Exide Industries Ltd. — Interim / Quarterly Report 2020

Feb 4, 2020

Ref l o.: El L/SEC/20 I 9-20/50

04.02.2020

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

Dear Sir/ Madam.

Sub: Outcome of the Board Meeting held on 41 hFebruary, 2020

This is to inform you that the board of directors at its meeting he ld today i.e. Tuesday, 4th February, 2020 intcr-alia, has taken the fol lowing decisions: -

I. Unaudited Financial Results

The unaudited financial results (Standalone and Consolidated) for the quarter and nine months ended 3 151 December, 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.

2. Re-appointment of Directors

Based on the recommendation of the Nomination and Remuneration Committee and subject to approval of the Shareholders of the Company by means of a Postal Ballot in accordance with Section 11 0 of the Companies Act, 20 13 and Companies (Management & Administration) Rules, 2014. has approved the following -

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

• (a) Re-appointment of Mr. Bharat Dhirajlal Shah (holding DIN:00136969), as an Independent Director of the Company, for a second term of 5 (five) consecutive years commencing from 30th /\pril, 2020 to 29th April, 2025.
• (b) Re-appointment of Mr. /\sish Kumar Mukherjee (DIN: 00131626) as Whole-time director, designated as Director-Finance & CFO of the Company for a period of 5 (five) years with effect from I st May, 2020 to 30111 April, 2025.

The Company has fixed 4th February, 2020 as the cut-off date for ascertammg the list of hareholders to whom Postal Ballot Notice and Form will be sent and also for reckoning the voting rights.

The details as required under Para A of Part A of Schedule III o f SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBl circular no. CIR/CFD/CMD/4/20 15 dated 9th eptember, 2015 is enclosed as '·Annexure A ''.

The board meeting commenced at 1.00 P.M. and concluded at 2.15 P.M.

The intimation is also being uploaded on the website of the Company at ''""w.exidcindustries.com.

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

Thanking you.

Yours fai thfully, For Exide Industries Limited

,Jitcncl.;

Company Secretary and EVP- Legal & Administration ACS o. 11159

Encl:

• Unaudited Standalone and Consolidated Financial results
• Limited Review report (Standalone & Consolidated)
• Press Release
• Annexure A

Exide Industries Limited, Exide House. 59E Chownnghee Road, Kolkata-700 020 Phone : (033) 2302-3400, Fax : (033) 2283-2642/37 e-mail : exideindustrieslimited@ex1de.co.in, www.exideindustries.com GIN : L31402WB1947PLC01 4919

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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE OUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

Particulars	3 Months	3 Months	3 Months	Year to	Year to	Year
	ended	ended	ended	date	date	ended
	31 Dec. 2019	30 Sept. 2019	31 Dec. 2018	31 Dec. 2019	31 Dec. 2018	31 Mar, 2019
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Rs. Crores	Rs. Crores	Rs. Crores	Rs. Crores	Rs. Crores	Rs. Crores
1. Income
a. Revenue from Operations	2,411.46	2,610.86	2,496.84	7,801.57	7,989.65	10,588.31
b. Other Income	25.12	5.55	7.99	47.08	21.90	38.50
Total Income	2,436.58	2,616.41	2,504.83	7,848.65	8.011.55	10.626.81
2. Expenses
a. Cost of materials consumed	1,674.59	1,668.39	1,722.24	4.999.06	5.260.50	6,988.58
b. Purchases of Stock in Trade	1.07		2.51	3.64	16.44	18.51
c. (Increase) / Decrease in inventories of Finished
Goods, Work in Progress and Stock in Trade	(136.49)	(3.46)	(104.39)	(6.62)	5.95	(36.85)
d. Employee benefits expense	167.11	174.26	163.18	508.08	490.01	637.66
e. Finance Costs	2.14	1.78	2.31	5.71	4.81	6.05
f. Depreciation and amortisation expenses	92.54	89.81	81.33	268.77	230.02	313.50
g. Other expenses	385.35	404.45	400.77	1,202.66	1,178.66	1,569.07
Total expenses	2,186.31	2,335.23	2,267.95	6,981.30	7,186.39	9,496.52
3. Profit before Exceptional Item and Tax	250.27	281.18	236.88	867.35	825.16	1,130.29
4. Exceptional Item	(21.70)			(21.70)	108.29	108.29
5. Profit before Tax	228.57	281.18	236.88	845.65	933.45	1,238.58
6. Tax Expenses - Current	51.41	66.22	74.93	234.56	280.32	358.42
- Deferred	(18.77)	(22.33)	6.91	(46.42)	19.76	36.11
- Total	32.64	43.89	81.84	188.14	300.08	394.53
7. Net Profit after Tax	195.93	237.29	155.04	657.51	633.37	844.05
8. Other Comprehensive Income
i. Items that will not be reclassified to Statement of
profit or loss	(0.87)	(4.93)	5.95	(11.95)	4.45	(0.88)
ii. Income tax relating to items that will not be						0.45
reclassified to Statement of profit or loss	0.42	0.95	(1.30)	2.48	(1.18)
Total Other Comprehensive Income	(0.45)	(3.98)	4.65	(9.47)	3.27	(0.43)
9. Total Comprehensive Income	195.48	233.31	159.69	648.04	636.64	843.62
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						5,901.99
12. Earnings per Share (Basic & Diluted)	$Rs. 2.31$ #	Rs. 2.79#	#Rs. 1.82	Rs. 7.74#	$Rs. 7.45$ #	Rs. 9.93

Not annualised

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.
• 1. Revenue from Operations is net of trade discounts / trade incentives.
• Exceptional Item for the quarter and nine months ended December 31, 2019 represents the amount towards duty/tax payable under the Sabka Vishwas (Legacy Dispute $\overline{3}$ Resolution) Scheme, 2019.
• 1. Previous period / year figures have been regrouped and/or re-arranged, wherever necessary.
• 1. The Company 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 nine months ended December 31, 2019 and remeasured its Deferred Tax Liabilities (net) based on the rate prescribed in the said section.
• 1. Interim dividend of Rs. 1.60 per share, announced at the Meeting of Board of Directors held on November 6, 2019, has been paid in the current quarter.
• 1. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 4, 2020. 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 February 4, 2020

By Order of the Board llrin

Gautam Chatterjee Managing Director & Chief Executive Officer

BS R & Co. LLP

Chartered Accounta nts

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

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

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 have reviewed the accompanying Statement of unaudited standalone financial results of Exide Industries Limited ("the Company'") for the quarter ended 3 1 December 20 19 and year lo date results for the period from O I April 2019 to 31 December 2019 (""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 13, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the SEBI (Listi ng Obligations and Disclosure Requirements) Regulations. 20 I 5, 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) 241 0"Review of Interim Financial Information Performed by the Independent 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 ofRegulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

~ For B S R & Co. LLP C5hartered Accountants Firm's Registration No.: IO 1248W /W-100022

Jayant P er Membership Number: 055757 UDrN: '2...ot:>5~, S" 1 AA"~" M, 3 '40

Place: Mumbai Date: 04 February 2020

B s R & Co (a partnership firm Wllh Reg,slfation No, BAS 1223) converted lntO B S A &. Co, LLP (a Limited Liabil ity Par1nershop wtth LLP Registration No. AAB-8181) With effect lrom Octooer 14, 2013

Registered Office : 51h Floor, Lodha Excelus Apollo Mills Compound N.M. Joshi Marg, Mahalakshmi Mumbai • 400 011

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

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2019

	Particulars	3 Months		3 Months		3 Months	Year to	Year to		Year
		ended		ended		ended	date	date		ended
		31 Dec. 2019		30 Sept. 2019		31 Dec.2018	31 Dec. 2019	31 Dec. 2018		31 Mar, 2019
		(Unaudited)		(Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)		(Audited)
		Rs. Crores		Rs. Crores		Rs. Crores	Rs. Crores	Rs. Crores		Rs. Crores
	1. Income
	a. Revenue from operations	3,553.64		3,778.51		3.283.40	10,996.33	10,469.35		14,720.88
	b. Other income	19.91		6.81		10.15	53.87	27.98		39.88
	Total income	3,573.55		3,785.32		3,293.55	11,050.20	10,497.33		14,760.76
	2. Expenses
	a. Cost of materials consumed	1,690.80		1,699.64		1,721.74	5,050.78	5,346.62		7.076.22
	b. Purchases of Stock in trade	11.61		21.09		2.77	36.37	30.52		52.99
	c. (Increase) / decrease in inventories of finished
	goods, work in progress and stock in trade	(136.18)276.35		(23.28)299.68		(82.77)270.23	(16.11)844.96	(22.28)793.06		(56.70)1,034.25
	d. Employee benefits expensee. Finance costs	29.50		23.91		32.44	82.94	77.74		107.08
	f. Depreciation and amortisation expenses	106.30		102.92		89.05	309.70	251.18		343.54
	g. Change in valuation of liability of life insurance policies in force	524.24		518.28		383.00	1.427.38	1,039.45		1,734.56
	h. Other expenses	893.18		851.05		649.92	2,567.10	2,238.04		3,328.10
	Total expenses	3,395.80		3,493.29		3,066.38	10,303.12	9,754.33		13,620.04
	3. Profit before exceptional item and tax	177.75		292.03		227.17	747.08	743.00		1,140.72
	4. Exceptional item	(21.70)					(21.70)	108.29		108.29
	5. Profit before tax	156.05		292.03		227.17	725.38	851.29		1,249.01
	6. Tax expenses - Current	56.53		66.21		77.82	241.76	286.66		368.49
	- Deferred	(18.63)		(21.36)		7.41	(43.29)	20.22		33.17
	- Total	37.90		44.85		85.23	198.47	306.88		401.66
	7. Net profit after tax	118.15		247.18		141.94	526.91	544.41		847.35
	8. Other comprehensive income
	i. Items that will not be reclassified to Statement of profit or loss	29.80		(10.21)		5.08	20.70	22.55		41.32
	ii. Income tax relating to items that will not be reclassified to Statement ofprofit or loss	0.42		0.95		(1.30)	2.48	(1.22)		0.43
	iii. Items that will be reclassified to profit or loss	30.41		(55.11)		148.50	104.94	34.36		36.32
	Total other comprehensive income	60.63		(64.37)		152.28	128.12	55.69		78.07
	9. Total Comprehensive Income	178.78		182.81		294.22	655.03	600.10		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. 1.40	#	Rs. 2.92	$#$	#Rs. 1.66	Rs. 6.22#	Rs. 6.39	#	Rs. 9.95
	# Not annualised
	A. Profit for the period attributable to:
	Owners of the Company	118.88		247.53		141.52	528.28	542.57		845.55
	Non-controlling interests	(0.73)		(0.35)		0.42	(1.37)	1.84		1.80
	B. Other comprehensive income for the period attributable to:
	Owners of the Company	60.63		(64.37)		152.28	128.12	55.69		78.07
	Non-controlling interests
С.	Total comprehensive income for the period attributable to:
	Owners of the Company	179.51		183.16		293.80	656.40	598.26		923.62
	Non-controlling interests	(0.73)		(0.35)		0.42	(1.37)	1.84		1.80

EXIDE INDUSTRIES LIMITED

EXIDE HOUSE, 59E, CHOWRINGHEE ROAD, KOLKATA - 700020

CIN: L31402WB1947PLC014919

Notes :

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

2 Segment Information

	3 monthsended 31Dec. 2019(Unaudited)Rs. Crores	3 months ended30 Sept 2019(Unaudited)Rs. Crores	3 monthsended 31Dec. 2018(Unaudited)Rs. Crores	Year to date31 Dec. 2019(Unaudited)Rs. Crores	Year to date31 Dec. 2018(Unaudited)Rs. Crores	Year ended31 March2019(Audited)Rs. Crores
A. Segment Revenue
Storage batteries and allied products a)	2,496.07	2,695.86	2,565.71	8,029.35	8,193.18	10,878.77
$\vert b \rangle$Life Insurance business	1.052.44	1.075.30	701.85	2.945.78	2.233.35	3,788.00
Others$ c\rangle$	5.13	7.35	15.84	21.20	42.82	54.11
Revenue from operations	3,553.64	3,778.51	3,283.40	10,996.33	10,469.35	14,720.88
B. Segment Results: Profit/(Loss) before tax
Storage batteries and allied products a)	239.68	283.14	242.06	842.13	832.43	1,128.21
Life Insurance business$\vert b)$	(69.86)	5.06	(21.39)	(130.17)	(109.27)	(16.44)
Others$ c\rangle$	(8.31)	(0.11)	0.10	(8.47)	0.89	1.26
Total	161.51	288,09	220.77	703.49	724.05	1,113.03
Add:
Other Income	19.91	6.81	10.15	53.87	27.98	39.88
Less:
Finance cost	3.67	2.87	3.75	10.28	9.03	12.19
Profit before Exceptional Item and Tax	177.75	292.03	227.17	747.08	743.00	1,140.72
Exceptional item	(21.70)			(21.70)	108.29	108.29
Total Profit before tax	156.05	292.03	227.17	725.38	851.29	1,249.01
A. Segment Assets
Storage batteries and allied products a)	6,301.42	6.184.84	6,140.69	6,301.42	6,140.69	6,326.30
Life Insurance businessb)	15.413.17	14,894.49	13.081.89	15,413.17	13,081.89	13,717.65
Others$ c\rangle$	36.32	42.59	29.43	36.32	29.43	35.68
(d)Unallocated	2,528.86	2,680.69	1.975.91	2,528.86	1,975.91	2,361.32
Total assets	24,279,77	23,802.61	21,227.92	24,279.77	21,227.92	22,440.95
B. Segment Liabilities
Storage batteries and allied productsa)	2.134.33	2,171.10	1,971.29	2,134.33	1,971.29	2,175.17
Life Insurance businessb)	15,361.42	14,854.20	13.167.13	15,361.42	13, 167. 13	13,829.61
Others c)	16.94	17.62	23.33	16.94	23.33	26.00
Unallocatedd)	203.93	211.35	250.96	203.93	250.96	270.31
Total liabilities	17,716.62	17,254.27	15,412.71	17,716.62	15,412.71	16,301.09

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

• 1. The Company and some of its subsidiaries exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company and some of its subsidiaries have recognized current tax expense for the quarter and nine months ended December 31, 2019 and remeasured its Deferred Tax Liabilities (net) based on the rate prescribed in the said section
• 1. Exceptional Item for the quarter and nine months ended December 31, 2019 represents the amount towards duty/tax payable under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019.
• 1. 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. Accordingly, the previous period information has not been restated. The Group has accordingly, recognized a right-of-use asset and a corresponding lease liability 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 nine months ended 31 December 2019 have increased by Rs 19.12 crores and Rs 6.68 crores respectively, while the rent expenses (classified under "other expenses") has reduced by Rs 22.44 crores.
• 1. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 4, 2020. 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.

Mumbai February 4, 2020.

Managing Director & Chief Executive Officer

By order of the Board

Gautam Chatteriee

BS R & Co. LLP

Chartered Accountants

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

Telephone. +91 33 4035 4200 Fax· +91 33 4035 4295

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 fNDUSTRIES LIMITED

• I. 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 refen-ed to as ·'the Group'') for the quarter ended 3 I December 20 I 9 and year Lo date results for the period from I A pri I 2019 to 3 I December 20 I 9 ("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 ··/nterim 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 docs not enable us to obtain assurance that we would become aware of all significant matte rs that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

I **8**S R & Co (a partnership hrm wnh Reg1stra11on No. 8A61223) converted into 8 S R & Co. LLP (a Limrtad Lial>tity Partnership with LLP Reg,strauon No. AA8•8181) wrth effect lrom October 14, 2013

Registered Office : 5th Floor, Lodha Excelus Apollo Mills Compound N M Joshi Marg, Mahalakshml Mumbai· 400 011

BS 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
• f. Exide Life Insurance Company Limited
• g. Chloride Batteries S.E. Asia Pte Limited and it's wholly owned subsidiary [Exide Batteries (Pvt) Limited]
• h. Espex Batteries Limited
• 1. 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 dovm 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 financ ial information reflect total revenues of Rs 1,052.94 crores and Rs 2,946.58 crores. total net loss after tax of Rs (69.66) crores and Rs ( 129.15) crores and total comprehensive income/(loss) of Rs ( 11.50) crores and Rs 5.89 crores, for the quarter ended 31 December 20 19 and for the period from I April 2019 to 3 I December 20 19, respectively, as considered in the consolidated unaudited fi nanc ial 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 revenue of Rs 652.78 crores and Rs 1.829.58 crores, total net profit/(loss) after tax of Rs (0.54) crores and Rs 3.14 crores and total comprehensi ve income/(loss) of Rs (0.54) crores and Rs 3.12 crores, for the quarter ended 31 December 20 19 and for the period from I April 20 19 to 31 December 20 19, respectively, 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.

8 S A & Co. LLP

8. 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 3 1 December 2019, is the responsibility of the ELi's appointed actuary. The actuarial valuation of these liabilities as at 31 December 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 !RDA I. 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.

Place: Mumbai Date: 4 February 2020 For B S R & Co. LLP harteredAccountants Firm egistration umber: IO I 248 W /W-100022

sh!,p umber: 055757 N: '200$S757 AA.AA AN 710 I

Press Release

EXIDE REPORTS 6% GROWTH I 1 PROFIT BEFORE TAX FROM OPERATIONS FOR THE THIRD QUARTER OF 2019 -20.

Mumbai, February 4 2020: Exide Industries Limited, on Tuesday reported et Turnover for the quarter ended December 31, 2019, of Rs. 2412 crores as compared to Rs. 2497 crores during the quarter ended December 31, 2018. Profit Before Tax (before Exceptional Item) was Rs. 250 crores for the quarter ended December 31 , 2019 as compared to Rs. 237 crores during corresponding quarter of previous year, an increase of 5.7%.

For the nine months ended December 31 , 2019, the net turnover was Rs.7802 crores as compared to Rs. 7990 crores in the same period of previous year. The Profit Before Tax (before Exceptional Item) was Rs. 867 crores in the nine months ended December 31, 2019, which is higher than the corresponding period of previous year by 5.1 %.

Mr G Chatterjee, MD & CEO, said that while OEM demand for Automotive Batteries remain subdued, growth in Sales in After Market of Automotive and UPS Batteries continue. Exports also did well. Demand for Telecom and other Infrastrucrure Batteries were under pressure during the third qua1ter.

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

f!u~

G CHATTERJEE Managing Director & Chief Executive Officer Exide Industries Limited

Anncxurc A

Additional details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 IS

Re-appointment of Directors

Sr.I O.	Details Required	Mr. Bharat Dhiraj)al Shah	Mr.AsishKumarMukherjee
	Reason for change	Based on the performanceevaluation of Mr. Bharat DShah and taking into accounthisbusinessknowledge,acumen,cxpcnenceandsubstantialcontributionmadebyhimduringhistenure,theBoardDirectors,subjecttoapproval of the shareholders,has recommended that thecontinued association of Mr.ShahasanIndependentDirector of the Company forof5asecondtermconsecutiveyearsafterof firstcompletiontenn,would be beneficial to theCompany.	Consideringthevastexperienceandcommendableservicesrendered by Mr. AsishKumarMukherjeeduringhiscurrentoftenure,theBoardof Directors,subjecttoofapprovalshareholders,hasapprovedhisreappointment as Wholetime director, designatedasDirector-f inancc &CFO for a further term of5 years after completionof his current term.
2	ofandDatetermappoi ntment/ees-sakOO	Re-appointment for a periodof 5 (five) consecutive yearsfrom the completion of hiscurrent term i.e. from 30thApril 2020 till 29thApril202S.	Re-appointmentforaperiod of 5 (five) yearsfrom the completion ofhis current tern, i.e. fromP' May 2020 till 30111April 2025.
3L	Brief profile	Mr. Bharat Dhirajlal Shahholds a Bachelor's Degree inScience from University ofMumbai and a Diploma in	Mr.AsishKumarMukherjeeisaAccountantCharteredandalsoaCost

Exide Industries Limited, Exide House, 59E Chownnghee Road, Kolkata-700 020 Phone : (033) 2302-3400, Fax : (033) 2283-2642/37 e-mail : exideindustrieslimited@ex1de.co.in, www.exideindustnes.com GIN : L31402WB1947PLC014919

[ Sr.	Details Required	Mr. Bharat Dhirajlal Shah	AsishMr.Kumar
No.			Mukherjee
		AppliedChemistryfromBoroughPolytechnic,London.Hehasrichexperience in the financialsectorservicesandhasexpertise 111thefieldsofbanking, finance. real estateand securities market.Mr.Bharat Shah has been withT IDrC13anksinceitsinception and has played akey role in the formation ofthe bank. He joined HDFCBankasanExecutiveDirector in December 1994.	Accountant and has awide range of experiencemfinancialandaccounting matters. l lcjoined the Company in1998 and has been on theofBoardCompany'sDirectors since I st May.2007. He was nominatedas the best performingCFOAutoandAutoAncillariesSectorbyBCTV 18 in 2008-C-09.Hewasalsonominated as the BestAgentTransformation(Large Companies) byBusinessTodaymassociationwithYesBank in 201 3-1 4.
4	Disclosure of relationshipsbetween Directors	Mr. Bharat DhirajlalShah andMukherjee are not related inter-sc to each other or to anyother Director of the Company.	Mr. J\sish Kumar
5	Information as requiredpursuant to BSE Circularwith ref. no. LIST/ COMP/20 I 8-19theI 4/andational Stock Exchangeof India Ltd. with ref. no.NSE/ CML/ 2018/ 24, bothdated 20th June, 2018.	Mr.Mukhc1jce are not debarred from holding the office ofDirector by virtue of any SEBI Order or any othersuch authority.	Bharat Dhirajlal Shah and Mr. Asish Kumar

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