Exide Industries Ltd. — Interim / Quarterly Report 2025

Jul 30, 2024

Ref no.: EIL/SEC/2024-25/ 43

30th July 2024

The Secretary	The Secretary
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
The Secretary
National Stock Exchange of India Limited
Exchange Plaza, 5th Floor,
Plot no. C/1, G Block
Bandra-Kurla Complex, Sandra (E),
Mumbai -400 051
NSE Symbol: EXIDEIND

Sub: Outcome of Board Meeting - 30th July 2024

Dear Sir/Madam,

This is in furtherance to our letter dated 25thJune 2024, communicating the date of Board Meeting for consideration of Unaudited Financial Results for the quatier ended 30 th June 2024.

Kindly note that the Board of Directors at its meeting held today i.e. Tuesday, 30 th July 2024, interalia, has taken the following decision: -

Unaudited (Standalone and Consolidated) Financial Results of the Company for the quarter ended 30th June 2024

The Unaudited Financial Results (Standalone and Consolidated) for the quarter ended 30 th June 2024 was approved and taken on record by the Board of Directors. The said results were reviewed by the Audit committee ofdirectors at its meeting held earlier today.A copy ofthe unaudited financialresults 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.

The board meeting commenced at 12.00 Noon and concluded at 1.30 PM.

Exide Industries Limited, Exide House, 59E Chowringhee Road, Kolkata-700 020 Phone : (033) 2302-3400, 2283-2171, 2283-2118 e-mail : exideindustrieslimited@exide.co.in, www.exideindustries.com GIN: L31402WB1947PLC014919

This communication is also being uploaded on the website of the Company at www.exideindustries.com.

We request you to kindly take the same on record.

Thanking you. Yours faithfully,

For Exide Industries Limited STRING STRING SUPPORT STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRING STRI

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

Encl: as above

Godrej Waterside, Unit No. 603 6th Floor, Tower 1, Plot No 5, Block - DP Sector V, Salt Lake, Kolkata - 700091 Tel: +91 33 4035 4200 Fax: +91 33 4035 4295

Limited Review Report on unaudited standalone financial results of Exide Industries Limited for the quarter ended 30 June 2024 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Exide Industries Limited

• We have reviewed the accompanying Statement of unaudited standalone financial results of Exide Industries Limited (hereinafter referred to as "the Company") for the quarter ended 30 June 2024 ("the Statement").
• This Statement, which is the responsibility of the Company's management and approved by its Board $\mathcal{P}$ 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 Securities and Exchange Board of India (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 "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.
• 1. Attention is drawn to the fact that the figures for the three months ended 31 March 2024 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.
• Based on our review conducted as above, nothing has come to our attention that causes us to believe 5. 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.

For B S R & Co. LLP

Chartered Accountants Firm's Registration No.: 101248W/W-100022

Soong Mohnel-

Seema Mohnot Partner Membership No.: 060715 UDIN:24060715BKFMKN2593

Registered Office

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, NescoCenter, Western Express Highway, Goregaon (East), Mumbai - 400063

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

Kolkata

30 July 2024

Page 1 of 1

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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2024

Particulars	3 Months		3 Months		3 Months		Year
	ended		ended		ended		ended
	30 June 2024		31 Mar 2024		30 June 2023		31 Mar 2024
	(Unaudited)		Refer note 3		(Unaudited)		(Audited)
	Rs. Crores		Rs. Crores		Rs. Crores		Rs. Crores
1. Income
a. Revenue from Operations	4,312.76		4,009.39		4,072.61		16,029.19
b. Other Income	14.15		3.43		19.21		84.54
Total Income	4,326.91		4,012.82		4,091.82		16,113.73
2. Expenses
a. Cost of materials consumed	2,870.55		2,907.53		2,532.80		11,262.78
b. Purchases of stock in trade	1.10				2.89		7.35
c. Changes in inventories of finished goods,
work in progress and stock in trade	117.84		(221.49)		386.33		(201.78)
d. Employee benefits expense	265.00		242.63		237.26		982.68
e. Finance Costs	8.66		12.82		9.78		48.59
f. Depreciation and amortisation expenses	125.74		124.82		119.38		497.45
g. Other expenses	563.97		564.57		481.15		2,106.78
Total expenses	3,952.86		3,630.88		3,769.59		14,703.85
3. Profit before Tax	374.05		381.94		322.23		1,409.88
4. Tax Expenses - Current	102.69		103.93		87.00		386.37
- Deferred	(8.21)		(5.74)		(6.71)		(29.45)
- Total	94.48		98.19		80.29		356.92
5. Net Profit after Tax	279.57		283.75		241.94		1,052.96
6. Other Comprehensive Income
i. Items that will not be reclassified to profit or loss	(335.25)		(117.76)		1,324.69		1,176.62
ii. Income tax relating to items that will not be reclassified tostatement of profit or loss	38.81		15.60		(151.58)		(132.09)
Total Other Comprehensive Income	(296.44)		(102.16)		1,173.11		1,044.53
7. Total Comprehensive Income	(16.87)		181.59		1,415.05		2,097.49
8. Paid up Equity Share Capital(Face Value Re. 1)	85.00		85.00		85.00		85.00
9. Other Equity							13,052.24
10. Earnings per Share (Basic and Diluted)$#$ Mot onpuolised	Rs. 3.29	#	Rs. 3.34	#	Rs. 2.85	#	Rs. 12.39

Not annualised.

Notes:

• 1. Revenue from Operations is net of trade discounts / trade incentives.
• 1. The Company's business activity falls within single operating segment of "Storage Batteries and Allied Product". Hence, no separate segment information is disclosed.
• 1. The figures for quarter ended March 31, 2024 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the financial year. The published year to date figures upto the end of third quarter of the financial year were subject to Limited Review.
• 1. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on July 30, 2024. The Limited Review of these standalone financial 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 July 30, 2024.

Avik Kumar Roy Managing Director & Chief Executive Officer DIN: 08456036

By order of the Board

Godrei Waterside, Unit No. 603 6th Floor, Tower 1, Plot No 5, Block - DP Sector V. Salt Lake, Kolkata - 700091 Tel: +91 33 4035 4200 Fax: +91 33 4035 4295

Limited Review Report on unaudited consolidated financial results of Exide Industries Limited for the quarter ended 30 June 2024 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Requlations, 2015, as amended

To the Board of Directors of Exide Industries Limited

• 1 We have reviewed the accompanying Statement of unaudited consolidated financial results of Exide Industries Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its associates for the quarter ended 30 June 2024 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (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 Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

The Statement includes the results of the following entities: $\overline{4}$

Subsidiaries

• a. Chloride International Limited
• b. Chloride Metals Limited
• c. Exide Energy Solutions Limited
• d. Chloride Batteries S.E. Asia Pte Limited
• e. Espex Batteries Limited
• f. Associated Battery Manufacturers (Ceylon) Limited

Associates

• a. CSE Solar Sunnark Maharashtra Private Limited
• b. CSE Solar Sunpark Tamilnadu Private Limited
• c. Zillica Renewables Private Limited

Registered Office:

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

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, NescoCenter, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 2

Limited Review Report (Continued)

Exide Industries Limited

• 1. Attention is drawn to the fact that the figures for the three months ended 31 March 2024 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 7 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.
• We did not review the interim financial information of one Subsidiary included in the Statement, whose $7^{\circ}$ interim financial information reflects total revenues (before consolidation adjustments) of Rs.1,206.48 crores, total net loss after tax (before consolidation adjustments) of Rs. 21.16 crores and total comprehensive loss (before consolidation adjustments) of Rs. 21.19 crores, for the quarter ended 30 June 2024, as considered in the Statement. This interim financial information has been reviewed by other auditor whose report has been furnished to us by the Parent's 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 auditor and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter.

$\mathsf{R}$ The Statement includes the interim financial information of four Subsidiaries which have not been reviewed, whose interim financial information reflect total revenues (before consolidation adjustments) of Rs. 105.58 crores; total net profit after tax (before consolidation adjustments) of Rs. 5.01 crores and total comprehensive income (before consolidation adjustments) of Rs. 5.01 crores, for the quarter ended 30 June 2024, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 0.10 crores and total comprehensive income of Rs. 0.10 crores, for the quarter ended 30 June 2024 as considered in the Statement, in respect of three associates, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group.

Our conclusion is not modified in respect of this matter.

For B S R & Co. LLP

Chartered Accountants Firm's Registration No.: 101248W/W-100022

Kolkata 30 July 2024

Seema Mohnot

Seema Mohnot Partner Membership No.: 060715 UDIN:24060715BKFMKO9979

EXIDE INDUSTRIES LIMITED EXIDE HOUSE, 59E,CHOWRINGHEE ROAD, KOLKATA- 700020 CIN: L3l402WB1947PLC014919

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2024

Particulars	3 Montl1s	3 Months		3 Months	Year
	ended	ended		ended	ended
	30 June 2024	31 Mar 2024		30 June 2023	31 Mar 2024
	(Unaudited)	Refer note 3		(Unaudited)	(Audited)
	Rs. Crores	Rs. Crores		Rs. Crores	Rs. Crores
l. Income
a. Revenue rrom operations	4,435.71	4,172.90		4,245.48	16,769.73
b. Otl1er income	16.33	5.06		22.30	89.95
Total income	4,452.04	4,177.96		4,267.78	16,859.68
2. Expenses
a. Cost of materials conswned	2,888.04	2,956.14		2,557.06	11,481.61
b. Purchases of Stock in trade	9.83	40.42		68.92	216.31
c. Changes in inventories of finished
goods, work in progress and stock in trade	I 10.10	(244.86)		376.15	(300.33)
d. Employee benefits expense	321.16	297.78		274.93	1,166.63
e. Finance costs	29.79	30.76		23.92132.43	116.00560.42
f. Depreciation and amortisation expenses	143.76	141.83		530.26	2,388.42
g. Other expenses	633.4 I4,136.09	675.453,897.52		3,963.67	15,629.06
Total expenses
3. Profit before share of profit of Equity Accounted Investees and Tax	315.95	280.44		304.11	1,230.62
Share of profit of Equity Accounted Investees, (net of tax)	0.10	0. 18		0.26	0.55
4. Profit before tax	316.05	280.62		304.37	1,231.17
		106.36		88.64	393.98
5. Tax expenses - Current	103.16(7.86)	(I 1.44)		(8.38)	(45.63)
- Deferred- Total	95.30	94.92		80.26	348.35
6. Net Profit after tax	220.75	185.70		224.11	882.82
7. Other comprehensive income
i. Items that will not be reclassified to Statement of profit or loss	(335.29)	(117.91)		1,324.70	1,176.41
ii. Income tax relating to items that will not be reclassified to Statement ofprofit or loss	38.81	15.63		(151.58)	(132.05)
iii. Items that will be reclassified to profit or loss	(0.73)	0.95		0.19	3.02
Total other comprehensive income	(297.21)	(101.33)		1,173.31	1,047.38
8. Total Comprehensive Income	(76.46)	84.37		1,397.42	1,930.20
9. Paid up equity share capital( Face value Re. I )	85.00	85.00		85.00	85.00
10. Other equity					12,801.34
II. Earnings per Share (Basic and Diluted)	Rs. 2.59 #	Rs. 2.17	#	Rs. 2.62 #	Rs. 10.31
# Not annualised
A Profit for the period/year attributable to:
Owners of the Company	220.06	184.74		222.31	876.68
Non-controlling interests	0.69	0.96		1.80	6.14
B. Other comprehensive income for the period/year attributable to:
Owners of the Company	(297.21)	(IO 1.33)		1,173.31	1,047.38
Non-controlling interests	-			-
C. Total comprehensive income for the period/year attributable to:Owners of the Company	(77.15)	83.41		1,395.62	1,924.06
Non-controlling interests	0.69	0.96		1.80	6.14

Notes :

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

2. The Group's business activity falls within single operating segment of 11Storage Batteries and Allied Product". Hence, no separate segment infonnation is disclosed.

1. The figures for quarter ended March 31, 2024 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of tl1e third quarter of the financial year. The published year to date figures upto the end of tliird quarter of the financial year were subject to Limited Review.

2. The aforementioned results were reviewed by the Audit Cmmnittee and approved by tl1e Board of Directors at their respective meetings held on July 30, 2024. The Limited Review of these consolidated financial results, as required under Regulation 33 of the SEBI (Listing Obligatio s d Disclosure Requirements) Regulations, 2015 has been completed by the Statutory Auditors of the Parent Company.

Mumbai July 30, 2024.

,, �"'"'•' """"� l /,

A vik Kumar Roy Managing Director & Chief DIN : 08456036

Press Release

Exide reports sales growth of 6% and profit before tax growth of 16% in the first quarter of the financial year 2024-25

Particulars	Units	Q1FY25	Q1FY24
Revenue from operations	Rs. Crore	4,313	4,073
EBITDA	Rs. Crore	494	432
PBT	Rs. Crore	374	322
PAT	Rs. Crore	280	242
EPS	Rs.	3.29	2.85

Standalone financial performance highlights (O1FY25)

Key financial highlights

• Revenue from operations have grown by 5.9% in Q1FY25 driven by volume growth across business verticals.
• We have recorded an impressive growth in operating profitability. Despite increase in commodity prices, EBITDA increased by 14.4% during the quarter, supported by revenue growth and cost optimisation initiatives.
• EBITDA margins inched up to 11.5% in the current quarter compared to 10.6% in the same period last year. PBT grew by 16.1% year-on-year and PBT margin was 8.7% in Q1FY25 (7.9% in Q1FY24).
• Cash flow generation remains healthy, and we continue to maintain a comfortable balance sheet with zero debt.

Key business highlights for the first quarter ended 30th June 2024

• In the automotive division, we are witnessing healthy demand, both in the $\bullet$ domestic and international markets. Our focus remains on enriching our product portfolio, increasing our market reach and offer exemplary after-sale services to customers.
• Industrial sectors such as IUPS, solar, traction, railways, etc. continue to deliver strong volumes, led by rising public and private investments across businesses. We are the preferred choice of supplier for multiple industrial sectors, given our cutting-edge products and solutions, coupled with excellent customer service.

Other key update

• In the first quarter of the current year, Exide invested Rs.200 crore as equity in the wholly owned subsidiary, Exide Energy Solutions Limited (EESL). Additionally, equity of Rs.75 crore is invested in July 2024. With this investment, the total equity investment made in EESL till date, stands at Rs. 2,577.24 crore (including investment made in erstwhile merged subsidiary EEPL).
• The project construction is going on as per the schedule and significant progress is being made across workstreams to achieve timely completion. Customer onboarding is taking place across mobility and stationary segments, and we are actively working towards establishing a robust supply chain.

Commenting on the performance - Mr. Avik Roy, MD & CEO, said

'In the current quarter, our sales growth of 6% and profit before tax growth of 16% provides a perfect start to the year. Both automobile and industrial verticals have delivered growth in the current quarter and near-term drivers are promising. Despite rising raw material prices, cost optimisation initiatives led to lower cost of production and gross margin improvement of nearly 240 basis points on a y-o-y basis. EBITDA margin also increased to 11.5%, which is in line with our focus on improving the overall profitability.

In our lithium-ion project, onsite construction and installation of production line equipment is currently underway. Organisational recruiting, manpower training, customer engagement, supply chain establishment and all other necessary functions are progressing well to meet the defined timeline of project completion.

Demand for energy and energy solutions is expected to rise significantly from multiple sectors. Our emphasis on innovation, technological advancement, digitalisation initiatives along with our solid financial foundation, will enable us to benefit from these growth opportunities. Also, though commodity prices have started inching higher, we will aim to maintain our trajectory of delivering healthy profits over the medium-term.'

About Exide Industries Limited

For more than seven decades, Exide has been one of India's most reliable battery brands, enjoying unrivalled reputation and recall. Exide designs, manufactures, markets, and sells the widest range of lead acid storage batteries in the world from 2.5Ah to 20,200Ah capacity, to cover the broadest spectrum of applications. The batteries are manufactured for Automotive, Power, Telecom, Infrastructure projects, UPS systems as well as for Railways, Mining, and Defence sectors. The company enjoys leadership position in India and its exports span 63 countries across six continents.

In the financial year 2021-22, Exide also set up a wholly owned subsidiary, Exide Energy Solutions Limited, under which it is setting up a plant for lithium-ion cell manufacturing along with modules and packs to cater to India's EV market as well as stationary applications. The company is setting up a 12 GWh green-field cell manufacturing plant in two phases of 6 GWh each. Presently EESL is engaged in the production, assembly and sale of lithium-ion battery modules and packs, through its operating plant based out of Prantij Gujarat.

For more information on the Company, please log on to www.exideindustries.com

Disclaimer

In this document, we have disclosed 'forward looking statements' within the meaning of applicable laws and regulations. Actual results might differ substantially from those expressed or implied. Important developments that could affect the Company's operations include changes in industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations.

For any further queries/clarifications please contact us at:

Exide Industries Limited	Chhavi Agarwal
Exide House	Head - Investor Relations &
59 E, Chowringhee Road	Sustainability
Kolkata - 700 020	Exide Industries Limited
Phone - +91 33 2302 3400	Email-id chhavi.agarwal@exide.co.in
Email Id - investor.relations@exide.co.in	Website - www.exideindustries.com
Website - www.exideindustries.com