBSEA - 0.43
ESPEX 0.05 0.02
Electricity Charges Payables
CSSMPL 1.88 0.43
CSSTPL 3.13 0.02
Contributions to employees benefit plans payables
COPF 1.94 1.86
Amounts due to Key Managerial Personnel
Remuneration to Directors (Short term employee benefits) 11.23 5.91
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Notes : (1) Interim dividend for the year 2020-21 amounting to H 78.18 crs was paid during the year (Final dividend for the year 2018-19 amounting to H 31.28 crs and Interim Dividend for the year 2019-20 amounting to H 160.29 crs was paid during the previous year) to Chloride Eastern Limited, UK.

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended March 31, 2021, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (PY: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

40 Segment Reporting

The Company has identified two operating segments viz, Automotive and Industrial. As per Ind AS - 108, due to similar nature of products, production process, customer types, etc., the two operating segments have been aggregated as single operating segment of “storage batteries and allied products” during the year. The analysis of geographical segments is based on the areas in which customers of the Company are located.

Geographical Segments

The Company primarily operates in India and therefore the analysis of geographical segment is demarcated into its Indian and Overseas operations as under:

( H in Crores)

Geographical Segments The Company primarily operates in India and therefore the analysis of geographical segment is demarcated into its Indian and Overseas operations as under: (`H`in Crores)	rview	porate
Particulars 2020-21 India Overseas Total Revenue from operations 9,311.26 729.58 10,040.84 Non-current assets other than financial assets and 2,983.02 - 2,983.02	Reports	Statutory
Income tax assets
(`H`in Crores)
Particulars 2019-20 India Overseas Total Revenue from operations 9,161.67 694.99 9,856.66 Non-current assets other than financial assets and 2,768.50 - 2,768.50	Statements	Financial
Income tax assets
The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or
more of its revenues from transactions with any single external cistomer.
41 Financial instruments - Fair values and risk management
A. Measurement of fair values
A number of the accounting policies and disclosures require the measurement of fair values of assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values. The
Management regularly reviews significant unobservable inputs and valuation adjustments. If third party
information, such as broker quotes or pricing services, is used to measure fair values, then the Management
assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the
requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows.

Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 : inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 : inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

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31 March 2021:	(`H`in Crores)	Carrying amount Fair value	Particulars Note FVTPL Other financial assets - amortised cost FVOCI Other financial liabilities Total carrying amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value**	Investments - in mutual funds 9 882.54 - - - 882.54 - 882.54 - 882.54	Investments - in equity instruments 4 - 0.01 75.30 - 75.31 14.04 57.65 3.62 75.31	882.54 0.01 75.30 - 957.85	Financial assets not measured at fair value	Trade receivables 5 & 10 - 887.45 - - 887.45	Cash and cash equivalents (a) 11 - 82.54 - - 82.54	Bank Balances other than (a) above 12 - 8.81 - - 8.81	Loans 6 & 13 - 38.29 - - 38.29	Other financial assets 14 - 38.50 - - 38.50	- 1,055.59 - - 1,055.59	Financial liabilities not measured at fair value	Trade payables 18 & 22 - - - 1,648.25 1,648.25	Other financial liabilities 19 & 23 - - - 225.10 225.10	Lease liabilities - - - 285.52 285.52	- - - 2,158.87 2,158.87	*The carrying amount of the Company's financial assets and financial liabilities are reasonable approximation of their face value	Notes to the Financial Statements	for the year ended March 31, 2021	41 Financial instruments - Fair values and risk management (Contd..)	The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy as at 31	March 2020:	(`H`in Crores)	Carrying amount Fair value	Particulars Note FVTPL Other financial assets - amortised cost FVOCI Other financial liabilities Total carrying amount Level 1 Level 2 Level 3 Total Financial assets measured at fair value**	Investments - in mutual funds 9 18.73 - - - 18.73 10.02 8.71 - 18.73	Investments - in equity instruments 4 - 0.01 57.63 - 57.64 7.35 46.37 3.92 57.64	18.73 0.01 57.63 - 76.37	Financial assets not measured at fair value	Trade receivables 5 & 10 - 815.40 - - 815.40	Cash and cash equivalents (a) 11 - 144.87 - - 144.87	Bank Balances other than (a) above 12 - 9.72 - - 9.72	Loans and deposits 6 & 13 - 32.17 - - 32.17	Other financial assets 14 - 24.66 - - 24.66	- 1,026.82 - - 1,026.82	Financial liabilities not measured at fair value	Trade payables 18 & 22 - - - 1,036.06 1,036.06	Other financial liabilities 19 & 23 - - - 278.36 278.36	Lease liabilities - - - 28.00 28.00	- - - 1,342.42 1,342.42	* The carrying amount of the Company's financial assets and financial liabilities are reasonable approximation of their fair value.	The fair value of investments in unquoted mutual funds and units of venture capital funds is determined by reference to quotes from the financial institutions i.e. Net	asset value (NAV) for investments in mutual funds/units of venture capital funds as declared by such financial institutions.	The fair value of equity securities designated as Fair value through other comprehensive income is determined using Level 3 inputs like discounted cash flows, net	asset value approach. Significant unobservable inputs comprise long term growth rates, market conditions of the specific industry etc. However, the changes in the	fair values due to changes in unobservable inputs will not be material to the financial statements.	Overview Reports Statements	Corporate Statutory Financial

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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

42 Financial Risk Management Objectives and policies

The Company’s financial liabilities comprise short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s financial assets include trade and other receivables, cash and cash equivalents and investment.

The Company has a Risk Management Committee that ensures that risks are identified, measured and managed in accordance with Risk Management Policy of the Company. The Board of Directors also review these risks and related risk management policy.

The market risks and credit risks are further explained below:

I)

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and other price risk, such as commodity price risk and equity price risk. Financial instruments affected by market risk include FVTOCI investments, trade payables, trade receivables, etc.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities. Such foreign currency exposures are not hedged by the Company. The Company has a treasury department which monitors the foreign exchange fluctuations on the continuous basis and advises the management of any material adverse effect on the Company.

Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and liabilities.

Notes to the Financial Statements

for the year ended March 31, 2021

42 Financial Risk Management Objectives and policies (Contd..)

Securities price sensitivity

The following table shows the effect of price changes in securities measured at FVTPL

Particulars	Changes in price / NAV	Investment
			Statutory Reports
	%	(`J`in Crores)
March 31,2021	5%	882.54
	-5%
March 31,2020	5%	18.73
	-5%

(iii) Commodity price risk

The Company is affected by the price volatility of certain commodities. Its operating activity is manufacturing of batteries and therefore requires supply of lead. Due to significant volatility in the lead price, the Company enters into purchase contract with vendors wherein the prices are linked to the quoted London Metal Exchange rates. Similarly, the Company’s selling price of batteries to OEM/institutional customers is linked to such rates. As the Company’s significant revenue is linked to cost of lead, the impact of change in lead prices on Company’s profit is not expected to be significant.

II) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables). The maximum exposure to credit risk is equal to the carrying value of financial assets.

Trade receivables

Particulars	Changes in rate	Foreign currency receivable/ (Payable) (net)	Effect on profit before tax
	%	(`J`in Crores)	(`J`in Crores)
March 31,2021	5%	99.53	4.98
	-5%		(4.98)
March 31,2020	5%	(78.92)	(3.95)
	-5%		3.95

A significant part of the Company’s sales are under the ‘cash and carry’ model which entails no credit risk. For others, an impairment analysis is performed at each reporting date on an individual basis for all the customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data of credit losses. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables disclosed in Note 5 and 10 as the Company does not hold collateral as security. The Company has evaluated the concentration of risk with respect to trade receivables as low, as its customers are from several industries.

The Company’s exposure to credit risk for trade receivables and loans by geographic region is as follows:

(ii) Securities price risk

The Company’s listed and non-listed securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the securities price risk through diversification and by placing limits on individual and total securities. Reports on the investment portfolio are submitted to the Company’s management on a regular basis. The Company’s Board of Directors reviews and approves all investment decisions.

( H in Crores)

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Carrying Amount
Particulars
March 31, 2021 March 31, 2020
India 708.94 734.67
Outside India 178.51 80.73
887.45 815.40
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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

42 Financial Risk Management Objectives and policies (Contd..)

The Company’s historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the counterparty etc. Loss allowances and impairment is recognised, where considered appropriate by responsible management.

The movement of the allowance for impairment in trade receivables is as follows:

( `H` in Crores)

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Expected credit loss
Particulars
March 31, 2021 March 31, 2020
Opening Balance 20.35 5.61
Add: Provisions - 14.74
Less: Reversals 1.06 -
Closing Balance 19.29 20.35
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III) Liquidity risk

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company’s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions.

The Company maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended 31 March 2021 and 31 March 2020. Cash flow from operating activities provides the funds to service the financial liabilities on a day-to-day basis.

The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational needs. Any short term surplus cash generated, over and above the amount required for working capital management and other operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested in interest bearing term deposits and mutual funds with appropriate maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet its liabilities.

The following table shows the maturity analysis of the Company’s financial liabilities based on contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.

March 31, 2021

( H in Crores)

Particulars	Contractual cash flows 1 year or less	More than 1 year	Total Carrying Amount
Liabilities
Tradepayables	1,641.61	6.64	1,648.25
Other financial liabilities	221.35	3.75	225.10
	1,862.96	10.39	1,873.35

Notes to the Financial Statements

for the year ended March 31, 2021

42 Financial Risk Management Objectives and policies (Contd..)

The maturity analysis of the Company’s lease liabilities based on contractually agreed undiscounted cash flows is given in Note 44.

March 31, 2020

( H in Crores)

Particulars	Contractual cash flows 1 year or less	More than 1 year
			Statutory Reports
Liabilities
Tradepayables	1,030.32	5.74
Other financial liabilities	275.41	2.95
	1,305.73	8.69

43 Capital Management

The Company’s objective when managing capital (defined as net debt and equity) is to safeguard the Company’s ability to continue as a going concern in order to provide returns to shareholders and benefit for other stakeholders, while protecting and strengthening the balance sheet through the appropriate balance of debt and equity funding. The Company manages its capital structure and makes adjustments to it, in light of changes to economic conditions and strategic objectives of the Company.

44 Leases

A. Leases as lessor

The Company leases out its investment property and some machinery. The Company has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 2b sets out information about the operating leases of investment property.

The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.

( H in Crores)

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Period March 31, 2021 March 31, 2020
Less than one year 2.83 2.83
One to two years 2.83 2.83
Two to three years 2.83 2.83
Three to four years 2.83 2.83
Four to five years 2.83 2.83
More than five years 5.67 8.50
19.82 22.65
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Exide Industries Limited

Notes to the Financial Statements

for the year ended March 31, 2021

44 Leases (Contd..)

B. Leases as lessee

Notes to the Financial Statements

for the year ended March 31, 2021

44 Leases (Contd..)

iv. Reconciliation of liabilities from financing activities

( H in Crores)

i. Short-term / Low-value leases

The Company leases warehouses, office premises and guest houses which are considered to be short-term leases. The Company has elected not to recognise right-of-use assets and lease liabilities for these leases.

The Company leases office and IT equipment which are of low-value. The Company has elected not to recognise right-of-use assets and lease liabilities for the same.

Expenses pertaining to the above shot-term and low-value leases recognised in the statement of profit or loss is as follows:

follows:
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Expenses relatingto short-term leases	42.68	41.00
Expenses relating to leases of low-value assets excluding short-term leases of low value	0.92	0.90
	43.60	41.90
Total cash outflow for leases	68.00	44.93

Lease payments for short-term leases and leases of low-value assets not included in the measurement of the lease liability are classified as cash flows from operating activities.

ii. Right-of-use and lease liabilities recognised in the financial statements represents the Company's lease of solar power plant facilities for obtaining solar power in its factories. The lease is for a period of 25 years. The consideration for use of solar power plant is variable based on the electricty units generated by the plants and consumed by the Company. Lease liability has been recognised for the minimum guaranteed payment, as set out in the respective power purchase agreements. The future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities pertaining to variable payments for such power purchase agreements are not expected to be significant.

The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.

received after the reporting date.
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Less than oneyear	30.70	3.00
Between oneyear and fiveyears	119.72	11.71
More than 5years	498.54	48.99
	648.96	63.70

iii. Future cash outflows for leases not yet commenced to which the
lessee is committed and potentially exposed 99.55

The above commitment amount to which the Compnay is potentially exposed is against the power purchase agreements entered into by the Company with a vendors for obtaining solar power at its factory.

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Particulars March 31, 2021 March 31, 2020
Opening Balance 28.00 -
Lease liability recognised during the year 262.60 28.58
Interest expenses recognised during the year 19.32 2.45
Lease payments reflected in the Statement of Cash Flow (24.40) (3.03)
Closing Balance 285.52 28.00
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45 List of subsidiaries and associates of the Company

The Company has following subsidiaries and associates which are accounted at cost in these standalone financial statements of the Company:

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( H in Crores)
% of ownership
Principal place of
Name interest as on
business
March 31, 2021
Statements Financial
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Subsidiaries		100.00 100.00 100.00 100.00 61.50 100.00 100.00 80.15 27.20 27.20 27.20
Chloride International Limited(CIL)	India
Chloride Power Systems and Solutions Limited(CPSSL)	India
Chloride Batteries S. E. Asia Pte. Limited (CBSEA) & its wholly owned subsidiary (Exide Batteries Pvt. Ltd.)	Singapore
Espex Batteries Limited(ESPEX)	UK
Associated BatteryManufacturers(Ceylon)Limited(ABML)	Srilanka
Chloride Metals Limited(CML)	India
Exide Life Insurance CompanyLimited(ELI)	India
Exide Leclanche EnergyPrivate Limited(ELEPL)	India
Associates
CSE Solar Sunpark Maharashtra Private Limited	India
CSE Solar Sunpark Tamilnadu Private Limited	India
Greenyana Solar Private Limited	India
46

46 Exceptional Item for previous year represents the amount towards duty/tax paid under the Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019.

As per our report of even date.

For B S R & Co. LLP Chartered Accountants

For and on behalf of Board of Directors of Exide Industries Limited CIN No.: L31402WB1947PLC014919

Registration Number: 101248W/W-100022

Sd/-

Sd/Sd/Sd/- Jitendra Kumar A. K. Mukherjee Gautam Chatterjee Company Secretary & Director- Finance & CFO Managing Director & CEO EVP (Legal & Administration) DIN: 00131626 DIN: 00012306 ACS: 11159

Jayanta Mukhopadhyay Partner Membership No. 055757 Kolkata, 29 April, 2021

Kolkata, 29 April, 2021

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Consolidated
Financial Statements
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Independent Auditors’ Report

To the Members of Exide Industries Limited

Audit of the Consolidated Financial Statements section of our report. We are independent of the Group and its associates in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated financial statements.

Report on the Audit of Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Exide Industries Limited (hereinafter referred to as the ‘Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) and its associates, which comprise the consolidated balance sheet as at 31 March 2021 and the consolidated statement of profit and loss (including other comprehensive income), consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated financial statements”).

Emphasis of matter

The auditors of Exide Life Insurance Company Limited (“ELI”), a subsidiary, have reported that attention is drawn to Note 45 of the consolidated financial statements, which explains uncertainties and the Management’s assessment of the financial impact including valuation of assets, liabilities and solvency due to the lockdown and the other restrictions imposed by the Government and conditions related to the COVID-19 pandemic situation, for which a definitive assessment of the impact is highly dependent upon circumstances as they evolve in the subsequent period.

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of other auditors on separate financial statements of such subsidiaries and associates as were audited by the other auditors, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group and its associates as at 31 March 2021, of its consolidated profit and other comprehensive income, consolidated changes in equity and consolidated cash flows for the year then ended.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Basis for Opinion

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Description of Key Audit Matter

Provision for warranties

Valuation and impairment of investments (Reported by the auditor of ELI)

See note 5 and 11 to the consolidated financial statements

See note 33 to the consolidated financial statements

The key audit matter

How the matter was addressed in our audit

The Group provides warranty for sale of its products. The calculation of costs (of repairing and replacing the product which is ascertained to be faulty) in respect of future warranty claims requires application of estimation techniques.

In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence:

Assessed the appropriateness of accounting policy for provision of warranties as per relevant accounting standard;
Tested the design, implementation and operating effectiveness of key controls associated with the process of computation of the provision for warranties;

Evaluated the warranty provision model. This included evaluation of the reasonableness of the relevant assumptions, the relevance and reliability of underlying data (including cost of repairs and returns);

The estimation of warranty provision is associated with estimation uncertainties.

• Performed retrospective review of the management estimate by comparing costs incurred during the current financial year to the previously recognised corresponding provision. We also considered the existence of any indicators of significant product defect occurring during the year and subsequent to the year-end that would significantly affect the estimates of the year end warranty provision.

Given the level of estimation uncertainties and quantitative significance of the provision for warranty as at 31 March 2021, we have determined this to be a key audit matter.

Incentives under customer loyalty programmes

See note 31 and 32 to the consolidated financial statements

The key audit matter

How the matter was addressed in our audit

The Group gives incentives to its dealers through customer loyalty programmes.

In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence:

Due to the multitude of schemes and a large variety of contractual terms across the various markets of the Company, the calculation of these incentives is considered to be complex. The amount of such incentive is also significant.
Evaluated the appropriateness of the Group’s accounting policy relating to the incentives provided under the customer loyalty programme;
Tested the design, implementation and operating effectiveness of the Group’s controls over computation of incentives and payout against the corresponding liability;

In view of the above, we determined this matter to be a key audit matter.

Evaluated the model used for estimating the liability including the relevance and reliability of underlying historical data, developments during the year and assumptions used;

The key audit matter

How the matter was addressed in our audit

The investment portfolio of ELI represents significant portion of the Group’s total assets as at 31 March 2021. The total Investment Portfolio of ELI as disclosed in Note 5 and 11 of the consolidated financial statements aggregates • to H 18,335.80 crores. Such Investments are valued in accordance with Accounting Policy laid down in Note 1(n) of Significant Accounting Policies relating to valuation and impairment of • investments.

In view of the significance of the matter the auditors of ELI have reported that the following audit procedures in this area were applied to obtain sufficient appropriate audit evidence:

Tested the design, implementation and operating effectiveness of key controls over the valuation process, including the Management’s review and approval of the estimates and assumptions used for the valuation including key authorization and data input controls; Evaluated the valuation methodology and assumptions used and

Evaluated the valuation methodology and assumptions used and performed independent price checks where readily observable data was available. For investments where there was little or less observable market data, assessed the reasonableness of the relevant valuation data;

The Management of ELI determines whether objective evidence of impairment exists for these investments. Further, the prevailing COVID-19 situation, has caused economic • stress in various sectors and there may be investments where the operations of the investee companies may be adversely impacted, resulting in a need for detailed impairment assessment in relation to such investments.

Evaluated Management’s assessment of impairment indicators (including assessment on consideration of COVID-19 disruptions) and tested the reasonableness of the impairment provisions.

Information Technology (IT) System of ELI (Reported by the auditor of ELI)

The key audit matter

How the matter was addressed in our audit

A significant part of the ELIs financial processes is heavily reliant on IT systems with automated processes and controls over the capturing, valuing and recording of transactions etc. that are very complex in nature. Thus, there exists • a risk that gaps in the IT control environment could result in the financial accounting and • reporting records being materially misstated. The audit approach of the auditors of ELI relies on automated controls and therefore procedures are designed to test control over IT systems, segregation of duties, interface and system application controls over key financial accounting and reporting systems.

In view of the significance of the matter the auditors of ELI have reported that the following audit procedures in this area were applied to obtain sufficient appropriate audit evidence:

Sample testing of key controls over IT systems having impact on financial accounting and reporting; and

Assessed the IT system processes for effectiveness of some of the key controls with respect to financial accounting and reporting records by sample testing;

Performed retrospective review of the management’s estimate by comparing utilisation of incentives with previously recognised corresponding liability. We also considered the developments during the year and subsequent to the year-end that would significantly affect the measurement of the year end incentive liability.

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Information Other than the Consolidated Financial Statements and Auditors’ Report Thereon

The Holding Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the holding Company’s annual report, but does not include the financial statements and our auditors’ report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed and based on the work done/ audit report of other auditors, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Statements

The Holding Company’s Management and Board of Directors are responsible for the preparation and presentation of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated state of affairs, consolidated profit/ loss and other comprehensive income, consolidated statement of changes in equity and consolidated cash flows of the Group including its associates in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. The respective Management and Board of Directors of the companies included in the Group and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of each company. and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of

the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Management and Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Management and Board of Directors of the companies included in the Group and of its associates are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates is responsible for overseeing the financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to We believe that the audit evidence obtained by us along the audit in order to design audit procedures that are with the consideration of audit reports of the other auditors appropriate in the circumstances. Under section 143(3) referred to in sub-paragraph (a) of the Other Matters (i) of the Act, we are also responsible for expressing our paragraph below, is sufficient and appropriate to provide opinion on the internal financial controls with reference a basis for our audit opinion on the consolidated financial to the consolidated financial statements and the statements. operating effectiveness of such controls based on our audit. We communicate with those charged with governance of
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of accounting in preparation of consolidated financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associates and joint ventures and joint operations to cease to continue as a going concern.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Other Matters

a. We did not audit the financial statements of 7 subsidiaries, whose financial statements reflect total assets of H 20,516.09 Crores as at 31 March 2021, total revenues of H 7,187.21 Crores and net cash inflows amounting to H 72.17 Crores for the year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net loss (and other comprehensive income) of H 0.83 crores for the year ended 31 March 2021, in respect of 3 associates, whose financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the
Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business activities within the Group and its associates to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled ‘Other Matters’ in this audit report.

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amounts and disclosures included in respect of these subsidiaries and associates, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and associates is based solely on the audit reports of the 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 auditing standards applicable in their respective countries. The Holding Company’s management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of such other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

b. The auditors of ELI have reported that the actuarial valuation of liabilities for life policies in-force and policies where premium is discontinued but liability exists as at 31 March 2021 (which are disclosed as Insurance contract liabilities, investment contract liabilities and funds for discontinued policies under Non-current liabilities and current liabilities) is the responsibility of the ELI’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”) and the Institute of Actuaries of India in concurrence with the IRDAI. Accordingly, the auditors of ELI have relied upon the Appointed Actuary’s certificate for forming their opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists in the financial statements of ELI.

Other adjustments for the purpose of preparation of the financial statements of ELI, as confirmed by the Appointed Actuary in the Life Insurance business are in accordance with Ind AS 104 on Insurance Contracts:

i. Assessment of contractual liabilities based on classification of contracts into insurance contracts and investment contracts.
ii. Grossing up and classification of the Reinsurance Asset

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the other auditors on separate financial statements of such subsidiaries and associates as were audited by other auditors, as noted in the ‘Other Matters’ paragraph, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.
c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under section 133 of the Act.
e) On the basis of the written representations received from the directors of the Holding Company as on 31 March 2021 taken on record by the Board of Directors of the Holding Company and the reports of the

statutory auditors of its subsidiary companies and associate companies incorporated in India, none of the directors of the Group companies and its associate companies incorporated in India is disqualified as on 31 March 2021 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company, its subsidiary companies and associate companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial statements of the subsidiaries and associates, as noted in the ‘Other Matters’ paragraph:
i. The consolidated financial statements disclose the impact of pending litigations as at 31 March 2021 on the consolidated financial position of the Group and its associates. Refer Note 47 to the consolidated financial statements.
ii. The Group and its associates did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended 31 March 2021.
iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Holding Company or its subsidiary companies and associate

companies incorporated in India during the year ended 31 March 2021.

iv. The disclosures in the consolidated financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in the financial statements since they do not pertain to the financial year ended 31 March 2021.
With respect to the matter to be included in the Auditor’s report under section 197(16): In our opinion and according to the information and

In our opinion and according to the information and explanations given to us and based on the reports of the statutory auditors of such subsidiary companies and associate companies incorporated in India which were not audited by us, the remuneration paid during the current year by the Holding Company, its subsidiary companies and associate companies to its directors is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director by the Holding Company, its subsidiary companies and associate companies is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.

For B S R & Co. LLP Chartered Accountants

Firm’s Registration Number: 101248W/W-100022

Sd/- Jayanta Mukhopadhyay Partner Place: Kolkata Membership Number: 055757 Date: 29 April 2021 UDIN: 21055757AAAABE8500

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Annexure - A to the Independent Auditors’ report on the consolidated financial statements of Exide Industries Limited for the year ended 31 March 2021

(Referred to in our report of even date)

Report on the internal financial controls with reference to the aforesaid consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013

Opinion

Auditors’ Responsibility

In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended 31 March 2021, we have audited the internal financial controls with reference to consolidated financial statements of Exide Industries Limited (hereinafter referred to as “the Holding Company”) and such companies incorporated in India under the Companies Act, 2013 which are its subsidiary companies, as of that date.

Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to consolidated financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements were established and maintained and if such controls operated effectively in all material respects.

In our opinion, the Holding Company and such companies incorporated in India which are its subsidiary companies, have, in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls were operating effectively as at 31 March 2021, based on the internal financial controls with reference to consolidated financial statements criteria established by such companies considering the essential components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of the internal controls based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.

Management’s Responsibility for Internal Financial Controls

The respective Company’s management and the Board of Directors are responsible for establishing and maintaining internal financial controls with reference to consolidated financial statements based on the criteria established by the respective Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to as “the Act”).

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the relevant subsidiary companies in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.

Meaning of Internal Financial controls with Reference to Consolidated Financial Statements

A company’s internal financial controls with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability

of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

internal financial controls with reference to consolidated financial statements insofar as it relates to four subsidiary companies is based on the corresponding reports of the auditors of such companies incorporated in India.

The auditors of Exide Life Insurance Company Limited (“ELI”), a subsidiary, have reported that the actuarial valuation of liabilities for the life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 March 2021, is the responsibility of the ELI’s Appointed Actuary, (the “Appointed Actuary”). The actuarial valuation of these liabilities has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the Insurance Regulatory and Development Authority of India. The auditors of ELI have relied upon Appointed Actuary’s certificate in this regard for forming their opinion on the financial statements of ELI. Accordingly, the opinion of the auditors of ELI on

Inherent Limitations of Internal Financial controls with Reference to Consolidated Financial Statements

Accordingly, the opinion of the auditors of ELI on internal financial controls with reference to financial statements of ELI does not include reporting on the operating effectiveness of the management’s internal controls over valuation and accuracy of liabilities for life policies certified by the Appointed Actuary and the same has been relied upon by the auditors of ELI.

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For B S R & Co. LLP

Chartered Accountants

Firm’s Registration Number: 101248W/W-100022

Sd/- Jayanta Mukhopadhyay Partner Membership Number: 055757 UDIN: 21055757AAAABE8500

Other Matters

a) Our aforesaid reports under Section 143(3)(i) of the Act Place: Kolkata on the adequacy and operating effectiveness of the Date: 29 April 2021

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Consolidated Balance Sheet

as at March 31, 2021

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( H in Crores)
Particulars Notes March 31, 2021 March 31, 2020
I) ASSETS
1) Non-Current Assets
a) Property, plant and equipment 2(a) 2,970.19 2,620.00
b) Capital work-in-progress 2(a) 379.47 360.72
c) Goodwill 4 581.90 581.90
d) Other intangible assets 3 46.66 46.60
e) Intangible assets under development 51.48 44.15
f) Reinsurance asset 271.20 138.96
g) Financial assets
(i) Investments
- Investments of life insurance business 5 17,702.22 14,736.78
- Other investments 6 100.82 83.72
(ii) Trade receivables 7 0.08 0.11
(iii) Loans 8 51.17 38.08
h) Current tax assets (net) 54.97 69.01
i) Deferred tax assets (net) 28 9.94 16.10
j) Other non-current assets 9 211.08 221.51
22,431.18 18,957.64
2) Current Assets
a) Inventories 10 2,636.86 2,414.56
b) Financial assets
(i) Investments
- Investments of life insurance business 11 633.58 918.21
- Other investments 12 903.04 76.79
(ii) Trade receivables 13 1,076.20 1,060.83
(iii) Cash and cash equivalents 14 342.43 331.47
(iv) Bank balances other than (iii) above 15 11.14 10.13
(v) Loans 16 20.76 22.87
(vi) Other financial assets 17 418.95 376.26
c) Other current assets 18 212.97 198.83
6,255.93 5,409.95
Total Assets 28,687.11 24,367.59
II) EQUITY AND LIABILITIES
1) Equity
a) Equity share capital 19 85.00 85.00
b) Other equity 20 7,187.27 6,382.32
Equity attributable to owners of the Company 7,272.27 6,467.32
2) Non-Controlling Interest 21 46.22 46.94
Total Equity 7,318.49 6,514.26
3) Liabilities
i) Non-Current Liabilities
a) Financial liabilities
(i) Borrowings 22 85.58 8.85
(ii) Lease liabilities 341.19 101.56
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Consolidated Balance Sheet

as at March 31, 2021

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----- Start of picture text -----

( H in Crores)
Particulars Notes March 31, 2021 March 31, 2020
(iii) Trade payables 23
Total outstanding dues of micro and small enterprises – –
Total outstanding dues of creditors other than micro and 7.83 5.74
small enterprises
(iv) Other financial liabilities 24 8.61 7.34
b) Provisions 25 63.96 72.54
c) Insurance contract liabilities 26 14,577.63 12,907.87
d) Investment contract liabilities 27 837.75 885.45
e) Deferred tax liabilities (net) 28 83.10 107.82
f) Other non-current liabilities
(i) Fund for discontinued polices (linked and non-linked) 164.22 163.52
(ii) Fund for future appropriation (linked and non-linked) 393.94 341.09
16,563.81 14,601.78
ii) Current Liabilities
a) Financial liabilities
(i) Borrowings 29 46.67 58.53
(ii) Lease liabilities 29.11 24.29
(iii) Trade payables 30
Total outstanding dues of micro and small enterprises 287.46 132.78
Total outstanding dues of creditors other than micro and 2,086.21 1,472.79
small enterprises
(iv) Other financial liabilities 31 347.92 360.24
b) Other current liabilities 32 224.99 185.56
c) Provisions 33 280.60 306.77
d) Insurance contract liabilities 34(a) 1,361.08 605.39
e) Investment contract liabilities 34(b) 139.67 104.57
f) Current tax liabilities (net) 1.10 0.63
4,804.81 3,251.55
TOTAL EQUITY AND LIABILITIES 28,687.11 24,367.59
Significant accounting policies 1
The accompanying notes are an integral part of the Consolidated Financial Statements.
Overview Corporate
Reports Statutory
Statements Financial
----- End of picture text -----

The accompanying notes are an integral part of the Consolidated Financial Statements. As per our report of even date.

For B S R & Co. LLP Chartered Accountants Registration Number: 101248W/W-100022

For and on behalf of Board of Directors of Exide Industries Limited CIN No.: L31402WB1947PLC014919

Sd/-

Sd/- Jitendra Kumar Company Secretary & EVP (Legal & Administration) ACS: 11159

Sd/Sd/- A. K. Mukherjee Gautam Chatterjee Director- Finance & CFO Managing Director & CEO DIN: 00131626 DIN: 00012306

Jayanta Mukhopadhyay Partner Membership No. 055757

Kolkata, 29 April, 2021

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Consolidated Statement of Profit and Loss for the year ended March 31, 2021

( H in Crores)

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Particulars Notes 2020-21 2019-20
I) INCOME:
Revenue from operations 35 15,296.89 14,471.01
Other income 36 70.45 61.88
Total income (I) 15,367.34 14,532.89
II) EXPENSES:
Cost of materials consumed 37 6,645.50 6,567.39
Purchase of stock-in-trade 41.77 54.25
Changes in inventories of finished goods, work-in-progress and 38 0.13 (219.14)
stock-in-trade
Employee benefit expenses 39 1,122.49 1,118.93
Change in valuation of liability of life insurance policies in force 40 2,346.75 1,622.86
Other expenses 43 3,559.83 3,880.66
Total expenses (II) 13,716.47 13,024.95
III) Earnings before interest, tax, depreciation and amortisation 1,650.87 1,507.94
expenses (I-II)
Finance costs 41 142.19 96.59
Depreciation and amortisation expenses 42 433.65 417.58
IV) Interest, depreciation and amortisation expenses 575.84 514.17
V) Share of loss of equity accounted investees, net of tax (0.64) (0.19)
VI) Profit before exceptional items and tax (III-IV+V) 1,074.39 993.58
VII) Exceptional items 62 – (21.70)
VIII) Profit before tax (VI+VII) 1,074.39 971.88
IX) Tax expenses: 28
Current tax [net of provision for earlier years H 8.13 crs 291.24 288.02
(PY: H 2.92 crs)]
Deferred tax (19.95) (78.62)
271.29 209.40
X) Profit for the year (VIII-IX) 803.10 762.48
XI) Other Comprehensive Income (OCI)
(i) Other comprehensive income not to be reclassified
subsequently to profit or loss:
a) Re-measurement gain/(loss) on defined benefit plans 46 0.08 (12.63)
Income tax effect (0.03) 2.93
b) Net gain/(loss) on investment in equity shares/units 167.57 (105.66)
accounted at fair value
Income tax effect (1.35) 2.04
(ii) Other comprehensive income to be reclassified subsequently to
profit or loss:
a) Net gain/(loss) on investment in debt securities accounted at 3.61 197.55
fair value
Income tax effect – –
b) Change in foreign currency translation reserve 1.25 1.59
Income tax effect – –
Other comprehensive income for the year 171.13 85.82
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Consolidated Statement of Profit and Loss

for the year ended March 31, 2021

		Corporate Overview
Particulars Notes	2020-21
XII) Total comprehensive income for theyear(X+XI)	974.23
Profit for theyear attributable to:
Owners of the company	809.90
Non-controllinginterests	(6.80)
Other comprehensive income attributable to:
Owners of the company	171.13	Statutory Reports
Non-controllinginterests	–
Total comprehensive income attributable to:
Owners of the company	981.03
Non-controllinginterests	(6.80)
Earnings per share - Basic and Diluted [Nominal value`H`1 per share (PY:`H`1per share)] 44	9.53
Significant accounting policies 1		Financial Statements
The accompanying notes are an integral part of the Consolidated Financial Statements. As per our report of even date. For B S R & Co. LLP For and on behalf of Board of Directors ofExide Industries Limited Chartered Accountants CIN No.: L31402WB1947PLC014919 Registration Number: 101248W/W-100022 Sd/- Sd/- Sd/- Jayanta Mukhopadhyay Jitendra Kumar A. K. Mukherjee Partner Company Secretary & Director- Finance & CFO Membership No. 055757 EVP (Legal & Administration) DIN: 00131626 ACS: 11159 Kolkata, 29 April, 2021 Kolkata, 29 April, 2021

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Consolidated Statement of Cash Flows for the year ended March 31, 2021

( H in Crores)

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Particulars 2020-21 2019-20
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax 1,074.39 971.88
Adjustment for :
Depreciation and amortisation 433.65 417.58
Net profit on sale of investment (146.86) (214.57)
(Profit)/loss on fixed assets sold / discarded (net) 0.18 (7.32)
Income from investment including dividend and interest (1,188.95) (1,015.35)
(Gain)/loss on fair valuation of financial assets (461.22) 291.08
Finance costs 40.48 16.33
Impairment loss on investment – 27.98
Provision for expected credit loss on receivables 2.82 17.03
Share of loss of equity accounted investees, net of tax 0.64 0.19
Change in valuation of liability against life policies 2,346.75 1,622.86
1,027.49 1,155.81
Operating profit before working capital changes 2,101.88 2,127.69
(Increase)/decrease in trade receivables (18.16) 167.24
(Increase) in inventories (222.30) (349.25)
(Increase)/decrease in loans, other financial assets and other (179.77) 26.68
assets
Increase/(decrease) in other financial liabilities, other 858.24 438.01 (92.20) (247.53)
liabilities and provisions
Cash generated from operations 2,539.89 1,880.16
Direct taxes paid (net of refunds and interest thereon) (276.76) (260.97)
Net cash generated from operating activities 2,263.13 1,619.19
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of property, plant and equipment (501.62) (608.09)
(including intangible assets)
Proceeds from sale of property, plant and equipment 2.06 12.97
Acquisition of interest in associates – (23.36)
Net movement in bank deposits (1.92) –
Purchase of investments (7,647.89) (8,684.21)
Proceeds from sale of investments 4,902.35 7,207.28
Investment income including dividends and interest 1,166.73 998.50
Net cash used in investing activities (2,080.29) (1,096.91)
( C) CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from borrowings 205.25 110.69
Repayment of borrowings (134.19) (128.44)
Transaction with non-controlling interest – 28.21
Dividends paid (including tax) (170.00) (502.11)
Payment of lease liabilities (58.03) (35.75)
Interest paid (13.01) (4.41)
Net cash used in financing activities (169.98) (531.80)
Net Increase/(decrease) in cash and cash equivalents (A+B+C) 12.86 (9.53)
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Consolidated Statement of Cash Flows

for the year ended March 31, 2021

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( H in Crores)
Particulars 2020-21 2019-20
Cash and cash equivalents - opening balance 331.47 340.94
Cash and cash equivalents - closing balance 344.33 331.41
Effect of exchange rate changes (1.90) 0.06
Cash and cash equivalents - closing balance (as disclosed in Note 14) 342.43 331.47
Overview Corporate
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The aforesaid Consolidated Statements of Cash Flow has been prepared under the indirect method as set out in IND AS 7- Statement of Cash Flow.

Refer note 58 for reconciliation of liabilities from financing activities.

The accompanying notes are an integral part of the Consolidated Financial Statements. As per our report of even date.

For B S R & Co. LLP Chartered Accountants Registration Number: 101248W/W-100022

For and on behalf of Board of Directors of Exide Industries Limited CIN No.: L31402WB1947PLC014919

Sd/-

Sd/Sd/Sd/- Jitendra Kumar A. K. Mukherjee Gautam Chatterjee Company Secretary & Director- Finance & CFO Managing Director & CEO EVP (Legal & Administration) DIN: 00131626 DIN: 00012306 ACS: 11159

Jayanta Mukhopadhyay Partner Membership No. 055757

Kolkata, 29 April, 2021

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Amount	85.00	–	85.00	– 85.00	– 85.00	Total Equity 6,054.86	Total Equity 6,054.86	Total Equity 6,054.86	762.48	28.21	85.82	6,931.37		(68.00)	(13.98)	(136.00)	(29.98)	(212.50)	(41.65)	6,429.26	803.10	–	0.05	166.22	(`H`in Crores)	Total Equity 3.61	Total Equity 3.61	Total Equity 3.61	1.25	171.13	7,403.49		(170.00) 7,233.50
						Non- controlling interest 33.00			(14.27)	28.21	–	46.94		–	–	–	–	–	–	46.94	(6.80)	6.08	–	–		Non- controlling interest –			–	–	46.22		– 46.22
																																		Corporate Overview
Number	85,00,00,000	–	85,00,00,000	– 85,00,00,000			Total Attributable to the owners of the Company 6,021.86		776.75	–	85.82	6,884.43		(68.00)	(13.98)	(136.00)	(29.98)	(212.50)	(41.65)	6,382.32	809.90	(6.08)	0.05	166.22	y		Total Attributable to the owners of the Company 3.61		1.25	171.13	7,357.27		(170.00) 7,187.27
							CI	Debt instruments 15.18	–	–	197.55	212.73		–	–	–	–	–	–	212.73	–	–	–	–	quit		CI	Debt instruments 3.61	–	3.61	216.34		– 216.34
																																		Statutory Reports
Particulars Equity Shares of`H`1 each issued, subscribed and fully paid	Balance as at April 1,2019	Changes in equity share capital during the year	Balance as at March 31,2020	Changes in equity share capital during the year	Balance as at March 31,2021
						company	O	Investments in equity shares / units at fair value 149.08	–	–	(103.62)	45.46		–	–	–	–	–	–	45.46	–	–	–	166.22	in E	company	O	Investments in equity shares / units at fair value –	–	166.22	211.68		– 211.68
						owners of the		Foreign currency translation reserve (2.71)	–	–	1.59	(1.12)		–	–	–	–	–	–	(1.12)	–	–	–	–	ges	owners of the		Foreign currency translation reserve –	1.25	1.25	0.13		– 0.13	Financial Statements
						butable to the	plus	Retained earnings 5,118.74	776.75	–	(9.70)	5,885.79		(68.00)	(13.98)	(136.00)	(29.98)	(212.50)	(41.65)	5,383.68	809.90	(6.08)	0.05	–	han	butable to the	plus	Retained earnings –	–	0.05	6,187.55		(170.00) 6,017.55
						Attri	eserves and Sur	Capital Redemption Reserve 0.80	–	–	–	0.80		–	–	–	–	–	–	0.80	–	–	–	–	of C	Attri	eserves and Sur	Capital Redemption Reserve –	–	–	0.80		– 0.80
							R	Securities Premium 737.88	–	–	–	737.88		–	–	–	–	–	–	737.88	–	–	–	–	ent		R	Securities Premium –	–	–	737.88		– 737.88
									Profit for the year 2019-20 –	Transactions with non-controlling interest –	Other comprehensive income (net of tax) for the year 2019-20 – 2.89		Adjustments	Final Dividend for the year 2018-19 (`H`0.80 per share) –	Tax on Final Dividend for the year 2018-19 –	Payment of 1st Interim dividend for the year 2019-20 (`H`1.60 per share) –	Tax on 1st interim dividend for the year 2019-20 –	Payment of 2nd Interim dividend for the year 2019-20 (`H`2.50 per share) –	Tax on 2nd interim dividend for the year 2019-20 – Balance as at March 31, 2020 2.89		Profit for the year 2020-21 –	Adjustment for increase in share of EIL in ELEPL –	Re-Measurement gains/(losses) on defined benefit plans, net of tax –	Net (loss)/gain on investment in equity shares/units accounted at Fair Value, net of tax –	Consolidated Statem for the year ended March 31, 2021 B) Other Equity (Contd..)				Change in Foreign Currency Translation Reserve –	Other comprehensive income (net of tax) for the year 2020-21 – 2.89		Adjustments	Payment of Interim dividend for the year 2020-21 (`H`2 per share) – Balance as at March 31, 2021 2.89

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Notes to Consolidated Financial Statements for the year ended March 31, 2021

Standalone financial statements of Exide Life Insurance Company Limited (ELI) are prepared and presented in accordance with the accounting principles generally accepted in India in compliance with Accounting Standards (AS) as prescribed in the Companies (Accounting Standard) Rules, 2006, as amended and to the extent applicable, and in accordance with the provisions of the Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulation, 2002, provisions of the Insurance Act, 1938, Insurance Regulatory and Development Authority Act 1999, various circulars issued by IRDAI and the practices prevailing within the Insurance Industry in India. However, such financial statements of ELI have been suitably modified to materially conform to the measurement and recognition principles of Indian Accounting Standards (“Ind-AS”), to the extent applicable, for the purpose of preparation of these consolidated financial statements.

with the expenditure will flow to the Group and the cost can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.

Corporate Information

The Consolidated financial statements comprise financial statements of Exide Industries Limited (the Holding company) and its subsidiaries (collectively, the Group) and its associates as at and for the year ended 31 March 2021. The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act, 2013. Its shares are listed on three recognised stock exchanges in India. The registered office of the company is located at Exide House, 59E Chowringhee Road, Kolkata, 700020. The Holding Company is primarily engaged in the manufacturing of Storage Batteries and allied products in India. One of the Company’s subsidiaries namely, Exide Life Insurance Company Limited (ELI) (Formerly known as ING Vysya Life Insurance Company Limited), is engaged in the business of life insurance and annuity. ELI offers a range of life insurance products to the customers through various distribution channels including individual agents, corporate agents, banks, etc.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in Statement of Profit and Loss.

Depreciation on additions (disposals) is provided on a pro-rate basis i.e. from (upto) the date on which asset is ready for use (disposed of). Refer Note 42 to the Consolidated Financial Statements

Refer Note 2(a) to the Consolidated Financial Statements

b. Depreciation

Refer Note 42 to the Consolidated Financial Statements

Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives using the straight-line method and is generally recognised in the Statement of Profit and Loss. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.

Goodwill, Other Intangible assets and Amortisation

Goodwill is stated at cost less impairment losses, where applicable. Impairment loss, if any, to the extent the carrying amount exceed the recoverable amount is charged off to the Statement of Profit and Loss as it arises and is not reversed. For impairment testing, goodwill is allocated to Cash Generating Unit (CGU) or group of CGUs to which it relates, which is not larger than an operating segment, and is monitored for internal management purposes

1. Significant accounting policies

a. Property, plant and equipment

Basis of preparation

The estimated useful lives of items of property, plant and equipment are as follows:

Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

These consolidated financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of Companies Act, 2013, (the ‘Act’) and other relevant provisions of the Act.

Other acquired intangible assets are initially measured at cost and subsequently at cost less accumulated amortisation and accumulated impairment loss, if any. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognised in profit or loss as incurred.

losses, if any. Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.	Particulars	Useful economic life
	Buildings	28.5 / 58.5years
	Plant and machinery (includingelectrical installation)	10/15 years
	Moulds	8.5years
	Furniture and fittings	10years
	Office equipment	5years
	Vehicles	6years
	Computers	3 to 6years

The consolidated financial statements were authorised for issue by the Holding Company’s Board of Directors on 29 April 2021.

Research costs are expensed as incurred.

These consolidated financial statements are presented in Indian Rupees ( H ), which is also the Group’s functional currency. All amounts have been rounded-off to the nearest crore, unless otherwise indicated.

Development expenditure is capitalized as part of the cost of the resulting intangible asset only if the expenditure can be measured reliably, the product or process is technically end commercially feasible, future economic benefits ere probable. end the Group intends to and has sufficient resources to complete development and to use or cell the asset. Otherwise. it is recognised in the Statement of Profit and Loss as incurred.

Based on technical assessment done by experts and management’s estimate,

The consolidated financial statements have been prepared on the historical cost basis except for:

(i) the useful life of factory buildings, other buildings, moulds and vehicles are different than those indicated in Schedule II to the Companies Act, 2013,
Certain financial assets and liabilities, which are measured at fair value.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

(ii) residual value of plant & machinery including electrical installation, moulds and computers has been considered to be 2% of the cost. For buildings, office equipment, furniture & fittings and vehicles, residual value has been estimated at 5% of the cost.
Net defined employee benefit asset / (liability), which are measured at Fair Value of plan assets less present value of defined benefit obligations.

The amortisation of an intangible asset with a finite useful life begins when the asset is available for use - i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Amortisation of intangible assets that is

Certain life insurance contract liabilities and investments contract liabilities.
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated

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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

(i) Raw materials and Components, Stores, Spares parts, loose tools etc: These are valued at weighted average cost. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Raw materials, components and other supplies held for use in the production of finished products are not written down below cost except in cases where material prices have declined and it is estimated that the cost of the finished products will exceed their net realisable value.

to be used in conjunction with other assets commences, once the asset group as a whole is ready to commence operations. Such Intangible assets are recorded as “intangible assets under development” till the time they are not available for use.

Subsequent to the initial recognition, the intangible asset is measured at cost, less any accumulated amortisation and accumulated impairment losses.

(ii) Finished goods and work-in-progress: These are valued at lower of cost and net realisable value. Cost includes an appropriate share of production overheads based on the normal operating capacity.

The estimated useful lives are as follows:

(iii) Stock-in-trade: These are valued at lower of cost and net realisable value. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average basis.

Particulars	Useful economic life
Computer Software / Trademark	5years

Amortisation method, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion and the estimated costs necessary to sell them.

Refer Note 3,4 and 42 to the Consolidated Financial Statements

Refer Note 10 to the Consolidated Financial Statements.

d. Borrowing costs

f. Provisions

A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pretax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.

e. Inventories

Inventories are valued at the lower of cost and net realisable value.

Refer Notes 25 and 33 to the Consolidated Financial Statements.

Costs incurred in bringing each product to its present location and condition are accounted for as follows:

Notes to Consolidated Financial Statements for the year ended March 31, 2021

effect of the asset ceiling (if any, excluding interest), are recognised in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in the Statement of Profit and Loss.

g. Employee benefits

(i) Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid e.g., under short-term cash bonus, if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the amount of obligation can be estimated reliably.

(ii) Post-retirement benefits

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service (‘past service cost’ or ‘past service gain’) or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Post-retirement benefits to employees can either be through defined contribution plans or defined benefit plans.

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. The Group makes specified monthly contributions towards Government administered provident fund and pension schemes.

Pension liability is split into a defined benefit portion and a defined contribution portion. The part of the liability towards pension plan upto 31st March 2003 for employees as on that date is in the nature of defined benefit plan. From 1st April 2003, the pension remains as a defined contribution liability. The Defined benefit portion is provided for on the basis of an actuarial valuation done at the end of each financial year. The contributions towards defined contribution are charged to the Statement of Profit and Loss of the year when the employee renders the service.

The Group recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related service.

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.

The Group operates the following defined benefit plans:

The current and non-current bifurcation is done as per Actuarial report.

(a) Defined benefit gratuity plan, which requires contributions to be made to a separately administered fund and

(iii) Other long-term employee benefits

(b) Post-retirement medical benefit plan which is unfunded.

The Group’s net obligation in respect of long-term employee benefits other than post-employment benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The obligation is measured on the basis of an annual Independent actuarial valuation using the

The calculation of defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method.

Re-measurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the

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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

projected unit credit method. Re-measurements gains or losses are recognised in profit or loss in the period in which they arise.

Refer Notes 25,33,39 and 46 to the Consolidated Financial Statements.

h. Foreign Currency

Revenue from certain services are generated over a period of time, during which services are rendered based on contractual milestones. Revenue recognition takes place when a milestone is completed.

Transactions in foreign currencies are translated into the functional currency of the Group at the exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction.

The Group recognises revenue only when it is probable that it will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.

Customer loyalty programme

The Group has a customer loyalty programme for selected customers. The Group grants credit points to those customers as part of a sales transaction which allows them to accumulate and redeem those credit points.

i. Revenue Recognition

The Group allocates a portion of the consideration received to loyalty points. This allocation is based on the relative stand-alone selling prices. The amount allocated to the loyalty programme is deferred, and is recognised as revenue when loyalty points are redeemed or the likelihood of the customer redeeming the loyalty points becomes remote.

The Group’s non-insurance segment earns revenue primarily from sale of batteries and HUPS.

Sale of products and rendering of services

At contract inception, Group assess the goods or services promised in a contract with a customer and identify as a performance obligation each promise to transfer to the customer. Revenue is recognised upon transfer of control of promised products or services to customers in an amount of the transaction price that is allocated to that performance obligation and that reflects the consideration which the Group expects to receive in exchange for those products or services.

The deferred revenue is included in contract liability.

Warranty

The Group provides only assurance types warranty in conjunction with sale of product and hence same is not considered as separate performance obligation.

The Group considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer net of returns, excluding amounts collected on behalf of third parties (for example, taxes) and excluding discounts and incentives, as specified in the contract with customer.

Refer Note 31,32,33, 35 and 43 to the Consolidated Financial Statements.

j.

Income Taxes

Notes to Consolidated Financial Statements for the year ended March 31, 2021

k. Leases

The Group as a lessee

The Group assesses whether a contract contains a lease as per the requirements of Ind AS 116 “Leases” at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (i) the contract involves the use of an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Group has the right to direct the use of the asset.

The Group recognizes a right-of-use asset (“ROU”) and a lease liability at the lease commencement date, except for leases with a term of twelve months or less (shortterm leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax Liabilities and assets, and they relate to income taxes levied by the same tax authority on the same. Taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a Net basis or their tax assets and liabilities will be realised simultaneously.

For items recognised in OCI or equity, deferred / current tax is also recognised in OCI or equity.

Refer Notes 28 to the Consolidated Financial Statements.

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for the year ended March 31, 2021

In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

will be required to settle the obligation. The Group does not recognize a contingent liability but discloses its existence in the financial statements.

Refer Note 47 to the Consolidated Financial Statements.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the Group. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Financial instruments

n.

Recognition and initial measurement

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.

The Group as a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at amortised cost; Fair value through other comprehensive income (FVOCI) – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Group changes its business model for managing financial assets.

For operating leases, rental income is recognized on a straight basis over the term of the relevant lease.

Refer Note 2(a), 41, 42 and 60 to the Consolidated financial statements.

l. Earnings per share

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI (designated as FVOCI – equity investment). This election is made on an investment by investment basis.

Refer Note 44 to the Consolidated Financial Statements.

m. Contingent Liabilities

Notes to Consolidated Financial Statements for the year ended March 31, 2021

of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. If the Group enters into transactions whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognised.

requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

The subsequent measurement of gains and losses of various categories of financial instruments are as follows:

(i) Financial assets at amortised cost: these assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

Financial liabilities: The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows under the modified terms are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss.

(ii) Equity investments at FVOCI: these assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are not reclassified to profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

(iii) Financial assets at FVTPL: these assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

Impairment

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised is recognized as an impairment gain or loss in profit or loss.

Derecognition

Financial assets: The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards

Refer Note 5, 6, 7, 8, 11, 12,13, 14, 15, 16, 17, 22, 23, 24, 29, 30, 31, 36, 52 and 53 to the Consolidated Financial Statements.

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Notes to Consolidated Financial Statements for the year ended March 31, 2021

o. Impairment of non-financial assets

the Statement of Profit and Loss on a systematic basis over the periods to which they relate. When the grant relates to an asset, it is treated as deferred income and recognised in the Statement of Profit and Loss on a systematic basis over the useful life of the asset.

The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

Refer Note 18 and 35 to the Consolidated Financial Statements.

For impairment testing, assets that do not generate independent cash inflows are combined together into cash-generating units (CGUs). Each CGU represents the smallest Group of assets that generates cash inflows that are largely independent of the cash inflows of other assets or CGUs.

q. Recognition of dividend income, interest income or expense

Dividend income is recognised in profit or loss on the date on which the Group’s right to receive payment is established.

The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU (or the asset).

Interest income or expense is recognised using the effective interest method.

The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

the gross carrying amount of the financial asset; or

the amortised cost of the financial liability.

In respect of other assets for which impairment loss has been recognised in prior periods, the Group reviews at each reporting date whether there is any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Refer Note 36 and 41 to the Consolidated Financial Statements.

Operating Segment

r.

The Group’s operating business are organized and managed separately according to the nature of products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets. The analysis of geographical segments is based on the areas in which customers of the Group are located.

p. Government grants

Refer Note 51 to the Consolidated Financial Statements.

Notes to Consolidated Financial Statements for the year ended March 31, 2021

s. Current versus non-current classification

of the financial statement when such presentation is relevant to an understanding of the Group’s financial position or performance or to cater to industry/sectorspecific disclosure requirements or when required for compliance with the amendments to the Companies Act or under the Indian Accounting Standard.

The Group presents assets and liabilities in the balance sheet based on current/non-current classification.

An asset is treated as current when it is:

Expected to be realised or intended to be sold or consumed in normal operating cycle

Measurement of EBITDA

Accordingly, the Group has elected to present earnings before interest, tax, depreciation and amortisation (EBITDA) as a separate line item on the face of statement of profit or loss. The Group measures EBITDA on the basis of profit / (loss) from continuing operations. In its measurement, the Group does not include depreciation and amortisation expense, finance cost and tax expenses.

Held primarily for the purpose of trading

• Expected to be realised within twelve months after the reporting period, or

Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

1.1 Significant accounting policies related to life insurance business

• It is expected to be settled in normal operating cycle

a. Product classification
It is held primarily for the purpose of trading

Insurance and investment contracts are classified as being either with or without discretionary participation feature (DPF). DPF is a contractual right to receive, as a supplement to guaranteed benefits, additional benefits that meet the following conditions:

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

Likely to be a significant portion of the total contractual benefits

• The Group classifies all other liabilities as noncurrent.

The amount or timing of which is contractually at the discretion of the issuer

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

That are contractually based on:

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Group has identified twelve months as its operating cycle.

The performance of a specified pool of contracts or a specified type of contract
Realized and/or unrealized investment returns on a specified pool of assets held by the issuer

t. Earnings before interest, tax, depreciation and amortisation (EBITDA)

The profit or loss of the Group, fund or other entity that issues the contract

The Group presents EBITDA in the Statement of Profit and Loss; this is not specifically required by Ind AS 1. The term EBITDA are not defined in Ind AS. Ind AS compliant schedule III allows companies to present Line items, sub-line items and sub-totals shall be presented as an addition or substitution on the face

Life insurance contract liabilities

b.

Life insurance liabilities are recognized when contracts are entered into and premiums are charged. These liabilities are measured using the gross premium

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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

method. The liability is determined as the sum of the discounted value of the expected future benefits, claims handling and policy administration expenses, policyholder options and guarantees and investment income from assets backing such liabilities, which are directly related to the contract, less the discounted value of the expected premiums that would be required to meet the future cash outflows based on the actuarial valuation assumptions used.

as insurance contracts and the remaining element is accounted for as a deposit through the Balance sheet as described above.

Refer note 27 and 34(b) to the Consolidated Financial Statements.

d. Reinsurance assets

Reinsurance assets represent balances due from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsurer’s policies and are in accordance with the related reinsurance contract.

Refer note 26 and 34(a) to the Consolidated Financial Statements.

c. Investment contract liabilities

Investment contracts are classified between contracts with and without DPF. The accounting policies for investment contract liabilities with DPF are the same as those for life insurance contract liabilities. Investment contract liabilities without DPF are recognized when contracts are entered into and premiums are charged. These liabilities are initially recognized at fair value, this being the transaction price excluding any transaction costs directly attributable to the issue of the contract. Subsequent to initial recognition, the investment contract liabilities are measured at fair value through profit or loss.

Reinsurance assets are reviewed for impairment at each reporting date, or more frequently, when an indication of impairment arises during the reporting period.

Liability adequacy test

e.

The Group performs adequacy testing on its insurance liabilities to ensure that the carrying amounts (net of related deferred acquisition costs) and, where relevant, present value of acquired in-force business is sufficient to cover current estimates of future cash flows. Any deficiency is immediately charged to the Statement of Profit and Loss.

Deposits and withdrawals are recorded directly as an adjustment to the liability in the Balance sheet and are not recognized as gross premium in the Statement of Profit and Loss.

f. Revenue recognition

Revenue includes revenue from insurance contracts that are covered in the scope of Ind AS 104, ‘Insurance Contracts’. Any amount (excluding the fee) received with respect to contracts classified as investment contracts form part of investment contract liability in the Balance sheet. Therefore, all amounts received or receivable from insurance and investment contracts do not fall within the purview of Ind AS 115, ‘Revenue from contracts with customers’. Further, the fee charged to the investment contract policyholders for policy administration, investment management, surrenders etc. is covered under the scope of Ind AS 115 and is recognised as revenue over time, as and when the performance obligations are satisfied. In all the cases, this revenue is recognised in the same period in which the fee is charged to the policyholders and therefore, no revenue is deferred. Consequently, the Group does

Fair values are determined at each reporting date and fair value adjustments are recognized in the Statement of Profit and Loss in “Gross change in contract liabilities.

Non-unitized contracts are subsequently also carried at fair value. The liability is derecognized when the contract expires, discharged or cancelled. For a contract that can be cancelled by the policyholder, the fair value of the contract cannot be less than the surrender value.

When contracts contain both a financial risk component and a significant insurance risk component and the cash flows from the two components are distinct and can be measured reliably, the underlying amounts are unbundled. Any premiums relating to the insurance risk component are accounted for on the same basis

Notes to Consolidated Financial Statements for the year ended March 31, 2021

the policyholder balance as consideration for origination of the contract) are charged on some non-participating investment and investment fund management contracts.

not have any contract asset or contract liability with respect to unsatisfied performance obligations as at the Balance sheet date.

i. Premium Income

Where the investment contract is recorded at amortised cost, these fees are deferred and recognised over the expected term of the policy by an adjustment to the effective yield. Where the investment contract is measured at fair value, the front-end fees that relate to the provision of investment management services are deferred and recognised as the services are provided.

Premium for non-linked policies is recognized as income when due. Premium on lapsed policies is recognized as income when such policies are reinstated.

Products having regular premium paying plans with limited premium payment term and/or predetermined policy term are treated as regular business with due classification of premium into first year and renewal. Premium income on products other than aforesaid is classified as single premium.

iii. Income from investments

Interest/dividend income on investments is recognized on accrual basis. Amortization of discount/ premium relating to debt securities is recognized over the remaining maturity period on effective interest basis.

Top up premiums paid by unit linked Policyholders’ are considered as single premium and recognized as income when the associated units are created.

Dividend income is recognized when the right to receive dividend is established. Bonus entitlements are recognized as investments on the ‘ex- bonus date’.

Premium income pertaining to investment contracts are accounted as investment liabilities.

ii. Investment contract fee

iv. Reinsurance Premium

Investment contract policyholders are charged fees for policy administration, investment management, surrenders or other contract services. The fees may be for fixed amounts or vary with the amounts being managed, and will generally be charged as an adjustment to the policyholder’s balance. Fees related to investment management services are recognised as revenue over time, as performance obligations are satisfied. In most cases this revenue is recognised in the same period in which the fees are charged to the policyholder.

Cost of reinsurance ceded is accounted at the time of recognition of premium income in accordance with the treaty or in principle arrangement/ agreement with the reinsurers.

v. Income from linked policies

For linked business, premium income is recognized as income when the associated units are created. Income from unit linked funds which include policy administration charges, mortality charges, etc. and are recovered in accordance with terms and conditions of policy and is recognized when due. Fund management charges are adjusted in the unit price computed on each business date.

Fees that are related to services to be provided in future periods are deferred and recognised when the performance obligation is fulfilled. Variable consideration, such as performance fees and commission subject to claw back arrangements, is not recognised as revenue until it is reasonably certain that no significant reversal of amounts recognised would occur. Initiation and other ‘front-end’ fees (fees that are assessed against

vi. Interest on policy loans

Interest on loans against policies is recognized on effective interest basis.

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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

vii. Amortization of premium /discount on securities Income/Cost

investment contracts without DPF, are deferred and recognised as revenue when the related services are rendered.

Premium or discount on acquisition, as the case may be, in respect of debt securities /fixed income securities, pertaining to non-linked investments is amortized on effective interest rate basis over the expected life of the financial instrument.

Refer note 35 to the Consolidated Financial Statements.

g. Benefits paid (including claims)

Benefits paid comprise policy benefit amount and bonus declared to policyholders. Death and surrender claims are accounted for on receipt of intimation based on the terms of policy. Maturity benefits, survival benefits and declared bonuses are accounted for on the respective due dates. Withdrawals and benefits under linked policies are accounted in the respective schemes when the associated units are cancelled.

viii. Realized Gain/ (Loss) on Debt Securities for Linked Business

Realized gain/(loss) on debt securities for linked business is the difference between the sale consideration net of expenses and the book cost, which is computed on weighted average basis, as on the date of sale.

ix. Realized Gain/ (Loss) on Debt Securities for NonLinked Business

Repudiated claims disputed before judicial authorities are provided for based on management prudence and considering the fact and evidences available in respect of such claims. Reinsurance recoveries on claims are accounted for, in the same period as the related claims.

Realized gain/(loss) on debt securities for other than linked business is the difference between the sale consideration net of expenses and the amortized cost, which is computed on a weighted average basis, as on the date of sale.

Amounts paid under investment contracts other than those with a discretionary participating feature are recorded as reductions of the investment contract liabilities. Amounts received under investment contracts, are not recorded through Statement of Profit and Loss, except for fee income and investment income attributable to those contracts, but are accounted for directly through the Balance sheet as an adjustment to investment contract liabilities.

x. Realized Gain/ (Loss) on sale of Equity Shares/ Equity ETF/ Mutual Fund

Realized gain/ (Loss) on sale of equity shares/ equity ETF/ mutual fund units is the difference between the sale consideration net of expenses and the book cost computed on weighted average basis as on the date of sale (mutual fund sale considerations would be based on the latest available NAV).

Refer note 43 to the Consolidated Financial Statements.

h. Actuarial liability valuation

xi. Unrealized Gain/ (Loss) for Linked Business

The estimation of liability for life policies is determined by the Appointed Actuary in accordance with accepted actuarial practice, requirements of Insurance Act 1938, amended by the Insurance Laws (Amendment) Act, 2015, IRDAI regulations and the actuarial practice standards issued by The Institute of Actuaries of India.

Unrealized gains and losses for Linked Business are recognized in the Statement of Profit and Loss.

xii. Fees and Charges

Fees and charges including policy reinstatement fee (if any) are recognised as follows:

i. Acquisition and maintenance costs
a) relating to Insurance contracts - on receipt basis

Acquisition and maintenance costs are costs that vary with and are primarily related to the acquisition of new and renewal insurance contracts. Such costs are expensed in the year in which they are incurred.

b) relating to Investment contracts - over time, as the services are provided.

Initial and other front-end fees received for rendering future investment management services relating to

Notes to Consolidated Financial Statements for the year ended March 31, 2021

Liability for Life Policies

j.

Policyholders’ account is made at amortized / book cost or market price, whichever is lower. The transfer of investments between unit linked funds is done at the prevailing market price.

Any contribution made by the shareholder to the policyholders’ account is irreversible in nature and shall not be recouped to the shareholders at any point of time in future.

The valuation exercise is done to protect the interests of the existing policyholders. For policies with profit, the reasonable expectations of policyholders (PRE) are also considered. The reserves should be adequate to provide for all the policyholders benefits in various future scenarios. Adequate use of Margin for Adverse Deviation (MAD) is made to ensure that policyholders’ benefits are protected even in some plausible adverse scenarios.

No transfer of investments is carried out between nonlinked Policyholders’ funds.

m. Funds for future appropriation

Linked business

Amounts estimated by Appointed Actuary as Funds for Future Appropriation – Linked are required to be set aside in the Balance sheet and are not available for distribution to shareholders until the expiry of the revival period.

Actuarial liability for life policies in force and for policies in respect of which premium has been discontinued but a liability exists, is determined using the gross premium method and in case of group business (except for Credit Life Business and Reverse Mortgage Loan Enabled Annuity where gross premium method is used), the actuarial liabilities have been calculated on the basis of Unearned Premium Reserve method. Linked liabilities comprise unit liability representing the fund value of policies and non-unit liability for meeting insurance claims, expenses etc. The main governing guidelines considered for valuation are Insurance Act 1938, IRDA Act 1999, IRDAI (Actuarial Report and Abstract) Regulations 2016, IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations 2016, Actuarial Practice Standards and Guidance notes issued by Institute of Actuaries of India, Circulars issued by IRDAI from time to time.

Participating business

At each balance sheet date, the management with the approval of the Board decides to distribute the surplus among policyholders, shareholders and funds for appropriation at a future date. Surplus arising in the participating business after allowing for current year cost of bonus to policyholder is held as funds for future appropriation, which includes the surplus not appropriated during the year either to the policyholders or to the shareholders.

n. Discretionary Participation Features (DPF)

A DPF gives holders of these contracts the right to receive, as a supplement to guaranteed benefits, significant additional benefits which are based on the performance of the assets held within the DPF portfolio. The amount or timing of the additional benefits is contractually at the discretion of the Group. Under the terms of the contracts, surpluses in the DPF funds to be distributed to policyholders and shareholders on a 90/10 basis. The Group has the discretion over the amount and timing of the distribution of these surpluses to policyholders. All DPF liabilities including unallocated surpluses at the end of the reporting period are held within insurance or investment contract liabilities, as appropriate.

k. Loans against policies

Loans against policies are valued at the aggregate of book values (net of repayments) plus capitalized interest and are subject to impairment, if any. Loans are classified as short term in case the maturity is less than 12 months. Loans other than short term are classified as long term.

l. Transfer of investments between Shareholders and Policyholders

Transfer of investments from Shareholders’ fund to the Policyholders’ fund to meet the deficit in the

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Notes to Consolidated Financial Statements for the year ended March 31, 2021

recognized in the financial statements as goodwill / capital reserve, as the case may be.

1.2 Standards Issued but not yet Effective

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable from April 1, 2021.

iv. With respect to subsidiaries domiciled out of India, assets and liabilities of such entities, together with goodwill and fair value adjustments assumed on acquisition thereof, are translated to Indian Rupees at exchange rates prevailing at the reporting period end. Income and expense items are translated at the average exchange rates prevailing during the period; when exchange rates fluctuate significantly the rates prevailing on the transaction date are used instead.

1.3 Principles of consolidation

The consolidated financial statements which relate to Exide Industries Ltd. (EIL), its subsidiary companies and associate companies, have been prepared on the following basis –
Differences arising on such translation are accumulated in foreign currency translation reserve and attributed to non-controlling interests proportionately.
i. The financial statements of the company and its subsidiaries are consolidated by combining like items of assets, liabilities, income and expenditure, after fully eliminating intra group balances, intra group transactions and any unrealised profit/ loss included therein. Deferred tax has been created on temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions as per Ind AS12: Income Taxes.
v. The Group’s interests in equity accounted investees comprise interest in associates. An associate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies.

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group’s share of the post-acquisition profits or losses of the investee in profit and loss, and the group’s share of other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.

ii. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the group’s accounting policies. The financial statements of all entities used for the purpose of consolidation are drawn up to the same reporting date as that of the parent company, i.e., year ended on 31 March.

Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees are changed where necessary to ensure consistency with the policies adopted by the group.

iii. The excess / shortfall of cost to the company of its investments in the subsidiary companies is

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

vi. The subsidiary and associate companies considered in the financial statements are as follows:

Name	Country of Incorporation	% of ownership interest as on March 31, 2021	% of ownership interest as on March 31, 2020	Overview	Corporate
Chloride International Limited(CIL)	India	100	100
Chloride Power Systems & Solutions Ltd.	India	100	100
(CPSSL)
Chloride Metals Ltd.(CML) Exide Life Insurance CompanyLimited(ELI) Exide Leclanche Energy Private Limited	India India India	100 100 80.15	100 100 74.99	Reports	Statutory
(ELEPL)
Chloride Batteries S.E. Asia Pte Ltd. (CBSEA)	Singapore	100	100
& its wholly owned subsidiary (Exide
Batteries Pvt. Ltd.)
Espex Batteries Limited(ESPEX) Associated Battery Manufacturers (Ceylon) Ltd.(ABML) CSE Solar Sunpark Maharashtra Private	UK Srilanka India	100 61.50 27.20	100 61.50 27.20	Statements	Financial
Limited
CSE Solar Sunpark Tamilnadu Private	India	27.20	27.20
Limited
Greenyana Solar Private Limited	India	27.20	27.20
Non-controlling interest
Non – controlling interest (NCI) are measured at their proportionate share of the acquiree’s net identifiable assets as
at the date of acquisition. Changes in Group’s equity interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.

vii. Non-controlling interest

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Annual Report 2020-21

Exide Industries Limited

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in Crores) Total 3,269.39 416.88 13.95 1.04 3,673.36 479.12 15.04 (1.42) 4,136.02 943.32 370.63 8.30 0.06 1,305.71 376.81 12.82 (1.33) 1,668.37 2,367.65 2,467.65
( H
Computers 58.45 12.99 0.93 – 70.51 6.22 4.38 (0.01) 72.34 29.42 14.35 0.70 – 43.07 13.34 4.28 (0.01) 52.12 27.44 20.22
Vehicles 6.23 1.56 1.43 0.02 6.38 2.18 1.14 0.21 7.63 4.31 0.92 0.81 (0.34) 4.08 1.00 0.28 (0.56) 4.24 2.30 3.39
Furniture & fixtures 16.02 1.88 0.16 0.04 17.78 2.04 0.23 (0.03) 19.56 6.92 2.09 0.15 0.03 8.89 2.11 0.18 (0.03) 10.79 8.89 8.77
Office Equipment 25.54 6.33 0.51 – 31.36 3.22 1.68 – 32.90 13.21 4.58 0.41 – 17.38 4.64 1.63 – 20.39 13.98 12.51
Owned Assets Moulds 301.27 29.35 0.36 0.72 330.98 32.52 1.53 (0.11) 361.86 93.65 35.22 0.05 0.01 128.83 37.20 1.40 (0.05) 164.58 202.15 197.28 39.91 crs) are pending execution.
H
Plant & equipments (including electrical installation) 2,243.00 295.55 3.82 (0.09) 2,534.64 320.48 4.64 (2.11) 2,848.37 723.81 285.13 1.57 0.16 1,007.53 291.76 4.05 (0.97) 1,294.27 1,527.11 1,554.10
38.50 crs (PY :
H
Buildings 558.70 62.50 6.74 0.29 614.75 112.46 1.40 0.81 726.62 72.00 28.34 4.61 0.20 95.93 26.77 1.00 0.29 121.99 518.82 604.63
Freehold land 60.18 6.72 – 0.06 66.96 – 0.04 (0.18) 66.74 – – – – – – – – – 66.96 66.74
0.10 crs) being the cost of shares in respective Co-operative Housing Societies.
H
0.10 crs (PY:
H
Conveyance / lease deeds for certain immovable properties valued at Buildings Includes
Particulars Cost or deemed cost (Gross carrying amount) Balance as at April 1, 2019 Additions for the year 2019-20 Disposals / deductions for the year 2019-20 Exchange differences for the year 2019-20 Balance as at March 31, 2020 Additions for the year 2020-21 Disposals / deductions for the year 2020-21 Exchange differences for the year 2020-21 Balance as at March 31, 2021 Accumulated depreciation Balance as at April 1, 2019 Depreciation for the year 2019-20 Disposals / deductions for the year 2019-20 Exchange differences for the year 2019-20 Balance as at March 31, 2020 Depreciation for the year 2020-21 Disposals / deductions for the year 2020-21 Exchange differences for the year 2020-21 Balance as at March 31, 2021 Carrying Amount (net) Balance as at March 31, 2020 Balance as at March 31, 2021 a. b.
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

2 (a) Property, plant and equipment (Contd..)

c. Buildings includes leasehold improvements H 11.65 crs (PY: H 13.12 crs).
d. As at March 31, 2021 property, plant and equipment with a carrying amount of H 84.44 crs (PY: H 24.93 crs) are subject to charge to secured borrowings from banks refer note 22 and 29.
e. Movement of capital work-in-progress:

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( H in Crores)
Opening Addition During Capitalised / Effect of Foreign Closing
Particulars
Balance the year Adjustments Exchange Balance
2020-21 360.72 506.38 487.60 (0.03) 379.47
2019-20 264.99 504.60 408.66 (0.21) 360.72
( H in Crores)
Leased Assets
Information
Particulars Leasehold Plant &
Buildings Technology Vehicles Total
Land equipments
Equipment
Gross carrying amount
Balance as at April 01, 2019 (refer note 60) 134.90 99.89 – 4.17 1.28 240.24
Additions for the year 2019-20 7.69 11.54 30.69 – 0.86 50.78
Disposals / deductions for the year 2019-20 – 3.38 – – - 3.38
Balance as at March 31, 2020 142.59 108.05 30.69 4.17 2.14 287.64
Additions for the year 2020-21 15.73 10.34 262.61 – 3.80 292.48
Disposals / deductions for the year 2020-21 1.00 1.87 – – 0.46 3.33
Exchange differences for the year 2020-21 0.12 – – – 0.01 0.13
Balance as at March 31, 2021 157.44 116.52 293.30 4.17 5.49 576.92
Accumulated depreciation
Balance as at April 01, 2019 4.59 – – – – 4.59
Depreciation for the year 2019-20 3.24 24.94 1.48 1.00 0.71 31.37
Disposals / deductions for the year 2019-20 – 0.69 – – – 0.69
Exchange differences for the year 2019-20 0.02 – – – – 0.02
Balance as at March 31, 2020 7.85 24.25 1.48 1.00 0.71 35.29
Depreciation for the year 2020-21 3.01 24.54 9.44 1.00 1.62 39.61
Disposals / deductions for the year 2020-21 – 0.40 – – 0.14 0.54
Exchange differences for the year 2020-21 0.02 – – – – 0.02
Balance as at March 31, 2021 10.88 48.39 10.92 2.00 2.19 74.38
Carrying amount (net)
Balance as at March 31, 2020 134.74 83.80 29.20 3.17 1.43 252.34
Balance as at March 31, 2021 146.56 68.13 282.38 2.17 3.30 502.54
Reports Statutory
Statements Financial
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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

3 Other intangible assets

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( H in Crores)
Particulars Trade Mark Computer Software Total
Cost or deemed cost (Gross carrying amount)
Balance as at April 1, 2019 3.12 82.45 85.57
Additions for the year 2019-20 – 20.76 20.76
Disposals / deductions for the year 2019-20 – 0.01 0.01
Exchange differences for the year 2019-20 – (0.08) (0.08)
Balance as at March 31, 2020 3.12 103.12 106.24
Additions for the year 2020-21 – 17.32 17.32
Disposals / deductions for the year 2020-21 – 0.13 0.13
Exchange differences for the year 2020-21 – (0.03) (0.03)
Balance as at March 31, 2021 3.12 120.28 123.40
Accumulated amortisation
Balance as at April 1, 2019 2.90 41.15 44.05
Amortisation for the year 2019-20 0.22 15.36 15.58
Disposals / deductions for the year 2019-20 – (0.01) (0.01)
Exchange differences for the year 2019-20 – 0.02 0.02
Balance as at March 31, 2020 3.12 56.52 59.66
Amortisation for the year 2020-21 – 17.23 17.23
Disposals / deductions for the year 2020-21 – 0.11 0.11
Exchange differences for the year 2020-21 – (0.02) (0.02)
Balance as at March 31, 2021 3.12 73.62 76.76
Carrying amount (net)
Balance as at March 31, 2020 – 46.60 46.60
Balance as at March 31, 2021 – 46.66 46.66
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4 Goodwill

4 Goodwill
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Gross carrying amount
Openingand closingbalance as at 1 April 2019 and 31 March 2020	585.79	585.79
Openingand closingbalance as at 1 April 2020 and 31 March 2021	585.79	585.79
Accumuated impairment losses
Openingand closingbalance as at 1 April 2019 and 31 March 2020	(3.89)	(3.89)
Openingand closingbalance as at 1 April 2020 and 31 March 2021	(3.89)	(3.89)
Carrying amount(net)	581.90	581.90

Notes to Consolidated Financial Statements for the year ended March 31, 2021

5 Non-current investments of life insurance business

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a. Investments held at amortised cost
Policyholders’ investments (quoted)
Government securities and government guaranteed bonds including 7,687.76 6,446.75
treasury bills
Debentures/ bonds 646.41 593.17
Investments in infrastructure and social sector bonds 1,790.20 1,738.95
Policyholders’ investments (unquoted)
Other securities (Policy Loan) 501.63 426.25
10,626.00 9,205.12
Less: Impairment loss – (9.23)
10,626.00 9,195.89
b. Investments held at FVOCI
Policyholders’ investments (quoted)
Government securities and government guaranteed bonds including 2,557.43 1,997.39
treasury bills
Debentures/ bonds 317.60 296.40
Investments in infrastructure and social sector bonds 626.62 481.17
Equity securities 469.80 285.13
Policyholders’ investments (unquoted)
Equity securities 22.01 19.24
Shareholders’ investments (quoted)
Government securities and government guaranteed bonds including 767.44 751.40
treasury bills
Debentures/ bonds 16.18 17.02
Investments in infrastructure and social sector bonds 281.43 259.83
5,058.51 4,107.58
c. Investments held at FVTPL
Policyholders’ investments (quoted)
Equity securities 88.48 52.12
Policyholders’ investments (unquoted)
Equity securities 7.73 6.76
Assets held to cover linked liabilities (quoted)
Government securities and government guaranteed bonds including 426.67 388.11
treasury bills
Equity securities 1,286.04 754.61
Debentures/ bonds 48.06 73.63
Investments in infrastructure and social sector bonds 160.73 158.08
2,017.71 1,433.31
17,702.22 14,736.78
(i) Aggregate book value of quoted investments 17,170.85 14,284.53
(ii) Aggregate market value of quoted investments 18,004.50 15,069.16
(iii) Aggregate value of unquoted investments 531.37 452.25
(iv) Aggregate amount of impairment in value of Investment – 9.23
(v) Refer Note 52 for information about fair value measurement and Note 53 for
credit risk and market risk of investment
Overview Corporate
Reports Statutory
Statements Financial
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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

6 Other non-current Investments

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Equity accounted associates (unquoted)
CSE Solar Sunpark Maharastra Private Limited of H 10 each 7.35 7.19
[9,92,465 Shares (PY: 9,92,465 Shares)]
CSE Solar Sunpark Tamil Nadu Private Limited of H 10 each 10.60 10.80
[11,81,250 Shares (PY: 11,81,250 Shares)]
Greenyana Solar Private Limited of H 10 each [5,83,333 Shares 4.58 5.18
(PY: 5,83,333 Shares)]
Investments at amortised cost (unquoted)
Government securities (lodged as security deposits with various 0.01 0.01
authorities)
Investments in bond 2.98 2.92
Investments at FVOCI (unquoted)
Investment In debentures / bonds^ – –
Units (unquoted)
Faering Capital India Evolving Fund of H 1,000 each [4,67,292 units 57.65 46.36
(PY: 4,01,696 units)]
Equity shares (unquoted)
Haldia Integrated Development Agency Ltd of H 10 each 1.85 2.15
[5,00,000 shares (PY: 5,00,000 shares)]
Suryadev Alloys of H 10 each [5,80,000 shares (PY: 5,80,000 shares)] 1.76 1.76
Equity shares (quoted)
Hathway Cable and Datacom Limited of H 2 each 14.04 7.35
[54,62,830 shares (PY: 54,62,830 shares)]
100.82 83.72
(i) Aggregate book value of unquoted investments 86.78 76.37
(ii) Aggregate book value and market value of quoted investments 14.04 7.35
(iii) Refer Note 52 for information about fair value measurement and Note 53
for credit risk and market risk of investment
(iv) Aggregate carrying value of investments of individually immaterial
associate is H 22.53 crs net of share of loss/OCI of H 0.83 crs.
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^ Figures being less than H 50,000 in each case has not been disclosed

7 Non-current trade receivables (at amortised cost)

( H in Crores)

Particulars	March 31, 2021	March 31, 2020
Unsecured, Consideredgood
Trade receivables,consideredgood - unsecured	0.08	0.11
	0.08	0.11

Notes to Consolidated Financial Statements for the year ended March 31, 2021

8 Non-current loans (at amortised cost)

		Corporate Overview
Particulars	March 31, 2021
(i) Unsecured, consideredgood
a)Loans to employees	0.34
b)Loans and advances to others	–
c)Deposits	50.83
(ii) Credit impaired		Statutory Reports
a)Deposits	1.01
	52.18
Less: Loss allowance	1.01
	51.17

9 Other non-current assets

9 Other non-current assets
		(`H`in Crores) March 31, 2020 86.54 40.39 94.58 26.73 248.24 26.73 221.51 Financial Statements
Particulars	March 31, 2021
(i) Unsecured, consideredgood
a)Capital advances	74.17
c)Prepaid expenses	25.93
d)Balances and deposit with Government Authorities	110.98
(ii) Unsecured, considered doubtful
a)Balances and deposit with Government Authorities	20.34
	231.42
Less: Provision for doubtful advances	20.34
	211.08

10 Inventories

(At lower of cost and net realisable value)

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
a) Stores and spares 59.79 49.78
b) Raw materials [Including in transit H 264.05 crs (PY: H 179.71 crs) 893.00 680.58
c) Work-in-progress 792.71 754.01
d) Finished goods 828.54 885.26
e) Stock-in-trade 62.82 44.93
2,636.86 2,414.56
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I. The cost of inventories recognised as an expense during the year has been disclosed on the face of the Statement of Profit and Loss and Note 43.
II. The cost of inventories recognised as an expense includes H 24.23 crs (PY: H 16.87 crs) in respect of write downs of inventory.
III. Carrying amount of inventories pledged as borrowings H 238.75 crs (PY: H 225.12 crs). Refer note 22 and 29.

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

11 Current investments of life insurance business

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a. Investments held at amortised cost
Policyholders’ investments (quoted)
Government securities and government guaranteed bonds including treasury bills 93.86 71.41
Debentures/bonds 1.10 13.33
Investments in infrastructure and social sector bonds 98.28 43.81
Others (CBLO) 71.33 1.59
Policyholders’ investments (unquoted)
Other securities (policy loan) 31.38 30.64
Shareholders’ investments (quoted)
Others (CBLO) 2.05 –
Less : Impairment loss (4.61) –
293.39 160.78
b. Investments held at FVTOCI
Policyholders’ investments (quoted)
Government securities and government guaranteed bonds including treasury bills 11.25 37.99
Debentures/bonds 3.56 13.74
Investments in infrastructure and social sector bonds 16.93 3.01
Shareholders’ investments (quoted)
Government securities and government guaranteed bonds including 31.37 8.08
treasury bills
Investments in infrastructure and social sector bonds 3.75 –
66.86 62.82
c. Investments held at FVTPL
Shareholders’ investments (quoted)
Mutual funds 18.25 18.47
Policyholders’ investments (quoted)
Mutual funds 28.79 362.87
Assets held to cover linked liabilities (quoted):
Government securities and government guaranteed bonds including treasury bills 104.11 147.99
Debentures/bonds – 11.47
Investments in infrastructure and social sector bonds 5.40 3.75
Mutual funds – 78.98
Others (CBLO) 96.12 61.85
Net current assets
Bank balances 0.29 0.31
Interest and dividend accrued on Investment 11.43 12.78
Outstanding contract (net) (5.53) (1.33)
Other current assets 27.12 5.89
Other current liabilities (12.65) (8.42)
273.33 694.61
633.58 918.21
(i) Aggregate book value of quoted investments 581.54 887.57
(ii) Aggregate market value of quoted investments 581.24 888.39
(iii) Aggregate book value of unquoted investments 31.38 30.64
(iv) Aggregate amount of impairment in value of Investment 4.61 –
(v) Refer Note 52 for information about fair value measurement and Note 53 for
credit risk and market risk of investment
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

12 Other investments

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Investments at FVTPL
Units of mutual funds (unquoted) 903.04 66.77
Units of mutual funds (quoted) – 10.02
903.04 76.79
(i) Aggregate book value and market value of quoted investment thereof – 10.02
(ii) Aggregate book value of unquoted investments 903.04 66.77
(iii) Refer Note 52 for information about fair value measurement and Note 53 for
credit risk and market risk of investment
Overview Corporate
Reports Statutory
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13 Trade receivables (unsecured) (at amortised cost)

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Trade receivables, considered good - unsecured 1,106.31 1,088.12
Less: Loss allowance 30.11 27.29
1,076.20 1,060.83
Carrying amount of trade receivables are pledged against borrowings H 173.87
crs (PY: H 67.61 crs). Refer note 22 and 29.
The Company’s exposure to credit and currencies risks, and loss allowances
related to trade receivables are disclosed in Note 53.
14 Cash and cash equivalents
( H in Crores)
Particulars March 31, 2021 March 31, 2020
a) Balances with banks on
Current account 155.50 146.06
Deposits 73.04 136.09
b) Cheques, drafts in hand 103.51 46.85
c) Cash in hand * 10.38 2.47
342.43 331.47
Statements Financial
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Cash in hand include stamps on hand

15 Other bank balances

15 Other bank balances
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
a)Unclaimed dividend account	8.81	9.72
b)Deposits**	2.33	0.41
	11.14	10.13

** Includes H 0.09 crs (PY: H 0.09 crs) with commercial tax department (Govt. of J&K) as security under GST, H 0.26 crs (PY: H 0.26 crs) as margin money for Bank Guarantee and H 0.06 crs (PY: H 0.06 crs) are given as security deposit to customs.

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

16 Current loans (at amortised cost)

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Unsecured, considered good
a) Loans to employees 0.46 4.29
b) Security Deposits 20.30 18.58
20.76 22.87
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17 Other current financial assets (at amortised cost)

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Unsecured, considered good
a) Rebates and discounts receivables 46.97 24.66
b) Other receivables 28.31 21.98
c) Income accrued on investments 305.46 282.94
d) Investments held to meet policyholders’ dues 52.25 51.00
432.99 380.58
e) Less: Loss allowance 14.04 4.32
418.95 376.26
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Other receivables includes H 18.30 crs (PY: H 15.37 crs) pertaining to last day units, contracts for sale of equity etc. of ELI

18 Other current assets

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Unsecured, considered good
a) Advances to suppliers 9.19 17.19
b) Other receivables and advances ^ 54.86 52.97
c) Balances and deposit with Government Authorities 114.97 95.57
d) Prepaid expenses 33.95 33.10
Unsecured, considered doubtful
a) Advances to suppliers 3.62 3.62
216.59 202.45
Less: Provision for doubtful deposits and advances 3.62 3.62
212.97 198.83
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

19 Share capital

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a) Authorised
1,00,00,00,000 (PY: 1,00,00,00,000) equity shares of H 1 each 100.00 100.00
100.00 100.00
b) Issued, subscribed & fully paid-up
85,00,00,000 (PY: 85,00,00,000) equity shares of H 1 each 85.00 85.00
85.00 85.00
c) Reconciliation of the number of equity shares outstanding at the beginning
and at the end of the reporting year
Balance at the beginning and at the end of the year 85,00,00,000 85,00,00,000
d) Terms / rights attached to equity shares
The Holding company has only one class of equity shares having a par
value of H 1 per share. Each holder of equity shares is entitled to one vote
per share.
In the event of liquidation, the holders of equity shares will be entitled to
receive remaining assets of the Holding company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
e) Shares held by holding company
Name of Shareholder Number of Shares
Chloride Eastern Limited, UK (considered to be Holding company by virtue of 39,09,54,666 39,09,54,666
de-facto control) 45.99% (PY:45.99%)
f) Details of shareholders holding more than 5% shares in Company
Name of Shareholder Number of Shares
Chloride Eastern Limited, UK holding 45.99 % (PY : 45.99 %) 39,09,54,666 39,09,54,666
Life Insurance Corporation of India 5.89% (PY: 3.09%) 5,00,44,588 2,62,84,775
As per records, including its register of shareholders / members and other
declaration received from shareholders, the above shareholding represents
legal ownership of shares.
Overview Corporate
Reports Statutory
Statements Financial
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^ includes export incentive receivables aggregating to H 29.97 crs (PY: H 17.99 crs)

260

261

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

20 Other equity

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
a) Securities premium 737.88 737.88
Premium received on equity shares issued are recognised in the securities
premium
b) Retained earnings 6,017.55 5,383.68
Retained earnings are profits that the Company has earned till date, less
dividends or other distributions paid to the shareholders. It also includes
remeasurement gain/loss of defined benefit plans.
c) Foreign currency translation reserve (FCTR) 0.13 (1.12)
Exchange differences on translating the financial statements of foreign
operations
d) Capital redemption reserve 0.80 0.80
The Group has created the reserve on account of buy back of shares from
minority shareholders of a Component.
e) Capital reserve 2.89 2.89
Capital reserve created on consolidation
f) Items of other comprehensive income
- Fair value of equity instruments through OCI 211.68 45.46
Changes in fair value of equity instruments recorded in other
comprehensive income
- Fair value of debt instruments through OCI 216.34 212.73
Changes in fair value of debt instruments recorded in other comprehensive
income
7,187.27 6,382.32
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21 Non-controlling interest

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Balance as at the commencement of the reporting year 46.94 33.00
Add: Share of loss attributable to non-controlling interest (6.80) (14.27)
Add: Changes in ownership interest that do not result in loss of control- 6.08 –
acquisition of NCI (refer note below)
Add: Consideration paid by non-controlling interest – 28.21
Balance as at the end of the reporting year 46.22 46.94
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Note:

The Group has acquired an additional 5.16% equity interest in Exide Leclanche Energy Pvt Limited through subscription of fresh issue of equity shares by the subsidiary for a consideration of H 66.35 crs. Accordingly, an amount of H 6.80 crs has been adjusted against non-controlling interest representing change in ownership interest of the Group in the subsidiary.

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

22 Non-current borrowings (at amortised cost)

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Non-current portion
Term loan from bank (secured) 79.41 2.73
Bank loans (unsecured) 6.17 6.12
85.58 8.85
Current maturities
Term loan from banks (secured) 6.16 3.27
Less : Amount disclosed under the head “other current financial liabilities” (refer 6.16 3.27
note 31)
– –
Overview Corporate
Reports Statutory
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Term loan:

(i) Includes H 42.04 crs (PY: H 6 crs) secured by hypothecation plant & machinery, land & building, inventories and trade receivables of ABML The loan carries an interest rate of 8.5% p.a. and repayable in 84 months.
(ii) Includes H 43.53 crs (PY: NIL) of CML, for which exclusive charge is created on entire movable assets (excluding current assets) and immovable assets of Haldia Unit. The interest rate is to be reset at 12 months intervals. Interest rate is calculated at 12 month MCLR (presently at 7.75% p.a.) payable at monthly intervals.

The loan is repayable in 12 quarterly installments after moratorium period of 2 years from the date of first disbursement. Repayment to start from beginning of quarter i.e last day of the moratorium period of H 3.63 crs each from Oct’22 to Jul’24 and H 3.62 crs each from Oct’24 to Jul’25.

23 Non-current trade payables (at amortised cost)

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Trade payable for goods & services
Total outstanding dues of micro and small enterprises (refer note no. 48) – –
Total outstanding dues of creditors other than micro and small enterprises 7.83 5.74
7.83 5.74
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24 Other non-current financial liabilities (at amortised cost)

24 Other non-current financial liabilities (at amortised cost)
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Payables for capitalgoods	4.52	3.42
Otherpayables	4.09	3.92
	8.61	7.34

262

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

25 Non-current provisions

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Provision for employee benefits (refer note 46)
Post retirement medical benefits 4.58 4.55
Gratuity 12.66 21.47
Pension 0.17 3.42
Compensated absences 43.88 41.57
Others
Provision for site restoration liabilities 2.67 1.53
63.96 72.54
Provisions for site restoration
A provision is recognised for site restoration liabilities on leasehold lands taken
by the Group:
Opening balance 1.53 1.38
Add: Interest accrued on the provision during the year 1.14 0.15
Closing balance 2.67 1.53
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26 Non-current insurance contract liabilities

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Policy liabilities
Insurance contracts liabilities
- Par 8,027.76 7,621.97
- Par pension 20.97 10.85
- Non par 3,698.57 2,861.67
- Annuity 193.89 133.23
- VIP non par pension 910.28 965.39
- Provision for linked liabilities 1,313.91 1,365.63
- Fair value change (linked) 403.51 (61.24)
- Non-unit liabilities 8.74 10.37
14,577.63 12,907.87
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For movement of policyholders’ funds, funds for discontinued policies, funds for future appropriation and embedded derivative liability - refer note 55.

27 Investment contract liabilities**

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
- Pension 647.75 738.25
- VIP non par pension 1.68 5.79
- Linked 188.32 141.41
837.75 885.45
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**For movement of investment contracts liabilities - refer note 56.

Notes to Consolidated Financial Statements for the year ended March 31, 2021

28 Deferred tax liability (net)

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a) Deferred tax liability 129.22 148.08
b) Deferred tax assets 56.06 56.36
73.16 91.72
Movement in deferred tax (liabilities) / assets balances:
( H in Crores)
Movement Movement
Effect of
April 01, through through Other March 31,
2020-21 foreign
2020 Statement of Comprehensive 2021
exchange
Profit and Loss Income
Deferred tax liability:
Arising out of temporary difference in (144.26) 16.80 – (0.05) (127.51)
depreciable assets
Expenses claimed as deduction as per Income (3.82) 2.11 – – (1.71)
Tax Act, 1961 but not booked in current year
Deferred tax assets:
On expenses allowable against taxable income 36.18 6.32 – 0.02 42.52
in future years
On lease liabilities (net of Right-of-use assets) 0.16 1.65 – – 1.81
On unabsorbed depreciation and business loss 16.75 (6.40) – (0.01) 10.34
Unrealised gain on investment 2.91 (0.17) (1.35) – 1.39
Others 0.36 (0.36) – – –
(91.72) 19.95 (1.35) (0.04) (73.16)
( H in Crores)
Movement Movement
Effect of
April 01, through through Other March 31,
2019-20 foreign
2019 Statement of Comprehensive 2020
exchange
Profit and Loss Income
Deferred tax liability:
Arising out of temporary difference in (220.99) 76.80 – (0.07) (144.26)
depreciable assets
Expenses claimed as deduction as per Income (4.76) 0.94 – – (3.82)
Tax Act, 1961 but not booked in current year
Deferred tax assets:
On expenses allowable against taxable income 41.71 (5.58) – 0.05 36.18
in future years
On lease liabilities (net of Right-of-use assets) – 0.16 – – 0.16
On unabsorbed depreciation and business loss 10.24 6.49 – 0.02 16.75
Unrealised gain on investment 0.92 (0.05) 2.04 – 2.91
Others 0.50 (0.14) – – 0.36
(172.38) 78.62 2.04 – (91.72)
Overview Corporate
Reports Statutory
Statements Financial
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264

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Annual Report 2020-21

Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

Reconciliation of statutory rate of tax and effective rate of tax:

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March 31, 2021 March 31, 2020
Particulars
Rate ( H in Crores) Rate ( H in Crores)
At India’s statutory income tax rate of 25.17% (PY: 25.17%) 25.17% 270.40 25.17% 244.62
Adjustments:
Impact of reduction in corporate tax rate – – -5.22% (50.78)
Non-deductible expenses for tax purposes 0.70% 7.48 0.63% 6.15
Exempt income for tax purposes -0.01% (0.16) -0.53% (5.16)
Various allowances claimed under Income Tax Act, 1961 -0.20% (2.15) -0.11% (1.04)
Indexation benefit on sale of capital asset as per Income tax Act – – -0.12% (1.18)
Impact of lower tax rate on certain items -0.02% (0.22) – –
Current year losses for which no deferred tax asset is recognised 0.45% 4.82 0.51% 4.93
Impact of differential tax rate of Indian/Foreign jurisdiction -0.77% (8.23) 0.30% 2.96
Others including tax impact of earlier years -0.07% (0.65) 0.92% 8.90
Total tax expense 25.25% 271.29 21.55% 209.40
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

Cash credits / working capital demand loan

i. Includes H 13.74 crs (PY: H 19.82 crs) of CPSSL secured by hypothecation of raw materials, finished stock, work-inprogress, book debts and other receivables. The loan carries an interest rate of 9.05% p.a. (PY: 9.65% p.a.) and repayable on demand.
ii. Includes H 1.35 crs ( PY: H 7.98 crs ) of ABML secured by hypothecation of inventory and trade receivables. Repayable on demand.
iii. Includes H 12.57 crs (PY: NIL) of CML, secured by first pari passu charge on entire stocks and book debts of the Company (both present and future). Repayable on demand.
iv. Includes H 15.00 crs (PY: NIL) of ELEPL, secured by way of first pari passu charge on entire stock and book debts (both present and future). The loans carries an interest rates of 3M MCLR + 0.20% and repayable on demand.
v. Includes H 0.76 crs (PY: NIL) of ELEPL, secured by way of first pari passu charge over current assets of the company and second pari passu charge over movable fixed assets of the company. The loans carries an interest rates of 6M MCLR + 1.10% and repayable on demand.

Import Loan

Breakup of tax expense is as follows:

Breakup of tax expense is as follows:
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Current tax
Currentperiod	283.11	285.10
Priorperiod	8.13	2.92
Deferred tax
Origination and reversal of temporarydifferences	(19.95)	(78.62)
Total tax expenses	271.29	209.40

i) ELEPL has not recognised deferred tax asset of H 10.51 crs (PY: H 5.69 crs) on temporary difference in depreciable assets, unabsorbed business losses and unabsorbed depreciation due to lack of convincing evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised by the Company.

The unabsorbed business loss can be carried forward only for a period of 8 years from the year they arise. The losses are being carried forward from FY 2018-19. Unabsorbed depreciation does not get expired.

ii) Certain subsidiaries of the group have undistributed earnings of H 94.63 crs (PY: H 99.86 crs) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as the parent entity is able to control the timing of distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future.

29 Current Borrowings (at amortised cost)

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
Cash credits / working capital demand loan (secured) 43.43 27.39
Import loan from banks (secured) 2.79 30.73
Bank loan (unsecured) 0.45 0.41
46.67 58.53
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Secured by hypothecation of the plant & machinery, land & building, inventories and trade receivables of ABML. The loan carries an interest rate of AWPLR+0.5% to 1.5% and repayable within 90 days .

30 Trade payables (at amortised cost)

30 Trade payables (at amortised cost)
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
a)Tradepayable forgoods & services
Total outstandingdues of Micro and small enterprises(refer note no. 48)	287.46	132.78
Total outstandingdues of creditors other than Micro and small enterprises	1,747.54	1,369.75
b)Acceptances	338.67	103.04
	2,373.67	1,605.57

Refer note 53 for information about liquidity risk and market risk related to trade payables.

For terms and conditions with related parties, refer to Note 49

31 Other current financial liabilities (at amortised cost)

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a) Current maturities of long term debt 6.16 3.27
b) Unclaimed dividends (to be credited to Investor Education and Protection 8.81 9.72
Fund as and when due)
c) Other payables -
For selling and distribution costs 66.40 143.96
For capital goods 82.32 60.09
For other expenses [includes employee payables] # 97.96 86.48
For policy deposits and last day units (net) 86.27 56.72
347.92 360.24
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other liabilities includes employee related liabilities aggregating to `H` 79.07 crs (PY: `H` 64.42 crs)

266

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Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

i. There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at 31 March 2021.
ii. Other payables for selling and distribution costs represents outstanding liabilities for incentives and trade schemes, etc.

32 Other current liabilities

32 Other current liabilities
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
a)Taxes and dutiespayable	147.45	86.47
b)Advances from customers	43.34	39.75
c)Deferred revenue *	34.20	59.34
	224.99	185.56

33 Current provisions

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
a) Provision for employee benefits (refer note 46)
Post retirement medical benefits 0.38 0.38
Compensated absences 5.78 4.98
Gratuity 3.46 3.50
b) Others
Provision for warranty claims 217.42 243.72
Provision for litigations and tax disputes 53.56 54.19
280.60 306.77
Provisions for warranties
A provision is recognised for expected warranty claims on products sold,
based on past experience of the level of repairs and returns. The table below
gives information about movement in warranty provision:
Opening balance 243.72 217.26
Add: Provision created during the year 195.42 268.08
Less: Utilised against warranty claims during the year 221.65 241.75
Effect of foreign exchange (0.07) 0.13
Closing balance 217.42 243.72
Provisions for litigations and tax disputes
The Group has estimated the provisions for pending litigation, claims and
demands relating to indirect taxes based on its assessment of probability for
these demands crystallising against the Group in due course :
Opening balance 54.19 54.19
Add: Provision reversal during the year (0.64) –
Closing balance 53.56 54.19
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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

34 (a) Insurance contract liabilities

		Corporate Overview
Particulars	March 31, 2021
Policyliabilities
Insurance contracts liabilities*
- Par	832.89
- Parpension	0.61
- Nonpar	253.40	Statutory Reports
- Annuity	0.22
- VIP nonparpension	139.66
- Provision for linked liabilities	134.30
	1,361.08

For movement of policyholders’ funds, funds for discontinued policies, funds for future appropriation and embedded derivative liability - refer note 55.

34 (b) Investment contract liabilities**

34 (b) Investment contract liabilities**		(`H`in Crores) March 31, 2020 104.57 – – 104.57 Financial Statements
Particulars	March 31, 2021
- Pension	139.67
- VIP nonparpension ^	–
- Linked ^	–
	139.67

^ Figures being less than H 50,000 in each case has not been disclosed
**For movement of investment contracts liabilities - refer note 56

35 Revenue from operations

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( H in Crores)
Particulars 2020-21 2019-20
Sale of products 10,305.83 10,094.52
Sale of services (related to life insurance business)
Life Insurance premium (net of premium ceded on re-insurers on Insurance 3,169.51 3,084.84
contract)
Other operating income related to life insurance business
Net realised gains and losses from disposal of investments 146.86 214.57
Investment income 1,160.09 988.15
Gain on fair value of financial assets 461.00 –
Other operating income
Export incentive 18.51 34.26
Sale of scrap 16.45 16.45
Income from service / installation 18.64 38.22
15,296.89 14,471.01
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Sales are net of price adjustments settled during the year by the Company and discounts, trade incentives, GST etc.

268

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Annual Report 2020-21

Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

Disaggregation of revenue based on industry vertical and customers profile (other than insurance business)

( H in Crores)

Particulars	2020-21	2019-20
Institutional sales	2,807.30	3,250.57
Non-institutional sales	7,533.62	6,898.62
	10,340.92	10,149.19

Disaggregation based on geography

( H in Crores)

Particulars	2020-21	2019-20
India	9,372.15	9,215.32
Outside India	968.77	933.87
	10,340.92	10,149.19

Geographic location is based on the location of customers

Information about major customers:

No single customer represents 10% or more of the Company’s total revenue during the year ended March 31, 2021 and March 31, 2020.

Changes in deferred revenue are as follows:

( H in Crores)

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Particulars 2020-21 2019-20
Balance at the beginning of the year 59.34 36.04
Revenue recognised that was included in the unearned and deferred revenue at (40.24) (33.20)
the beginning of the year
Other adjustments for credit notes (19.10) (2.84)
Increase due to invoicing during the year, excluding amounts recognised as 34.20 59.34
revenue during the year
Balance at the end of the year 34.20 59.34
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Reconciliation of revenue recognised with the contracted price is as follows:

		(`H`in Crores)
Particulars	2020-21	2019-20
Contracted revenue	10,794.32	10,595.35
Reduction towards variable consideration components	(453.40)	(446.16)
Revenue recognised	10,340.92	10,149.19

The reduction towards variable consideration comprises of discounts, incentive etc.

Contract balances

( H in Crores)

Particulars	2020-21	2019-20
Trade receivables	1,076.28	1,060.94
Contract liabilities	34.20	59.34
	1,042.08	1,001.60

Notes to Consolidated Financial Statements for the year ended March 31, 2021

36 Other income

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( H in Crores)
Particulars 2020-21 2019-20
Interest income on:
Bank deposits 0.25 0.11
Income tax refunds – 4.79
Financial assets carried at amortised cost 1.78 1.78
Dividend Income on
Dividend income on current investments 26.83 20.52
Other non-operating income
Gain on fair value of investments in mutual funds units designated at FVTPL 0.22 1.44
Net foreign exchange gain 21.15 11.53
Profit on sale of property, plant and equipments (net) – 7.32
Others 20.22 14.39
70.45 61.88
37 Cost of materials consumed
( H in Crores)
Particulars 2020-21 2019-20
Opening stock 680.58 552.90
Add: Purchases 6,857.92 6,695.07
7,538.50 7,247.97
Less: Closing Stock 893.00 680.58
6,645.50 6,567.39
Cost of material consumed includes net proceeds from scrap batteries
38 Changes in inventories of finished goods, work-in-progress and stock-in-trade
( H in Crores)
Particulars 2020-21 2019-20
Opening Stockpening Stockening Stockg Stock Stock
Work-in-progressprogressrogressgressress 754.01 636.90
Overview Corporate
Reports Statutory
Statements Financial
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( H in Crores)
Particulars 2020-21 2019-20
Opening Stockpening Stockening Stockg Stock Stock
Work-in-progressprogressrogressgressress 754.01 636.90
Finished goods 885.26 785.70
Stock-in-trade 44.93 42.46
1,684.20 1,465.06
Closing Stock
Work-in-progress 792.71 754.01
Finished goods 828.54 885.26
Stock-in-trade 62.82 44.93
1,684.07 1,684.20
Net changes in inventories of finished goods, work-in-progress and stock-in-trade 0.13 (219.14)
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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

39 Employee benefit expenses

( H in Crores)

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Particulars 2020-21 2019-20
Salaries, wages and bonus 984.89 978.58
Contribution to provident and other funds (Refer Note 46) 61.36 60.96
Staff welfare expenses 76.24 79.39
1,122.49 1,118.93
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The Indian Parliament has approved the Code on Social Security, 2020 (‘Code’) which may have impact on the employee benefits during employment and post employment benefits on the Indian components of the Group. The Group will assess the impact of the Code and record any related impact in the period in which the Code becomes effective and the related rules are notified.

40 Change in valuation of liability in respect of life insurance policies in force


		(`H`in Crores)
Particulars	2020-21	2019-20
Change in valuation of liabilityin respect of life insurancepolicies in force	2,293.90	1,423.27
Surplus/(deficit)inpar and unit linked funds adjusted from existingsurplus	94.62	235.56
Release from funds for future appropriation	(41.77)	(35.97)
	2,346.75	1,622.86

41 Finance costs

( H in Crores)

Particulars	2020-21	2019-20
Interest expenses	114.72	84.68
Interest on lease liabilities	27.47	11.91
	142.19	96.59

Income earned by the group on investments pertaining to investment contracts of H 101.71 crs (PY: H 71.13 crs) needs to be repaid to the policyholders as part of benefits paid. Therefore, the same forms part of the finance cost in the Statement of Profit and Loss.

42 Depreciation and amortisation

42 Depreciation and amortisation
		(`H`in Crores)
Particulars	2020-21	2019-20
Depreciation ofproperty, plant and equipments	376.81	370.63
Amortisation of intangible assets	17.23	15.58
Depreciation of right-of-use asset	39.61	31.37
	433.65	417.58

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

43 Other expenses

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( H in Crores)
Particulars 2020-21 2019-20
Stores and spare parts consumed 77.94 76.92
Power and fuel 327.16 382.56
Battery charging / battery assembly expenses 71.80 92.75
Repairs and maintenance
Buildings 7.23 8.43
Plant and machinery 55.45 60.26
Others 10.63 14.11
Software expenses 45.50 39.86
Rent and hire charges 49.72 49.31
Rates and taxes 39.63 36.11
Insurance 12.51 10.11
Commission 213.33 217.07
Royalty and technical aid fees 38.58 53.40
Benefit paid to life insurance policyholders 1,532.36 1,248.47
Warranty expenses 195.42 268.08
Publicity and sales promotion 194.92 280.32
Freight and forwarding (net) 309.03 298.71
After sales services 71.78 68.11
Clearing and forwarding expenses 41.82 36.06
Travelling and conveyance 17.49 56.85
Bank charges 10.72 11.60
Communication costs 7.73 8.86
Donations 0.01 0.02
Loss on of property, plant and equipments (net) sold/discarded (net) 0.18 –
Provision for expected credit loss on investments – 27.98
Provision for expected credit loss on trade receivables 2.82 –
Loss on fair value of financial assets – 292.52
Miscellaneous expenses (refer note 43.1) 226.07 242.19
3,559.83 3,880.66
43.1 Miscellaneous expenses
( H in Crores)
Particulars 2020-21 2019-20
Overview Corporate
Reports Statutory
Statements Financial
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( H in Crores)
Particulars 2020-21 2019-20
Motor vehicle running expenses 7.97 7.95
Consultancy and services outsourced 133.37 132.62
Security service charges 11.83 12.05
General expenses 16.72 23.16
Legal expenses 2.01 2.62
Printing and stationery 6.07 9.04
Total quality management expenses 0.23 0.10
Corporate social responsibility expenses 22.01 22.53
Pollution control expenses 9.43 9.61
Testing charges 1.52 1.77
Liquidated damages 0.04 3.30
Battery erection / installation costs 14.87 17.44
226.07 242.19
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Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

44 Earnings per share (EPS)

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( H in Crores)
Particulars 2020-21 2019-20
Details for calculation of basic and diluted earning per share:
Profit for the year attributable to owners of the Company 809.90 776.75
Weighted average number of equity share (Numbers) 85.00 85.00
Basic and diluted earning per share ( H ) 9.53 9.14
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any future changes to the business and financial statements due to COVID-19.

45 Significant accounting judgements, estimates and assumptions

(ii) Apart from the management’s assessment pertaining to ELI as stated in above note, the Group has also considered the possible risk that may result from the pandemic relating to COVID-19 on the carrying amounts of assets including inventories, receivables, investments and other financial and non-financial assets. As per the assessment carried out by the management based on the internal and external information available upto the date of approval of these consolidated financial statements, the Group does not foresee any uncertainty related to recoverability or liquidation of the aforesaid assets and also about the ability of the non-financial assets to generate future economic benefits.

The preparation of the financial statements requires management to make judgements, estimates and assumptions, as described below, that affect the reported amounts and the disclosures. The Group based its assumptions and estimates on parameters available when the financial statements were prepared and are reviewed at each Balance Sheet date. Uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the reported amounts and disclosures. Information about critical judgements in applying accounting policies, as well as estimates and assumptions that have the most significant effect on the financial statements is as follows:

(a) Estimation of uncertainty due to COVID-19

pandemic

However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The impact of the global health pandemic may be different from that estimated as at the date of approval of these consolidated financial statements and the Group will continue to closely monitor any material changes to future economic conditions.

(i) Relating to life insurance business

The Group has assessed the impact of COVID-19 on the operations as well as the financial statements of Exide Life Insurance Company Limited (ELI), a subsidiary, including but not limited to the areas of valuation of investment assets, valuation of policy liabilities and solvency, for the year ended March 31, 2021, based on inputs currently available with ELI. The extent to which COVID-19 pandemic will affect ELI’s performance particularly in the areas of revenue, claims, carrying value of investments, solvency margin etc. will depend on future developments, which are presently uncertain. The Group will continue to monitor

(b) Employee benefit plans

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

( c) Fair value measurement and impairment of investments

The provision towards warranty is not discounted as the management, based on past trend, expects to use the provision within twelve months after the Balance Sheet date.

The fair value of unquoted investments are determined using valuation methods which involves making various assumptions that may differ from actual developments in the future. For further details refer Note 52. Further the management makes various estimates with respect to impairment of investments. Refer note 53 for further details.

(f) Liability for policies related to life insurance business

Liability for policies in force and for policies in respect of which premium has been discontinued but liability exists, are determined using actuarial valuation which involves making various assumptions like interest rates, mortality, morbidity etc. that may differ from actual developments in the future. For further details refer note 50.

(d) Customer loyalty programme

Judgement is required to determine the transaction price for the contract. The transaction price could be either a fixed amount of customer consideration or variable consideration with elements such as volume discounts and incentives. Any consideration payable to the customer is adjusted to the transaction price, unless it is a payment for a distinct product or service from the customer.

(g) Provision for litigations and tax disputes

The likelihood of outcome of litigations and tax disputes are estimated by the management based on past experiences, legal advice, other public information, etc. For further details, refer note 33.

The Group estimates the fair value of points/awards accrued under the incentive schemes based on application of budgeted incentive payout rate or based on the fair value of the products against which such points/awards could be redeemed. Refer note 31 and 32 for further details.

(h) Taxes

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Refer note 28.

(e) Warranty Provisioning

The Group estimates the provision for warranty based on past trend of actual issues of batteries under warranty. As at 31 March 2021, the estimated liability towards warranty aggregated to H 217.42 crs (PY: H 243.72 crs). For further details refer note 33.

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

46 Gratuity and other Post employment Benefit Plans

( H in Crores)

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2020-21 2019-20
GRATUITY PENSION PRMB GRATUITY PENSION PRMB
Particulars
(Funded) (Funded) (Unfunded) (Funded) (Funded) (Unfunded)
I Expenses recognised in the statement of
Profit & Loss
1 Current service cost 11.23 – 0.05 10.37 – 0.04
2 Interest cost 8.42 0.26 0.32 8.22 0.27 0.35
3 Expected return on plan assets (7.74) (0.14) – (7.88) (0.03) –
4 Past service cost - plan amendments – – – 0.16 – –
5 Total 11.91 0.12 0.37 10.87 0.24 0.39
Expenses recognised in OCI
6 Actuarial (gains) / losses (0.08) 0.05 (0.05) 12.20 0.29 0.14
7 Total expense 11.83 0.17 0.31 23.06 0.53 0.53
II Net asset / (liability) recognised in the
Balance Sheet
1 Present value of defined benefit 144.00 3.96 4.96 135.55 3.85 4.93
obligation
2 Fair value of plan assets 127.88 3.79 – 110.58 0.43 –
3 Net asset / (liability) (16.12) (0.17) (4.96) (24.97) (3.42) (4.93)
III Change in obligation during the year
1 Present value of defined benefit 135.55 3.85 4.93 116.97 4.02 4.62
obligation at the beginning of the year
2 Current service cost, past service cost 11.23 – 0.05 10.53 – 0.04
and plan amendments
3 Interest cost 8.42 0.26 0.32 8.22 0.27 0.35
4 Benefits paid (11.58) (0.10) (0.29) (11.77) (0.73) (0.22)
5 Actuarial (gains) / losses
Arising from changes in experience 1.30 (0.04) (0.02) 3.92 0.21 (0.18)
– – – – –
Arising from changes in demographic (0.89)
assumptions
Arising from changes in financial (0.92) (0.01) (0.03) 8.57 0.08 0.32
assumptions
Total 0.38 (0.05) (0.05) 11.60 0.29 0.14
6 Present value of defined benefit 144.00 3.96 4.96 135.55 3.85 4.93
obligation at the end of the year
IV Change in the fair value of plan assets
during the year
1 Plan assets at the beginning of the year 110.58 0.43 – 110.41 0.40 –
2 Expected return on plan assets 7.74 0.14 – 7.88 0.03 –
3 Contribution by employer 20.61 3.42 – 4.54 0.73 –
4 Transfers – – – – – –
5 Actual benefits paid (11.51) (0.10) – (11.65) (0.73) –
6 Actuarial gains / (losses) 0.46 (0.10) – (0.60) – –
7 Plan assets at the end of the year 127.88 3.79 – 110.58 0.43 –
8 Actual return on plan assets 8.20 0.04 – 7.28 0.03 –
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

46 Gratuity and Other Post employment Benefit Plans (Contd..)


		2020-21			2019-20
Particulars	GRATUITY (Funded)	PENSION (Funded)	PRMB (Unfunded)	GRATUITY (Funded)	PENSION (Funded)
V The major categories of plan assets as a percentage of the fair value of total plan assets
Investments with insurer (except for few components which are unfunded)	100%	100%	–	100%	100%
VI Maturity profile of the defined benefit obligation
Weighted average duration of the defined benefit obligation	3-12 years	2 years	9 years	3-11 years	3 years
Expected benefit payments for the year ending
Not later than 1year	12.59	1.01	0.39	9.13	0.69
Later than 1 year and not later than 5 years	56.21	2.57	1.73	55.14	2.69
More than 5years	89.52	0.96	2.17	78.79	1.09
VII Actuarial Assumptions 1 Discount rate 2 Mortality pre retirement 3 Employee turnover rate 4 Expected increase in salary – executive staff – other management staff – non-management staff VIIIIn 2021-22 the Group expects to contribute`H` to Pension.

IX Healthcare cost trend rates have no effect on the amounts recognised in the Statement of Profit and Loss, since the benefit is in the form of a fixed amount as per the various grades, which is not subject to change.
X The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
XI The Group’s Contribution to Provident and Other Funds includes H 48.97 crs (2019-20: H 49.46 crs) paid towards defined contribution plans.

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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

XII Net asset / (liability) recognised in the Balance Sheet and experience actuarial (gain) / loss on plan assets and liabilities

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
1 Gratuity
Defined benefit obligation 144.00 135.55
Plan assets 127.88 110.58
Surplus / (deficit) (16.12) (24.97)
Experience (gain) / loss adjustments on plan liabilities 1.30 3.92
Experience gain / (loss) adjustments on plan assets 0.46 (0.60)
2 Pension
Defined benefit obligation 3.96 3.85
Plan assets 3.79 0.43
Surplus / (deficit) (0.17) (3.42)
Experience (gain) / loss adjustments on plan liabilities (0.04) 0.21
Experience gain / (loss) adjustments on plan assets (0.10) –
3 Post-retirement medical benefit
Defined benefit obligation 4.96 4.93
Experience (gain) / loss adjustments on plan liabilities (0.02) (0.18)
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XIII The basis of various assumptions used in actuarial valuations and their quantitative sensitivity analysis is as shown below:

( H in Crores)

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March 31, 2021 March 31, 2020
Assumptions Discount rate (a) Discount rate (a)
Sensitivity level 1% increase 1% decrease 1% increase 1% decrease
Impact on retiral benefits (10.26) 11.70 (9.87) 11.29
Assumptions Future salary increases (b) Future salary increases (b)
Sensitivity level 1% increase 1% decrease 1% increase 1% decrease
Impact on retiral benefits 10.70 (9.63) 10.21 (9.20)
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(a) Based on interest rates of government bonds
(b) Based on management estimate

47 Commitments and contingencies

( H in Crores)

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Particulars March 31, 2021 March 31, 2020
(i) Capital and other commitments
Commitment for acquisition of fixed assets 756.83 599.16
Commitment for investment 31.30 49.85
788.13 649.01
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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
(ii) Contingent liabilities
Guarantees excluding financial guarantees
Outstanding bank guarantees / indemnity bonds 72.00 71.19
Claims against the Group not acknowledged as debt
Sales tax demands 7.84 9.63
Excise duty demands 4.82 4.82
Service tax demands 253.56 253.56
Income tax demands 4.20 4.23
Contractual obligation related to insurance business
Policy claims under dispute 35.01 28.39
Claim under arbitration [refer note (i)] 74.20 66.04
Claim from a landlord, an appeal whereby is pending in Hon’ble Bombay High Court Not Ascertainable Not Ascertainable
451.63 437.86
(i) Kotak Mahindra Bank Ltd. (erstwhile ING Vysya Bank Ltd) has invoked Arbitration proceedings against the Exide Life
Insurance Co. Ltd (ELI) as per the Corporate Agency Agreement for payment of renewal commission post termination of
agency agreement by them. ELI has maintained that as per law, no renewal commission is payable to Kotak Mahindra
Bank Ltd. (Erstwhile ING Vysya Bank Ltd) since the Corporate Agency was terminated by Kotak Mahindra Bank itself and
on account of Kotak Mahindra Bank Ltd. becoming the corporate agent of Kotak Mahindra Old Mutual Life Insurance Ltd,
post issuance of NOC by ELI. ELI’s stance is supported by opinions from reputed firm of Advocates and Solicitors. The
disputed amount for the period beginning 01.12.2014 to 31.03.2021 is H 66.04 crs.
48 Details of dues to micro and small enterprises as defined under the Micro, Small And Medium
Enterprises Development Act, 2006 (MSMED Act)
( H in Crores)
Particulars 2020-21 2019-20
Principal and interest amount remaining unpaidpal and interest amount remaining unpaidal and interest amount remaining unpaidg unpaid unpaidpaidaid
- Principalpalal 287.46 132.78
- Interest – –
The amount of interest paid by the Company in terms of Section 16 of the – 0.02
MSMED Act alongwith the amount of the payment made to the supplier beyond
the appointed date during the year.ppointed date during the year.ointed date during the year.g the year. the year.year.ear.
Overview Corporate
Reports Statutory
Statements Financial
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Particulars 2020-21 2019-20
Principal and interest amount remaining unpaidpal and interest amount remaining unpaidal and interest amount remaining unpaidg unpaid unpaidpaidaid
- Principalpalal 287.46 132.78
- Interest – –
The amount of interest paid by the Company in terms of Section 16 of the – 0.02
MSMED Act alongwith the amount of the payment made to the supplier beyond
the appointed date during the year.ppointed date during the year.ointed date during the year.g the year. the year.year.ear.
– –
The amount of the payments made to micro and small suppliers beyond the
appointed day during each accounting year.
– –
The amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under MSMED Act.
– –
The amount of interest accrued and remaining unpaid at the end of each
accounting year.
The amount of further interest remaining due and payable even in the succeeding 0.14 0.14
years, until such date when the interest dues above are actually paid to the
small enterprise, for the purpose of disallowance of a deductible expenditure
under section 23 of the MSMED Act.
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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

49 Related Party Disclosure:

i ) Particulars of related parties :

A. Where control exists

Enterprise / Individuals having a Chloride Eastern Limited, UK. (CEL) direct or indirect control over the Chloride Eastern Industries Pte Limited, Singapore (CEIL) Group LIEC Holdings SA, Switzerland Mr. S. B. Raheja

B. Where significant influence exists

Associates CSE Solar Sunpark Maharashtra Private Limited (CSSMPL) CSE Solar Sunpark Tamil Nadu Private Limited (CSSTPL) Greenyana Solar Private Limited (GSPL)

C. Others

1 Key Management Personnel Mr. Bharat D. Shah, Director Mr. R. B. Raheja, Director Mr. G Chatterjee, Whole Time Director Mr. Subir Chakraborty, Whole Time Director Mr. Nawshir H. Mirza, Director (upto October 27, 2020) Mr. Vijay Agarwal, Director (upto August 3, 2019 in EIL) Mr. Sudhir Chand, Director Ms. Mona N. Desai, Director Mr. Surin S. Kapadia, Director Mr. A K Mukherjee, Whole Time Director Mr. Arun Mittal, Whole Time Director Mr. Jitendra Kumar, Company Secretary Mr. Kshitij Jain, Managing Director & Chief Executive Officer (ELI) Mr. C Anil Kumar, Chief Financial Officer (ELI) (till August 14, 2020) Mr. Rajendra Prasad, Chief Financial Officer (ELI) (w.e.f. February 11, 2021) Mr. Atanu Sen, Director (ELI) Mr. Vinayak Aggarwal, Director (ELI) Mr. Manas Ranjan Panda , Company Secretary & CCO (ELI) (till November 10, 2020) Mr. Ankit Singhal, Company Secretary & CCO (ELI) (w.e.f. January 20, 2021) Mr. Rangarajan B N, Appointed Actuary & CRO (ELI)
2 Name of the Entities in which Shalini Construction Company Private Limited (Shalini Construction) Individuals with direct/indirect Peninsula Estates Private Limited (Peninsula Estates) control over the Group have Raheja QBE General Insurance Company Limited (Raheja QBE) significant influence or is a Asianet Satellite Communication Private Limited member of Key Managerial Prism Johnson Ltd (earlier Prism Cement Ltd.) Personnel with whom Juhu Beach Resort Limited transactions have happened Sonata Software Limited during the year Outlook Publishing (India) Private Limited Hathway Investment Private Limited
3 Employees Trusts where there The Chloride Officers’ Provident Fund (COPF) is significant influence Exide Life Insurance Employee Group Gratuity cum Life Assurance Scheme (Trust) (ELI-EGGLAS)

Notes to Consolidated Financial Statements for the year ended March 31, 2021

49 Related Party Disclosure (Contd..):

ii) Details of transactions entered into with the related parties :

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( H in Crores)
Enterprise/ Enterprise / Key Entities in which Employees Total
Individuals Individuals management Individuals with Trust
direct/indirect control
having on which personnel
over the Group have
direct or there is significant influence
indirect significant or is a member of Key
control influence Managerial Personnel
Particulars Transaction Transaction Transaction Transaction value Transaction Transaction
value value value value value
Reports Statutory
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Technical Assistance Expenses
- Chloride Eastern Industries Pte Ltd.	0.14	–	–	–	–
	(0.13)	–	–	–	–
Life insurancepremium received
- ELI-EGGLAS	–	–	–	–	2.00
	-	–	–	–	(14.00)
- Raheja QBE	–	–	–	0.11	–
	-	–	–	(0.08)	–
- Asianet Satellite Communication Private Limited	–	–	–	–	–
	-	–	–	(0.13)	–
- Juhu Beach Resort Limited	–	–	–	–	–
	-	–	–	(0.03)	–
- Sonata Software Limited	–	–	–	0.32	–
	-	–	–	(0.32)	–
- Outlook Publishing (India) Private Limited	–	–	–	0.01	–
	-	–	–	(0.01)	–
- Prism Johnson Limited	–	–	–	6.92	–
	-	–	–	(1.42)	–
- Key Management Personnel	–	–	0.22	–	–
	-	–	(0.14)	–	–
Benefitspaid
- ELI-EGGLAS	–	–	–	–	2.70
	-	–	–	–	(2.39)
- Hathway Investments Private Limited	–	–	–	0.02	–
	-	–	–	–	–
- Juhu Beach Resort Limited	–	–	–	0.06	–
	-	–	–	–	–
- Outlook Publishing (India) Private Limited	–	–	–	0.02	–
	-	–	–	–	–
- Asianet Satellite Communication Private Limited	–	–	–	0.29	–
	-	–	–	–	–
- Sonata Software Limited	–	–	–	0.90	–
	-	–	–	(0.60)	–
- Prism Johnson Limited	–	–	–	1.97	–
	-	–	–	(1.69)	–
- Key Management Personnel	–	–	0.03	–	–
	-	–	–	–	–

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Notes to Consolidated Financial Statements

for the year ended March 31, 2021

ii) Details of transactions entered into with the related parties : (Contd..)

( H in Crores)

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Enterprise/ Enterprise / Key Entities in which Employees Total
Individuals Individuals management Individuals with Trust
direct/indirect control
having on which personnel
over the Group have
direct or there is significant influence
indirect significant or is a member of Key
control influence Managerial Personnel
Particulars Transaction Transaction Transaction Transaction value Transaction Transaction
value value value value value
----- End of picture text -----

Contributions to employees benefit plans
- COPF	–	–	–	–	22.58	22.58
	-	–	–	–	(22.12)	(22.12)
- ELI-EGGLAS	–	–	–	–	2.00	2.00
	-	–	–	–	–	–
Purchase of Electricity
- CSSMPL	–	7.87	–	–	–	7.87
	-	–	–	–	–	–
- CSSTPL	–	13.53	–	–	–	13.53
	-	–	–	–	–	–
Rent and Maintenance Costs
- Shalini Construction	–	–	–	0.71	–	0.71
	-	–	–	(0.71)	–	(0.71)
- Peninsula Estates	–	–	–	0.18	–	0.18
	-	–	–	(0.18)	–	(0.18)
Insurance Expenses
- Raheja QBE	–	–	–	0.01	–	0.01
	-	–	–	(0.02)	–	(0.02)
Investments during theyear
- CSSMPL	–	–	–	–	–	–
	-	(7.24)	–	–	–	(7.24)
- CSSTPL	–	–	–	–	–	–
	-	(10.87)	–	–	–	(10.87)
- GSPL	–	–	–	–	–	–
	-	(5.25)	–	–	–	(5.25)
Remuneration *
Short term employee benefits (includingcommission and sittingfees)	–	–	23.95	–	–	23.95
	-	–	(20.16)	–	–	(20.16)
Post retirement benefits	–	–	1.62	–	–	1.62
	-	–	(1.55)	–	–	(1.55)

Does not include post-employment benefit based on actuarial valuation as this is done for the Company as a whole.

Transaction amount disclosed above are inclusive of tax, wherever applicable

figures for the previous years are in brackets

Notes to Consolidated Financial Statements for the year ended March 31, 2021

iii) Details of amounts due to or due from related parties as at March 31, 2021 and March 31, 2020 are as follows:

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( H in Crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
Electricity Charges Payables
- CSSMPL 1.88 0.43
- CSSTPL 3.13 0.02
Contribution to Employees Benefit Plans payable
- COPF 1.94 1.86
Amounts due to Key Managerial Personnel (Short term employee benefits) 11.23 5.91
Overview Corporate
Reports Statutory
----- End of picture text -----

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended March 31, 2021, the Group has not recorded any impairment of receivables relating to amounts owed by related parties (PY: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

The assumptions used for calculating the liability are provided below:

50 Actuarial method and assumptions related to insurance business

i. Mortality & morbidity:

Liability for policies in force (‘the Liability’) is determined by the Appointed Actuary in accordance with generally accepted actuarial practice as well as the requirements of the Insurance Act, 1938 and the regulations notified by IRDAI and relevant actuarial practice standards issued by The Institute of Actuaries of India.

Mortality is considered according to the Indian Assured Lives Mortality Table (2012-14) - Modified Ultimate / Annuitant tables a9698 and varies between 66% and 148.5% of the table (last year 66% and 148.5% of Indian Assured Lives Mortality Table (2012-14)/Annuitant table a9698). Morbidity assumption is based on the CIBT 93 Table. The mortality experience for CI rider is 65.5% (Last Year’s 65.5%). For term products, mortality assumption varies between 29.7% - 100% of the Indian Assured Lives Mortality Table (2012-14) - Modified Ultimate (Last Year mortality assumptions for term products were 29.7% - 100% of the Indian Assured Lives Mortality Table (2012-14)).

(a) Traditional individual business

The Liability on a policy is calculated using the ‘Gross Premium Method’, representing the present value of expected future outgo including benefits (including future bonuses for participating policies) and future expenses less present value of expected future premium. Further, a reserve for death claims that may have been Incurred But Not yet Reported to the Company (IBNR) is also maintained. The reserves for the Best Years Retirement Plan, Exide Life New Best Year Retirement Plan,Exide Life Golden Years and Exide Life Assured Return have been set up as the sum of the policy fund balances as at 31 March 2021 plus additional reserves for excess of expenses over policy charges.

ii. Expenses:

Appropriate allowance for maintenance expenses increasing with inflation has been made. Provision for initial and renewal commission has been made at actual rates payable.

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Notes to Consolidated Financial Statements for the year ended March 31, 2021

iii. Valuation discount rate:

ii. Expenses:

Between 6.0% to 7.65% p.a. for all products (Last Year between 6.0% to 7.65% p.a. for all products)

Appropriate allowance for maintenance expenses increasing with inflation has been made. Provision for initial and renewal commission has also been made at actual rates payable.

Assumptions on future bonus rates for participating business have been set to be consistent with valuation interest rate assumptions.

iii. Valuation discount rate (for setting up of Non unit reserve):

iv. Lapses:

4.5% p.a. (last year 4.5% p.a.)

Future policy lapses have been assumed based on the type of policy and the duration for which the policy has been in force. The lapse rates are based on current experience of the Company.

iv. Unit growth rate:
3.5% to 9.5% (last year 3.5% to 8.5%) depending on the type of fund.

Margins for adverse deviation

The assumptions allow for suitable Margins for Adverse Deviation in the mortality, morbidity, expenses, lapses and valuation discount rate assumptions as required under regulations and actuarial practice standards issued by The Institute of Actuaries of India.

The assumptions allow for suitable Margins for Adverse Deviation in the mortality, morbidity, expenses, lapses and valuation discount rate assumptions as required under regulations.

( c) Group business:

(b) Linked individual business

Unearned Premium method for reserving is adopted for the Group yearly renewable term product. The Group Single Premium Mortgage/Credit products and Group Micro Term Insurance have been valued using the Gross Premium Method with allowance for future expected expenses.

The reserves held under the unit-linked products are the fund balances (unit reserve) as at 31 March 2021 plus non-unit reserves. Additional adjustments have also been made to allow for the following:

a) Unearned Premium Reserve in respect of mortality charge/rider charge deducted from the policyholder’s account every month.
Provision for IBNR reserve has also been made as appropriate.
b) IBNR reserve for death claims incurred but not reported to Company as on the valuation date.

(d) Linked group business:

The reserves held under the unit-linked products are the fund balances and non-unit balance as at 31 March 2021.

c) Reserve to meet the guarantees for unit linked products.
d) Non Unit reserves are calculated by discounting future non unit cash flow, determined based on assumptions given below:

(e) Reinsurance credit

All products other than Term/TROP products: The reinsurance credit is calculated on unearned premium basis, based on the expected reinsurance premium outgo.

i. Mortality & Morbidity:

Mortality is considered according to the Indian Assured Lives Mortality Table (2012-14) - Modified Ultimate and is 100% of Indian Assured Lives Mortality Table (2012-14), (last year 100% of the table of Indian Assured Lives Mortality Table (201214)).

Term/TROP products: Reinsurance credit is calculated based on cash-flow projections, by taking credit of expected reinsurance recoverables net of reinsurance premium payable in the future.

Notes to Consolidated Financial Statements for the year ended March 31, 2021

(f) Provision for freelook period

Expected number of free look cancellations is calculated on the basis of the past experience and it is assumed that the business sold three months prior to the valuation date has a potential for cancellation.

An additional reserve is held for policies that are expected to be cancelled during the Free Look period. The method used to estimate this reserve is given below:

The proportion varies by line of business. Based on latest study, the proportion is in the range of ~1%

a) A proportion of New Business Premium income during the period January 2021 to March 2021 is held as reserve.

Discontinued Fund (Unit Linked): As per the regulations, the fund value of lapsed policies is transferred to a separate fund namely, Discontinued Fund (UL), the returns for this funds are guaranteed as per Regulation 11 of IRDAI (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010

b) The proportion is arrived on the basis of actual reserving strain due to free look cancellations at previous year.

Discontinued Fund (VIP Pension): As per the regulations, the fund value of lapsed policies is transferred to a separate fund namely, Discontinued Fund (Pension), the returns for this funds are guaranteed as per Regulation 11 of IRDAI (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010

The proportion is determined as: (Reserving strain from free look cancelled NB policies that are sold during January 2020- March 2020) / (NB Premium Income for the period January 2020 - March 2020)

51 Segment Reporting

The Group’s business has three operating segments based on different products and services: ‘Storage Batteries & allied products’, ‘Solar Lantern & Homelights’ and ‘Life Insurance business’. Storage batteries & allied products and life insurance business are the only reportable segments. Non reportable segment is shown as ‘Others’ as follows:

Operating Segments

March 31, 2021

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----- Start of picture text -----

( H in Crores)
Storage batteries Life Insurance
Particulars Others Total
& allied products business
----- End of picture text -----

Revenue from operations(Gross)	10,342.56	4,937.46	16.87	15,296.89
Segment results	970.86	76.09	(2.53)	1,044.42
Finance costs	–	–	–	(40.48)
Other income	–	–	–	70.45
Profit before exceptional items and tax				1,074.39
Exceptional items	–	–	–	–
Profit before tax				1,074.39
Tax expenses	–	–	–	(271.29)
Profit after tax				803.10
Depreciation and amortization	393.38	40.14	0.14	433.65

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Notes to Consolidated Financial Statements for the year ended March 31, 2021

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----- Start of picture text -----

( H in Crores)
Storage batteries Life Insurance
Particulars Others Total
& allied products business
----- End of picture text -----

Segment assets	7,290.21	18,244.66	27.53	25,562.40
Unallocated assets	–	–	–	3,124.71
Total assets				28,687.11
Segment liabilities	3,009.08	18,121.44	15.49	21,146.01
Unallocated liabilities	–	–	–	222.61
Total liabilities				21,368.62
Additions to non-current assets (other than financial instruments)	795.02	152.22	–	947.24

There are no material non-cash expenditure other than depreciation and amortisation incurred by the group.

March 31, 2020

( H in Crores)

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----- Start of picture text -----

Storage batteries Life Insurance
Particulars Others Total
& allied products business
----- End of picture text -----

Revenue from operations(Gross)	10,162.25	4,287.56	21.20	14,471.01
Segment results	971.81	(15.31)	(8.47)	948.03
Finance costs	–	–	–	(16.33)
Other income	–	–	–	61.88
Profit before exceptional items and tax				993.58
Exceptional items	–	–	–	(21.70)
Profit before tax				971.88
Tax expenses	–	–	–	(209.40)
Profit after tax				762.48
Depreciation and amortization	376.01	41.41	0.16	417.58

( H in Crores)

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----- Start of picture text -----

Storage batteries Life Insurance
Particulars Others Total
& allied products business
----- End of picture text -----

Segment assets	6,565.52	15,563.28	14.86	22,143.66
Unallocated assets	–	–	–	2,223.93
Total assets				24,367.59
Segment liabilities	2,120.50	15,537.28	16.45	17,674.23
Unallocated liabilities	–	–	–	179.10
Total liabilities				17,853.33
Additions to non-current assets (other than financial instruments)	615.47	100.18	–	715.65

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

Geographical Segments

The Group primarily operates in India and therefore the analysis of geographical segment is demarcated into its Indian and Overseas operations as under:

March 31, 2021

March 31, 2021
			(`H`in Crores) Total 15,296.89 4,511.98
Particulars	India	Overseas
Revenue from operations(Gross)	14,328.12	968.77		Statutory Reports
Non-current assets other than financial assets	4,454.79	57.19

March 31, 2020

March 31, 2020
			(`H`in Crores)
Particulars	India	Overseas	Total
Revenue from operations(Gross)	13,537.14	933.87	14,471.01
Non-current assets other than financial assets	3,953.51	60.33	4,013.84

The Group is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

52 Fair values

A. Measurement of fair values

A number of the accounting policies and disclosures require the measurement of fair values of assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. The Management regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the Management assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be classified.

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

There are no material non-cash expenditure other than depreciation and amortisation incurred by the group.

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Annual Report 2020-21

Exide Industries Limited

(`H`in Crores)	Carrying amount Fair value	Note FVTPL Other financial assets - amortised cost FVOCI Other financial liabilities Total carrying amount Level 1 Level 2 Level 3 Total Financial assets - Investments 5,6,11 & 12 3,173.42 10,389.37 5,200.67 – 18,763.46 18,599.79 960.69 36.34 19,596.82	3,173.42 10,389.37 5,200.67 – 18,763.46	Financial assets not measured at fair	value *	Investments - Policy loan 5 & 11 – 533.01 – – 533.01 – – – –	Trade receivables 7 & 13 – 1,076.28 – – 1,076.28 – – – –	Cash and cash equivalents 14 – 342.43 – – 342.43 – – – –	Other bank balances 15 – 11.14 – – 11.14 – – – –	Loans 8 & 16 – 71.93 – – 71.93 – – – –	Other financial assets 17 – 418.95 – – 418.95 – – – –	– 2,453.74 – – 2,453.74	Financial liabilities not measured at fair	value	Borrowings 22 & 29 – – – 138.41 138.41 – 138.41 – 138.41	Trade payables* 23 & 30 – – – 2,381.50 2,381.50 – – – –	Other financial libailities * 24 & 31 – – – 350.37 350.37 – – – –	Lease liabilities * – – – – 370.30 370.30 – – –	- – – 3,240.58 3,240.58	* The Group has not disclosed the fair values of these financial instruments because their carrying amounts are a reasonable approximation of fair value.	Notes to Consolidated Financial Statements	for the year ended March 31, 2021	B. Accounting classifications and fair values (Contd..)	The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy as at	31 March 2020:	(`H`in Crores)	Carrying amount Fair value	Note FVTPL Other financial assets - amortised cost FVOCI Other financial liabilities Total carrying amount Level 1 Level 2 Level 3 Total Financial assets - Investments 5,6,11 & 12 2,195.48 8,902.71 4,228.02 – 15,326.21 15,974.92 113.13 32.84 16,120.89	2,195.48 8,902.71 4,228.02 – 15,326.21	Financial assets not measured at fair	value *	Investments - Policy loan 5 & 11 – 456.89 – – 456.89 – – – –	Trade receivables 7 & 13 – 1,060.94 – – 1,060.94 – – – –	Cash and cash equivalents 14 – 331.47 – – 331.47 – – – –	Other bank balances 15 – 10.13 – – 10.13 – – – –	Loans 8 & 16 – 60.95 – – 60.95 – – – –	Other financial assets 17 – 376.26 – – 376.26 – – – –	– 2,296.64 – – 2,296.64	Financial liabilities not measured at fair	value	Borrowings 22 & 29 – – – 67.38 67.38 – 67.38 – 67.38	Trade payables* 23 & 30 – – – 1,611.31 1,611.31 – – – –	Other financial libailities * 24 & 31 – – – 367.58 367.58 – – – –	Lease liabilities * – – – – 125.85 125.85 – – –	– – – 2,172.12 2,172.12	* The Group has not disclosed the fair values of these financial instruments because their carrying amounts are a reasonable approximation of fair value.	The fair value of investments in unquoted mutual funds and units of venture capital funds (categorised under Level 2 fair value hierarchy) is determined by reference to	quotes from the financial institutions i.e. Net asset value (NAV) for investments in mutual funds/units of venture capital funds as declared by such financial institutions.	The fair value of equity securities designated as Fair value through other comprehensive income is determined using Level 3 inputs like discounted cash flows, net asset	value approach. Significant unobservable inputs comprise long term growth rates, market conditions of the specific industry, etc. However, the changes in the fair values	due to changes in unobservable inputs will not be significant. The fair value of policy loans (Refer Note 5 and 11) is a reasonable approximation of its carrying value.	Overview Reports Statements	Corporate Statutory Financial

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Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

53 Financial risk management objectives and policies

A Related to Business other than insurance

The Group’s financial liabilities comprise short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group’s financial assets include trade and other receivables, cash and cash equivalents and deposits. The Group also holds investments.

The Group has a Risk Management Committee that ensures that risks are identified, measured and managed in accordance with Risk Management Policy of the Group. The Board of Directors also review these risks and related risk management policy.

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

Securities price sensitivity

The following table shows the effect of price changes in securities

Particulars	Changes in price / NAV	Investment	Effect on profit before tax
	%	(`H`in crores)	(`H`in crores)
March 31, 2021	5%	903.04	45.15
	-5%		(45.15)
March 31, 2020	5%	76.79	3.84
	-5%		(3.84)

The market risks, credit risks and liquidity risk are further explained below:

I)

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and other price risk, such as commodity price risk and securities price risk. Financial instruments affected by market risk include investments, trade payables, trade receivables, etc.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities. Such foreign currency exposures are not hedged by the Group. The Group has a treasury department which monitors the foreign exchange fluctuations on the continuous basis and advises the management of any material adverse effect on the Group.

Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. The impact on the Group’s profit before tax is due to changes in the fair value of monetary assets and liabilities.

Particulars	Changes in exchange rate	Foreign currency Receivable /(Payable) (net)	Effect on profit before tax
	%	(`H`in crores)	(`H`in crores)
March 31, 2021	5%	73.79	3.69
	-5%		(3.69)
March 31, 2020	5%	(100.15)	(5.01)
	-5%		5.01

(ii) Securities price risk

(iii) Commodity price risk

The Group is affected by the price volatility of certain commodities. Its operating activity is manufacturing of batteries and therefore requires supply of lead. Due to significant volatility in the lead price, the Group enters into purchase contract with vendors wherein the prices are linked to the quoted London Metal Exchange rates. Similarly, the Group’s selling price of batteries to OEM/institutional customers is linked to such rates. As the Group’s revenue is linked to cost of lead, the impact of change in lead prices on Group’s profit is not expected to be significant.

II) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities primarily trade receivables, except for life insurance business for which credit risk is disclosed separately. Credit risk on cash and cash equivalents, balances with bank and balance in investment is limited as funds are generally invested in mutual funds/ deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies.

Trade receivables

A significant part of the Group’s sales are under the ‘cash and carry’ model which entails no credit risk. For others, an impairment analysis is performed at each reporting date on an individual basis for all the customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data of credit losses. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables disclosed in Note 7 and 13 as the Group does not hold collateral as security. The Group has evaluated the concentration of risk with respect to trade receivables as low, as its customers are from several industries.

The Group’s historical experience of collecting receivables and the level of default indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record of the counterparty etc. Loss allowances and impairment is recognised, where considered appropriate by responsible management.

The Group’s listed and non-listed securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Group manages the securities price risk through diversification and by placing limits on individual and total securities. Reports on the investment portfolio are submitted to the Group’s management on a regular basis. The Group’s Board of Directors reviews and approves all investment decisions.

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Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

The movement of the allowance for impairment in trade receivables is as follows:

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Particulars Expected credit loss
March 31, 2021 March 31, 2020
Opening balance 27.29 10.26
Add: Provisions for expected credit loss 2.82 17.03
Less: Reversals – –
Closing balance 30.11 27.29
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(III) Liquidity risk

Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The Group’s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions.

The Group maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended 31 March 2021 and 31 March 2020. Cash flow from operating activities provides the funds to service the financial liabilities on a day-to-day basis.

The Group regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational needs. Any short term surplus cash generated, over and above the amount required for working capital management and other operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested in interest bearing term deposits and other highly marketable debt investments with appropriate maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet its liabilities.

The following table shows the maturity analysis of the Group’s financial liabilities based on contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.

March 31, 2021

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Contractual cash More than Total Carrying
Particulars
flows 1 year or less 1 year Amount
Liabilities
Borrowings 52.83 85.58 138.41
Trade and other payables 1,944.52 7.83 1,952.35
Other financial liabilities 255.49 8.25 263.74
2,252.84 101.66 2,354.50
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

March 31, 2020

March 31, 2020

Particulars	Contractual cash flows 1 year or less	More than 1 year
Liabilities
Borrowings	58.53	8.85
Trade and otherpayables	1,271.24	5.74
Other financial liabilities	303.52	6.98
	1,633.29	21.57

The maturity analysis of the Company’s lease liabilities based on contractually agreed undiscounted cash flows is given in note 60.

B Related to insurance business

The Group is exposed to financial risk, such as market risk (fluctuations in exchange rates, interest rates and price risk), credit risk and liquidity risk. The general risk management program of the Group focuses on the unpredictability of the financial markets, and attempts to minimize their potential negative influence on the financial performance of the Group. The Group continuously reviews its risk exposures and takes measures to limit it to acceptable levels. The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework.

I) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to Group. Credit risk arises from credit exposures from customers, cash and cash equivalents held with banks and current and non-current debt investments.

The following policies and procedures are in place to mitigate the Group’s exposure to credit risk:

a) Group’s credit risk policy which sets out the assessment and determination of what constitutes credit risk for it. Compliance with the policy is monitored and exposures and breaches are reported to the Group’s risk committee. The policy is regularly reviewed for pertinence and for changes in the risk environment.
b) Net exposure limits are set for each counterparty or group of counterparties, geographical and industry segment (i.e., limits are set for investments and cash deposits, foreign exchange trade exposures and minimum credit ratings for investments that may be held).
c) Reinsurance is placed with counterparties that have a good credit rating and concentration of risk is avoided by following policy guidelines in respect of counterparties’ limits that are set each year by the board of directors and are subject to regular reviews. At each reporting date, management performs an assessment of creditworthiness of reinsurers and updates the reinsurance purchase strategy, ascertaining suitable allowance for impairment.
d) The Group sets the maximum amounts and limits that may be advanced to corporate counterparties by reference to their long–term credit ratings.

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Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

The table below provides information regarding the credit risk exposure of the Group by classifying assets according to the credit ratings of the counterparties. AAA is the highest possible rating. Assets that fall outside the range of AAA to BBB are classified as speculative grade.

March 31, 2021

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( H in Crores)
Particulars AAA AA AA- D Not rated Unit linked Total
a) Financial Instruments :-
Amortized cost financial assets
- Debt securities 10,376.38 10.00 – – 533.01 – 10,919.39
Financial assets at FVTOCI
- Debt securities 4,622.85 – 10.71 – – – 4,633.56
- Equity securities – – – – 491.81 – 491.81
Financial assets at FVTPL
- Debt securities – – – – – 841.09 841.09
- Equity securities – – – – 96.21 1,286.04 1,382.25
- Mutual Funds – – – – 47.04 – 47.04
18,315.14
b) Reinsurance assets – – – – 271.20 – 271.20
c) Insurance receivables – – – – 150.98 – 150.98
d) Cash and short term deposits 232.90 – – – – – 232.90
Total credit risk exposure 15,232.13 10.00 10.71 – 1,590.25 2,127.13 18,970.22
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Particulars AAA AA AA- D Not rated Unit linked Total
a) Financial Instruments :-
Amortized cost financial assets
- Debt securities 8,889.78 10.00 – – 456.89 – 9,356.67
Financial assets at FVTOCI
- Debt securities 3,850.33 – 15.70 – – – 3,866.03
- Equity securities – – – – 304.37 – 304.37
Financial assets at FVTPL
- Debt securities – – – – – 844.88 844.88
- Equity securities – – – – 58.88 754.61 813.49
- Mutual Funds – – – – 381.34 78.98 460.32
15,645.76
b) Reinsurance assets – – – – 138.96 – 138.96
c) Insurance receivables – – – – 197.00 – 197.00
d) Cash and short term deposits 159.09 – – – – – 159.09
Total credit risk exposure 12,899.20 10.00 15.70 – 1,537.44 1,678.47 16,140.81
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II) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. In respect of catastrophic events, there is also a liquidity risk associated with the timing differences between gross cash out–flows and expected reinsurance recoveries.

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

Liquidity risk is held at low levels through effective cash flow management and availability of adequate cash. Cash flow forecasting is performed internally by rolling forecasts of the Group’s liquidity requirements to ensure that it has sufficient cash to meet operational needs, to fund scheduled investments and comply with other covenants.

The following policies and procedures are in place to mitigate the Group’s exposure to liquidity risk:

a) Group’s liquidity risk policy which sets out the assessment and determination of what constitutes liquidity risk for the Group. Compliance with the policy is monitored and exposures and breaches are reported to the Group’s risk committee. The policy is regularly reviewed for pertinence and for changes in the risk environment.
b) Guidelines are set for asset allocations, portfolio limit structures and maturity profiles of assets, in order to ensure sufficient funding available to meet insurance and investment contracts obligations.
c) Contingency funding plans are in place, which specify minimum proportions of funds to meet emergency calls as well as specifying events that would trigger such plans.

The table below details the Group’s remaining contractual maturity for its financial liabilities. The contractual cash flows reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.

March 31, 2021

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Particulars Contractual cash flows Total carrying
1 year or less 1 year to 5 years 5 years or more value
Assets
Amortized cost financial assets 263.82 423.33 10,232.24 10,919.39
Financial assets at FVTOCI 66.85 718.52 4,340.00 5,125.37
Financial assets at FVTPL 252.67 202.72 1,814.99 2,270.38
Loans and receivables 4.15 – 24.86 29.01
Reinsurance assets – – 271.20 271.20
Insurance receivables 150.98 – – 150.98
Other financial assets 366.90 – – 366.90
Cash and cash equivalents 232.90 – – 232.90
Total 1,338.27 1,344.57 16,683.29 19,366.13
Liabilities
Insurance contract liabilities :
with DPF (661.93) (711.87) 40,590.19 39,216.39
without DPF (377.13) 504.80 11,491.25 11,618.92
Investment contract liabilities :
with DPF – – – –
without DPF 125.57 299.56 485.54 910.67
Trade payables 429.15 – – 429.15
Other financial liabilities 86.27 – 0.36 86.63
Other liabilities 43.05 – – 43.05
Total (355.02) 92.49 52,567.34 52,304.81
Total liquidity gap (1,693.29) (1,252.08) 35,884.05 32,938.68
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

March 31, 2020

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( H in Crores)
Particulars Contractual cash flows Total carrying
1 year or less 1 year to 5 years 5 years or more value
Assets
Amortized cost financial assets 127.82 367.42 8,861.44 9,356.68
Financial assets at FVTOCI 62.82 422.33 3,685.25 4,170.40
Financial assets at FVTPL 685.38 107.45 1,325.86 2,118.69
Loans and receivables 3.23 – 18.56 21.79
Reinsurance assets – – 138.96 138.96
Insurance receivables 197.00 – – 197.00
Other financial assets 348.87 – – 348.87
Cash and cash equivalents 159.09 – – 159.09
Total 1,584.21 897.20 14,030.07 16,511.48
Liabilities
Insurance contract liabilities :
with DPF (721.25) (925.69) 38,079.77 36,432.83
without DPF (435.47) (41.13) 10,586.57 10,109.97
Investment contract liabilities :
with DPF – – – –
without DPF 92.40 379.85 533.53 1,005.78
Trade payables 334.33 – – 334.33
Other financial liabilities 56.72 – 0.36 57.08
Other liabilities 35.72 – – 35.72
Total (637.55) (586.97) 49,200.23 47,975.71
Total liquidity gap (2,221.76) (1,484.17) 35,170.16 31,464.23
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III) Market risk

for the Group. Compliance with these policies is monitored and exposures and breaches are reported to the Group’s risk committee. The policy is regularly reviewed for pertinence and for changes in the risk environment.

Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity/commodity prices – will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

ii) Guidelines are set for asset allocation and portfolio limit structure, to ensure that assets back specific policyholders’ liabilities and that assets are held to deliver income and gains for policyholders which are in line with their expectations and management of interest sensitivity of products sold. Market risk is also managed by setting risk limits such as Earnings at Risk and Regulatory capital at risk and risk is managed to be within these limits.

The Group is primarily exposed to risk arising due to changes in interest rates and equity prices impacting the Group’s value of holdings of financial instruments.

The following policies and procedures are in place to mitigate the Group’s exposure to market risk:

iii) The Group stipulates diversification benchmarks by type of instrument , as it is exposed to guaranteed benefits when interest rates fall.
i) Group’s Investment policy and liquidity risk policy which sets out the assessment and determination of what constitutes market risk

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

III) a. Currency risk

of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in market interest rates. The Group’s ALM policy requires it to manage interest rate risk by maintaining an appropriate mix of instruments. The policy also requires it to manage the maturities of interest bearing financial assets and interest bearing financial liabilities. The Group monitors the Duration Gap and cash flow matching on regular basis to manage this risk.

”Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.” The Group has no significant concentration of currency risk.

III) b. Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values

Exposure to interest rate risk

The Group’s interest rate risk primarily arises on account of investments in interest bearing securities. The interest rate profile of the Group’s interest-bearing financial instruments as reported to the management of the Group is as follows.

	. (`H`in Crores) Carrying amount March 31, 2021 March 31, 2020 11,679.89 9,849.12 1,032.91 1,018.76 2,983.34 2,679.37 702.51 520.33 (17,510.46) (14,987.35) (1,111.81) (919.77) Financial Statements

Particulars	March 31, 2021
Fixed-rate instruments
Financial assets :
a) Government securities and government guaranteed bonds includingtreasurybills	11,679.89
b)Debentures/ bonds	1,032.91
c)Investments in infrastructure and social sector bonds	2,983.34
d)Others(CBLO & PolicyLoan)	702.51
Financial liabilities	(17,510.46)
	(1,111.81)

III) c. Equity price risk

IV) Operational risks

Equity price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in equity prices (other than those arising from interest rate or foreign exchange rate risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. The Group’s equity price risk exposure relates to financial assets and financial liabilities whose values will fluctuate as a result of changes in market prices, principally investment securities not held for the account of unit–linked business. The Group’s Investment Mandates require it to manage such risks by setting and monitoring objectives and constraints on investments, diversification plans, limits on investments in each sector, security and market and exploration of use of any derivative financial instruments.

Operational risk is the risk of loss arising from system failure, human error, fraud or external events. When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory implications or can lead to financial loss. The Group cannot expect to eliminate all operational risks, but by initiating a rigorous control framework and by monitoring and responding to potential risks, the Group is able to manage the risks. Controls include effective segregation of duties, access controls, authorisation and reconciliation procedures, staff education and assessment processes, including the use of internal audit. Business risks such as changes in environment, technology and the industry are monitored through the Group’s strategic planning and budgeting process.

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

54 Capital Management

The Group’s objective when managing capital (defined as net debt and equity) is to safeguard the Group’s ability to continue as a going concern in order to provide returns to shareholders and benefit for other stakeholders, while protecting and strengthening the balance sheet through the appropriate balance of debt and equity funding. The Group manages its capital structure and makes adjustments to it, in light of changes to economic conditions and strategic objectives of the Group.

55 Movement of Policyholders’ Funds, Funds for Discontinued Policies, Funds for Future Appropriation and Embedded Derivative liability

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Movement during the year ended March 31, 2021 Movement during the year ended March 31, 2020
Linked Linked
Particulars With DPF Others Total With DPF Others Total
Business Business
Gross Liability at the beginning of the year 8,118.79 1,557.00 4,342.44 14,018.23 6,892.94 1,835.65 3,610.23 12,338.82
Add/(Less)
Expected Premium 1,201.28 117.41 638.27 1,956.96 1,513.56 151.09 958.76 2,623.41
Unwinding of the discount/ 395.85 603.85 304.68 1,304.38 967.44 (159.50) 443.37 1,251.31
interest credited
– – – – – – – –
Changes in valuation for expected
future benefits
Insurance liabilities released (529.28) (359.92) (194.58) (1,083.78) (1,520.19) (353.39) (857.31) (2,730.89)
Undistributed participating 52.94 – – 52.94 201.54 – – 201.54
policyholders surplus
Others - Non-unit liabilities 36.65 50.12 161.73 248.50 63.50 83.15 187.39 334.04
Gross Liability at the end of the year 9,276.23 1,968.46 5,252.54 16,497.23 8,118.79 1,557.00 4,342.44 14,018.23
Recoverable from Reinsurance (0.30) (0.04) (270.86) (271.20) (1.64) (0.10) (137.22) (138.96)
Net Liability 9,275.93 1,968.42 4,981.68 16,226.03 8,117.15 1,556.90 4,205.22 13,879.27
Closing UPPS included in gross 393.94 – – 393.94 343.04 – – 343.04
liability at the end of the year
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Notes to Consolidated Financial Statements for the year ended March 31, 2021

57 Additional information in respect of net assets, profit / loss and other comprehensive income of each entity within the Group and their proportionate share of the totals

( H in Crores)

Name of the entity	As at March 31, 2021 Net Assets, i.e. Total assets minus total liabilities	2020-21 Share in Profit or Loss	2020-21 Share in Other Comprehensive Income	2020-21 Share in Total Comprehensive Income
	As % of Consolidated net assets Amount (`H`in Crores)	As % of Consolidated Profit Amount (`H`in Crores)	As % of Consolidated OCI Amount (`H`in Crores)	As % of Consolidated OCI Amount (`H`in Crores)
Parent
Exide Industries Limited (EIL)	94.19% 6,893.51	94.42% 758.28	5.33% 9.12	78.77% 767.40
Indian Subsidiaries
Chloride International Limited (CIL)	0.09% 6.49	0.06% 0.52	– –	0.05% 0.52
Chloride Power Systems & Solutions Ltd. (CPSSL)	-0.02% (1.44)	-0.22% (1.80)	0.06% 0.11	-0.17% (1.69)
Chloride Metals Ltd. (CML)	2.45% 179.51	1.74% 14.00	0.03% 0.05	1.44% 14.05
Exide Leclanche EnergyPrivate Limited (ELEPL)	2.12% 154.79	-1.77% (14.20)	– –	-1.46% (14.20)
Exide Life Insurance CompanyLimited (ELI)	20.24% 1,481.42	8.68% 69.67	93.85% 160.60	23.64% 230.27
Foreign Subsidiaries
Chloride Batteries S. E. Asia Pte Ltd. (CBSEA) & its wholly owned subsidiary (Exide Batteries Pvt. Ltd.)	0.78% 56.72	-0.74% (5.94)	– –	-0.61% (5.94)
Espex Batteries Limited (ESPEX)	0.18% 13.07	0.21% 1.67	– –	0.17% 1.67
Associated Battery Manufacturers (Ceylon) Ltd. (ABML)	0.03% 2.10	-0.56% (4.46)	– –	-0.46% (4.46)
Non-controllinginterest in all subsidiaries	0.63% 46.22	-0.85% (6.80)	– –	-0.70% (6.80)
Adjustment arisingout of consolidation	-20.69% (1,513.90)	-0.97% (7.84)	0.73% 1.25	-0.67% (6.59)
Total	100% 7,318.49	100% 803.10	100% 171.13	100% 974.23

58 Reconciliation of liabilities from financing activities

( H in Crores)

56 Movement of Investment Contracts Liabilities

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Movement during the year ended Movement during the year ended
March 31, 2021 March 31, 2020
Linked Linked
Particulars Others Total Others Total
Business Business
At the beginning of the year 141.42 848.60 990.02 191.23 882.46 1,073.69
Additions
Premium 54.82 24.87 79.69 28.88 31.68 60.56
Interest & Bonus credited to policyholders 35.42 66.30 101.72 (0.95) 72.08 71.13
Deductions
Withdrawals/ claims 42.40 149.95 192.35 77.45 136.73 214.18
Fee Income & other expenses 0.92 0.74 1.66 0.29 0.89 1.18
At the end of the year 188.34 789.08 977.42 141.42 848.60 990.02
----- End of picture text -----

Particulars	Year	Opening balance	Cash Changes	Non-cash changes	Closing balance
a)Borrowings*	2020-21	70.65	71.06	(3.30)	138.41
Borrowings*	2019-20	89.02	(17.75)	(0.62)	70.65
b)Lease liability	2020-21	125.85	(58.03)	302.48	370.30
	2019-20	104.70	(35.75)	56.90	125.85

Non-cash changes to borrowings represents foreign exchange fluctuations

Non-cash changes of lease liabilitiy contitutes of the following:

Non-cash changes of lease liabilitiy contitutes of the following:
		(`H`in Crores)
Particulars	March 31, 2021	March 31, 2020
Lease liabilities recognised duringtheyear	277.68	47.07
Lease liabilities derecognised duringtheyear(net off adjustment on derecognition)	(2.79)	(2.07)
Interest expenses recognised duringtheyear	27.47	11.91
Impact of Foreign Exchange	0.11	–
	302.47	56.91

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

of additional death benefits may be provided by cancellation of units or through supplementary term assurance contracts. Certain personal pension plans also include contribution protection benefits that provide for payment of contributions on behalf of policyholders in periods of total disability.

59 Insurance risk framework

The principal risk the Group faces under insurance contracts is that the actual claims and benefit payments or the timing thereof, differ from expectations. This is influenced by the frequency of claims, severity of claims, actual benefits paid and subsequent development of long–term claims. Therefore, the objective of the Group is to ensure that sufficient reserves are available to cover these liabilities.

Guaranteed annuities are single premium products which pay a specified payment to the policyholder while they are alive. Payments are generally fixed for the lifetime.

The risk exposure is mitigated by diversification across a large portfolio of insurance contracts and geographical areas. The variability of risks is also improved by careful selection and implementation of underwriting strategy guidelines, as well as the use of reinsurance arrangements.

Death benefits of endowment products are subject to a guaranteed minimum amount. The maturity value usually depends on the investment performance of the underlying assets or may be fixed at inception. For contracts with DPF the guaranteed minimum may be increased by the addition of bonuses. These are set at a level that takes account of expected market fluctuations, such that the cost of the guarantee is generally met by the investment performance of the assets backing the liability. However, in circumstances where there has been a significant fall in investment markets, the guaranteed maturity benefits may exceed investment performance and these guarantees become valuable to the policyholder. Certain pure endowment pensions contain the option to apply the proceeds towards the purchase of an annuity earlier than the date shown on the contract or to convert the contract to ‘paid up’ on guaranteed terms. The mortgage protection contracts offered by the Group provide pure risk cover only.

The Group purchases reinsurance as part of its risks mitigation programme. Reinsurance ceded is placed on both a proportional and non–proportional basis. The majority of proportional reinsurance is surplus reinsurance which is taken out to reduce the overall exposure of the Group to certain classes of business.

Life insurance contracts and investment contracts with DPF

Life insurance contracts offered by the Group include: whole life, term assurance, conventional endowment, deferred pensions, non-guaranteed annuity pensions, pure endowment pensions and mortgage protection. Investment contracts with DPF offered by the Group are deferred pensions.

The main risks that the Group is exposed to are as follows:

Whole life, endowment and term assurance are conventional regular premium products when lump sum benefits are payable on death or permanent disability and most of the products have Surrender Value.

Mortality risk – risk of loss arising due to policyholder death experience being different than expected
Morbidity risk – risk of loss arising due to policyholder health experience being different than expected

Pensions are contracts where retirement benefits are converted to a form of annuity payable at retirement age. If death occurs before retirement, contracts generally return the value of the fund accumulated or premiums. Some of the contracts give the policyholder the option at retirement to take the annuity from open market allowing the policyholders the option of availing the highest available annuity from market. Under unitised pensions, a percentage of the premium is applied towards the purchase of accumulation units in one or more of the internal linked funds. Provision

Longevity risk – risk of loss arising due to the annuitant living longer than expected
Investment return risk – risk of loss arising from actual returns being different than expected
Expense risk – risk of loss arising from expense experience being different than expected

Notes to Consolidated Financial Statements for the year ended March 31, 2021

Policyholder decision risk – risk of loss arising due to policyholder experiences (lapses and surrenders) being different than expected
These risks do not vary significantly in relation to the location of the risk insured by the Group, type of risk insured or by industry.

The Group’s underwriting strategy is designed to ensure that risks are well diversified in terms of type of risk and level of insured benefits. This is largely achieved through diversification across industry sectors and geography, the use of medical screening in order to ensure that pricing takes account of current health conditions and family medical history, regular review of actual claims experience and product pricing, as well as detailed claims’ handling procedures.

The following tables show the concentration of life insurance contract liabilities and investment contract liabilities with DPF by type of contract.

March 31, 2021

( H in Crores)

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Gross Net
Insurance Total gross Insurance Insurance Net of insurance
Insurance contract
contract insurance contract contract and contract contract liabilities
Name of the entity and investment
liabilities liabilities and investment liabilities and investment
contract liabilities
without investment contract contract liabilities without contract liabilities
with DPF
DPF liabilities with DPF with DPF DPF with DPF
Whole life 2,241.39 – 2,241.39 2,241.39 – 2,241.39
Term assurance – 605.93 605.93 – 335.46 335.46
Guaranteed annuity pensions – – – – – –
Pure endowment pensions – – – – – –
Mortgage endowments – – – – – –
Total life insurance 6,640.84 6,655.95 13,296.79 6,640.55 6,655.52 13,296.07
Unitised pensions – – – – – –
Total investment contracts with DPF – 936.59 936.59 – 936.59 936.59
Total 8,882.23 8,198.47 17,080.70 8,881.94 7,927.57 16,809.51
March 31, 2020
( H in Crores)
Gross Net
Insurance Total gross Insurance Insurance Net of insurance
Insurance contract
contract insurance contract contract and contract contract liabilities
Name of the entity and investment
liabilities liabilities and investment liabilities and investment
contract liabilities
without investment contract contract liabilities without contract liabilities
with DPF
DPF liabilities with DPF with DPF DPF with DPF
Whole life 1,975.74 – 1,975.74 1,975.74 – 1,975.74
Term assurance – 332.98 332.98 – 195.82 195.82
Guaranteed annuity pensions – – – – – –
Pure endowment pensions – – – – – –
Mortgage endowments – – – – – –
Total life insurance 5,801.96 5,566.47 11,368.43 5,800.32 5,566.31 11,366.63
Unitised pensions – – – – – –
Total investment contracts with DPF – 990.02 990.02 – 990.02 990.02
Total 7,777.70 6,889.47 14,667.17 7,776.06 6,752.15 14,528.21
Statements Financial
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The geographical concentration of the Group’s life insurance contract liabilities and investment contract liabilities with DPF is within India only.

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Exide Industries Limited

Notes to Consolidated Financial Statements for the year ended March 31, 2021

59 Insurance risk framework (Contd..)

The assumptions that have substantial impact on statement of financial position and Statement of Profit and Loss of the Group are listed below :

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( H in (absolute amount))
Portfolio Mortality and
Persistency Investment return Expenses
assumptions morbidity rates
by type of
business March 31, March 31, March March March March
March 31, 2021 March 31, 2020
impacting net 2021 2020 31, 2021 31, 2020 31, 2021 31, 2020
liabilities
Non 66% 66% Lapse rate for RP: Lapse rate for RP: 6% to 6% to H 89.96 H 84.57
Participating -224.4% -224.4% 10% in year 1, 5% 10% in year 1, 5% 7.65% 7.65% to H to H
Endowment of LIC of LIC in year 2 and 0% in year 2 and 0% 866.81 833.47
12-14 12-14 thereafter thereafter
Term Plans 100% of 29.7% Lapse rate for RP: Lapse rate for RP: 6.00% 6.00% H 440.37 H 546.38
LIC 12-14 -100% of 10% in year 1, 5% 10% in year 1, 5% to to
LIC 12-14 in year 2 and 0% in year 2 and 0% H 719.26 H 691.14
thereafter thereafter
For LP: 10% in For LP: 10% in
year 1, 3% to 5% year 1, 3% to 5%
in year 2 and 0% in year 2 and 0%
thereafter thereafter
Unit Linked 100% of 100% of Paid-up rates: 24% Paid-up rates: 24% 4.50% 4.50% H 537.14 H 802.09
LIC 12-14 LIC 12-14 year 1,8% year2, year 1,8% year2, to H
24%, year3 ,20%, 24%, year3 ,20%, 834.18
in year 4,5,6 and in year 4,5,6 and
12% thereafter 12% thereafter
Pension 100% of 100% of Paid-up rates 24% Paid-up rates 24% 4.50% 4.50% H 866.81 H 384.69
LIC 12-14 LIC 12-14 to 45% in year1, to 45% in year1, to
6% to 20% in year 6% to 20% in year H 833.47
2 4% to 15% in 2 4% to 15% in
year 3, 4% to 10% year 3, 4% to 10%
in year 4 and 4% in year 4 and 4%
to 5% thereafter to 5% thereafter
Participating 100% - 100% of Lapse rate for RP: Lapse rate for RP: 6.50% 6.50% H 420.29 H 404.13
Endowment 148.5% of LIC 12-14 10% in year 1, 5% 10% in year 1, 5% to H to H
LIC 12-14 in year 2 and 0% in year 2 and 0% 866.81 833.47
thereafter thereafter
For LP: 5% in For LP: 5% in
year 1 and 0% year 1 and 0%
thereafter thereafter
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Sensitivity analysis

The following analysis is performed for reasonably possible movements in key assumptions with all other assumptions held constant, showing the impact on gross and net liabilities, profit before tax and equity. The correlation of assumptions will have a significant effect in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions, assumptions had to be changed on an individual basis.

Notes to Consolidated Financial Statements for the year ended March 31, 2021

Insurance contracts

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( H in Crores)
March 31, 2021 March 31, 2020
Change in Increase/ (decrease) on Increase/ (decrease) on
Particulars
assumptions gross and net liabilities gross and net liabilities
and profit before tax and profit before tax
Mortality/morbidity rate +10% 129.72 158.91
Longevity +10% – –
Investment return +1% – –
Expenses +10% 98.00 72.93
Lapse and surrenders rate +10% (1.93) (3.23)
Discount rate +1% (681.80) (906.28)
Mortality/morbidity rate –10% (121.15) (141.53)
Longevity –10% – –
Investment return –1% – –
Expenses –10% (94.10) (69.34)
Lapse and surrenders rate –10% 1.94 3.25
Discount rate –1% 1,071.06 1,972.84
60 Leases
A. Leases as lessee
i. Short-term / Low-value leases
The Group leases warehouses, office premises, guest houses and equipments which are considered to be short-
term leases. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.
The Group also leases office and IT equipment including its peripheral, computer, modular furniture and fixtures
which are of low-value. The Group has elected not to recognise right-of-use assets and lease liabilities for the same.
Expenses pertaining to the above shot-term and low-value leases recognised in the statement of profit or loss is as
follows:
( H in Crores)
Particulars March 31, 2021 March 31, 2020
Overview Corporate
Reports Statutory
Statements Financial
----- End of picture text -----

==> picture [444 x 92] intentionally omitted <==

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( H in Crores)
Particulars March 31, 2021 March 31, 2020
Expenses relating to short-term leases 45.09 44.84
Expenses relating to leases of low-value assets excluding short-term 5.55 5.95
leases of low value
50.64 50.79
Total cash outflow for leases 108.67 86.54
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Lease payments for short-term leases and leases of low-value assets not included in the measurement of the lease liability are classified as cash flows from operating activities.

It should be noted that movements in these assumptions are non–linear. Sensitivity information will also vary according to the current economic assumptions, mainly due to the impact of changes to both the intrinsic cost and time value of options and guarantees. When options and guarantees exist, they are the main reason for the asymmetry of sensitivities. The method used for deriving sensitivity information and significant assumptions made did not change from the previous period.

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Exide Industries Limited

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

ii. Right-of-use and lease liabilities recognised in the financial statements represents the following:
(a) The Group has leased solar power plant facilities for obtaining solar power in its factories. The lease is for a period of 25 years. The consideration for use of solar power plant is variable based on the electricty units generated by the plants and consumed by the Group. Lease liability has been recognised for the minimum guaranteed payment, as set out in the respective power purchase agreements. The future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities pertaining to variable payments for such power purchase agreements are not expected to be significant.
(b) The Group also leases in the nature of lease/leave and license agreements with different lessors / licensors for land, office premises, vehicles, IT equipments and plant and equipments. These are covered under the definition of leases under Ind AS 116 “Leases”.

The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date.

			(`H`in Crores)
	Particulars	March 31, 2021	March 31, 2020
	Less than oneyear	60.08	32.78
	Between oneyear and fiveyears	183.49	91.60
	More than 5years	507.98	59.24
		751.55	183.62

iii.	Future cash outflows for leases not yet commenced to which the lessee is committed and potentiallyexposed		99.55

The above commitment amount to which the Company is potentially exposed is against the power purchase agreements entered into by the Company with different vendors for obtaining solar power at its various factories.

61 Investments

a) For the insurance business, the Group is maintaining separate funds for Shareholders and Policyholders as per section 11 (1B) of the Insurance Act, 1938. Investments and related incomes are segregated between Participating, Par Pension, Non-Participating, Unit Linked, VIP Non Par Pension, Annuity and Pension funds.

Investments are specifically purchased and held for the policyholders and shareholders independently. The income relating to these investments is recognized in the respective policyholders’ / shareholders’ account.

Notes to Consolidated Financial Statements

for the year ended March 31, 2021

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----- Start of picture text -----

b) For the insurance business, the Group manages its business based on segments viz. Participating, Annuity, VIP Non Par
Pension, Pension Individual, Par Pension, Non Participating, Unit Linked and Shareholders’ Funds driving the business
model test for investments. Accordingly, investments in each of these business have been analysed as a portfolio and
classified/measured accordingly. The classification has been tabulated as under :-
Segment Name Type of Security Classification under Ind AS
Overview Corporate
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62Exceptional item for previous year represents the duty/tax paid under the Sabka Vishwas - (Legacy Dispute Resolution)
Scheme, 2019.
Par, Par Pension, VIP Non Par Pension,
Pension Individual, and Annuity
Debt securities
Amortized cost
Equitysecurities
Fair value through OCI
Mutual Funds
Fair value throughprofit and loss
Non Participating and Shareholders’ funds
Debt securities
Fair value through OCI
Equitysecurities
Fair value throughprofit and loss
Mutual Funds
Fair value throughprofit and loss
Unit linked
All securities
Fair value throughprofit and loss
As per our report of even date.
For B S R & Co. LLP
For and on behalf of Board of Directors ofExide Industries Limited
Chartered Accountants
CIN No.: L31402WB1947PLC014919
Registration Number: 101248W/W-100022
Sd/-
Sd/-
Sd/-
Sd/-
Jayanta Mukhopadhyay
Jitendra Kumar
A. K. Mukherjee
Gautam Chatterjee
Partner
Company Secretary &
Director- Finance & CFO
Managing Director & CEO
Membership No. 055757
EVP (Legal & Administration)
DIN: 00131626
DIN: 00012306
ACS: 11159
Kolkata, 29 April, 2021
Kolkata, 29 April, 2021

Statutory
Reports

Financial
Statements

Investments in securities measured at amortized cost and at fair value through other comprehensive income are recorded on trade date at fair value including acquisition charges (such as brokerage and related taxes), and exclude preacquisition interest paid, if any, on purchase.

Investments in securities measured at fair value through profit and loss are recorded on trade date at fair value with acquisition charges being charged to the Statement of Profit and Loss.

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Exide Industries Limited

Annexure

Form No. AOC - 1

Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures

[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014]

Part “A”: Subsidiaries

(Information in respect of each subsidiary/associate to be presented with amounts in `J` Crores)

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----- Start of picture text -----

1 Sl. No. 1 2 3 4 5 6 7 8
Chloride
Chloride Associated Exide Exide Life
Power Chloride Espex
Chloride Batteries Battery Leclanche Insurance
2 Name of the subsidiaries Systems & International Batteries
Metals Ltd. S.E. Asia Manufacturers Energy Pvt Company
Solutions Ltd. Ltd.
Pte. Ltd. (Ceylon) Ltd. Ltd. Limited
Ltd.
3 Reporting period 31.03.2021 31.03.2021 31.03.2021 31.03.2021 31.03.2021 31.03.2021 31.03.2021 31.03.2021
----- End of picture text -----

4	Reporting currency and Exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries	-	-	-	1 SGD = `H`53.30	1 SLR = `H`0.3666	1GBP = `H`98.75	-	-
5	Share capital	6.98	50.88	0.45	51.90	2.32	1.01	128.59	1,850.00
6	Reserves & surplus	(8.42)	128.63	6.04	4.82	7.66	12.06	64.53	(368.58)
7	Total assets	68.37	581.16	6.53	87.23	101.33	68.03	242.74	19,602.86
8	Total Liabilities	69.81	401.65	0.04	30.51	91.35	54.96	49.62	18,121.44
9	Investments	-	-	-	2.98	-	-	20.50	18,335.80
10	Turnover / Income from Operations	57.78	1,854.69	0.75	77.95	175.22	82.65	3.03	4,938.92
11	Profit before taxation	(2.26)	18.79	0.67	(3.63)	(9.36)	2.59	(18.21)	76.24
12	Provision for taxation	(0.46)	4.79	0.15	2.31	(2.11)	0.92	-	6.57
13	Profit after taxation	(1.80)	14.00	0.52	(5.94)	(7.25)	1.67	(18.21)	69.67
14	Proposed Dividend	-	-	-	-	-	-	-	-
15	% of shareholding	100	100	100	100	61.50	100	80.15	100
	Additional Disclosure
1	Names of the subsidi- aries which are yet to commence operations	NA	NA	NA	NA	NA	NA	NA	NA
2	Names of subsidiar- ies which have been liquidated or sold during the year.	NA	NA	NA	NA	NA	NA	NA	NA

Part “B”: Associates and Joint Ventures

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----- Start of picture text -----

Sl. No. 1 2 3
CSE Solar
CSE Solar Sun- Greenyana
Sunpark Maha-
Name of the associates park Tamilnadu Solar Private
rashtra Private
Private Limited Limited
Limited
1 Latest audited Balance Sheet Date 31.03.2021 31.03.2021 31.03.2021
Overview Corporate
----- End of picture text -----

2 Shares of Associate/Joint Ventures held by the company on the year end
Number of Shares	9,92,465	11,81,250
Amount of Investment	7.24	10.87
Extent of Holding %	27.20	27.20
3 Description of how there is significant influence
4 Reason why the associate/joint venture is not consolidated		NA
5 Networth attributable to Shareholding as per latest audited Balance Sheet	7.33	10.56
6 Profit / (Loss) for the year	0.61	(0.77)
i. Considered in Consolidation	0.16	(0.21)
ii. Not Considered in Consolidation	0.45	(0.56)
Additional Disclosure
1 Names of the Associates and Joint Ventures which are yet to commence operations
2 Names of Associates and Joint Ventures which have been liquidated or sold during the year.		NA
For and on behalf of Board of Directors ofExide Industries Limited

Sd/Sd/Sd/- Jitendra Kumar A K Mukherjee Gautam Chatterjee Company Secretary Director- Finance & CFO Managing Director & CEO & EVP (Legal & Administration) DIN: 00131626 DIN:00012306 ACS: 11159

Place: Kolkata Date: April 29, 2021

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Exide Industries Limited

Quick Guide on 74th Annual General Meeting of the Members of the Company

Day,Date and Time : What time can I login : Cut-off date for e-voting : E-votingstart time and date : E-votingend time and date : EVEN :	Tuesday,August 31,2021,10.30 A.M.(IST)
	From 10.00 A.M.(IST)till conclusion of AGM
	Tuesday,August 24,2021
	Friday,August 27,2021(9:00 A.M. IST)
	Monday,August 30,2021(5:00 P.M. IST).
	116399

D. If you wish to speak at the AGM?

Members who would like to express their views/ask questions during the AGM with regard to the financial statements or any other matter to be placed at the AGM may register themselves as a Speaker by sending their request from their registered email address mentioning their name, DP Id and Client Id / Folio No. and mobile number at [email protected]. Such request must reach the Company on or before Tuesday, 24th August, 2021. Those Members who have registered themselves as a Speaker by 24th August, 2021 and have provided adequate details as mentioned above, will only be allowed to express their views/ask questions during the AGM. Speakers are requested to submit their questions at the time of registration, to enable the Company to respond appropriately.

Selection criteria for choosing a Speaker

i. The Company reserves the right to restrict the number of questions and number of speakers, as appropriate, to ensure the smooth conduct of the AGM.

A. How to vote and participate in the AGM?

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----- Start of picture text -----

For Individual Shareholders holding shares through
For Other Shareholders
NSDL CDSL
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https://eservices.nsdl.com/ (IDeAS e-services) OR https://www.evoting.nsdl.com/ (e-Votingmodule)	https://web.cdslindia.com/myeasi/home/login (Easi / Easiest facility) OR https://www.evotingindia.com (e-Votingmodule)	https://www.evoting.nsdl.com/ (e-Voting module)

B. How to retrieve/generate password?

a) In case you do not remember your password, you may retrieve/ generate the password by clicking on “Forgot User Details/Password?” (for DEMAT Holder) and “Physical User Reset Password?” (for Physical Holder) option available on www.evoting.nsdl.com
b) If you are still unable to get the password by aforesaid option at (a), you can send a request at [email protected] mentioning your demat account number/folio number, PAN, name and registered address.
c) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
d) In case of individual shareholder logging through IDeAS who are unable to retrieve User ID/ Password, you are advised to use Forget User ID and Forget Password option through IDeAS e-services portal mentioned at point A.

C. Device compatibility?

You can join the AGM through desktops/laptops/smartphones with high speed internet connectivity. For a good audiovideo experience, we request you to ensure below mentioned points:

a Please verify that you have active speakers connected on your device. Verify that they are not muted. Verify the Volume is loud. Ensure you are able to view local video stored on your system.
b Ensure no other background applications are running.
ii. Selection of Speakers would be made considering representation from different geographies, diverse categories / professions / age profiles/ gender and using random selection method.
iii. Infrastructure, connectivity and speed available at the Speaker’s location are essential to ensure smooth interaction.

Our representatives would connect with the shortlisted prospective Speakers to check the infrastructure, bandwidth, internet connectivity (upload and download speed) available at the Speaker’s location and to guide them on the further process.

E. What is the helpline number in case of queries or difficulties faced?

The helpline numbers are available from Monday to Friday (10 a.m. to 6 p.m.) from date of circulation of the notice till the date of AGM i.e. August 31, 2021.

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For Name Email Id Contact no.
----- End of picture text -----

Name, address and contact	Mr. Amit Vishal,	022 24994360 or
details of e-voting service	Senior Manager, NSDL	022 24994545 or
provider	or	1800 222 990 or
	Ms. Pallavi Mhatre,	1800 22 44 30
	Manager,NSDL

F. PROCEDURE FOR INSPECTION OF DOCUMENTS

The Register of directors and key managerial personnel and their shareholding, maintained under Section 170 of the Act, and the Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act, will be available electronically for inspection by the members during the AGM. All documents referred to in the Notice will also be available for electronic inspection without any fee by the members from the date of circulation of this Notice up to the date of AGM. Members seeking to inspect such documents can send an email to [email protected]

Members are requested to carefully read all the Notes set out in the Notice of AGM and in particular, instructions for joining the AGM, manner of casting vote through remote e-voting before or during the AGM.

c It is advisable to ensure that your Wi-Fi is not connected to any other device.
d It is highly recommended that you have stable internet connection. The video may freeze if you are watching the stream in transit (the wireless connection may fluctuate depending on signal strength). The video will improve as your internet connection becomes stable.
e For seamless user experience, use internet explorer, google chrome or firefox or safari browser.

Notes

Disclaimer

Some information in this report may contain forward-looking statements which include statements regarding the Company’s expected financial position and results of operations, business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Registered Office

Exide Industries Limited Exide House, 59E Chowringhee Road, Kolkata - 700 020 www.exideindustries.com

AI assistant

Exide Industries Ltd. — Annual Report 2021

60960_rns_2021-08-05_9f416aba-0b11-4f56-8206-f92230cd2678.pdf

Ref No.: EIL/SEC/2021-22/31

Sub: Submission of Annual report 2020-21 - Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

LEADING THE CHARGE

Contents

STRONG PERFORMANCE IN FY 2020-21

About Exide

Taking charge with agility and dynamism

Distinct Solutions. Diverse Clients*

Our Global Presence

Marquee Clients

Automotive Division

Industrial Division

Traction Customers

Operational Highlights of FY 2020-21

Our Business Model

Forging strategies for sustainable value creation

How Exide performed in FY 2020-21

Sustaining growth with consistent performances

Book Value Per Share

Dividend Yield

Domestic Markets

Automotive

Industrial

Submarine

Exports

60+ countries

Automotive

Industrial

Leading with the right Products and Partners

Our Product Offerings

Automotive

Division

4-Wheeler

2-Wheeler

E-Rickshaw

Home UPS

Inverter Battery

Genset

Industrial Division

Keeping in touch amidst Covid-19

Supporting Consumers

2,44,762*

85

Expanding our network by reaching closer to customers.

55,000+

1,700+

650

A stronger connect with the customers

Our brand visibility

Revamping Exide Care Digital Experience

Key Features

New Identity. Same old Trust.

Key Digital Transformation areas

Seamless Service for Channel Partners

Reassuring credibility

Dealers

Empowering our sales workforce

Transforming Offerings

Optimizing Operations

of units produced, defect data,

Leading the charge with future-ready solutions

Nexcharge - Future of Sustainable Energy

Product & Services

Location:

Our facility

Transport

Industry & Utility

Nexcharge as a Service Company

Lithium-ion batteries

Electric Vehicles

UPS

Nexcharge collaboration with Tata Power-DDL (TPDDL)

Words of encouragement

Products & Technology Products in Trial introduced during the year

Bipolar Lead-Acid Technology

Micro-Hybrid Car Batteries

Battery-Based Energy Storage System

Exide Industries Ltd. Annual Report 2021