Exide Industries Ltd. — Interim / Quarterly Report 2020

Nov 6, 2019

Ref No.: EIL/SEC/2019-20/38

06.11.2019

The Calcutta Stock Exchange Limited7 Lyons RangeKolkata - 700 001CSE Scrip Code: 15060 & 10015060	BSE LimitedPhiroze Jeejeebhoy TowersDalal Street, Mumbai - 400 001BSE Scrip Code: 500086
National Stock Exchange of India LimitedExchange Plaza, 5th Floor,Plot no. C/1, G BlockBandra-Kurla Complex, Bandra (E),Mumbai - 400 051NSE Symbol: EXIDEIND	$\overline{\phantom{m}}$

Dear Sir/Madam.

Sub: Outcome of the Board Meeting held on 6th November, 2019

This is to inform you that the board of directors at its meeting held today i.e. Wednesday, 6th November, 2019, inter-alia, has taken the following decisions: -

Unaudited Financial Results

1. The unaudited financial results (Standalone and Consolidated) for the quarter and six months ended 30th September, 2019 was approved and taken on record by the board of directors. The said results were reviewed by the audit committee of directors at its meeting held earlier today. A copy of the unaudited financial results along with Limited Review Reports by the Auditors on the said financial results are enclosed.

The copy of the Press Release being issued in this regard is also attached herewith.

Interim Dividend

• Pursuant to Regulation 43 of SEBI (Listing Obligations and Disclosure Requirements) $2.$ Regulations, 2015, board of directors have declared an interim dividend of Rs. 1.60 (160%) per Equity share of Re. 1/- each fully paid up for the financial year 2019-20 and the interim dividend shall be paid within 30 days of declaration.
• $3.$ Pursuant to Regulation 42, board of directors have fixed Tuesday, 19th November, 2019 as the record date for the purpose of payment of interim dividend for the financial year 2019-20.

The board meeting commenced at 12.00 NOON. and concluded at 2.15 P.M.

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

We request you to kindly take the same on record and acknowledge receipt.

Thanking you.

Yours faithfully, For Exide Industries Limited

Jum

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

Encl: as above

Exide Industries Limited, Exide House, 59E Chowringhee Road, Kolkata-700 020Phone : (033) 2302-3400, Fax : (033) 2283-2642/37e-mail : exideindustrieslimited@exide.co.in, www.exideindustries.comCIN : L31402WB1947PLC01491

BS A & Co. LLP

Chartered Accountants

GodreI Walers,de. Uml No 603 6Ih Floor Tower 1 Plol No 5. Block • DP Seclor V Salt Lake. Kolkala • 700091

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

Limited review report on unaudited quarterly and year-to-date standalone financial results of Exide Industries Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO BOARD OF DIRECTORS OF EXIDE INDUSTRIES LIMITED

• I. We ha,e reviewed the accompanying Statement of unaudited standalone financial results of Exide Industries Limited ("the Company·') for the quarter ended 30 September 2019 and year to date results for the period from O I Apri I 2019 to 30 September 20 I 9 (''the Statement").
• 1. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors. has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting'' ('"Ind AS 34"). prescribed under Section 133 of the Companies Act_ 20 I 3. and other accounting principles generally accepted in India and in compliance with Regulation 33 of the of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'). Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 .. RePiew of Interim Fimmcial J11Jormatio11 Pe,formed by the J11depe11de111 Auditor of the Entity·· issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly. we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

Date: 6 Novembcr2019 �SR&Co.LLP Chartered Accow,rcmfs Firm's egistration Number: I 0l248W/W-100022 mffiop� qyay 11er _ .) Membership Number: 055757 UDIN: 19 OS r:i7 57 AAp./i)K 1i \ ½ 5

BS R & Co {a partnership hrm wuh Reg,s>,abOn No BA61223)convotte<IWllOBS,A&Co LLP {1 L.,m,1.u ...-iy Pa,,-..i,,p .. An UP Aeg,or,aton No AAS-11181) ,.,,h elloci l,o,n OCIOIJer 14. 2013

Place: Mumbai

Aeglaterad Offle11 : 5th Floor. lodha Exceklt Apollo M,ll1 C� N.M Josht Ma,g Mahalal<Shmt Mumbai 400 011

EXIDE INDUSTRIES LIMITEDEXIDE HOUSE, 59E CHOWRINGHEE ROAD, KOLKATA - 700028CIN : L31402WB1947PLC014919

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MOST HIS ENDED SO SET TEST						Year
Particulars	3 Months	3 Months	3 Months	Year to	Year todate	ended
	ended	ended	ended	date	30 Sept.2018	31 Mar. 2019
	30 Sept.2019	30 Jun 2019	30 Sept.2018	30 Sept.2019	(Unaudited)	(Audited)
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	Rs. Crores	Rs. Crores
	Rs. Crores	Rs Crores	Rs. Crores	Rs. Crores
L. Income					5,492.81	10,588.31
a. Revenue from operations	2,610.86	2,779.25	2,720.35	5.390.11	13.91	38.50
b. Other income	5.55	16.41	11.64	21.96	5,506.72	10,626.81
Total income	2.616.41	2,795.66	2,731.99	5.412.07
2. Expenses		1.656.08	1,786.23	3,324.47	3.538.26	6,988.58
a. Cost of materials consumed	1.66839	2.57	0.66	2.57	13.93	18.51
b. Purchases of stock in trade
c. (Increase) / decrease in inventories of finished		133.33	33.73	129.87	110.34	(36.85)
goods, work in progress and stock in trade	(3.46)	166.71	164.86	340.97	326.83	637.66
d. Employee benefits expense	174.26	1.79	1.38	3.57	2.50	6.05
e. Finance costs	L.78	86.42	76.81	176.23	148.69	313.50
f. Depreciation and amortisation expenses	89.81	412.86	402.16	817.31	777.89	1,569.07
g. Other expenses	404 45	2,459.76	2,465.83	4,794.99	4,918.44	9,496.52
Total expenses	1,335.23				588.28	1,130.29
3. Profit before exceptional item and tax	281.18	335.90	266.16	617.08	108.29	108.29
4. Exceptional item			08.29
5. Profit before tax	281.18	335.90	374.45	617.08	696.57	1,238.58
	66.22	116.93	93.37	183.15	205.39	358.42
6 Tax expenses - Current	(22.33)	(5.32)	12.67	(27.65)	12.85	36.11
- Deferred	43.89	111.61	106.04	155,50	218,24	394.53
$-Total$	237.29	224.29	268.41	461.58	478.33	844.05
7. Net profit after tax
8. Other comprehensive income	(4.93)	(6.15)	2.56	(11.08)	(1.50)	(0.88)
i. Items that will not be reclassified to Statement of profit or loss	0.95	1.11	0.30	2.06	0.12	0.45
ii. Income tax relating to items that will not be reclassified to Statement ofprofit or loss
Total other comprehensive income	(3.98)	(5.04)	2.86	(9,02)	(1.38)	(0.43)
9. Total comprehensive income	233.31	219.25	271.27	452.56	476.95	843.62
	85.00	85.00	85.00	85.00	85.00	85.00
10. Paid up equity share capital
(Face value Re. 1)						5,901.9
11. Other equity	$#$Rs. 2.79	Rs. 2.64	Rs. 3.16#	Rs. 5.43#	Rs. 5.63	Rs. 9.9.
12. Earnings per share ( Basic & Diluted )

$#$ Not annualised.

links

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

STATEMENT OF ASSETS AND LIABILITIES

Particulars	As at	As at
	30 Sept. 2019	31 March.2019
	(Unaudited)	(Audited)
	Rs. Crores	Rs. Crores
A. ASSETS
1. Non-current assets
a. Property, plant and equipment	2.265.53	2,265.97
b. Capital work-in-progress	301.73	254.93
c. Right-of-use asset	28.01
d. Other intangible assets	34.65	31.30
e. Financial assets
i. Investments	1,982.55	1,945.48
ii. Trade receivables	0.12	0.18
iii. Loans and deposits	17.17	18.18
e. Current tax assets (net)	34.30	88.62
f. Other non-current assets	88.22	95.79
Total - Non-current assets	4,752.28	4,700.45
2. Current assets
a. Inventories	1,725.53	1,803.97
b. Financial assets
i . Investments	655.63	253.911.081.04
ii. Trade receivables	1.035.7185.38	64.70
iii. Cash and cash equivalents	9.06	8.85
iv. Bank balances other than (iii) above	14.12	13.98
v. Loans and deposits	29.43	33.19
vi. Other financial assets	108.97	212.33
c. Other current assets	3,663,83	3,471.97
Total - Current assetsTOTAL - ASSETS	8,416.11	8,172.42
B. EQUITY AND LIABILITIES
Equity		85.00
Equity share capital	85.00	5,901.99
Other equity	6,272.57	5,986.99
Total - Equity	6,357.57
1. Non-current liabilities
a Financial liabilities	28.05
i. Lease liabilities
ii. Trade payables
Total outstanding dues of micro and small enterprises
Total outstanding dues of creditors other than micro and smallenterprises	5.31	4.79
iii. Other financial liabilities	3.85	2.26
b. Provisions	52.60	45.16
c. Deferred tax liabilities (net)	146.75	175.14
Total - Non-current liabilities	236.56	227.35
2. Current liabilities
a Financial liabilities
i. Lease liabilities	0.55
ii. Trade payables
Total outstanding dues of micro and small enterprises	52.89	3.75
Total outstanding dues of creditors other than micro and small
enterprises	1,073.88	1.139.04
iii. Other financial liabilities	254.36	386.56
b. Other current liabilities	140.04	160.26
c. Provisions	300.26	268.47
Fotal - Current liabilities	1,821.98	1.958.08
TOTAL - EQUITY AND LIABILITIES	8,416.11	8,172.42

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

STATEMENT OF CASH FLOW

Particulars	Year to date	Year to date
	30 Sept.2019	30 Sept. 2018
	(Unaudited)	(Unaudited)
	Rs. Crores	Rs. Crores
(A) CASH FLOW FROM OPERATING ACTIVITIES:	617.08	696 57
Net Profit Before Tax
Adjustment for:	176.23	148.69
Depreciation and amortisation	0.39	(0.01)
Loss/(profit) on property, plant and equipment sold/discarded (net)		(108.29)
Exceptional items		(6.64)
Dividend income	(9.10)
Rent income	(0.73)	(0.02)
Finance costs	3.57	2.50
Interest income	(5.73)	(0.70)
Provision/(write back) for expected credit loss	3.18	(4.61)
Gain on fair value of investments designated at FVTPL	(0.54)	(0.15)
Operating profit before working capital changes
Decrease in trade receivables	42.21	0.11
Decrease in inventories	78.44	27.02
Decrease/(increase) in loans, other financial assets and other assets	105.10	(13.61)
Decrease in other financial liabilities, other liabilities and provisions	(94.28)	(6.46)
Cash generated from operations	915.82	734.40
Direct taxes paid (net of refunds and interest thereon)	(122.71)	(173.96)
Net Cash from operating activities	793.11	560.44
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of property, plant and equipment	(254.83)	(415.02)
Proceeds from sale of property, plant and equipment	1.27	119.46
Acquisition of investment in shares / units	(2.37)
Investments in subsidiary	(43.41)	(35.00)
Redemption of investment in shares / units	2.86
Purchase of investment of mutual fund units	(920.00)	(625.00)
Sale of investment of mutual fund units	520.00	445.00
Interest received	0.94	0.70
Rent received	0.73	0.02
Dividend received	7.92	7.55
Net Cash used in investing activities	(686.89)	(502.29)
(C) CASH FLOW FROM FINANCING ACTIVITIES :
Dividends paid (including tax)	(81.98)	(81.98)
Payment towards lease liability	(1.22)
Interest paid	(2.34)	(2.50)
Net Cash used in financing activities	(85.54)	(84.48)
Net increase/(decrease) in cash and cash equivalents (A+B+C)	20.68	(26.33)
Cash and cash equivalents - opening balance	64.70	78.51
Cash and cash equivalents - closing balance	85.38	52.18

Notes:

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

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

• 1. The Company has exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, Company has recognized current tax expense for the quarter and half year ended September 30, 2019 and remeasured its Deferred Tax Liabilities (net) basis the rate prescribed in the said section. The impact of this change i
• 1. The Board has declared an interim dividend for the year 2019-20 of Rs.1.60 Per share (160% on the face value of Re. 1/- each). The record date for the same has been fixed as November 19. 2019. Final Dividend of Re 0.80 per share proposed for the year ended March 31, 2019, was approved by the Shareholders and paid during the current quarter.
• 1. Previous period / year figures have been regrouped and/or re-arranged, wherever necessary
• 1. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 6, 2019. The Limited Review of these results, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed by the Statutory Auditors of the Company.

Mumbai November 6, 2019.

Managing Director & Chief Executive Officer

BSR&Co.LLP

Chartered Accountants

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

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

Limited review report on unaudited quarterly and year-to-date consolidated financial results of Exide Industries Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO

BOARD OF DIRECTORS OF EXIDE INDUSTRIES LIMITED

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Exide Industries Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2019 and year to date results for the period from 1 April 2019 to 30 September 2019 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

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

Registered Office: 5th Floor, Lodha Excelus Apollo Mills CompoundN.M. Joshi Marg. MahalakshmiMumbai - 400 011

B S R & Co. LLP

1. The Statement includes the results of the following entities:

Parent Company:

a. Exide Industries Limited

Subsidiaries:

• b. Chloride International Limited
• c. Chloride Power Systems & Solutions Limited
• d. Chloride Metals Limited
• e. Exide Leclanche Energy Private Limited
• Exide Life Insurance Company Limited f.
• g. Chloride Batteries S.E. Asia Pte Limited & it's wholly owned subsidiary [Exide Batteries (Pvt) Limited]
• h. Espex Batteries Limited
• i. Associated Battery Manufacturers (Ceylon) Limited
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditor referred to in paragraph 6 below. nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial information of one subsidiary included in the Statement, whose interim financial information reflect total assets of Rs 16,029.20 crores as at 30 September 2019 and total revenues of Rs 1,075.44 crores and Rs 1,893.64 crores, total net profit (loss) after tax of Rs 5.91 crores and Rs (59.49) crores and total comprehensive income/(loss) of Rs (54.15) crores and Rs 17.39 crores, for the quarter ended 30 September 2019 and for the period from 1 April 2019 to 30 September 2019, respectively, and cash flows (net) of Rs (157.85) crores for the period from 1 April 2019 to 30 September 2019, as considered in the consolidated unaudited financial results. This interim financial information have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matters.

1. The Statement includes the interim financial information of seven subsidiaries which have not been reviewed, whose interim financial information reflect total assets of Rs 859.09 crores as at 30 September 2019 and total revenue of Rs 581.19 crores and Rs 1,176.80 crores, total net profit after tax of Rs 2.27 crores and Rs 3.68 crores and total comprehensive income of Rs 2.26 crores and Rs 3.66 crores, for the quarter ended 30 September 2019 and for the period from 1 April 2019 to 30 September 2019, respectively, and cash flows (net) of Rs 39.62 crores for the period from 1 April 2019 to 30 September 2019, as considered in the Statement. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

BSR&Co.LLP

1. The auditors of Exide life insurance Company Limited ("ELI"), a subsidiary, have reported that the actuarial valuation of liabilities for life policies in force and policies in respect of which premium has been discontinued but liability exists as at 30 September 2019, is the responsibility of the ELI's appointed actuary. The actuarial valuation of these liabilities as at 30 September 2019 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 Development Authority of India (IRDAI) and the Institute of Actuaries of India in concurrence with IRDAI. The auditors of the ELI have relied upon the appointed actuary's certificate in this regard during their review of the valuation of these liabilities as contained in the interim financial information of ELI

Our conclusion on the Statement is not modified in respect of the above matter.

n Kolkata A

Place: Mumbai Date: 6 November 2019 For B S R & Co. LLP Chartered Accountants Firm's Registration Number: 101248W/W-100022

Jayanta Mukhopadhyay

Partner Membership Number: 055757 UDIN: 19055757AAAADJ3217

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2019

Particulars	3 Months		3 Months		3 Months		Year 10		Year to		Year
	ended		ended		ended		date		date		ended
	30 Sept.2019		30 Jun. 2019		30 Sept 2018		30 Sept.2019		30 Sept.2018		31 Mar.2019
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)Rs. Crores		(Audited)Rs. Crores
	Rs. Crores		Rs. Crores		Rs. Crores		Rs. Crores
t. Income
a Revenue from operations	3,778.51		3,664.18		3.632.95		7,442.69		7.185.95		14.720.88
b. Other income	6.81		27.15		11.59		33.96		17.83		39.88
Total income	3,785,32		3,691.33		3,644.54		7,476.65		7,203.78		14,760.76
2. Expenses
a. Cost of materials consumed	1.699.64		1.660.34		1.860.02		3,359.98		3,624.88		7,076.22
b. Purchases of Stock in trade	21.09		3.67		19.30		24.76		27.75		52.99
c. (Increase) / decrease in inventories of finished
goods, work in progress and stock in trade	(23.28)		143.35		(32.91)		120.07		60.49		(56.70)
d. Employee benefits expense	299.68		268.93		263.98		568.61		522.83		1.034.25
e. Finance costs	23.91		29.53		22.52		53.44203.40		45.30		107.08343.54
f Depreciation and amortisation expenses	102.92		100.48384.86		84.15398.40		903.14		162.13656.45		1,734.56
g. Change in valuation of liability of life insurance policies in force	518,28		822.87		817.79		1,673.92		1,588.12		3,328.10
h. Other expenses	851.05		3,414.03				6,907.32		6,687.95		13,620.04
Total expenses	3,493.29				3,433.25
3. Profit before exceptional item and tax	292.03		277.30		211.29		569.33		515.83		1.140.72
4. Exceptional item					108.29				108.29		108.29
5. Profit before tax	292,03		277.30		319.58		569.33		624.12		1,249.01
6. Tax expenses - Current	66.21		119.02		93.70		185.23		208.84		368.49
- Deferred	(21.36)		(3.30)		12.01		(24.66)		12.81		33.17
$-1$ otal	44,85		115,72		105,71		160.57		221.65		401,66
7. Net profit after tax	247.18		161.58		213.87		408.76		402.47		847.35
8. Other comprehensive income.
i. Items that will not be reclassified to Statement of profil or loss	(10.21)		1.11		6.31		(9.10)		7.47		41.32
ii. Income tax relating to items that will not be reclassified to Statement of	0.95		$\lfloor . \rfloor$		0.26		2,06		0.08		0.43
profit or loss
iii. Items that will be reclassified to profit or loss	(55.11)		$29.64		(29.86)		74.53		(114.14)		36.32
Total other comprehensive income	(64.37)		131.86		(23.29)		67.49		(96.59)		78.07
9. Total Comprehensive Income	182,81		293.44		190,58		476.25		305.88		925.42
10. Paid up equity share capital	85.00		85.00		85.00		85.00		85.00		85.00
(Face value Re. 1)
11. Other equity											6,021.86
12. Earnings per share ( Basic & Diluted )	Rs. 2.92	$#$	Rs. 1.90	$\frac{17}{16}$	Rs. 2.51	$\tilde{z}^{\tilde{z}}_{\nu}$	Rs. 4.82	$\vec{n}$	Rs. 4.72	$\tilde{n}$	Rs. 9.95
# Not annualised
A. Profit for the year attributable to:
Owners of the Company	247.53		161.87		213.17		409.40		401.05		845.55
Non-controlling interests	(0.35)		(0.29)		0.70		(0.64)		1.42		1.80
B. Other comprehensive income for the year attributable to:
Owners of the Company	(64.37)		131.86		(23.29)		67.49		(96.59)		78.07
Non-controlling interests
C. Total comprehensive income for the year attributable to:
Owners of the Company	183.16		293.73		189.88		476.89		304.46		923.62
Non-controlling interests	(0.35)		(0.29)		0.70		(0.64)		1.42		1.80

EXIDE INDUSTRIES LIMITEDEXIDE HOUSE, 59E,CHOWRINGHEE ROAD, KOLKATA - 700020CIN : 1.31402WB1947PLC014919

STATEMENT OF ASSETS AND LIABILITIES

P2 Co

$\Rightarrow$

$\overline{C}$

m Kolkata

$\sqrt{c_0}$

Particulars	As at	A5a
	30 Sept.2019	31 March.2019
	(Unaudited)	(Audited)
	Rs. Crores	Rs. Crores
A. ASSETS
1. Non-current assets	2.449.86	2,456.38
a. Property, plant and equipment	324.24	264.99
b. Capital work -in-progress	124.25	$\sim$
c. Right-of-use asset	581.90	581.90
d. Goodwill	45.30	41.52
e. Other intangible assets	38.93	35.07
f. Intangible assets under development
g. Reinsurance asset	94.40	82.40
h. Financial assets
i. Investments
- Investment in Life Insurance business	14,099.52	13,162.55
- Other investments	53.48	59.01
ii. Trade receivables	0.12	0.18
iii. Loans and deposits	39.68	39.74
i. Current tax assets (net)	38.09	90.77
j. Deferred tax assets (net)	7.75	[0.01]
k. Other non-current assets	182.56	155.96
Total - Non-current assets	18,080,08	16,980.48
2. Current assets
a. Inventories	1,965.74	2.065.31
b. Financial assets
i. Investments
- Investment in life insurance business	878.45	848.48
- Other investments	709.45	257.95
ii. Trade receivables	1.200.04	1,245.03
iii. Cash and cash equivalents	243.39	340.94
iv. Bank balances other than (iii) above	9.06	8.95
v. Loans and deposits	24.10	[8.21]
vi. Other financial assets	483.83	367.84
c. Other current assets	208.47	307.76
Total - Current assets	5,722.53	5,460.47
Total - Assets	23,802.61	22,440.95
B. EQUITY AND LIABILITIES
Equity
Equity share capital	85.00	85.00
Other equity	6,41677	6.021.86
Non - controlling interest	46.57	33.00
Total Equity	6,548.34	6,139.86
1. Non-current liabilities
a. Financial liabilities
i. Borrowings	9.64	9.75
ii. Lease liabilities	106.87
iii. Trade pavables
Total outstanding dues of micro and small Enterprises
Total outstanding dues of creditors other than micro and small
enterprises	5.79	5.23
iv. Other financial liabilities	4.29	2.73
b. Provisions	60.83	54.98
c. Insurance contract liabilities	12.114.6	11,323.02
d. Investment contract liabilities	963.42	1,073.69
e. Deferred tax liabilities (net)	154.72	182.39
f. Other non-current liabilities
i) Fund for discounted policies (linked and non-linked)	156.13	132.67
ii) Fund for future appropriation (linked and non-linked)	156.55	141.50
Total - Non-current liabilities	13,732,85	12,925.96
Current liabilities
a. Financial liabilities
Borrowings	$-16.21$	75.11
ii. Lease liabilities	22.86
iii. Trade payables
Total outstanding dues of micro and small enterprises	99.28	32.10
Total outstanding dues of creditors other than micro and small
enterprises	1,523.52	1,544.76
iv. Other financial liabilities	437.89	469.87
b. Other current liabilities	183.60	232.31
c. Provisions	309,85	276.76
d. Insurance contract liabilities	826.24	741.36
e. Investment contract liabilities	71.18	$\bullet$
e. Current tax liabilities (net)	0.79	3.06
Total - Current linbilities	3,521.42	3,375.13
TOTAL - EQUITY AND LIABILITIES	23,802,61	22,440.95

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

STATEMENT OF CASH FLOW

Particulars	Year to date	Year to date
	30 Sept.2019	30 Sept 2018
	(Unaudited)	(Unaudited)
	Rs. Crores	Rs. Crores
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit Before Tax	569.33	624 12
Adjustment for:
Depreciation and amortisation	203.40	162.13
Net profit on sale of investment	(142.21)	(52.29)
(Profit)/Loss on property, plant and equipment sold/discarded (net)	(8.92)	(0.04)
Exceptional items		(108.29)
Rent income	(0.73)	(0.02)
Income from investment including dividend	(512.71)	(40452)
Finance costs	53.44	45 30
Interest Income	(5.73)	$\overline{a}$
Loss on fair valuation of financial assets	52.45	11.20
Gain on fair valuation of investments in mutual fand units	(1.26)	(0.16)
Change in valuation of liability against life policies	003.14	656.45
Operating profit before working capital changes
Decrease in trade receivables	45.05	8.07
(Increase)/decrease in inventories	99.57	(55.38)
(Increase) in loans, other financial assets and other assets	(53.72)	(107.19)
Increase in other financial habilities, other liabilities and provisions	10.18	91.39
Cash generated from operations	1,211.58	870.77
Direct taxes paid (net of refunds and interest thereon)	(128.71)	(180.05)
Net Cash from operating activities	1,082.87	690.72
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of property, plant and equipment	(289.75)	(491.04)
Proceeds from sale of property, plant and equipment	12.31	119.53
Net proceeds from sale/(purchase) of investment (net)	(1, 250.98)509.44	(757.44)402.09
Investment income (including dividends and interest)	0.73	0.02
Rent received	(1,018,25)	(726.84)
Net Cash used in investing activities(C) CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from borrowings	53.16	54.42
Repayment of borrowings	(83.28)	(37.89)
Transaction with non-controlling interest	14.21
Dividends paid (including tax)	(81.98)	(80.67)
Payment towards lease liability	(16.59)
Interest paid	(47.49)	(45.30)
Net Cash used in financing activities	(161.97)	(109, 44)
Net (decrease) / increase in cash and cash equivalents $(A+B+C)$	(97.35)	(145.56)
Cash and cash equivalents - opening balance	340.94	308.60
Cash and cash equivalents - closing balance	243.59	163.04
Effect of exchange rate changes	(0.20)	2.97
Cash and cash equivalents - Closing Balance	243.39	166.01

EXIDE INDUSTRIES LIMITED EXIDE HOUSE, 59E, CHOWRINGHEE ROAD, KOLKA FA - 700020 CIN: L31402WB1947PEC014919

Notes:

$\tilde{\mathbf{x}}$

1. Revenue from operations is net of trade discounts / trade incentives.

2. Segment Information

		3 months		3 months			Year ended
		ended 30	3 months ended	ended 30	Year to date	Year to date	31 March
		Sept. 2019	30 June 2019	Sept. 2018	30 Sept. 2019	30 Sept. 2018	2019
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
		Rs. Crores	Rs. Crores	Rs. Crores	Rs. Crores	Rs. Crores	Rs. Crores
	A. Segment Revenue
	Storage batteries & allied products$ a\rangle$	2,695.86	2.837.42	2,784.88	5.533.28	5,627.47	10,878.77
	Life insurance businessb	1,075.30	318.04	833.54	1,893.34	1,531.50	3,788.00
	Others$ c\rangle$	7.35	8.72	1453	16.07	26.98	54.11
	Revenue from operations	3,778.51	3,664.18	3,632.95	7,442.69	7,185.95	14,720.88
	B. Segment Results: Profit/(Loss) before tax
	Storage batteries & allied productsa)	283.14	319.31	261.07	602.45	590.37	1.128.21
	Life Insurance businessb	5.06	(65.37)	(58.68)	(60.31)	(87.88)	(16.44)
	Others$ c\rangle$	(0.11)	(0.05)	0.22	(0.16)	0.79	1.26
	Total	288.09	253.89	202.61	541.98	503,28	1,113.03
	Add:
	Other Income	6.81	27.15	11.59	33.96	17.83	39.88
	Less:
	Finance cost	2.87	3.74	2.91	6.61	5.28	12.19
	Profit before Exceptional Item and Tax	292.03	277.30	211.29	$69.33	515.83	1,140.72
	Exceptional item			108.29		108.29	108.29
	Total Profit before tax	292.03	277.30	319.58	569.33	624.12	1,249.01
	A. Segment Assets
	Storage batteries & allied productsa)	6.184.84	6,170.98	6.035.02	6,184.84	6.035.02	6,326.30
	Life Insurance business b	14.894.49	14.342.60	12,596.74	14,894.49	12.596.74	13,717.65
	Othersc)	42.59	16.56	23.79	42.59	23.79	35.68
	Unallocatedd)	2,680.69	2.390.56	2,123.25	2,680.69	2.123.25	2,361.32
	Total assets	23,802.61	22,920.70	20,778.80	23,802.61	20,778.80	22,440.95
$B -$	Segment Liabilities
	Storage batteries & allied productsa)	2,171.10	1,978.69	2,069.44	2,171.10	2,069.44	2.175.17
	b)Life Insurance business	14,854.20	14.251.08	12.781.12	14,854.20	12,781.12	13,829.61
	OthersC	17.62	16.24	17.16	17.62	17.16	26.00
	Unallocatedd)	211.35	241.39	239.87	211.35	239.87	270.3
	Total liabilities	17,254.27	16,487,40	15,107.59	17,254.27	15,107.59	16,301,09

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

2. The Company and some of its subsidiaries have exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, Company and some Tax Liabilities (net) basis the rate prescribed in the said section. The impact of this change is being recognized over the current and remaining quarters of the current financial year

3. The Group has adopted Ind AS 116 effective 1 April 2019 using the modified retrospective approach and has applied the standard to its leases with the cumulative impact recognized on the date of initial application. Acco amounting to Rs 103.34 crores as at 1 April 2019. Due to adoption of Ind AS 116, the depreciation expense and finance cost for the quarter ended 30 September 2019 has increased by Rs 13.75 crores and Rs 5.95 crores respectively, while the rent expenses (classified under "other expenses") has reduced by Rs 16.59 crores

4. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 6, 2019. The Limited Review of these results, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed by the Statutory Auditors of the Parent Company.

Mumbai November 6, 2019.

$\bigcirc$ 8. S Palkata $\Omega$ τ 수

Gantam Chatterjee Managing Director & Chief Executive Officer

Press Release

EXIDE REPORTS 6% GROWTH IN PROFIT BEFORE TAX FOR THE SECOND QUARTER OF 2019 -20.

Mumbai, November 6 2019: Exide Industries Limited, on Wednesday reported Net Turnover for the quarter ended September 30, 2019, of Rs. 2610.86 crores as compared to Rs. 2720.35 crores during the quarter ended September 30, 2018. Profit Before Tax (before Exceptional Item) was Rs. 281.18 crores for the quarter ended September 30, 2019 as compared to Rs. 266.16 crores during corresponding quarter of previous year, an increase of 5.6%.

For the half year ended September 30, 2019, the net turnover was Rs.5390.11 crores as compared to Rs. 5492.81 crores in the same period of previous year. The Profit Before Tax (before Exceptional Item) was Rs. 617.08 crores in the half year ended September 30, 2019, which is higher than the corresponding period of previous year by 4.9%.

Mr G Chatterjee, MD & CEO said that while demand of Automotive Batteries for OEMs remains under pressure, growth in Replacement Sales of Automotive Batteries, UPS, Solar as well as other Infrastructure segments, other than Telecom, continued during the second quarter.

Company is focussing on Cost Control and Technology upgradation as strategies to improve the bottom-line.

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G CHATTERJEE Managing Director & Chief Executive Officer Exide Industries Limited

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