Annual Report 23

Exide Industries Limited
Annual Report 2022-23
Embracing opportunities
Achieving excellence
For more information,
please visit our
corporate website:
https://www.exideindustries.com/
Contents
Corporate Statutory
Overview Reports Automotive
Know Us 02 Notice of the 76th Annual

Geographical Footprint 03 General Meeting 53
Financial Highlights 04 Directors’ Report to the
Shareholders (Including
Message from Chairman 06
Management Discussion
Message from Managing & Analysis) 71
Director & CEO 08
Business Responsibility &
Our Strategic Priorities 10 Sustainability Report 103 Industrial
Business Model 14 Report on
Product Portfolio 16 Corporate Governance 144
Business Overview 18
Green Technology Solutions 26
Digital Transformation 34
Customer-First Approach 38
ESG Goals 42 Financial Green Technology Solutions
Our People 44 Statements
Corporate Social
Responsibility 47 Standalone
Financial Statements 195
Awards and Accolades 50
Consolidated
10-Year Performance 51
Financial Statements 271
Corporate Information 52
Sustainability
At Exide, we have cultivated
a culture of agility and
adaptability, enabling us to stay
ahead of the curve in a dynamic
business landscape. We
Embracing have embraced opportunities
presented by advancements in
opportunities technology, evolving customer

preferences and the global call
Achieving for sustainability.
excellence
Notwithstanding global headwinds, on employee development, building analytics and automation. We are also
India continues to demonstrate a nurturing environment that expanding our capacities and driving
resilient growth, racing ahead towards fosters creativity, collaboration and cost efficiencies from supply chain
the $5 trillion league. The journey, continuous learning. management to procurement and
however, would entail an exponential factory costs.
surge in demand for energy and We thrive on innovation, reliability
energy storage solutions. and trust of millions of consumers in As a responsible corporate entity,
India and multiple other geographies. we consistently strive to integrate
From the automotive sector Our product portfolio continues sustainable practices into all facets
to industrial applications, our to grow, with more emphasis on of our operations, drawing upon
comprehensive product portfolio advanced research and breakthrough our extensive expertise over several
serves multiple energy requirements technologies. Technology decades. By doing so, we aim to
and we are geared to embrace these upgradation and digitalisation are create enduring value not only for our
opportunities and achieve industry- Exide’s major priority areas. esteemed stakeholders, but also for
leading excellence in all that we do. the society at large.
We have now firmly embedded a
Our commitment to excellence digital layer that runs throughout the
extends beyond products and organisation. This effort is enabling
solutions. We place great importance us to harness the potential of
Exide today presents a story of fabulous

transformation — from achieving higher
operational excellence, making forays into
unexplored global markets, to evaluating every
business impact and outcome through a holistic
ESG (Environmental, Social and Governance) lens.
Exide Industries Limited Annual Report 2022-23
KNOW US
Leading with
excellence
Exide is one of the leading manufacturer and distributor of lead-
acid batteries and storage solutions, committed to providing
unparalleled solutions and services for multiple energy
applications worldwide.
We are strengthening our market share in

lead-acid batteries and storage solutions
across both automotive and industrial
sectors. Additionally, we are rapidly
expanding our capabilities with lithium-ion
batteries aimed at building a sustainable
economy and meeting the needs of
diverse end-user industries.
Keeping innovation at the heart of our

endeavours, we continue to deploy
advanced technology to design and
deliver new-age products that help
minimise our carbon footprint. Our
commitment to sustainability and safety is
also reflected in our responsible sourcing
and manufacturing practices.
10 54 million 5.8 billion Ah

Manufacturing plants Automotive batteries Industrial power supply per
produced per annum annum
252
per annum
KMT 5,200+
Permanent employees
Lead recycling capacity of
three recycling plants
02
Corporate Statutory Financial
Embracing opportunities Achieving excellence
Overview Reports Statements
GEOGRAPHICAL FOOTPRINT
Exide has established a pan-India manufacturing presence that

encompasses strategically located plants, backed by high operational
efficiencies to deliver products that are designed for best-in-class
energy solutions.
Ahmednagar, Maharashtra Hosur, Tamil Nadu
Bawal, Haryana Prantij, Gujarat
Headquarter Chinchwad (Pune), Roorkee, Uttarakhand

Kolkata, West Bengal Maharashtra
Manufacturing Units
R&D Centre
Kolkata, West Bengal
Haldia, West Bengal Shamnagar, West Bengal
R&D centre, Kolkata Haridwar, Uttarakhand Taloja, Maharashtra
03
04
FY 2018-19 246 FY 2018-19 10,588
FY 2019-20 499 FY 2019-20 9,857
170
(H in crore)
(H in crore)
FY 2020-21 170 FY 2020-21 10,041
Net turnover
Dividend yield
14,592
FY 2021-22 170 FY 2021-22 12,382
FY 2022-23 170** FY 2022-23 14,592

momentum
FINANCIAL HIGHLIGHTS
(H)
FY 2018-19 9.93 FY 2018-19 1,411
FY 2019-20 9.71 FY 2019-20 1,365

(H in crore)
**Subject to approval of shareholders at the 76th Annual General Meeting

FY 2020-21 8.92 FY 2020-21 1,356
10.63
1,568
*Excluding exceptional gain of H 4683.53 crore and corresponding tax thereon

Operating profit
FY 2021-22 8.99* FY 2021-22 1,396

Delivering sustained
Earnings per share

FY 2022-23 10.63 FY 2022-23 1,568
(H)
FY 2018-19 70.44 FY 2018-19 844
FY 2019-20 74.07 FY 2019-20 826

904
(H in crore)
Net profit
FY 2020-21 81.11 FY 2020-21 758
85.77
FY 2021-22 78.66* FY 2021-22 765*
FY 2022-23 85.77* FY 2022-23 904

Book value per share
R&D expenditure Asset turnover ratio Capital expenditure

(H in crore) (in times) (H in crore)
22 2.60 345
679
2.60
2.60
2.51
30
597
25
2.14
2.01
23
484
22
20
349
345
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
Revenue mix
By division By geographies By institutional and non-

institutional
28% 8% 9% 25%
30%
27%
70% 72% 92% 91% 73% 75%
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
Automotive Industrial India International Non-institutional Institutional
05
MESSAGE FROM CHAIRMAN
Looking ahead
with optimism
At Exide, we believe that our people

are core drivers of business growth.
We, therefore, remain dedicated to
nurture an inclusive talent pipeline and
foster a dynamic working environment
that is conducive for personal as well
as professional development.
Dear Shareholders,
At Exide, we perceive every Macroeconomic landscape global GDP growth might decelerate
challenge as an opportunity. It is to 2.8% in 2023, as developed
with this optimism that we have During the year under review, the countries will be impacted by
navigated through many ups and after-effects of the pandemic coupled relatively high inflationary pressures
downs over the years and aspire to with the Russia-Ukraine war posed and limited demand scenario.
do so in the future. We believe we further challenges for economies
are well positioned in the evolving around the world. The geo-political In India, during Financial Year (FY)
market landscape, with a balanced tensions led to a surge in inflation, 2022-23, government initiatives, along
product portfolio and select strategic prompting aggressive monetary with the central bank’s monetary
partnerships to serve our customers’ tightening policies in several policy enabled the country to navigate
evolving requirements. With this developed and developing countries. the geo-political tensions effectively.
positive outlook towards the future, This triggered capital outflows and The country emerged as the fastest
we can achieve our objectives currency depreciations in developing growing economy, with an estimated
sustainably. countries, increasing balance of growth rate of 7.2% for FY 2022-23.
payment pressures and heightening Considering India’s resilient domestic
With this thought, I am delighted to debt sustainability risks. According demand and the RBI’s success in
present our annual report for the year to the World Economic Forum (WEF), containing inflation, the outlook for the
under review. I would like to highlight the global GDP for calendar year future remains optimistic. Moreover,
our overall performance involving all 2022 is 3.4% which is lower than the India continues to strengthen its
spheres of our business. average growth rate seen from 2000- position with prudent fiscal policies
2018 (pre-pandemic level). Further, and agile interventions by the
government.
06
Strategically foraying we anticipate better prospects in both

Exide, with its innovative into lithium-ion cell automotive and industrial divisions.
product portfolio, strong manufacturing
The increasing preference for personal
customer relationships In our endeavour to drive the mobility, greater inter and intra-state
and pan-India presence business forward, we are excited connectivity, escalating demand for
will continue to reach about making investments in newer technologically advanced products
new heights in the markets that align with our business and government initiatives will drive
model. Notably, we are setting up a vehicle sales and subsequently, the
relevant markets lithium-ion cell manufacturing factory demand for lead acid batteries. In the
characterised by its multi-gigawatt, industrial division, several downstream
Reflecting back to the sectoral multi-chemistry and multi-format sectors are expected to receive huge
review, according to the Society of capabilities. Our experience, project investments from both public and
Indian Automobile Manufacturers readiness and intellectual capabilities private sectors (such as IUPS, solar,
(SIAM) data, overall vehicle sales give us a significant first-mover telecom, traction, railways, etc.). Exide,
in the domestic market grew by advantage in this sunrise sector. with its innovative product portfolio,
20.4% in FY 2022-23 and passenger strong customer relationships and
vehicle volumes surpassed record Sustainable practices pan-India presence will continue to
high volumes seen in FY 2018-19. reach new heights in the relevant
The supply side issues such as the With sustainability at the core of our
business strategies, we have built markets.
availability of semi-conductors and
a strong governance framework
the non-availability of containers India intends to increase Electric
with ethical operating processes
subsided, which enabled the Vehicle (EV) market penetration by
that ensure overall well-being of our
automotive sector to register strong 2030 with an aim to decarbonise
people and the communities in which
growth this fiscal year. the transport sector. Exide is a
we operate. We are dedicated to build
frontrunner in this emerging sector,
a circular economy and continuously
Registering a consistent make efforts to reduce our water,
with its existing state-of-the-art
performance waste and carbon footprints.
facility for supplying packs and
modules. The upcoming lithium-ion
Our consistent performance was cell manufacturing facility will further
reflected in robust revenue growth, Nurturing our human capital
give us a distinct competitive edge.
strong profitability levels and high We are confident that our consistent
At Exide, we believe that our people
cash flow generation. Both revenues efforts to achieve new milestones will
are the core drivers of our business
and profit after tax grew nearly 18% growth. We, therefore, remain lead to profitable revenue generation
Y-o-Y. The year also witnessed the dedicated to nurture an inclusive in the medium-term.
launch of technologically advanced talent pipeline and built a dynamic
products catering to evolving market working environment that is conducive I wish to acknowledge the contribution
dynamics, enabling us to further for personal as well as professional of our dedicated workforce, the
expand our market presence. development. We continue to organise incredible efforts of our visionary
multiple training and development leadership team and the invaluable
programmes across levels to ensure support of our customers. I also
consistent upskilling of our people to remain thankful to our shareholders
prepare leaders for tomorrow. for their unwavering faith in our
We are setting a capabilities to script another chapter of
lithium-ion cell Capitalising on evolving growth in our illustrious journey.
manufacturing factory in opportunities
the country, characterised India is on an upward economic Regards,
by its multi-gigawatt, growth trajectory, which augurs well
multi-chemistry and multi- for increasing demand for energy and Bharat Dhirajlal Shah
format capabilities energy storage solutions. At Exide,
Chairman
07
MESSAGE FROM MANAGING DIRECTOR & CEO
Nurturing our quest

for excellence
In 2022-23, we completed 75 years of

our existence. In the span of over seven
decades, we have continuously evolved
to produce some of the finest batteries
and battery storage solutions for our
customers.
Dear Shareholders,
I hope you and your families are development of cutting-edge products review. Our Profit after Tax stood at
safe and healthy. I am pleased to that cater to the evolving needs of H 904 crore, growing by nearly
present our performance for the fiscal our customers, while maintaining 18% Y-o-Y. I am pleased to state
year under review, as we embrace a steadfast focus on upholding that we are now almost a $2 billion
opportunities and remain resolute to sustainable business practices. enterprise as our market capitalisation
to achieve excellence on all fronts. surpassed H 15,000 crore on
75 years of Exide March 31, 2023.
When we look back at the fiscal year,
our performance does validate the In 2022-23, we completed 75 years Looking closely at our business
resilience of our business model. of our existence. In the span of over divisions, the automotive division
While appreciating the volatility in seven decades, we have evolved to enjoyed double-digit topline growth
input costs, logistics and banking produce some of the finest batteries and market share expansion in
channels across several economies, and battery storage solutions. Our the domestic market. While the
it gives me a sense of pride to report journey, from a single factory in West replacement market continued its
that Exide has consistently created Bengal to becoming a manufacturing healthy demand momentum, we also
value for all its stakeholders. behemoth with factories in six states witnessed a substantial rebound in
in India and expanding our export demand from Original Equipment
To reinforce our position as one of footprint in 60 countries across the Manufacturers (OEMs). In the
the leading players in the industry, globe, is testimony to our enduring industrial division, more than 70%
we are continuously navigating legacy. of the vertical comprising Industrial
challenges in the business landscape UPS, traction and solar energy
by aligning ourselves with changing Business performance review
sectors, grew in high double digits.
market dynamics. Our unwavering However exports, for both automotive
We achieved revenues of H 14,592
commitment to technological and industrial divisions delivered a
crore, along with an EBITDA of
advancements has facilitated the modest performance, as a result of
H 1,568 crore for the year under
08
being impacted by low demand from Karnataka. Under the aegis of experts commitment to build a transparent
developed nations, especially from and seasoned professionals, the and fair organisation drives us to
Europe and the USA. project is underway at a brisk speed curate policies that promote the
and we expect commercial production well-being of our employees for the
We introduced multiple new products under phase-1 by the end of next year. long-term.
with advanced features and higher
efficiency in both divisions. We Future-readiness
also focused on strengthening our
Taking lead through
digitalisation As we move forward, with the right
distribution reach and building a
tailwinds, demand in the automotive
stronger customer connect. We now
have a robust network of more than We embarked on the path of and the industrial sectors is expected
95,000 distributors and dealers/ digitalisation three years ago taking a to remain high. In lead-acid battery
sub-dealers across India, backed by conscious step towards transforming and storage solutions business,
an equally resilient after-sale services our operating processes including we continue to leverage our global
network. Taking a step forward, sales & marketing, distribution, collaborations and work towards
industrial division customers can now manufacturing, human resources, introducing products and solutions
reach us through our new dedicated supply chain management and with advanced features based
helpline number, in addition to the logistics. Today, all these processes on market demand. We are also
digital app launched in the previous are tech-enabled, reaping the benefits undertaking capex for increasing
financial year. of cost competitiveness, faster market capacities for niche technology
reach and enhanced efficiencies. applications and taking steps to
Embracing opportunities, To highlight few outcomes of our further enhance customer experience.
achieving excellence digitalisation journey: we now have
micro-market level visibility and In exports, we are expanding into
Exide has always been at the forefront hence, it enables sharper deployment new markets and tailoring our
of innovation in industry for decades. of strategic initiatives for fulfilment of product portfolio to meet the needs of
Through our subsidiary company customer expectations. customers worldwide. Finally, we are
Exide Energy Private Limited, we are also rapidly expanding our capabilities
actively expanding our presence in Focused on sustainability in lithium-ion batteries to ameliorate
the lithium-ion technology space and our contribution to build a sustainable
taking leadership as a trusted provider At Exide, we remain inclined to
operate our business on a profitable economy. Leveraging our future-ready
of innovative energy storage solutions. product portfolio, customer-centric
The subsidiary has secured orders and sustainable platform. During
the fiscal year, we have achieved business model, expansive national
worth around H 700 crore for lithium-
noteworthy milestones in the areas and international presence, digital
ion packs and modules during the
of ESG. In addition to increasing our transformation and a robust balance
year. Similarly Exide Energy Solutions
consumption of renewable energy sheet, we remain poised to capitalise
Limited, a 100% subsidiary, specialising
in lithium-ion cell manufacturing, has to 19%, we have continuously on emerging opportunities and stay a
already made a head-start in setting up upgraded our product portfolio to step ahead of competition.
the country’s single site multi giga-watt introduce new solutions for solar Before I conclude, I would like to
lithium-ion cell manufacturing factory at rooftop applications, industrial UPS extend my gratitude to our people,
and hybrid cars, aimed at reducing our customers and our shareholders
carbon emissions.
Through our subsidiary for their unwavering support and
companies, we are actively confidence. I look forward to another
Engaging workforce year of exciting growth at Exide while
expanding our presence in
creating value for all our stakeholders.
the lithium-ion technology We continue to build on our efforts
space and taking to nurture an inclusive and diverse
workplace. I am happy to report that Regards,
leadership as a trusted
we have introduced a policy to enable
provider of innovative young mothers to work from home Subir Chakraborty
energy storage solutions for a designated period. Further, our Managing Director & CEO
09
OUR STRATEGIC PRIORITIES
Embracing the path

towards excellence
At Exide, our strategic priorities are centred on driving growth
6
and ensuring operational excellence. We are committed to invest
in digital technologies to optimise our operations and improve
customer experiences.
We are also focused on exploring new business opportunities and expanding our product portfolio to enter new
markets. At the same time, we recognise the importance of contributing to the green economy and are committed
to sustainable business growth, while reducing our environmental impact.
S 06 S 01
Building a Driving profitable
sustainable growth in core
future lead-acid battery
business
Our Six
Strategic
Pillars
S 05 S 02
Maximising Taking leadership
potential with a in new business
strong financial
foundation
S 04 S 03
Enabling digital Driving excellence
transformation through innovation
and driving cost
efficiencies
10
S 01 Driving profitable growth in core lead-acid battery business
Our approach Progress in FY 2022-23

Expectation of strong growth
Leverage in-house R&D capabilities Introduced/upgraded Exide
in vehicle sales and shift
Idle Stop Start (ISS) batteries,
towards technologically Introduce products and solutions
Enhanced Flooded Batteries (EFB)
advanced batteries will that cater to growing requirements
and Eko Ultra batteries for the
drive demand in automotive of both automotive and industrial
automotive sector
division. Increasing investment divisions
1
across multiple sectors will New products like Exide NXT,
Expand distribution reach in
support demand in industrial rooftop solar solutions introduced
automotive and strengthen
division for our core lead-acid for the industrial sector
customer connect with industrial
battery business.
clientele Expanding capacity and
increasing productivity through
debottlenecking projects
Cumulative 1,900+ outlets of
Exide Care and SF Power Bay
S 02 Taking leadership in new business

In recent years, the use of Our wholly owned subsidiary, Exide Nexcharge, which started
lithium-ion batteries has gained Energy Private Limited (Nexcharge) commercial production last year,
substantial prominence in manufactures lithium-ion based has received a healthy order inflow
both mobility and stationary packs and modules during the year
applications. This is due to its
superior energy density and Setting up a 12 GWh lithium-ion Proposed investment of H 6,000
cell manufacturing facility under crore over the next 8-10 years
power capability, which makes it
2
Exide Energy Solutions Limited for lithium-ion cell manufacturing
an attractive choice for EVs.
Entered into a multi-year technical facility
collaboration agreement with Already made a head-start with
SVOLT Energy Technology Co., Bhoomi Poojan and construction
Limited
work going on in full swing
Expect phase-1 of the project to
be completed by the end of next
year
11
S 03 Driving excellence through innovation

In the rapidly evolving
business landscape of today, We strategically develop Development at the prototype
relationships with overseas level for AGM VRLA batteries for
innovation has emerged as a
technology partners passenger vehicles has been
vital factor for the growth of
completed. We plan to introduce
any company. By embracing Continuous investments in R&D these batteries on a commercial
innovation as a core belief, we and new product development scale next year
3
are positioning ourselves at the
R&D efforts help identify emerging Punched plate technology, which
forefront of market leadership,
trends, assess market needs and saw great success in 4-wheeler
driving growth and delivering
develop prototypes or proof-of- batteries, is in advanced stages to
exceptional value to our be launched in 2-wheeler batteries
concept solutions
customers. as well
Launched compact, high
performance sealed batteries to
capitalise on growing demand in
telecom sector due to the 5G rollout
Introduced traction batteries with
advanced technologies, which
have 50% extra life-cycle and
warrantied life of 3 years
S 04 Enabling digital transformation and driving cost efficiencies

Companies aim to invest in
digital transformation processes Efforts have been made to Implemented automation in
to streamline operations, increase cost savings, ensure factories under Industry 4.0,
automate tasks and optimise faster time-to-market and resulting in waste reduction,
workflows through digital increase productivity levels energy savings and quality control
technologies. The intent is Leveraging digital tools to unlock Adopted integrated business
to improve efficiency, reduce new opportunities for growth planning, which led to efficient
manual errors and enable
4
and innovation demand and production planning,
employees to focus on high- better utilisation levels and
value activities. Embracing automation and
lower costs
digitalisation in manufacturing
factories to optimise costs and Incorporated Dealer Management
increase efficiency System (DMS), Electronic KYC
module and real-time monitoring
of dealer representatives, thereby
connecting 100% of dealers/
sub-dealers through mobile apps
and DMS
12
S 05 Maximising potential with a robust financial foundation

A sound financial base is vital for
stability, growth and resilience Maintain robust profitability and Achieved nearly 18% growth in our
for long-term sustainablity of sound working capital levels standalone revenue at H 14,592
the Company. It demonstrates crore
Strengthen the balance sheet
the Company’s commitment and operating cash flow levels Achieved operating profit of
to financial transparency, H 1,568 crore and a robust
Deploy funds into new energy
responsible governance and
5
net profit of H 904 crore for the
businesses, while also meeting
fosters sustainable relationships. same period
our regular capital expenditure
(CAPEX) requirements Cash flow from operations stood at
H 848 crore
Continue our 75+ years legacy
of positive profit and regular Healthy ROCE of 19.8% in the core
dividend payments business
S 06 Building a sustainable future

Importance of balancing
A steadfast commitment to Increased the green energy
environmental and social
impacts with business growth evaluate our impact through a consumption to 19%
cannot be undermined in today’s holistic ESG lens
Positively impacted more than
evolving business landscape. The ESG approach serves as a 3.1 lakh lives through various
Commitment to sustainability by guiding principle for our long- CSR initiatives during the year
an organisation drives them to term strategies and goals
Developed a robust risk
minimise its ecological footprint,
Adapt changes to ensure management framework to
6
promote energy efficiency and
adherence to ESG principles identify and mitigate potential
develop eco-friendly products.
risks effectively
Minimised overall waste by
dispatching ETP sludge to
cement co-processing unit
13
BUSINESS MODEL
Unlocking value by harnessing opportunities

Our philosophy Inputs Process
Vision Financial Human

Capital Capital
To become a global power
house respected by customers
and preferred by investors, J 11,210 J 1,291 5,208 2.08 lakh+
known for innovative products crore crore Total Total man-
and solutions Shareholders’ Capex in permanent hours of
fund last 3 years employee training
count provided
Mission Raw
Material
To outperform the market, by
Sourcing
exceeding expectations of
customers and shareholders Manufactured Manufacturing
through the accelerated Capital
evolution of people, processes Social and Quality Control
and technologies in its journey Relationship Capital and Testing
10 J 5,347
towards excellence Inventory
Manufacturing crore
facilities Gross block J 62.38 crore 95,000+ Management and
Total CSR Distributors Distribution
Cultural Pillars investment and dealers/
in the last sub-dealers
Our Divisions
3 years
Act with Integrity
Intellectual
Automotive Industrial
Capital
Partner with Customer
and Stakeholder Natural
750+ J 67.59 Capital
Engineers crore
Treat others with Total
investment 20,71,014 5,456 lakh
Respect and Dignity Future-ready Customer-
in R&D in KL** kWh*
last 3 years Water Electricity product centric
consumed consumed portfolio business
Our Core Competencies
Inspire Excellence model

6 603
Overseas Trademarks J 26 crore 252 KMT
technical registered in Invested Capacity of 3
Promote Cross
collaborators India towards lead recycling
Functional
Collaboration renewable plants
energy in last Extensive Digital
142 38
3 years national/ transformation
Trademarks Designs
Innovate and Lead international
registered registered
Change presence
in overseas in India
markets
Manage by Process
and Facts
Robust
Develop and balance sheet
Empower Team
*Includes factory and third party data, **Includes factory data

All figures are as on 31st March, 2023 or during the year 2022-23, unless specified otherwise
14
Outputs Outcomes SDGs
Financial Human Financial Capital

Capital Capital Increased shareholder
value
Improved financial
J 14,592 J 1,568 4.29% 39 Years
performance
crore crore Diversity ratio Average Zero long-term debt
Net turnover Operating age of Regular dividend
profit employees payments
Recycling J 1,215 crore J 904 crore Manufactured Capital

PBT PAT High-quality products
Efficient manufacturing
After-Sales Social and processes
Service Manufactured Relationship Capital Enhancing operational
Marketing Capital excellence by leveraging
3.1 million J 510 crore technology
and Sales
Lives Dividend Building capacity for
54 million 5.8 billion lithium-ion solutions
Automotive Ah positively payment in
batteries of Industrial impacted last 3 years
Intellectual Capital
produced p.a. power J 15,126 J 6,127 Competitive advantage
supply p.a. crore crore with experience and
Market Contributed expertise
Customers capitalisation to exchequer Innovative products
in last 3 years Enhanced safety and
reliability of products
Intellectual
Capital
Human Capital
Natural
Employees Skilled and motivated
Capital
Developed energy- workforce
efficient products and Improved employee
solutions to reduce 19% 75.60 MWp
productivity and satisfaction
Creating Value for Stakeholders
manufacturing costs Energy Solar off-site

Suppliers consumed capacity
and carbon footprint Social and Relationship
through Capital
Launched a high- renewable
performance traction energy Strong brand reputation
battery with 50% extra Increased customer loyalty
Communities / cycle life and eco- 6.29 MWp 1,021 lakh Positive impact on
Shareholders friendly manufacturing Solar on-site kWh communities
technology capacity Solar energy Impactful relationships with
Developed high- generated stakeholders
performance sealed
batteries for outdoor Certification Natural Capital
Dealers /
deployment in the ISO 45001, ISO 14001, ISO Sustainable use of resources
Distributors
telecom sector 9001, ISO / IATF 16949, ISO Reduced environmental impact
In the process of IEC 17025, ISO 27001 Lower waste generated per
unit
launching punched
Reduction of carbon footprint
plate technology for through introduction of green
Regulators
2-Wheeler batteries processes and products
15
PRODUCT PORTFOLIO
Built to excel
Automotive division
Four wheelers Three wheelers Two wheelers
Exide Epiq Exide Drive Exide Eko Exide Xplore

Exide Matrix Exide Xpress
Exide Mileage Exide Jai Kisan
Exide Eezy Exide Ride
E-rickshaw Inverter batteries Home UPS systems
Exide E-Ride Plus Exide Invatubular Exide Inverterz GQP

Exide E-Ride Tubular Plus Exide Invazest Exide Inverterz Star
Exide Invamaster Exide Inverterz Magic
Exide Invahomz Exide Inverterz HKVA
Exide Invabrite
Exide Dlite
Integrated power Genset ERK vehicle

backup system
Exide Integra Exide Genplus Exide Neo Bharat
16
Industrial division
Industrial UPS
(IUPS)
Solar
IUPS – EXIDE Range Tubular gel VRLA (Exide PowerSafe Tubular Gel VRLA Batteries (Solatron)
SMF Small VRLA (Exide PowerSafe XHD range) Flooded Tubular (Solatubular/Solar Blitz)
Plus range) Flooded tubular (EL/ EL+ range) Solar Power Generating Systems
SMF Medium VRLA (Exide PowerSafe Solar Hybrid Inverters (Aditya MPPT,
Chloride IUPS range PWM and Grid Tie Inverters)
Plus and NXT Plus range)
SMF Small VRLA (Chloride SafePower Rooftop Solar Systems (Exide SUNDAY)
Battery for Data Centre (Exide
CS7-12) Solar PV Modules
Powersafe EHP range)
Solar Charge Controllers
AGM VRLA Range of Batteries (Solar NXT)
Infrastructure
Power and
Telecom
Projects
Traction
Advanced AGM VRLA batteries – Exide HSP and GenX range of Tubular standby batteries – Exide HDP,
NEPST and NMST Range traction batteries and accessories NDP & TBS Range
Exide Thorr range Exide Plante Range
OPzV + Powersafe Gel
Exide Megacharge range
Gel Tubular batteries
2V range of VRLA batteries - Exide SMF
Powersafe
Submarine
Railways
Mines
MET range of VRLA Batteries for train Smartlite - LED (Miner’s Cap lamp) Submarine battery
lighting and air conditioning
Exide 4DS range for Engine Starting
Exide EMU range for electric
locomotives
Exide 2V range of batteries for signalling
17
BUSINESS OVERVIEW
Delivering growth through

prudent performance
Automotive
division
Our expertise lies in providing high-quality automotive batteries

with advanced features for both personal and commercial use.
As a trusted partner, we continue to strengthen our relationship
with Original Equipment Manufacturers (OEMs), serving as
their preferred supplier for batteries that meet the requirements
of new-age vehicles. We are also one of the leading player in
replacement market and offer products under three powerful
brands — Exide, Dynex and SF batteries.
18
Industry dynamics
Growth drivers
Conducive regulatory
environment
01 02
Indian automotive industry, with its Growing income levels, improved Lead-acid batteries are utilised in low-
strong backward and forward linkages, living standards and increased speed EVs, including e-rickshaws and
is one of the main pillars of the access to financing is resulting in e-bikes. They are also used as auxiliary
economy. It contributes nearly 7% to the higher demand for personal mobility batteries for taking ancillary load in
GDP and is poised for strong growth and thus higher demand for batteries. electric passenger vehicles.
in the near-term. India is expected to
double its auto industry size to H 15
lakh crore by end of year 2024* and
emerge as a strong destination for
production and export of vehicles and 03 04
auto components. Export market is growing for vehicles Increasing demand for hybrid
manufactured in India. China +1 vehicles is creating higher demand
Over the medium-term, we expect that strategy is expected to lead the shift for batteries with advanced features.
government initiatives on infrastructure towards Indian exports; enabling Organised players are expected to
development leading to better inter and India to potentially increase its share benefit from this shift.
intra state connectivity, favourable export in global auto trade in the next few
policies and incentives for the auto years.
sector can help boost overall demand.
Gearing for accelerated their transition from flooded batteries

growth in domestic market to more advanced and efficient AGM We have gained market
batteries. This demonstrates our share with 2-wheeler and
Catering to the OEM market commitment to providing innovative 4-wheeler OEMs
and advanced solutions to our
We have successfully positioned customers.
ourselves as a prominent supplier of
batteries to the automotive industry,
with majority of OEMs using Exide
batteries in their vehicles, including
vehicles that feature advanced start-
stop technology.
Our dedication to deliver quality

products and outstanding service has
helped us build and maintain strong
partnerships with our OEM clients,
which is crucial to our continued
growth and market share expansion
with the OEMs.
During the year, we have secured

prestigious contracts, including a
partnership with a major OEM for the
supply of Absorbent Glass Mat (AGM)
Exide was presented with the Maruti Suzuki Overall Performance Award
batteries, as we partner with them in
*https://static.pib.gov.in/WriteReadData/specificdocs/documents/2023/feb/doc2023217160601.pdf
19
Strengthening position in Exide EKO Ultra

replacement market Our EKO Ultra battery is a cutting-
edge hybrid battery solution, specially
With the industry’s transition towards
designed for three-wheelers and Light
the implementation of Bharat Stage VI
(BS VI) standards, our Idle Start Stop Commercial Vehicles (LCVs).
(ISS) batteries are poised to make a
significant contribution in reducing
fuel consumption and curbing the
emission of harmful pollutants.
Moreover, we are making noteworthy

strides in our manufacturing
operations by embracing cutting-
edge automated processes. Superior performance
Previously used for passenger vehicle
batteries, we are in an advanced Higher efficiency leading to
stage of implementing punch-grid superior mileage
technology to the production of Extended warranty period of
batteries for two-wheelers as well. 60 months
Impressive performance, 2X
more powerful than conventional
batteries
New product launches in the SF ISS batteries
Designed to withstand multiple
replacement market The SF ISS batteries with extended start-stop cycles, without
warranty serves as a pivotal factor in compromising on performance
We continue to introduce new
reinforcing our position as a trailblazer
products that cater to evolving market
in a crucial segment of hybrid car
requirements: E-Ride batteries
batteries.
Our E-Ride batteries for E-rickshaws
provide better mileage, offer higher
Exide ISS batteries
power output and has a long life.
In the FY 2021-22, ISS batteries
were launched for the replacement
market. In the FY 2022-23, we
introduced enhanced variants of
these batteries with advanced
features.
20
Exide Inverterz Expanding distribution reach Exports

and enhancing customer
We relaunched upgraded versions of service Moderation in demand from western
our popular inverters (Magic, Star and countries and anti-dumping duties
GQP), featuring innovative technology Over the years, we have have in GCC countries, impacted auto
for enhanced power backup. implemented a hybrid structure exports in FY 2022-23. Despite
comprising distributors/dealers headwinds in exports, we have
and sub-dealers to strengthen our identified fresh opportunities and are
aftermarket presence for all our expanding into new markets such
brands. This initiative has yielded as Russia. It has emerged as a key
promising results and has enabled us market for us, owing to our strategic
to expand our network, optimise costs partnerships with distributors and
and strengthen our market position. commercial partners. Furthermore,
our strategic presence in Southeast
In FY2022-23, we extended our Asia has allowed us to capitalise on
superior Batmobile doorstep services growth opportunities in the region,
Dual-state charging for optimal to new cities and also added an resulting in greater reach.
power management annual maintenance contract (AMC)
We are also tailoring our product
service for inverter batteries and
Auto Smart Protection for safety range to meet the unique needs
HUPS to our service list. This helped
against various electrical issues of developed countries. We are
in expanding our reach and in gaining
developing new battery models
popularity among customers.
Low noise operation for a peaceful specifically for the developed
environment markets, while our AGM range
is expected to gain traction in
LCD display for a user-friendly developing countries.
interface
Gaining international exposure
Outlook for
FY 2023-24
Looking ahead, we plan to
enhance our product portfolio
and reinforce our position in the
domestic market. Additionally, we
have set our sights on expanding
our reach in established global
markets while also exploring
possibilities to enter new, untapped
countries. We remain committed
Automechanika, Frankfurt Exide team attending auto to refining our operations, which
exhibition in Dubai will help us maintain a profitable
revenue stream and steady growth.
By taking these strategic steps, we
will continue to deliver value to our
stakeholders while pursuing new
avenues of growth.
21
Industrial
division
Our industrial division offers a wide array of battery

solutions to diverse sectors. Our comprehensive
offerings go beyond just batteries, enabling us to cater
to the specific needs of industries and provide value-
added solutions and services.
Our strategic framework and operating model

provides a distinctive advantage in delivering
impactful outcomes. With our cutting-edge and
technologically advanced solutions, we effectively
serve sectors including industrial UPS, traction,
infrastructure (power, telecommunications, railways
and solar) and exports.
22
Industry dynamics
Rise in demand Focus on Accelerated 5G Reduction in Infrastructure

for Industrial UPS sustainability rollout in India manual labour expansion
(IUPS) leading to adoption initiatives by the
of solar energy government
The IUPS market is The Government’s The rollout of 5G is The use of traction As India is rapidly
expected to grow at vision of 450GW of supported by the PLI vehicles like electric advancing its
an accelerated pace renewable energy by scheme for telecom forklifts and pallet infrastructure
over the next 5-7 2030 and Ministry of and networking stackers is on the development, it is
years. Technology New and Renewable products and rise. further escalating the
advancements, Energy’s (MNRE) solutions. need for power and
increasing demand target of 40GW of Traction vehicles energy, thus driving
for power backup rooftop solar solution 5G rollout would are being embraced growth in the power
solutions, increased by 2026, provides require the installation by companies to and infrastructure
factory automation large opportunities for of more number of streamline material sectors.
and expansion of IT our offering. towers compared to handling processes.
sector will drive the earlier spectrums.
demand.
Leveraging the opportunity

landscape
We are leveraging our state-of-the- has also led to a need for UPS in
art manufacturing and research smaller towns. All these factors are
and development (R&D) facilities to accelerating the demand for IUPS,
capitalise on this emerging trend and which is our largest industrial vertical.
to introduce innovative products to the
market: Our focus areas:
Launching of new products

Expanding capacities
IUPS Improving our Go-to-Market
strategy
The push for digitalisation and the
Enhancing product quality
increasing internet penetration
continue to drive the demand for
critical power (over backup power)
in the sectors like banking, hospitals Product features
Exide NXT+
and commercial establishments. Long service life
Additionally, the need for backup Our Exide NXT+ launched in
Low self-discharge
power also arises from the financial FY 2022-23 ensures seamless power
services sector, facilities and power supply for critical needs. Excellent charge retention
plants. Digitalisation in rural India Superior high-rate discharge
1
https://mnre.gov.in/solar/schemes
23
As one of the largest manufacturers of

Solar Energy batteries suited for these applications, Telecom
we continue to strengthen the traction
India’s electricity sector is poised for a product portfolio, by launching more The rapid deployment of 5G across
solar revolution, with exponential growth advanced products. We are well- more than 350 towns in India has
in the solar market, driven by ambitious positioned to capitalise on this trend led to a massive opportunity in the
policies. Exide has a strong portfolio to through our new launches- Mega telecom division. With our telecom
cater to this market. Our existing line Charge and Thorr. solutions including NEPST / NMST
of solar batteries are produced using and EP, we are positioned to
advanced technology and are used in Mega Charge capitalise on this opportunity and will
varied applications such as solar lighting continue our growth trajectory.
systems, solar/hybrid power systems/
plants, railway signaling and so on.
Remote Solar Design Solution Power and

Exide aims to redefine residential and
Infrastructure Projects
commercial solar rooftops with EXIDE
India’s future prosperity will hinge
SUNDAY Rooftop Solar Solutions
on affordable and reliable energy
(RTSS).
solutions. Therefore, there remains
Features foreseeable headroom for growth
across the conventional power
Fast charging and longer life generation, transmission and
Available in multiple dimensions distribution sectors. We have a
Fully insulated terminals strong foothold in this market which
positions us to benefit from any
refurbishment, replacement and
Thorr capacity enhancement projects
in the future.
Our remote software enables

personalised solar solutions using Battery Energy
GPS. Our channel partners have Storage Solutions (BESS)
also joined us in this scalable digital
transformation. Our installation The pace of change in the electricity
Features
services include five-year warranty, sector, due to the increasing mix of
Extended working cycle renewables, puts a huge premium
thereby instilling confidence and
Fast charging capabilities on robust grids and other sources of
adding value.
energy. Battery storage is particularly
suitable for storing the excess power
generated from solar projects during
Traction We are currently the day for use during the peak hours
undertaking an expansion at night.
The global trend of increasing project in Haldia to
adoption of mechanisation has fuelled
the market for automated Material
augment our traction
Handling Equipment (MHE). capacity and cater to
the anticipated demand
boom in the medium-term
24
140–200*
GW
Estimated Indian BESS capacity by
2040
ASEAN Clean Energy Week
*India Energy Outlook 2021 SOLAREX Istanbul 2022 was held in Manila, Philippines
Our primary focus lies within the

energy sector, where we place a
special emphasis on delivering
Outlook for FY 2023-24
cutting-edge Battery Energy Storage We anticipate a significant surge in our order book as we make headway in
Solutions (BESS). The market for expanding our range of products and services. With strategic focus on key
these solutions is expected to witness sectors such as IUPS, traction and solar, we aim to strengthen our position in
exponential growth. these markets, where we are a leading player.
Through these efforts, we seek to position ourselves with a broad and

diversified portfolio that caters to the needs of a rapidly evolving market.
Exports Our commitment to excellence and innovation will propel us forward as we
strive to enhance our global footprint and unlock untapped potential.
Industrial exports have faced
numerous headwinds, starting with
the Ukraine war and winter recession
in Europe. However, we are confident
of bouncing back. To mitigate the
Submarine
risks associated with certain markets, We specialise in manufacturing high-grade submarine batteries,
efforts have been made to broad-
adhering to stringent technical specifications and quality control
base our exports by entering new and
standards. Our specialised batteries have a high capacity of
under-served markets such as Korea
and South-East Asia. 20,200 Ah, specifically made for submarines. Our skilled team
and dedicated infrastructure enables us to produce batteries for a
To further boost exports, we have variety of submarine classes.
deployed partners in key markets
such as Europe, Middle East, Italy
and other countries where demand
continues to be high. In addition,
France is being targeted as a major
market and efforts are being made
to enter Russia. These new market
penetration strategies are intended to
boost exports and help the Company
weather the challenges posed by
global headwinds. We are the preferred submarine battery supplier for the Indian Navy as we
cater to their requirements. With the Indian Government’s approval, we
Gaining exposure have also exported these critical defence products, earning repeat orders
and international recognition.
Over the year, we attended various
international and national events, Committed to excellence, we provide outstanding product support,
conferences and exhibitions to technical service and through-life performance guarantees, ensuring
showcase our products and attract meticulous upkeep and maintenance.
potential customers.
25
GREEN TECHNOLOGY SOLUTIONS
Gaining momentum for an
Electrified
tomorrow The financial year 2022-23 India is currently undergoing a
significant transition, driven by mounting
marked a significant growth apprehensions about climate change,
milestone for the Electric Vehicle environmental pollution and energy
security. This transformation entails the
(EV) industry in India as the replacement of conventional fossil fuel-
number of registered vehicles dependent transportation with electric
exceeded the 1 million mark. mobility in the foreseeable future.
The rise of EVs can be attributed

to a confluence of factors such
as the increasing demand for
sustainable transportation,
favourable government policies
and affordable rental services.
26
Indian EV industry The Indian government has played While the EV industry forms only a
a pivotal role in fostering the EV small fraction of the overall vehicle
Total number of electric growth through key initiatives such production, it is expected to grow at a
vehicles registered as the FAME-II (Faster Adoption and rapid pace in the coming years. This
Manufacturing of Hybrid & Electric growth is anticipated to be driven by
11,82,161
Vehicles in India) and the Production advancements in battery technology,
Linked Incentive (PLI) scheme, which an expanding network of charging
have boosted the production of infrastructure and rising consumer
EVs and their components. These demand.
proactive measures demonstrate the
government’s steadfast commitment By the year 2030, the industry is
4,58,762
to promote the widespread adoption expected to achieve a remarkable

of EVs and encourage local milestone of 10 million annual sales.
Looking ahead, two-wheelers and
1,73,543
manufacturing.
1,46,939
1,42,318
three-wheelers are projected to

exhibit the highest penetration of
The Union Budget 2023-24 close to 50%-60% of EVs by 2030.2
allocated J 5,172 crore to
the FAME-II scheme
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
When it comes to EV sales, two-
49%
wheelers and three-wheelers
are at the forefront, representing
approximately 61.55% and 33.99%,
respectively, of the overall vehicle
1.05% sales during the FY 2022-23. Electric CAGR is expected for India’s
Others
two-wheelers and three-wheelers EV market between 2022 and
3.41%
4-wheelers have already achieved TCO (Total 20301
Cost of Ownership) parity with
conventional vehicles because of
subsidy support and low operating
2022-2023 cost and are thereby expected to
become early adopters of EVs in
India.
33.99%
3-wheelers 61.55%
2-wheelers
(Source- Vahan sewa dashboard)
India targets to
achieve 30% vehicle
electrification by
2030
1
Economic Survey 2022-23
2
https://www.investindia.gov.in/team-india-blogs/indias-ev-economy-future-automotive-transportation 27
In the EV industry, the interplay of demand, supply and regulatory/government factors is as

below:
Demand
The projected demand for lithium- In the automobile division, factors, driving companies to
ion batteries by 2030 is estimated demand is expected to be driven focus on reducing their carbon
to be around 150 GWh as per by higher adoption of electric emissions
industry estimates two-wheelers, three-wheelers,
The launch of 5G technology has
intra-city buses and last mile
The demand is expected to have a led to a surge in the usage of
connectivity
70:30 split between the automobile lithium-ion batteries
and industrial sectors, respectively In the industrial division, there
is a growing emphasis on ESG
Supply
The supply of lithium-ion batteries Input costs have decreased over More companies globally are
has increased in recent years the past few years, leading to setting up facilities for lithium-ion
due to the growing availability of higher production of lithium-ion cell manufacturing to increase
raw material and streamlining of batteries supply
supply chain
Regulatory support
The government has implemented The government has exempted GST rate for charging stations
a production-linked incentive custom duties on components specifically designed for EVs
scheme to encourage the needed for domestic production have been revised, resulting in
manufacturing of advanced of lithium-ion cells in the recent reduction of GST rate from 18% to
chemistry cells budget, to further provide access 5%
to green mobility
Battery-operated vehicles will be
J18,100
Crore
State governments have
also extended their support
to companies setting up
issued green license plates and
granted an exemption from the
mandatory permit requirement for
manufacturing plants for the EV the transportation of passengers
PLI outlay for advanced chemistry sector or goods
cell manufacturing
The Government is providing
incentives to buyers of EVs
28
Exide - realising the and the demand for lithium-ion Indian climatic conditions and safety
potential of electric mobility battery-based storage solutions gains requirements, enabling us to establish
momentum, we stand prepared for a robust facility for lithium-ion battery
the future. packs and modules. Our extensive
At Exide, we have always been
experience and expertise places us
at the forefront of embracing new With our subsidiary, Exide Energy ahead of the curve and we are now
technologies, continuously evolving Private Limited (EEPL), operating the poised to venture into lithium-ion cell
our manufacturing processes to offer Nexcharge brand, we are already manufacturing through our wholly
the latest products and solutions supplying high-quality lithium-ion owned subsidiary, Exide Energy
to our valued customers. As the battery modules and packs. This has Solutions Limited (EESL).
adoption of EVs accelerates in India provided us invaluable insights into
Exide Energy Private

Limited (Nexcharge)
Incorporated in 2018 as a Joint subsidiary of Exide Industries Limited.

Key application areas
Venture with Leclanché SA, EEPL With the brand Nexcharge, we aim
focuses on developing lithion-ion to capitalise on India’s growing EV Transportation
modules and packs with battery battery market. Our priority is to
management systems for electric achieve operational goals, to meet
Two-wheelers Three-
vehicles and stationary applications. demand and to scale up production to
wheelers
EEPL is now a wholly owned full capacity.
Passenger Commercial
vehicles vehicles
Rail and Off highway

marine equipments
Industrial and Utility
Commercial Hybrid power

and Industrial generation, T&D
1.5 GWh ~
J700 crore
Renewable
integration Telecom
Capacity Order book to be executed in next

12-15 months
UPS and data EV charging
For two-wheelers, three-wheelers, centres
commercial vehicles and telecom (OEMs)
29
Our key competencies:
Proficiency in High-scale Excellence in Expertise in Battery Streamlined

intricate design manufacturing and manufacturing Management supply chain
strategic sourcing processes System (BMS)
Demonstrating Large-scale Implementing Possessing an Our esteemed

profound expertise in manufacturing to automated in-house BMS clientele benefits
design, with focus on achieve competitive manufacturing development from the privilege
achieving exceptional costs for OEM processes to ensure capability that of import duty
energy density, products and the highest level enables modification, exemption when
thermal stability and aftermarket sales. of quality in strict customisation and procuring products
functionality. adherence to industry optimisation of from Nexcharge.
Procurement of cells standards. performance.
Possessing the through strategic Situated in the
capability to deliver sourcing relationships Enforcing stringent Offering flexibility automotive hub of
application-specific on a global scale, quality testing to incorporate the Gujarat, we ensure
cells that are tailored ensuring competitive protocols at the cell, latest advanced a competitive and
to various form sourcing practices. module and pack features to meet easily accessible
factors and chemistry levels. specific customer supply chain for our
requirements. requirements. customers.
Ensuring battery safety

through precision
engineering
We prioritise developing thermal

management systems for our
battery packs, ensuring safety and
performance. Nexcharge BTMS
(Battery Thermal Management
System) is our carefully engineered
solution for heat management and
superior performance. It effectively
controls individual cell temperatures,
prevents accelerated deterioration
and maximises efficiency. This
state-of-the-art system safeguards
against potential battery damage
while ensuring durability and peak
performance.
Team of engineers at Nexcharge plant ensuring battery safety through
precision engineering
30
Nexcharge product portfolio for key transportation and industrial markets
Bus Battery Pack Three-wheeler Battery Pack Light Duty Pack
Two-wheeler Medium
Duty & Heavy Duty Pack UPS Pack Telecom Pack
Exide Energy Solutions

Limited (EESL)
12
EESL, a wholly owned subsidiary, is dedicated to manufacturing lithium-ion cells
(cylindrical, pouch, prismatic). We also engage in the production, assembly and
sale of battery modules and packs. Our primary focus lies in the development of GWh
cells and energy storage solutions for both mobility and stationary applications.
Total project capacity
~J6,000
crore
Total cost of the project, which
will be completed in two phases
Bhoomi poojan ceremony of Exide Energy Solutions Limited

31
We have signed a long-term technical

partnership with SVOLT Energy
Technology Co. Limited, (SVOLT)
for the manufacturing of lithium-ion
cells. SVOLT is a high-tech company
specialising in the development and
manufacturing of lithium-ion batteries
and storage solutions for multiple
applications. It has a team of more
than 300-400 R&D experts and the
company is headquartered in China.
As part of the agreement, we have

been granted rights to use and
commercialise SVOLT’s technology
and knowhow for lithium-ion cell
manufacturing. Additionally, they are
also assisting us in setting up an
end-to-end production process
including upstream supply chain, Collaborating with SVOLT for cell manufacturing technical knowhow
manufacturing plant and equipment,
quality processes and so on, on a
turnkey basis.
Key developments on the project
Initial phase-1 capacity is of 6 GWh, to be ramped up to 12 GWh
Site preparation completed, civil and pre-engineered building works in

progress
Funding through internal accruals and loan financing
Senior management and middle management hiring completed
Collaborating with SVOLT to achieve key milestones, including R&D

training
On Track Early mover advantage as one of the first Indian players in lithium-ion cell
manufacturing at this scale
We are setting up one of India’s first
giga plant to manufacture lithium-ion Demand driven by OEM and industrial customers, including renewables,
cells at our Bengaluru facility under battery storage solutions and telecom
EESL. Phase-1 of the project is
expected to be completed by end
of next year. Construction work has
commenced in full-swing and we
expect the project to be completed
within defined timelines.
32
Site-enabling work has been completed On the ground, construction activity has been initiated
Foundation work is progressing in full swing On site construction equipment
Our giga-level factory in the lithium-ion space will give Exide a significant
first-mover advantage. By offering domestically manufactured products
and solutions, we lower the working capital requirement associated with
battery imports, which is a common challenge for OEMs. Our collaboration
with SVOLT ensures a streamlined supply chain for raw materials and with
their team of 300 to 400 experts, we can expedite the plant operations. We
believe that our innovative solutions will provide customers with a distinct
value proposition.
Mr. Subir Chakraborty

Managing Director & CEO
33
DIGITAL TRANSFORMATION
Embarking on a
digital journey
Our focus lies in digitalising operations, harnessing the power
of data analytics and utilising advanced technology to engage
with customers and amplify brand awareness. Through this
strategic approach, we seek to elevate our organisation by
embracing cutting-edge solutions that drive efficiency, foster
growth and strengthen our connection with customers.
(a) Digitalisation in Adopting Industry 4.0

operations
Our Industry 4.0 efforts have resulted in reduced waste, increased energy
savings and improved quality control. We have implemented sustainable
With the implementation of Industry practices to optimise resource management and enhance productivity, while
4.0 principles, our factories are maintaining industry-leading digitalisation and data practices.
undergoing a transformation that will
enable us to establish an efficient and
Outcomes
interconnected digital supply chain.
Our goal is to seamlessly integrate Optimising manpower through low-cost automation
various components and processes, Increasing productivity and throughput
leveraging advanced technologies
such as automation, data analytics
Integrated business planning
and artificial intelligence.
demand forecasting by leveraging

automated demand forecasting
tools. To ensure efficient production
planning, we have ensured optimum
utilisation of capacity and resources.
Outcomes
Logistics cost savings
We implemented an Integrated
Business Planning solution, which Lower production and
includes optimisation of demand, distribution costs
dispatch and production planning. Higher capacity utilisation
Our dispatches are based on More effective planning and
demand pull and we have improved forecasting
34
Warehouse Management System
A Warehouse Management System Outcomes

was implemented across all our
warehouses during FY 2022-23, Improved inventory management
ensuring complete real-time inventory Lower costs
monitoring. This enabled us to track
inventory age in warehouses and Lower inventory obsolescence
also contributed to reducing overall
inventory levels.
Transportation Management
We adopted a Transportation Outcomes

Management module to handle
primary, secondary and tertiary Dashboard tracking
logistics which resulted in multiple Lower transportation costs
benefits.
Lower shipment delays
Better supervision and timely
delivery
(b) Digitalisation in Salesforce Data analytics

At Exide, we implemented several projects to enhance customer satisfaction, To enhance our data-driven strategies
improve dealer management and grow our market share. Digital solutions have even further, we have implemented
resulted in cost savings and better service to our customers. business intelligence dashboards
for our dealers and machine learning
models for product recommendation
and churn prediction. This has
enabled us to gain deeper insights
and make more accurate predictions
based on the data. Through this
approach, we are continuously
optimising our strategies and
providing solutions in the ever-
evolving automotive aftermarket.
Outcomes
Real-time visibility of key
performance indicators to the
dealers and their sales force
Proactive actioning on key outlets
35
(c) Digitalisation for Outcomes Dealer Sales Representative

channel partners (DSR) application
Streamlined access to dealer
information We revamped the DSR operations by
We have embraced digital
incorporating real-time performance
transformation for our channel Increased visibility of schemes
monitoring, which allows us to offer
partner operations, ensuring process and loyalty points
incentives to DSRs according to their
optimisation, enhanced efficiency achievements.
and improved communication. By
incorporating Dealer Management
100%
System (DMS), Electronic Know Outcomes
Your Customer (E-KYC) module and
real-time performance monitoring for Strengthened relationship with
dealer sales representatives, we have sub-dealers and mechanics
Real-time data availability
connected 100% of our dealers and Increased transparency
sub-dealers through mobile apps and
DMS.
DSR face recognition-based

E-KYC module attendance
Dealer Management System
We introduced an E-KYC module,
thereby, streamlining the process
of adding new sub-dealers and
contributing to the growth of our
sub-dealer network. With the
enhancement of the sub-dealer
application, we have enabled more
hygienic master data, informed
decision-making and cost-effective
approach to managing sub-dealer
operations through digital solutions.
Outcomes
We transitioned to an online DMS,
Accelerated our network presence
which has improved user-friendliness
and ensured up-to-date information. Enhanced application functionality
This new system empowers dealers
1
to provide real-time data and bolsters
our hyperlocal marketing efforts
by integrating with the Google My lakh
Business platform. This integration
Sub-dealers are benefiting from
allows targeted promotional
real-time access to key information
campaigns that cater to the needs of
on their mobile app
local customers, effectively enhancing
our reach and brand visibility in
targeted geographies.
36
(d) Leveraging digitalisation (e) Analytics and

Digitally-enabled customer
to enhance brand loyalty Business Intelligence
journey for SUNDAY
We are dedicated to strengthening rooftop solar systems We have implemented performance
brand loyalty through innovative digital analytics for tracking sales and
SUNDAY rooftop solar systems service. This helps us with the enquiry
solutions, focusing on streamlining
is a revolutionary business line and pipeline assessment along with
processes and providing a seamless
targeting the residential and visibility into tracking channel-wise
customer experience to boost
commercial rooftop solar market. campaign effectiveness.
satisfaction and brand engagement.
The onboarding journey has
been amplified by easy-to-go
Exide Samrat enquiry submissions, remote
rooftop 3D modelling assistance
Our Exide Samrat
along with quotations for
application has
customers and dealers.
been instrumental
in building brand
loyalty among
mechanics. It
enables mechanics
to easily scan
batteries, access
product information and receive
real-time support from our
technical team. This digital
platform has not only streamlined Field service application
the sales registration process and service module
but has also increased brand
loyalty among mechanics, thereby In the industrial division, we
contributing to the overall growth introduced Exide Edge app in
of the automotive division. the previous financial year, for
faster resolution of customer
queries and for enhancing the Road Ahead
Systematised purchase history
customer experience. Nearly,
Purchase history has been 700+ technicians and third-party Our focus on digitalising
systematised for car and inverter agents along with 50+ service operations, utilising data
battery sales. This enables agents have been onboarded analytics and embracing
personalised recommendations onto the field service module for advanced technology, drives
and targeted marketing to enhance quick resolution of service tickets. efficiency, encourages
customer experience. Customers can not only log tickets growth and strengthens
on their own but also track the live customer connections.
status and submit ratings. From implementing Industry
4.0 principles to leveraging
data analytics in sales and
customer journeys, we
strive to deliver exceptional
value and propel our growth
through innovative digital
solutions.
37
CUSTOMER-FIRST APPROACH
Mobilising resources
to enhance our reach
Branding Upgrading product portfolio SF batteries
across brands
Our branding initiatives have Based on our confidence in our
undergone a transformative journey, superior product performance and to
resulting in higher visibility in micro- ensure better value for our customers,
markets and targeted strategic we upgraded the warranty across
initiatives. Our customer-centric most of our 4-wheeler products. With
approach has enabled us to the launch of our innovative products,
we have solidified our standing in a
effectively communicate our brand
dynamic landscape.
values and offerings in a way that
resonates with our target audience,
leading to enhanced visibility and Exide Dynex
recognition. Through a combination
of strategic endeavours and market-
focused strategies, we have created a
comprehensive branding ecosystem
that sets us apart.
Reaching customers through

various touchpoints
We continuously strive to engage

with our customers through diverse
channels and enable mutually
beneficial relationships. The key
touchpoints are:
Hyperlocal marketing
We are actively supporting our

dealers in on-boarding Google My
Business, a platform that empowers
them to create detailed business
profiles containing all essential
15,000
information. Almost all Exide Care We conducted awareness campaigns
outlets and SF Power Bays have within Exide Care outlets to enhance
been onboarded for this hyperlocal lead management processes, dealer
marketing initiative wherein they responsiveness, query handling and
Unique leads per month
get direct leads and business from ratings and reviews. These efforts
customers. have significantly elevated our dealers’
performance and customer satisfaction.
38
Digital Campaigns New Year 2023 Republic Day

Automotive
The campaign showcased how With India celebrating 74 years of
The Moving Canvas Exide actively empowers individuals being a Republic, the campaign
to realise their aspirations and propel beautifully portrayed Exide’s pivotal
The ‘Moving Canvas’ encapsulates themselves ahead in their journey. role in driving India forward, fueled
an extraordinary odyssey, an by a relentless pursuit of passion,
artistic masterpiece that reveres a innovation and determination.
nation perpetually advancing and
progressing, where Exide serves
as the force propelling this onward
movement.
1.51 million
Reach across platforms
Exide NXT Plus campaign
Industrial The strategic campaign for Exide NXT

Plus showcases the strength of next-
SUNDAY campaign
generation industrial VRLA batteries.
In a fast-paced world where every
The campaign highlights the advantage of the Sunday solar solution. Through a
second counts, Exide NXT Plus is the
scenario of a school, it depicts how customers can unwind daily and enjoy the
reliable choice. With an exceptional
sunny side of life with Exide Sunday Rooftop Solutions without worrying about
service life that surpasses others by
electricity bills and power interruption.
around 20%, it ensures uninterrupted
power for critical operations.
39
Influencer marketing Customer reach and After Sale services

service
Automotive
We have formed strategic
partnerships with influential We have launched several initiatives As one of the leading battery brand
individuals, including TV celebrities, aimed at enhancing our customer in the country, Exide has always
to promote our inverters, Integra and experience and expanding our focused in putting the customer first.
Batmobile service. These influencers touchpoints, along with reducing Be it a network of Exide Care/SF
provide reviews and ideas on topics turnaround time. power bay outlets, the unique Exide
like automobiles, lifestyle, home Batmobile quick doorstep service,
décor and electrical appliances, the new-age paperless registration,
Distribution network
allowing us to improve brand annual maintenance contract services
awareness through various digital Our streamlined dealer ecosystem for inverters/UPS, Exide has always
platforms. guarantees timely product delivery excelled in connecting and providing
and seamless services for our enriching experience to customers.
esteemed customers. Moreover,
3 million+
our extensive pan-India distribution
network further accelerates the
provision of prompt service. As we
Exide Care and SF Power Bay
outlets
Exide Care outlets offer an

Organic views from influencer continue to expand and enhance
unparalleled retail experience,
campaigns our distribution network, along
ensuring smart, secure, and
with augmenting our workforce in
seamless service. With our quick
export markets, we are fortifying our
response, immediate assistance, and
geographic presence.
unwavering commitment to safety, we
provide hassle-free solutions for car,
Increase in network of inverter and home UPS battery.
distributors/dealers/sub-dealers
70,000+ 95,000+
FY 2021-22 FY 2022-23
1,600+
Exide Care outlets
Influencer campaign for our
Exide Integra power backup
systems
40
Under the SF batteries brand, we Annual maintenance contract Industrial

renewed the design and concept of
We have strengthened customer In the industrial division, now our
ProTubular power bays during the
relationship through personalised customers can directly reach us to
financial year. We focused on driving
maintenance contracts and convenient resolve their queries and know more
‘Active’ PowerBays and currently have
doorstep services for the Exide Inverter about our offerings, either through our
300+ power bays to provide excellent
battery and HUPS. Under the contract, digital app or our new toll free number.
customer service.
customer will get two free visits during
the year, which includes battery Exide Edge
inspection and distilled water top-up
for batteries in use. For the HUPS
machine, spare parts replacement are
offered, free of cost. It helps customers
to save time, effort and repair costs. We have developed a comprehensive
CRM solution EDGE (Enhanced
Digitally for Greater Excellence) which
acts as a crucial element of our
300+ customer-focused growth strategy.

Our main objective is to enhance
value creation by directly engaging
SF power bay outlets with end customers and improving
their overall experience. This initiative
Batmobile doorstep service eliminates the need for manual data
collection and tracking, resulting in
Through Batmobile, we provide quick Paperless warranty services increased productivity for our frontline
and efficient support to customers sales team.
across the country. In line with our Exide now provides paperless online
service objectives, we have expanded warranty registration for its vehicular
our exceptional service model to serve and inverter batteries/HUPS customers.
consumers in upcountry regions, Our new toll free number
with an aim to decrease turnaround
time and improve service coverage We have a toll free number for
across the country. This strategic industrial batteries, solar inverters,
effort demonstrates our constant solar panels, solar batteries, and
commitment to providing great sunday solar systems.
customer service and prioritising client
requirement.
Batmobile services
is available in
over 300 cities,
including tier 1,
tier 2, tier 3 cities,
towns and villages
41
ESG GOALS
Responsibly marking
our way forward
At Exide, we recognise the importance of adopting a holistic
approach towards addressing the challenges and opportunities
associated with ESG factors.
Environment Key highlights

19% of our total energy
consumption is derived from
1.71 renewable sources

We are actively working on
Energy intensity per rupee incorporating wind energy at our
of turnover
manufacturing locations with
a planned addition of around
19% 20MW by March 2024
Share of renewable Reduced total waste by

energy in overall energy dispatching Effluent Treatment
consumption Plant (ETP) sludge to cement
co-processing units at various
plants
New product launched towards
eco-friendly portfolio
We place a high level of significance Reduced carbon footprint by

Vision
on upholding environmental deploying electric commercial
responsibility and sustainability. By vehicles for last mile delivery of
Mitigating negative impact of the
embracing innovative technologies, product from warehouses
operations on the planet by:
adopting energy efficient solutions Adopting digitalisation initiatives
and promoting use of renewable Adopting green energy to ensure lower usage of paper
energy sources, we strive to lower our
Achieving zero waste to landfill
carbon footprint.
Achieving water neutrality
Reducing GHG emissions
Green innovation
42
Social Key highlights

100% We implemented an
Employees covered
environment, health and safety
with health and (EHS) policy that is prominently
accidental insurance displayed throughout our
organisation
Nurturing diversity and
Successful inclusivity by introducing one of
implementation of Exide a kind hybrid policy for young
Leadership behaviour mothers for a designated period
across the organisation
Exide’s community outreach
programmes positively affected
We have formulated comprehensive community development programmes that over 3.1 lakh lives in the year
are geared towards creating a positive social impact. We also undertake various under review
initiatives to create a conducive work environment for our employees.
Exide Leadership Behaviours
introduced last year and
Vision successfully implemented
across the organisation
To become the employer of choice by Maintaining positive community
2030 by: through multiple training and
relations
development initiatives
Promoting human rights Institutionalising Exide
Ensuring highest product quality Leadership Behaviour (ELB) Enhanced customer services by
and safety in the organisation for cultural introducing services like annual
transformation maintenance contracts
Ensuring health and safety of
employees
Governance Key highlights

Proactively fostered ESG
Separate consciousness throughout our
Positions of Chairman supply chain by building ESG
& CEO of the Company awareness
for more than a decade
Maintained unwavering
commitment to upholding the
>95% highest standards of corporate
Average attendance governance
at Board meetings Formulated a comprehensive risk
management framework to identify
and mitigate potential risks
We are dedicated to establishing
Vision Implemented a comprehensive
and maintaining a strong corporate
framework of proactive controls
governance system that upholds
Focus on maintaining transparency to effectively mitigate the
the highest ethical standards. Our and business integrity while driving consequences of cybersecurity
commitment to ethical practices is ESG ambitions through: threats
reflected in our decision-making
Efficient Board structure and
procedures, which are consistently
management
guided by fundamental values.
Maintaining highest Code of
Conduct
Effective risk management
43
OUR PEOPLE
Growing together
At Exide, our success stems from our belief that our people are at
the core of everything we do. We are committed to developing an
inclusive talent pipeline that facilitates a dynamic work environment
and supports personal as well as professional development.
Our investment in employee training and development programmes ensures consistent upskilling at all levels,
thereby preparing future leaders. We remain dedicated to investing in our people to promote employee satisfaction
and retention, attract top-tier talent, drive innovation and build a culture of excellence.
In line with our commitment to excellence, we have upheld a Productivity and Cost
steadfast philosophy built upon five pillars that have fortified
our success: First and foremost, we have diligently focused
on enhancing productivity and cost efficiency,
leveraging innovative strategies to optimise
t Develo our resources and drive sustainable growth.
Cos pm
en
a nd ta
ity nd
it v Our transformation projects on sales, supply chain and
uc
manufacturing enables us to look at the right talent,

ul
od
tu
redefine roles, responsibilities and key result areas.

Pr
re

This leads to effective structures, cross functional

participation, problem solving and outcome based

Built on our frameworks.

System and
five pillars, our

Talent Ma
HR philosophy
stands tall and
strong ASPIRE X
na g
Pro
Recognising the critical role of Research & Development

e
ce
(R&D) in ensuring business sustainability, we have

me
ss
nt
embarked on an ambitious R&D transformation journey

es
called ‘Aspire X’. The vision was conceptualised through

a detailed workshop with the R&D team, inviting experts

Org re
anisa
tion Structu from around the globe to contribute their unique insights
and capture stakeholder expectations. It aims to create
world-class R&D Infrastructure through a strong focus
on digitalisation, development of in-house capabilities
and redesigning of structures and processes.
44
Rewarding employee Nurturing future leaders

performance
We have a robust framework to
Our reward systems aim to create a support the growth and development
culture of performance that promotes of our future leaders. Our Signature
meritocracy at all levels in the Programme – Lead@Exide is aimed
organisation: at grooming mid-level managers and
creating a strong senior leadership
talent pipeline within the organisation.
Exide Leadership Behaviour

‘Win-It-Now Award’: A quarterly (ELB)
accolade rewarding employees for
taking up cross functional projects, Our journey of cascading the ELB
stimulating continuous improvement through various internal promotions,
and innovation. leadership surveys and recognition
continues to be one of the key
initiatives in organisational culture
Learning and development
building. A 360 degree ‘Pearl’ survey
We recognise the importance of was conducted for senior leadership
‘Million Dollar Scientist Award’:
equipping our employees with the on the ELB pillars followed by a
A prestigious recognition for
necessary functional and technical detailed action plan and coaching for
groundbreaking ideas from
skills to succeed in their respective them. To further promote and cascade
a research and development
roles. We, therefore, invest heavily the leadership behaviours, we
standpoint. Winning ideas pass a
in the development of our sales and launched a quarterly ELB Champions
rigorous evaluation and trigger a
manufacturing academies, which award to recognise employees
three-tier reward structure.
provide comprehensive training practicing ELB behaviours.
programmes to hone our employees’
‘You Did It Award’: A quarterly award skills and equip them with the tools
for sales and manufacturing functions. they need to succeed. Talent management
The awards have been created to Our talent management initiatives
inspire higher productivity, teamwork have been instrumental in
and employee motivation. attracting, nurturing and retaining
Development and culture

2.08 Lakhs top talent, ensuring a strong and
dynamic team that propels our
organisation forward.
Manhours of training provided to
employees in FY 2022-23 As a leading player in the energy
We have prioritised the storage industry, we recognise that
development of our workforce, our people are our greatest asset
instilling a culture of continuous and we are committed to identifying
learning and personal growth that and developing talent that will help
empowers our employees to reach us maintain our competitive edge.
their full potential. Talent reprofiling is done in sales and
supply chain functions. Talent is also
infused from outside the organisation,
for niche roles which will help fuel our
growth trajectory.
45
Campus recruitment Organisation structure System and processes

We strengthened our campus The establishment of a robust Lastly, our commitment to refining
recruitment drive to bring in young talent organisational structure has and optimising our systems
into the organisation in various functions. facilitated seamless collaboration and processes have further
and effective decision-making, streamlined our operations,
We recruit the best engineering enabling us to swiftly adapt enabling us to maintain high
minds from premier engineering to market demands and seize levels of efficiency and agility.
campuses like Indian Institutes of opportunities.
Technology (IITs), National Institutes of This year, we made significant strides
Technology (NITs) and Indian Institute In recent years, we have proactively in refining our operational practices.
of Science (IISc) to take up key roles in assessed our organisational We have instituted a robust check-
manufacturing and R&D. We provide structure to pinpoint areas that and-balance mechanism for our
accelerated career and learning require enhancements for optimal budgeting and employee reward
opportunities to management and performance. By recognising these processes, bolstering financial
executive trainees to bring fresh talent gaps, we were able to fortify and prudence, while ensuring that our
in the organisation. instigate positive transformations, commitment to employee recognition
while mitigating potential business remains steadfast. Alongside, we
Rotational transfer risks. Through this we have launched centralised HR Shared
strengthened our digital, business Services across Exide and all our
We have a pan-India presence and activation, regional SCM, planning, subsidiaries, to streamline operations
offer different roles to employees EHS, business HR, quality and and develop cohesion across our
across the country. We encourage technical departments. business network.
internal movement of employees within
the organisation to support professional
as well as personal growth.
Celebrating our legacy
Exide’s 75th anniversary marked a momentous milestone, filled with pride
and enthusiasm. We started our celebration with an opening ceremony and
year-long events involving employees and families, promoting team unity
and camaraderie.
Executive
Trainees
Management
Trainees
Sales
Trainees
46
CORPORATE SOCIAL RESPONSIBILITY
Touching lives,
developing inclusivity
Businesses can thrive only when the aspirations of
neighbouring communities are integrated in the business
strategy. We understand that people are born with equal
potential but not with equal opportunities.
The deep-seated inequality in our society denies many individuals the opportunity to realise their potential.
With a commitment to social good, we continue to tread the path of integrating aspirations of vulnerable and
marginalised sections of the society. This will help in bringing about a meaningful and sustainable change in
the lives of the targeted communities.
80% 3.10+
Number of lives postively
impacted over the years
Lakh
3,10,000
Beneficiaries from vulnerable Lives positively impacted through

sections of the society our CSR initiatives in FY 2022-23
2,15,000
Our CSR
1,28,741
focus areas
Health Employability
FY 2020-21
FY 2021-22
FY 2022-23
Empowerment Education
Environment
47
Exide Akshar for promotion of education
In collaboration with Yuva Unstoppable, we have undertaken a

transformative journey aimed at enhancing learning outcomes in
government and other low-cost schools. Our concerted efforts have
led to the installation of state-of-the-art smart classrooms, STEM
laboratories and WASH facilities in 41 schools located across six
districts of Maharashtra and West Bengal over the past year.
In addition, we have undertaken initiatives to construct, renovate,

repair and upgrade infrastructure in 20 schools situated across
eight districts in six states of India. This remarkable undertaking
will extend benefits to over 15,000 students annually. Moreover,
we have successfully transformed two government First Grade
Colleges in Karnataka with cutting-edge infrastructure through our
collaborative efforts with Yuva Unstoppable, thereby benefiting
3,000 students every year.
500 hours Under the Exide Excellence Programme, implemented in

partnership with Udayan Care, we have been supporting 150 girls
Cumulative mentorship provided achieve academic and professional success.
Exide Aarogya for promoting healthcare
In collaboration with Marrow Donor Registry India, we have

undertaken a campaign aimed at promoting awareness and
enlisting volunteers for bone marrow donation. This crucial form of
donation offers the best hope of survival and potential treatment
for individuals afflicted with various diseases, including leukemia,
lymphoma, cancers, sickle cell anaemia and more. Over the
course of the year, we successfully conducted bone marrow
profiling and registered over 4,000 willing donors, contributing to a
total of 60,000+ voluntary donors. This initiative has already saved
the lives of 18 individuals till date.
60,000+
Voluntary donors till date
48
Exide Paryavaran for environmental protection
Our nation is facing significant water stress, which has prompted

us to undertake various initiatives aimed at addressing this critical
issue. As part of our efforts to support the communities residing
near our plant in Bawal, we have embarked on the restoration
of an additional pond this year, bringing the total to three. The
restoration of these ponds has the potential to bring about far-
reaching benefits, including the augmentation of the ground water
table, improvement of soil moisture, enhance water availability for
both humans and animals and increase agricultural productivity.
20,000+
Lives were positively impacted through
pond restoration
Exide Kaushal for skill augmentation
Our nation is currently experiencing a momentous period of

demographic transition, characterised by a significant proportion
of our working age population. The manner in which we shape this
segment of our society will play a pivotal role in determining the
future of our nation. In recognition of this national cause, we have
been nurturing the skills of youth and offering them opportunities
for on-the-job training, thereby enhancing their employability
prospects.
1,700+
Youths were provided on-the-job training across
seven Exide plant locations in FY 2022-23
Exide Saksham for empowerment

We have undertaken a number of initiatives aimed at empowering
rural and other vulnerable communities. Among these, is our
holistic rural development project designed to facilitate integrated
development across two villages situated in the rural Bengaluru
district of Karnataka.
27,000+
Lives were positively impacted
49
AWARDS AND ACCOLADES
TQM & IT & Sustainability

Business Infrastructure & CSR
Excellence
Golden Peacock Excellence Award Technology Excellence Award – Golden Peacock Award 2022 for
2022 - Leadership for Business Analytics Implementation (IBM & Sustainability
Excellence Quantic)
The Economic Times Sustainable
Quality Leadership Award for Technology Excellence Award – Best Organizations 2022
integrated all-out performance from Technology of the Year, Infrastructure
Quality Circle Forum of India (Organised by HP & Quantic) Manufacturing Today Award for
Excellence in CSR
Kaizen Platinum Award, CII National Tech Senate Award 2022, Big Data &
Kaizen Competition Analytics, Indian Express Group 7th CSR Excellence Award, ICSI
Quality Award, Manufacturing Today Cyber Security Excellence Award

2022 (Z Scaler & Quantic)
HR & Safety &

Leadership Environment
HR Excellence Award, QCFI India Green Manufacturing Challenge

Award
Power Brand of Atmanirbhar India
from Sanmarg Business Award Best Company in Innovative Energy
Management Control
50
10-YEAR PERFORMANCE
(H in crore)
Particulars 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22* 2022-23*
Sales (Net) 5,964 6,866 6,848 7,583 9,186 10,588 9,857 10,041 12,410 14,592
Operating Profit 825 917 1,026 1,082 1,241 1,411 1,365 1,356 1,398 1,568
Profit Before Tax (before 723 798 908 976 1,048 1,130 1,057 1,018 1,026 1,215
Exceptional Items)
Exceptional Items - - - - (42) 108 (22) - 4,694 -
Taxation 236 252 284 282 338 395 210 260 1,036 311
Net Profit 487 546 624 694 668 844 826 758 4,684 904
Cash Profit 613 685 782 900 914 1,158 1,188 1,138 5,097 1,359
Earnings Per Share (H) 5.73 6.42 7.35 8.16 7.86 9.93 9.71 8.92 55.11 10.63
Dividend Payout** 178 220 243 243 246 246 499 170 170 -
Balance Sheet
Non-Current Assets 1,025 1,168 1451 1,687 2,192 2,552 2,671 2,872 3,294 3,178
Investments 1,967 1,896 2,698 2,674 1,969 2,199 2,071 3,059 6,036 6,341
Current Assets 1,941 2,317 1,989 2,414 3,236 3,421 3,500 3,698 4,034 4,532
Total Assets 4,933 5,381 6,138 6,775 7,397 8,172 8,242 9,629 13,364 14,051
Loans - 18 103 170 - - - - 10 -
Other Liabilities 1,120 1,205 1,397 1,486 1,867 2,010 1,844 2,658 2,756 2,841
Subtotal 1,120 1223 1,500 1,656 1,867 2,010 1,844 2,658 2,766 2,841
Deferred Tax Liability 105 126 127 155 141 175 102 77 - -
Net Worth 3,708 4,032 4,511 4,964 5,389 5,987 6,296 6,894 10,598 11,210
Total Liabilities 4,933 5,381 6,138 6,775 7,397 8,172 8,242 9,629 13,364 14,051
Book Value Per Share 43.62 47.44 53.07 58.40 63.40 70.44 74.07 81.11 124.68 131.88
(H)***
Return on Net Worth (%) 14.3 14.7 15.5 15.4 13.5 15.7 13.8 11.5 53.6 8.3
* Post Chloride Power Systems and Solutions Limited (CPSSL) merger

** including Dividend Distribution Tax. For the year under review, H 170 crore dividend has been declared, payable subject to
approval of shareholders at the 76th AGM
*** At same per value of share
Figures mentioned since FY 2015-16 are in accordance with the provisions under Ind-AS
51
CORPORATE INFORMATION
Board of Directors Corporate Social Responsibility Cost Auditor

Committee
M/s Mani & Co.
Mr Bharat Dhirajlal Shah Mr Bharat Dhirajlal Shah - Chairman Cost Accountants
Chairman & Independent Director Mr Avik Roy ‘Ashoka’ 111, Southern Avenue
Mr R.B. Raheja Ms Mona N Desai Kolkata 700 029
Vice Chairman & Non-Executive Non- Mr Subir Chakraborty
Independent Director Secretarial Auditor
Stakeholders Relationship
Mr Subir Chakraborty Committee Anjan Kumar Roy & Co.
Managing Director & Chief Executive Ms Mona N Desai - Chairperson GR1, Gouri Bhaban, 28A,
Officer Mr Asish Kumar Mukherjee Gurupada Halder Rd,
Mr Subir Chakraborty Kolkata 700026
Mr Asish Kumar Mukherjee
Director - Finance & Chief
Risk Management Committee Bankers
Financial Officer
Mr Surin Kapadia - Chairman
Mr Arun Mittal Mr Arun Mittal The Hongkong and Shanghai
Director - Automotive Mr Asish Kumar Mukherjee Banking Corporation Limited
Mr Avik Roy State Bank of India
Mr Avik Roy Standard Chartered Bank
Mr Subir Chakraborty
Director-Industrial Citibank N.A.
Banking Operations Committee HDFC Bank Limited
Ms Mona N. Desai
ICICI Bank Limited
Independent Director Mr Subir Chakraborty - Chairman
Axis Bank Limited
Mr Arun Mittal
Mr Sridhar Gorthi Yes Bank Limited
Mr Asish Kumar Mukherjee IndusInd Bank Limited
Independent Director
(appointed w.e.f. July 29, 2022) Share Transfer Committee Kotak Mahindra Bank Limited
Mr Surin Kapadia Mr Subir Chakraborty - Chairman
Independent Director Mr Asish Kumar Mukherjee Registrar and Share
Mr Jitendra Kumar Transfer Agent
Company Secretary Executive Committee C B Management Services (P) Ltd.
Mr Jitendra Kumar P-22, Bondel Road, Kolkata- 700 019
Mr Subir Chakraborty Phone: (033) 4011-6700/6729
Mr Arnab Saha Fax: (033) 4011 6739
Board Committees Mr Arun Mittal CIN: U74140WB1994PTC062959
Audit Committee Mr Asish Kumar Mukherjee E-mail: rta@cbmsl.com
Mr Avik Roy
Mr Surin Kapadia - Chairman Website: www.cbmsl.com
Dr Dipak Sen Choudhury
Ms Mona N. Desai
Mr Jitendra Kumar
Mr Sridhar Gorthi
Mr Ranjan Sarkar Registered Office
Nomination & Remuneration Exide House
Committee Statutory Auditor 59E, Chowringhee Road,
Mr Surin Kapadia - Chairman Kolkata 700 020
B S R & Co. LLP
Ms Mona N. Desai Phone: (033) 23023400/2283 2118/2171
Chartered Accountants
Mr R.B. Raheja Fax: (033) 22832637
Godrej Waterside, Unit No. 603
CIN: L31402WB1947PLC014919
6th Floor, Tower-1, Plot No. 5
E-mail: exideindustrieslimited@exide.co.in
Block-DP, Sector-V, Salt Lake
Website: www.exideindustries.com
Kolkata 700 091
52
Notice of the 76th Annual General Meeting

NOTICE is hereby given that the 76th Annual General Meeting “RESOLVED THAT pursuant to the provisions of
of the members of the Company will be held on Tuesday, Sections 196, 197 and 198 read with Schedule V and
8th August 2023 at 10.30 AM through video conferencing/ all other applicable provisions of the Companies Act,
other audio visual means (“VC”) to transact the following 2013, Companies (Appointment and Remuneration
business: of Managerial Personnel) Rules, 2014 and Securities
Exchange Board of India (Listing Obligations &
Disclosure Requirements) Regulations, 2015 (including
ORDINARY BUSINESS
any statutory modification(s) or re-enactment thereof
1. To receive, consider and adopt the audited financial for the time being in force) and Article 116 of the
statements (including audited consolidated financial Articles of Association of the Company, revision in the
statements) for the financial year ended 31st March remuneration and other terms and condition of service
2023 and the Reports of the Board of Directors of Mr Subir Chakraborty, Managing Director & CEO
(“the Board”) and the Auditors thereon. (DIN: 00130864) of the Company, be and is hereby
approved with effect from 1st May 2023 for remainder
2. To declare final dividend on equity shares for the of duration of his appointment upto 30th April 2024 as
financial year ended 31st March 2023. detailed in the Explanatory Statement under Section
102(1) of the Companies Act, 2013 annexed to the
3. To appoint a Director in place of Mr R B Raheja
Notice convening the meeting;
(DIN: 00037480) who retires by rotation and being
eligible, offers himself for reappointment. RESOLVED FURTHER THAT except the above, all
other terms and conditions of appointment of Mr Subir
SPECIAL BUSINESS Chakraborty, as contained in the resolution passed
by the Shareholders of the Company at their Annual
4. To ratify payment of remuneration to Cost General Meeting held on 31st August 2021 shall remain
Auditor for the financial year 2023-24 unchanged;
To consider and if thought fit, to pass the following RESOLVED FURTHER THAT the Board, including any
resolution as an Ordinary Resolution: Committee thereof, be and is hereby authorised to do
and perform all such acts, deeds, matters and things as
“RESOLVED THAT pursuant to the provisions of may be considered necessary, proper and expedient to
Section 148 and other applicable provisions, if any, give effect to the aforesaid resolution.”
of the Companies Act, 2013 and the Rules made
thereunder (including any statutory modification(s) 6. To consider and approve revision in terms of
or re-enactment thereof, for the time being in force) remuneration of Mr Asish Kumar Mukherjee,
the remuneration payable to M/s Mani & Co., Cost Whole-time Director
Accountants (Registration no. 000004) who have been
appointed by the Board of Directors as Cost Auditors for To consider and if thought fit, to pass with or without
audit of the Cost Records of the products manufactured modification(s), the following resolution as an Ordinary
by the Company for the financial year ending 31st March Resolution:
2024 on a remuneration of H 10,00,000/- (Rupees Ten
“RESOLVED THAT pursuant to the provisions of
Lakh only) plus out of pocket expenses and applicable
Sections 196, 197 and 198 read with Schedule V and
taxes, be and is hereby ratified.”
all other applicable provisions of the Companies Act,
5. To consider and approve revision in terms of 2013, Companies (Appointment and Remuneration
remuneration of Mr Subir Chakraborty, Managing of Managerial Personnel) Rules, 2014 and Securities
Director & CEO Exchange Board of India (Listing Obligations &
Disclosure Requirements) Regulations, 2015 (including
To consider and if thought fit, to pass with or without any statutory modification(s) or re-enactment thereof
modification(s), the following resolution as an Ordinary for the time being in force) and Article 116 of the
Resolution: Articles of Association of the Company, revision in the
53
remuneration and other terms and condition of service RESOLVED FURTHER THAT the Board, including any
of Mr Asish Kumar Mukherjee, Whole-time Director Committee thereof, be and is hereby authorised to do
(designated as Director Finance & Chief Financial and perform all such acts, deeds, matters and things
Officer) (DIN: 00131626) of the Company, be and as may be considered necessary to give effect to the
is hereby approved with effect from 1st May 2023 for aforesaid resolution.”
remainder of duration of his appointment upto 30th April
2025 as detailed in the Explanatory Statement under 8. To consider and approve revision in terms of
Section 102(1) of the Companies Act, 2013 annexed to remuneration of Mr Avik Roy, Whole-time Director
the Notice convening the meeting;
To consider and if thought fit, to pass with or without
RESOLVED FURTHER THAT except the above, all modification(s), the following resolution as an Ordinary
other terms and conditions of appointment of Mr Asish Resolution:
Kumar Mukherjee, as contained in the resolution passed
by the shareholders of the Company on 25th March
2020 through Postal ballot shall remain unchanged;
RESOLVED FURTHER THAT the Board, including any 2013, Companies (Appointment and Remuneration
Committee thereof, be and is hereby authorised to do of Managerial Personnel) Rules, 2014 and Securities
and perform all such acts, deeds, matters and things as Exchange Board of India (Listing Obligations &
may be considered necessary, proper and expedient to Disclosure Requirements) Regulations, 2015 (including
give effect to the aforesaid resolution.” any statutory modification(s) or re-enactment thereof
for the time being in force) and Article 116 of the
7. To consider and approve revision in terms of Articles of Association of the Company, revision in the
remuneration of Mr Arun Mittal, Whole-time Director remuneration and other terms and condition of service
of Mr Avik Roy, Whole-time Director (designated as
To consider and if thought fit, to pass with or without Director - Industrial) (DIN: 08456036) of the Company,
modification(s), the following resolution as an Ordinary be and is hereby approved with effect from 1st May 2023
Resolution: for remainder of duration of his appointment upto 30th
April 2026 as detailed in the Explanatory Statement
under Section 102(1) of the Companies Act, 2013
annexed to the Notice convening the meeting;
2013, Companies (Appointment and Remuneration RESOLVED FURTHER THAT except the above, all other
of Managerial Personnel) Rules, 2014 and Securities terms and conditions of appointment of Mr Avik Roy, as
Exchange Board of India (Listing Obligations & contained in the resolution passed by the shareholders
Disclosure Requirements) Regulations, 2015 (including of the Company at their Annual General Meeting held on
any statutory modification(s) or re-enactment thereof 31st August 2021, shall remain unchanged;
for the time being in force) and Article 116 of the
Articles of Association of the Company, revision in the RESOLVED FURTHER THAT the Board, including any
remuneration and other terms and condition of service Committee thereof, be and is hereby authorised to do
of Mr Arun Mittal, Whole-time Director (designated as and perform all such acts, deeds, matters and things as
Director-Automotive) (DIN: 00412767) of the Company, may be considered necessary, proper and expedient to
be and is hereby approved with effect from 1st May 2023 give effect to the aforesaid resolution.”
for remainder of duration of his appointment upto 30th
April 2024 as detailed in the Explanatory Statement
under Section 102(1) of the Companies Act, 2013
annexed to the Notice convening the meeting; By Order of the Board of Directors
RESOLVED FURTHER THAT except the above, all
other terms and conditions of appointment of Mr Arun Sd/-
Mittal, as contained in the resolution passed by the Jitendra Kumar
shareholders of the Company at their Annual General Company Secretary and
Meetings held on 3rd August 2019 and 31st August 2021 Place : Mumbai President (Legal & Corporate Affairs)
shall remain unchanged; Date : 8th May 2023 ACS No. 11159
54
NOTES
1. The Ministry of Corporate Affairs, Government of India 4. The Register of members and Share Transfer Books of
(the “MCA”) vide its General Circulars No. 14/2020, No. the Company will remain closed from Wednesday, 2nd
17/2020, No. 20/2020 , No. 02/2021, No. 2/2022 and August 2023 to Tuesday, 8th August 2023 (both days
No. 10/2022 dated 8th April 2020, 13th April 2020, 5th inclusive).
May 2020, 13th January 2021, 5th May 2022 and 28th
December 2022 respectively (hereinafter, collectively 5. The Explanatory Statement pursuant to Section 102(1)
referred as the “MCA Circulars”) read with the SEBI of the Companies Act, 2013 in respect of the Special
Circulars No. SEBI/HO/CFD/CMD1/CIR/P/2020/79, Business to be transacted at the meeting is also
No. SEBI/HO/CFD/CMD2/CIR/P/2021/11,No.SEBI/HO/ annexed hereto.
CFD/CMD2/CIR/P/2022/62 and SEBI/HO/CFD/PoD-2/P/
6. All the documents referred to in the accompanying
CIR/2023/4 dated 12th May 2020, 15th January 2021, 13th
Notice and Explanatory Statements will be available for
May 2022 and 5th January 2023 respectively (hereinafter,
inspection in electronic mode from date of circulation of
collectively referred as the “SEBI Circulars” and together
this Notice up to the date of AGM. Members can inspect
with the MCA Circulars referred as the “Circulars”) has
the same by sending an email to cosec@exide.co.in.
allowed companies to conduct their annual general
meetings through Video Conferencing (“VC”) or Other 7. The Register of Directors and Key Managerial Personnel
Audio Visual Means (“OAVM”), thereby, dispensing with and their shareholding, maintained under Section 170 of
the requirement of physical attendance of the members the Act, and the Register of Contracts or Arrangements
at their AGMs and accordingly, the 76th Annual General in which the directors are interested, maintained under
Meeting (the “AGM” or the “76th AGM” or the “Meeting”) Section 189 of the Act, will be available electronically for
of Exide Industries Limited (the “Company”) will be held inspection by the members during the AGM. Members
through VC or OAVM in compliance with the Circulars, seeking to inspect such documents can send an email
the relevant provisions of the Companies Act, 2013 (as to cosec@exide.co.in.
amended) (the “Act”) and the rules made thereunder
and the SEBI (Listing Obligations and Disclosure 8. The Notice and Annual report 2023 is also available on
Requirements) Regulations, 2015 (as amended) (the the website of the Company at www.exideindustries.
“Listing Regulations”). The registered office of the com, website of the Stock Exchanges i.e. BSE Limited
Company shall be deemed to be the venue of the AGM. and National Stock Exchange of India Limited at www.
bseindia.com and www.nseindia.com respectively. The
2. In terms of the MCA Circulars since the physical AGM Notice is also available on the website of NSDL
attendance of members have been dispensed with, i.e. www.evoting.nsdl.com.
there is no requirement of appointment of proxies.
Accordingly, the facility of appointment of proxies by 9. The members can join the AGM in the VC/OAVM
members under Section 105 of the Companies Act, mode 30 minutes before the scheduled time of the
2013 (“the Act”) will not be available for the 76th AGM commencement of the Meeting by following the
and hence the Proxy Form, Attendance Slip and route procedure mentioned in the Notice. The facility of
map of the AGM are not annexed to this Notice. participation at the AGM through VC/OAVM will be
made available for 1000 members on first come first
3. Members of the Company under the category of serve basis. This will not include large Shareholders
Institutional Investors are encouraged to attend and vote (Shareholders holding 2% or more shareholding),
at the AGM through VC/OAVM. Institutional/Corporate Promoters, Institutional Investors, Directors, Key
members are requested to send a duly certified copy Managerial Personnel, the Chairpersons of the Audit
of the board resolution authorizing their representative Committee, Nomination and Remuneration Committee
to attend AGM through VC/OAVM on its behalf and vote and Stakeholders Relationship Committee, Auditors etc.
through e-Voting. The said resolution/authorization shall who are allowed to attend the AGM without restriction
be sent to the Scrutinizer by email through its registered on account of first come first serve basis.
email address to aklabhcs@gmail.com with a copy
marked to evoting@nsdl.co.in. 10. 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.
55
11. Members can submit questions in advance with regard IEPF Authority as per Section 124 of the Act, read with
to the financial statements or any other matter to be applicable IEPF (Accounting, Audit, Transfer and Refund)
placed at the 76th AGM, from their registered email Rules 2016, as amended, from time to time. The details
address, mentioning their name, DP ID & Client ID of the unpaid/unclaimed dividend amounts lying with the
number /folio number and mobile number, to reach the Company as on 31st March 2023 are available on the
Company’s email address at cosec@exide.co.in on or website of the Company at https://www.exideindustries.
before 28th July 2023. Such questions by the members com/investors/unclaimed-dividends.aspx and on the
shall be taken up during the meeting and replied by the website of Ministry of Corporate Affairs (MCA).
Company suitably.
16. The due date for transferring the final dividend and
12. Members, who would like to ask questions during the corresponding shares for the financial year ended 31st
AGM with regard to the financial statements or for matter March 2016 and the interim dividend for the financial
to be placed at the AGM, need to register themselves as year ended 31st March 2017 are 25th August 2023
a speaker by sending their request from their registered and 2nd December 2023 respectively. Members are
email address mentioning their name, DP ID & Client requested to ensure that they claim the dividends and
ID number/folio number and mobile number, to reach shares referred above, before they are transferred to
the Company’s email address at cosec@exide.co.in the said Fund.
on or before 28th July 2023. Those members who have
registered themselves as a speaker shall be allowed to Members/claimants whose shares, unclaimed
ask questions during the 76th AGM, depending upon dividend, have been transferred to the IEPF
the availability of time. The Company reserves the Demat Account or the Fund, as the case may be,
right to restrict the number of questions and number may claim the shares and/or apply for refund by
of speakers, as appropriate for smooth conduct of the making an application to the IEPF Authority in
AGM. Form IEPF-5 (available on http://www.iepf.gov.in)
along with requisite fee as decided by the IEPF Authority
13. Members are requested to contact the Company’s from time to time.
Registrar & Share Transfer Agent (RTA), C B
Management Services (P) Limited, P-22 Bondel Road, 17. In order to enhance the ease of doing business for
Kolkata – 700 019 (Phone No. [033] 4011 6700/4011 investors in the securities market, SEBI vide its Circular
6725/4011 6729/4011 6742; email id: rta@cbmsl.com) No. SEBI/ HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655
for reply to their queries/redressal of complaints, if any, dated 3rd November 2021, read together with the SEBI
or contact Ms Seema Bajaj/Ms Atreyee Mukherjee at Circular No. SEBI/ HO/MIRSD/MIRSD_RTAMB/P/
the registered office of the Company (Phone +91 33 CIR/2021/687 dated 14th December 2021 (hereinafter,
2302 3400, Email: cosec@exide.co.in). collectively referred as the “SEBI KYC Circulars”)
mandated furnishing of PAN, full KYC details and
14. Members wishing to claim dividends that remain Nomination by the holders of physical securities.
unclaimed are requested to correspond with the RTA The Company has intimated the concerned security
as mentioned above, or with the Company Secretary, holders about the folios which are incomplete in terms
at the Company’s registered office or at cosec@ of the SEBI KYC Circulars on 6th January 2022 and
exide.co.in. The detailed dividend history and due 21st February 2022. Members holding shares in physical
dates for transfer of Unclaimed Dividend to IEPF are form are requested to submit their PAN, KYC details
provided in the Report on Corporate Governance and and Nomination details by sending a duly filled and
is also available on the website of the Company under signed Form ISR-1 to C B Management Services (P)
“Investors” section at https://www.exideindustries.com/ Ltd. (Unit: Exide Industries Limited) P-22 Bondel Road,
investors/unclaimed-dividends.aspx. Kolkata 700019, Telephone No: 033 4011 6700 or by
email to rta@cbmsl.com from their registered email id.
15. Members are requested to note that dividends that You may upload the digitally signed forms and update
are not claimed/encashed for a period of seven years the above details directly on the portal of RTA i.e.
from the date of transfer to the Company’s Unpaid http://www.cbmsl.com/investor-parlour. The said forms
Dividend Account, are liable to be transferred to the can be downloaded from the website of the Company
Investor Education and Protection Fund (IEPF). Further, at https://www.exideindustries.com/investors/forms.
all the shares on which dividend remains unclaimed aspx or from the website of our RTA at http://www.
for seven consecutive years shall be transferred to the cbmsl.com/services/details/sebi-download-forms.
56
18. The folios wherein the above details are not available DIVIDEND RELATED INFORMATION:
shall be frozen in the manner and timelines given in
the SEBI KYC Circulars. Further, in terms of the SEBI 22. Final dividend as recommended by the Board of
KYC Circulars, the securities in the frozen folios shall Directors for the financial year ended 31st March 2023, if
be eligible for payment including dividend only through approved at the AGM, will be payable to those members
electronic mode, in the manner and timelines given of the Company who hold shares: (i) In demat mode,
therein. The payment shall be made electronically based on the list of beneficial owners to be received
upon complying with the relevant requirements of the from NSDL and CDSL as at the close of business hours
SEBI KYC Circulars. Accordingly, members are hereby on 1st August 2023, being the cut-off date. (ii) In physical
requested to kindly comply with the SEBI KYC Circulars. form, if the names appear in the Company’s Register
of members as on 1st August 2023, being the cut-off
19. Regulation 40 of the SEBI Listing Regulations, as amended, date. The final dividend will be paid within 30 days of
mandates that transfer, transmission and transposition declaration.
of securities of listed companies held in physical form
shall be effected only in demat mode. Further, SEBI, vide 23. Members holding shares in demat mode are hereby
its Circular dated 25th January 2022, has clarified that informed that bank particulars registered with their
listed companies, with immediate effect, shall issue the respective DPs, with whom they maintain their demat
securities only in demat mode while processing investor accounts, will be used by the Company for the payment
service requests pertaining to issuance of duplicate of dividend. Members holding shares in demat mode
shares, exchange of shares, endorsement, sub-division/ are requested to intimate any change in their address
consolidation of share certificates, etc. and/or bank mandate to their DPs only, as the Company
or its Registrar cannot act on any request received
The securities holder/claimant are, accordingly, required directly on the same.
to submit duly filled-up Form ISR-4, the format of which
along with the said SEBI Circular dated 25th January 24. Members holding shares in physical form are requested
2022, can be downloaded from the Company’s website, to intimate any change of address and/ or bank mandate
i.e. www.exideindustries.com. Members holding shares to C B Management Services Private Limited, Registrar
in physical form are, accordingly, requested to consider and Share Transfer Agent (RTA) of the Company by
converting their holding to dematerialized form. sending a request in Form ISR-1 at P-22 Bondel Road,
Kolkata – 700 019 or by email to rta@cbmsl.com from
20. Non-Resident Indian members are requested to inform
their registered email id. In case the Company is unable
the Company/RTA (if shareholding is in physical mode)
to pay the dividend to any shareholder by the electronic
/ respective DPs (if shareholding is in demat mode),
mode, due to non-availability of bank mandate, the
immediately of:
Company shall dispatch the dividend warrant to such
a) Change in their residential status on return to India shareholder by post in due course.
for permanent settlement; and,
25. Members may note that as per the Income Tax Act,
b) Particulars of their bank account maintained in India 1961, dividend income is taxable in the hands of the
with account type, account number and name and members and the Company is required to deduct tax
address of the bank with pin code number, if not at source (‘TDS’) from dividend paid to the members at
furnished earlier. rates prescribed in the Income Tax Act, 1961. In order to
enable the Company to determine the appropriate TDS
21. In accordance with the MCA and SEBI circulars, rate as applicable, members are requested to submit
the annual report is being sent in electronic mode to the documents in accordance with the provisions of the
members whose e-mail address is registered with the Income Tax Act, 1961 and Rules thereto.
Company or the Depository Participant(s) unless the
members have registered their request for the hard a) For Resident members: Tax at source shall be
copy of the same. Members who have not updated deducted under Section 194 of the Income Tax
their email addresses are requested to kindly send a Act, 1961 at 10% on the amount of dividend for the
duly filled and signed Form ISR-1 with their email id and Financial Year 2022-23 to be declared and to be
other details filled up to C B Management Services (P) paid by the Company during financial year 2023-
Ltd. (Unit: Exide Industries Limited) P-22 Bondel Road, 24, subject to PAN details registered/updated by
Kolkata 700019, Telephone No: 033 4011 6700 or by the member. If PAN is not registered/updated in
email to rta@cbmsl.com from their registered email id.
57
the demat account/folio as on the cut-off date, TDS ii. Member is eligible to claim the beneficial
would be deducted @20% as per Section 206AA DTAA rate for the purposes of tax withholding
of the Income Tax Act, 1961. No tax at source is on dividend declared by the Company;
required to be deducted, if during the financial
year, the aggregate dividend paid or likely to be iii. Member has no reason to believe that
paid to an individual member does not exceed its claim for the benefits of the DTAA is
H 5,000 (Rupees Five Thousand Only). Further, in impaired in any manner;
cases where the shareholder provides Form 15G
iv. Member is the ultimate beneficial owner
(applicable to any person other than a Company
of its shareholding in the Company and
or a Firm)/Form 15H (applicable to an Individual
dividend receivable from the Company;
above the age of 60 years), provided that the
eligibility conditions are being met, no TDS shall be v. Member does not have a taxable presence
deducted. Notwithstanding the above, in case PAN or a permanent establishment in India
of any member falls under the category of ‘Specified during the financial year 2023-24.
Person’, the Company shall deduct TDS @20% as
per Section 206AB of the Income Tax Act 1961. 26. Notwithstanding the above, in case the PAN for a
resident shareholder falls under the category of
b) For Non-Resident members: Tax at source shall ‘Specified Person’, for financial year 2023-24, as per
be deducted under Section 195 of the Income- Section 206AB of the Income Tax Act 1961, or the PAN
tax Act, 1961 at the applicable rates. As per the no is stated to be invalid for any reason, the Company
relevant provisions of the Income-tax Act, 1961, shall deduct tax at source at twice the applicable rate
the withholding tax shall be at the rate of 20% (plus referred above.
applicable surcharge and cess) on the amount of
dividend payable to non-resident members. As per 27. The Company shall not be obligated to apply the beneficial
Section 90 of the Income Tax Act, 1961, members DTAA rates at the time of tax deduction/ withholding on
may be entitled to avail lower TDS rate as per dividend amounts. Application of beneficial DTAA Rate
Double Taxation Avoidance Agreement (DTAA). shall depend upon the completeness and satisfactory
To avail the Tax Treaty benefits, the non-resident review by the Company of the documents submitted by
member will have to provide the following: the Non-Resident member.
• Self-attested copy of Tax Residency Certificate 28. In order to enable the Company to determine the
(TRC) obtained from the tax authorities of the appropriate TDS/withholding tax rate applicable,
country of which the member is a resident. members are requested to provide the aforesaid details
and documents on or before 25th July 2023 at rta@
• Self-attested copy of the Permanent Account cbmsl.com. No communication on the tax determination/
Number (PAN Card) allotted by the Indian deduction shall be entertained post 25th July 2023.
Income Tax authorities, if any. members may note that in case the tax on said dividend
is deducted at a higher rate due to non-receipt of the
• Form 10F filed electronically in the E filing portal
aforementioned details/ documents, there would still be
of Income Tax website as per notification No.
an option available to the member to file the return of
03/2022 dated 16th July 2022 from the Central
income and claim an appropriate refund, if eligible.
Board of Direct Tax (in case the shareholder
is having PAN in India), otherwise, completed 29. In accordance with the provisions of the Income Tax
and duly signed Self Declaration in Form 10F Act 1961, TDS certificates can be made available to the
(for shareholders who does not have PAN in members at their registered e-mail ID after filing of the
India). quarterly TDS Returns of the Company, post payment of
the said dividend.
• Self-declaration, certifying the following points:
30. The Company had sent a separate e-mail communication
i. Member is and will continue to remain a
on 14th June 2023, informing the members regarding the
tax resident of the country of its residence
relevant procedure to be adopted by the members to avail
during the financial year 2023-34;
the applicable tax rate as per the Income Tax Act, 1961.
58
31. Instructions for e-Voting and joining the AGM are as the vote. In case of individual Shareholders holding
follows: securities in demat mode and who acquires shares
of the Company and becomes a member of the
A. VOTING THROUGH ELECTRONIC MEANS Company after sending of the Notice and holding
shares as of the cut-off date may follow steps
i. Pursuant to the provisions of Section 108 of the Act
mentioned below under “Login method for remote
read with Rule 20 of the Companies (Management
e-Voting and joining virtual meeting for individual
and Administration) Rules, 2014 (as amended),
shareholders holding securities in demat mode.”
Regulation 44 of SEBI Listing Regulations (as
amended) and in terms of SEBI vide circular no. SEBI/ vi. Mr A K Labh, Practicing Company Secretary (FCS-
HO/CFD/CMD/CIR/P/2020/242 dated 9th December 4848/ CP-3238) of M/s A. K. Labh & Co., Company
2020 in relation to e-Voting facility provided by Listed Secretaries (email id: aklabhcs@gmail.com) of 40,
Entities, the members are provided with the facility Weston Street, 3rd Floor, Kolkata 700 013 has been
to cast their vote electronically, through the e-Voting appointed as Scrutinizer to scrutinize the entire
services provided by NSDL, on all the resolutions e-Voting in a fair and transparent manner.
set forth in this Notice. The instructions for e-Voting
are given below. vii. The results on the resolutions will be declared not
later than 48 hours of conclusion of the AGM or any
ii. The remote e-Voting period commences on Friday, adjournment thereof. The declared results along
4th August 2023 (9.00 am IST) and ends on with the Scrutinizer’s Report will be available on
Monday, 7th August 2023 (5.00 pm IST). During the Company’s website at www.exideindustries.
this period, members holding shares either in com and on the website of NSDL at www.evoting.
physical or dematerialized form, as on cut-off date, nsdl.com and will also be forwarded to the Stock
i.e. as on Tuesday, 1st August 2023 may cast their Exchanges where the Company’s shares are listed.
votes electronically. The e-Voting module will be Subject to receipt of requisite number of votes, the
disabled by NSDL for voting thereafter. A member resolutions set out in the Notice shall be deemed to
will not be allowed to vote again on any resolution be passed on the date of the AGM.
on which vote has already been cast.
How do I vote electronically using NSDL e-Voting
iii. The voting rights of members shall be proportionate system?
to their share of the paid-up equity share capital of
the Company as on the cut‑off date. A person who The way to vote electronically on NSDL e-Voting system
is not a member as on the cut-off date should treat consists of “Two Steps” which are mentioned below:
this Notice of AGM for information purpose only.
Step 1: Access to NSDL e-Voting system
iv. In addition, the facility for voting through electronic Step 2: Cast your vote electronically and join virtual meeting
voting system shall also be made available during on NSDL e-Voting system
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. Step 1: Access to NSDL e-Voting system
Members who have voted through remote e-Voting
A) Login method for e-Voting and joining virtual
shall be eligible to attend the AGM, however, they
shall not be eligible to vote at the meeting. meeting for Individual shareholders holding
securities in demat mode
v. Any person holding shares in physical form and
non-individual shareholders, who acquires shares In terms of SEBI circular dated 9th December 2020
of the Company and becomes a member of the on e-Voting facility provided by Listed Companies,
Company after sending of the Notice and holding Individual shareholders holding securities in demat
shares as of the cut-off date, may obtain the login mode are allowed to vote through their demat
ID and password by sending a request at evoting@ account maintained with Depositories and Depository
nsdl.co.in. However, if he / she is already registered Participants. Shareholders are advised to update their
with NSDL for remote e-Voting then he /she can use mobile number and email id in their demat accounts in
his / her existing User ID and password for casting order to access e-Voting facility.
59
Login method for individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method

Individual Shareholders A. NSDL IDeAS facility
holding securities 1. If you are already registered for NSDL IDeAS facility, please visit the e-Services website
in demat mode with of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com/
NSDL. either on a Personal Computer or on a mobile.
2. Once the home page of e-Services is launched, click on the “Beneficial Owner” icon
under “Login” which is available under “IDeAS” section.
3. 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.
4. Click on “Access to e-Voting” under e-Voting services and you will be able to see e-Voting
page.
5. 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:
1. Option to register is available at https://eservices.nsdl.com
2. Select “Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/
SecureWeb/IdeasDirectReg.jsp
3. Please follow steps given from Point 1 to 5
B. E-voting website of NSDL
1. 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.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section.
3. 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.
4. 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.
Individual Shareholders 1. Existing users who have opted for Easi / Easiest, they can login through their user id
holding securities in and password. Option will be made available to reach e-Voting page without any further
demat mode with CDSL authentication. The URL for users to login to Easi / Easiest are https://web.cdslindia.com/
myeasinew/home/login or www.cdslindia.com and click on New System Myeasi.
2. 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.
3. If the user is not registered for Easi/Easiest, option to register is available at https://web.
cdslindia.com/myeasinew/home/login
4. 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.
60
Type of shareholders Login Method

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 wherein you can see e-Voting feature.
3. 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.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at above mentioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Shareholders holding securities in demat mode Members facing any technical issue in login can contact
with NSDL NSDL helpdesk by sending a request at evoting@nsdl.
co.in or call at 022-48867000 and 022-24997000
Individual Shareholders holding securities in demat mode Members facing any technical issue in login can contact
with CDSL CDSL helpdesk by sending a request at helpdesk.
evoting@cdslindia.com or contact at 022- 23058738 or
022-23058542/43
1. 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.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
member’ section.
3. 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.
61
4. Your User ID details are given below:
Manner of holding shares i.e. Demat

Your User ID is:
(NSDL or CDSL) or Physical
a) For members who hold shares in demat account with 8 Character DP ID followed by 8 Digit Client ID
NSDL. For example if your DP ID is IN300*** and Client ID is
12****** then your user ID is IN300***12******.
b) For members who hold shares in demat account with 16 Digit Beneficiary ID
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***
5. Password details for shareholders other than Individual b) Physical User Reset Password?” (If you are holding
shareholders are given below: shares in physical mode) option available on www.
evoting.nsdl.com.
a) If you are already registered for e-Voting, then you
can use your existing password to login and cast c) If you are still unable to get the password by
your vote. aforesaid two options, you can send a request
at evoting@nsdl.co.in mentioning your demat
b) If you are using NSDL e-Voting system for the first account number/folio number, your PAN, your
time, you will need to retrieve the ‘initial password’ name and your registered address etc.
which was communicated to you. Once you retrieve
your ‘initial password’, you need to enter the ‘initial d) Members can also use the OTP (One Time
password’ and the system will force you to change Password) based login for casting the votes on the
your password. e-Voting system of NSDL.
c) How to retrieve your ‘initial password’? 7. After entering your password, tick on Agree to “Terms
and Conditions” by selecting on the check box.
i. If your email ID is registered in your demat
account or with the company, your ‘initial 8. Now, you will have to click on “Login” button.
password’ is communicated to you on your
email ID. Trace the email sent to you from 9. After you click on the “Login” button, Home page of
NSDL from your mailbox. Open the email and e-Voting will open.
open the attachment i.e. a .pdf file. Open the
Step 2: Cast your vote electronically and join Annual
.pdf file. The password to open the .pdf file is
General Meeting on NSDL e-Voting system.
your 8 digit client ID for NSDL account, last
8 digits of client ID for CDSL account or folio 1. After successful login at Step 1, you will be able to see
number for shares held in physical form. The all the companies “EVEN” in which you are holding
.pdf file contains your ‘User ID’ and your ‘initial shares and whose voting cycle and General Meeting is
password’. in active status.
ii. If your email ID is not registered, please follow 2. Select “EVEN” of EXIDE INDUSTRIES LIMITED which is
instructions mentioned below in this notice. 124335 during the remote e-Voting period and casting
your vote during the General Meeting. For joining virtual
6. If you are unable to retrieve or have not received the
meeting, you need to click on “VC/OAVM” link placed
“Initial password” or have forgotten your password:
under “Join General Meeting”.
a) Click on “Forgot User Details/Password?”(If you
3. Now you are ready for e-Voting as the Voting page
are holding shares in your demat account with NSDL
opens.
or CDSL) option available on www.evoting.nsdl.com.
62
4. Cast your vote by selecting appropriate options i.e. 2. In case shares are held in demat mode, please provide
assent or dissent, verify/modify the number of shares for DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary
which you wish to cast your vote and click on “Submit” ID), Name, client master or copy of Consolidated
and also “Confirm” when prompted. Account statement, PAN (self-attested scanned copy
of PAN card), AADHAR (self-attested scanned copy of
5. Upon confirmation, the message “Vote cast Aadhar Card)
successfully” will be displayed.
If you are an individual shareholder holding securities
6. You can also take the printout of the votes cast by you in demat mode, you are requested to refer to the login
by clicking on the print option on the confirmation page. method explained at step 1 (A) i.e. Login method for
e-Voting and joining virtual meeting for individual
7. Once you confirm your vote on the resolution, you will
shareholders holding securities in demat mode.
not be allowed to modify your vote.
Instructions for members for e-Voting on the day of the
General Guidelines for shareholders
AGM are as under: -
1. Institutional shareholders (i.e. other than individuals,
1. The procedure for e-Voting on the day of the AGM is
HUF, NRI etc.) are required to send scanned copy (PDF/
same as the instructions mentioned above for remote
JPG format) of the relevant board resolution/ authority
e-Voting.
letter etc. with attested specimen signature of the duly
authorized signatory(ies) who are authorized to vote, to 2. Only those members/ shareholders, who will be present
the Scrutinizer by e-mail to aklabhcs@gmail.com with a in the AGM through VC/OAVM facility and have not
copy marked to evoting@nsdl.co.in. casted their vote on the Resolutions through remote
e-Voting and are otherwise not barred from doing so,
2. It is strongly recommended not to share your password
shall be eligible to vote through e-Voting system in the
with any other person and take utmost care to keep your
AGM.
password confidential. Login to the e-Voting website will
be disabled upon five unsuccessful attempts to key in 3. Members who have voted through remote e-Voting will
the correct password. In such an event, you will need to be eligible to attend the AGM. However, they will not be
go through the “Forgot User Details/Password?” or eligible to vote at the AGM.
“Physical User Reset Password?” option available
on www.evoting.nsdl.com to reset the password. The details of the person who may be contacted for any
grievances connected with the facility for e-Voting on the
3. In case of any queries, you may refer the Frequently day of the AGM shall be the same person mentioned for
Asked Questions (FAQs) for Shareholders and e-voting remote e-Voting.
user manual for Shareholders available at the download
section at www.evoting.nsdl.com or call on 022 - 4886 Instructions for members for attending the AGM
7000 and 022 - 2499 7000 or send a email request to through VC/OAVM are as under:
Ms. Pallavi Mhatre, Senior Manager at evoting@nsdl.
co.in 1. Member will be provided with a facility to attend the
AGM through VC/OAVM through the NSDL e-Voting
Process for procuring user ID and password for system. Members may access by following the steps
e-Voting for those shareholders whose email IDs are mentioned above for Access to NSDL e-Voting system.
not registered with the depositories / Company After successful login, you can see link of “VC/OAVM
link” placed under “Join General meeting” menu against
Shareholders may sent a request to evoting@nsdl.co.in for company name. You are requested to click on VC/OAVM
procuring user ID and password for e-Voting. link placed under Join General Meeting menu. The link
for VC/OAVM will be available in Shareholder/Member
1. In case shares are held in physical mode please provide
login where the EVEN of Company will be displayed.
Folio No., Name of shareholder, scanned copy of the
Please note that the members who do not have the
share certificate (front and back), PAN (self-attested
scanned copy), AADHAR (self-attested scanned copy)
63
User ID and Password for e-Voting or have forgotten Mobile Hotspot may experience Audio/Video loss due
the User ID and Password may retrieve the same by to fluctuation in their respective network. It is therefore
following the remote e-Voting instructions mentioned in recommended to use stable Wi-Fi or LAN Connection
the notice to avoid last minute rush. to mitigate any kind of aforesaid glitches.
2. Members are encouraged to join the meeting through

Laptops for better experience. By Order of the Board of Directors
3. Further members will be required to allow camera and

use internet with a good speed to avoid any disturbance Sd/-
during the meeting. Jitendra Kumar
Company Secretary and
4. Please note that Participants Connecting from mobile Place : Mumbai President (Legal & Corporate Affairs)
devices or tablets or through Laptop connecting via Date : 8th May 2023 ACS No. 11159
64
Explanatory Statement required under Section 102 (1) of the Companies Act, 2013
Item No.4 Item No.5,6,7 and 8
To ratify payment of remuneration to Cost Auditor for To approve revision in remuneration payable to
financial year 2023-24 Managing Director & CEO / Whole-time Directors with
effect from 1st May 2023
The Board of Directors at its meeting held on 8th May 2023
appointed M/s Mani & Co., Cost Accountants to audit The Nomination and Remuneration Committee at its
the cost records of the products manufactured by the meeting held on 30th January 2023 recommended before
Company for the year ending 31st March 2024. At the same Board of Directors for revision in remuneration of Mr Subir
meeting, the Board of Directors approved a remuneration Chakraborty, Managing Director & CEO, Mr A K Mukherjee,
of H10,00,000/- (Rupees Ten lakh only) plus out of pocket Director-Finance & CFO, Mr Arun Mittal, Director-Automotive
expenses and applicable taxes payable to M/s. Mani & Co., and Mr Avik Roy, Director-Industrial (“Whole-time Directors/
Cost Accountants for conducting such audit. WTDs”) in terms of the Nomination and Remuneration Policy
of the Company. The Board of Directors at its meeting held
Pursuant to Section 148 of the Companies Act, 2013 read on 8th May 2023 has considered the matter of revision in the
with the Companies (Audit & Auditors) Rules, 2014, the remuneration of the Managing Director & CEO and Whole-
remuneration payable to the cost auditors shall be approved time Directors w.e.f. 1st May 2023 for remaining duration of
by the Board of Directors and subsequently ratified by the their respective appointments.
members of the Company. Accordingly, the remuneration
payable to M/s. Mani & Co., Cost Accountants, for Members may be aware that there has been significant
conducting the cost audit for the year 2023-24, as approved increase in overall growth, complexity and volume of
by the Board of Directors, is being placed before the business of the Company in the recent past. The duties
members for ratification. and responsibilities of the Managing Director & CEO and
all Whole-time Directors (WTDs) of the Company have
None of the Directors, Key Managerial Personnel of the therefore increased manifold.
Company or their relatives are concerned with or interested
in, financially or otherwise, in passing the proposed The shareholders of the Company have authorized the
resolution set out in item no. 4. Board to approve annual increment in salary (basic) of
Whole-time Directors upto a maximum of 10% per annum.
The Board recommends the resolution set forth at item No. Any increment in their salary beyond 10% per annum in any
4 of the Notice for approval of the members by way of an year during their tenure will be subject to the approval of the
Ordinary Resolution. shareholders.
In order to align the remuneration of the Managing Director & CEO and Whole-time Directors (WTDs) with industry standards
and commensurate with their expertise and responsibilities, it was proposed to revise their basic salary with effect from 1st
May 2023, keeping other terms and conditions unchanged. The following revised basic salary is being proposed to the
members:
Current basic salary Proposed basic
Name Designation
p.m (in K) salary p.m (in K)
Mr Subir Chakraborty Managing Director & CEO 7,75,500 10,19,500
Mr A K Mukherjee Director – Finance & CFO 7,71,705 8,85,417
Mr Arun Mittal Director-Automotive 6,05,000 7,81,250
Mr Avik Roy Director-Industrial 4,40,000 6,25,000
65
The Directors are of the view that the remuneration payable to the Managing Director & CEO and all WTDs are commensurate
with their abilities and experience, and accordingly, recommend the resolutions at item nos. 5, 6, 7 & 8 of the accompanying
notice for approval of the members of the Company.
The Board of Directors and the Nomination and Remuneration Committee, from time to time, determine and review the
policies and parameters based on which performance of the Managing Director & CEO and WTDs are evaluated, and
compensation is paid. The proposed revision is keeping in view the objectivity of remuneration package payable to the
Managing Director and WTDs while striking a balance between the interest of the Company and the Members.
In compliance with the provisions of Sections 196, 197 and 198 read with Schedule V and other applicable provisions of the
Act, approval of the members of the Company by way of ordinary resolution is required for such revision in remuneration
payable to the Managing Director & CEO and all WTDs.
The revised remuneration payable and the terms and conditions of service of Managing Director & CEO and WTDs with effect
from 1st May 2023 are set out below:
Terms &
Conditions Mr Subir Chakraborty Mr A K Mukherjee Mr Arun Mittal Mr Avik Roy
of Service
Basic Salary H 10,19,500 per month H 8,85,417 per month H 7,81,250 per month H 6,25,000 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 Subject to a maximum of 24 months’ basic salary based on certain performance criteria to be laid down by
Bonus the Nomination and Remuneration Committee of the Board of Directors.
Duties Subject to the Subject to the Subject to the Subject to the
superintendence, control superintendence, control superintendence, control superintendence, control
and direction of the and direction of the and direction of the and direction of the
Board, he shall have the Managing Director & Managing Director and Managing Director and
responsibility of overall CEO, he shall have the CEO, he shall have the CEO, he shall have the
management of the overall responsibility responsibility for all matters overall responsibility for
business of the Company for all matters relating relating to manufacturing, all matters relating to
and for that purpose to Finance (Treasury marketing and sales manufacturing, marketing
the power to do all such functions), Accounts, activities pertaining to and sales activities
acts, deeds and things Statutory Audit, Cost Automotive products and pertaining to the products
as may be required on Audit and Management for that purpose the power of the Industrial group and
behalf of the Company or Information Systems and to do all such acts, deeds for that purpose the power
delegated to him by the for that purpose the power and things as may be to do all such acts, deeds
Board/Chairman. to do all such acts, deeds required on behalf of the and things as may be
and things as may be Company or delegated by required on behalf of the
required on behalf of the the Managing Director & Company or delegated by
Company or delegated CEO. the Managing Director &
by the Managing Director CEO.
& CEO.
Period For remaining period of For remaining period of For remaining period of For remaining period of
one (1) year beginning two (2) years beginning one (1) year with effect three (3) years with effect
from 1st May 2023 till from 1st May 2023 till from 1st May 2023 to 30th from 1st May 2023 to 30th
30th April 2024. 30th April 2025. April 2024. April 2026
66
Other terms and conditions:
Perquisites In addition to the above salary, increment, commission and performance bonus, Whole-time
Directors 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.
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 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 Remuneration In the absence of or inadequacy of profits in any of the financial years of the Company
during their respective tenure, Managing Director & CEO and WTDs 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.
Information as required pursuant to SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and Secretarial
Standard on General Meetings (“SS-2”), issued by the Institute of Company Secretaries of India is contained in the statement
annexed as “Annexure I” hereto.
An abstract of revision in terms of remuneration of Managing Director & CEO and Whole-time Directors 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. Interested members are requested to write to the Company on cosec@exide.co.in for inspection of the
said document.
None of the other Directors/ Key Managerial Personnel of the Company/their relatives, except (i) Mr Subir Chakraborty,
Managing Director & CEO, (ii) Mr A K Mukherjee, Director-Finance & CFO (iii) Mr Arun Mittal, Director-Automotive and
Mr Avik Roy, Director-Industrial who are interested in Item no. 5,6,7 and 8 respectively in their personal capacity are, in any
way, concerned or interested, financially or otherwise, in these resolutions. Neither are they related to any other Directors on
the Board or any Key Managerial Personnel of the Company.
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 (SS-2) issued by ICSI.
67
ANNEXURE I
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/variation of terms of remuneration are provided herewith:
Name of the Mr Subir Mr Asish Kumar

Mr Arun Mittal Mr Avik Kumar Roy Mr R B Raheja
Director Chakraborty Mukherjee
DIN 00130864 00131626 00412767 08456036 00037480
Date of Birth 30.09.1957 14.05.1961 20.12.1966 26.07.1966 19.06.1953
Age 65 years 62 years 56 years 56 years 70 years
Date of first 01.05.2013 20.04.2007 01.05.2016 01.05.2021 12.12.1991
appointment on
the Board
Brief resume. Mr Subir Mr A. K. Mukherjee Mr Arun Mittal is Mr Avik Roy holds Mr R. B. Raheja
Qualification, Chakraborty is a is a Chartered a Fellow member a Bachelor’s of holds a Bachelor’s
Experience mechanical engineer Accountant and also of Institute Electrical Engineering degree in
and nature from IIT Madras and a Cost Accountant of Chartered degree from Jadavpur Commerce and
of expertise PGDM from and has a wide Accountant of University, Kolkata has a wide range
in specific IIM Calcutta. He has range of experience India, an Associate and has completed of experience
functional area vast experience in in financial and member of Institute his EMBA from in industry and
marketing, sales, accounting matters. of Cost & Works Asian Institute of business.
projects and general He joined the Accountants of Management, Manila. Mr Raheja has also
management. Company in 1998 India and Institute been dedicating
He joined the services
Prior to joining the and has been on the of Company himself to various
of the Company on
Company in 1996, Company’s Board Secretaries of India. educational and
2nd January 2019 as
Mr Chakraborty was of Directors since He has experience charitable trusts.
President-Industrial
the Chief Executive 1st May 2007. He across various
and has been on the
Officer of MSA was nominated as functions with in-
Company’s Board of
(India) Ltd., a joint the best performing depth knowledge
Directors since 1st May
venture between CFO Auto and Auto of best practices,
2021.
the Company Ancillaries Sector ability in formulating
and Mining by CNBC – TV 18 & implementing He has rich
Safety Appliances in 2008-09. He was successful experience of more
Company, USA. also nominated strategies to effect than 30 years as an
as the Best high business Industrial Business
Transformation Agent growth. Leader in various
(Large Companies) reputed multinational
by Business Today in organizations. Prior to
association with Yes joining Exide, he was
Bank in 2013-14. designated as Vice
President & Business
Unit Head in Siemens
Ltd., India. He has
worked in International
management
assignments as
Director-Strategy in
Siemens AG, Germany
as well as Director of
Siemens Energy in
Bangladesh.
68

No. of equity 1,106 1,000 1,152 Nil Nil
shares held in
the Company as
on 31st March
2023
Number of 6 6 6 6 6
meetings of the
Board attended
during the
financial year
2022-23
Chairperson/ Corporate Social Stakeholders Risk Management Corporate Social Nomination &
Membership of Responsibility Relationship Committee Responsibility Remuneration
the Statutory Committee – Committee – -Member Committee –Member Committee -
Committee(s) Member Member Member
Risk Management
of Board of
Stakeholders Risk Management Committee -Member
Directors of the
Relationship Committee –
Company as on
Committee – Member
31st March 2023
Member
Share Transfer
Risk Management Committee -
Committee – Member
Member
Share Transfer
Committee –
Chairman
Other DIRECTORSHIPS DIRECTORSHIPS DIRECTORSHIPS DIRECTORSHIPS IN DIRECTORSHIPS
Directorships IN LISTED IN LISTED IN LISTED LISTED ENTITIES IN LISTED
in listed ENTITIES ENTITIES ENTITIES ENTITIES
None
entities / Other
None None None • Prism Johnson
Committee COMMITTEE
Limited
memberships/ COMMITTEE COMMITTEE COMMITTEE MEMBERSHIPS
Chairmanship* MEMBERSHIPS MEMBERSHIPS MEMBERSHIPS • Supreme
None
held as on 31st Petrochem
None Exide Energy Exide Energy
March 2023 Limited
Solutions Limited Private Limited
COMMITTEE
Audit committee - Audit committee -
MEMBERSHIPS
Member Member
Supreme
Petrochem Limited
Stakeholders
Relationship
Committee –
Member
Terms and As mentioned As mentioned As mentioned As mentioned in the Liable to retire by
conditions of in the Notice in the Notice in the Notice Notice and explanatory rotation
appointment/ re- and explanatory and explanatory and explanatory statement
appointment statement statement statement
Details of As given in As given in As given in As given in the As given in
remuneration the Corporate the Corporate the Corporate Corporate Governance the Corporate
last drawn (FY Governance report Governance report Governance report report Governance report
2022-23)
69

Details of As mentioned As mentioned As mentioned As mentioned in the -
Proposed in the Notice in the Notice in the Notice Notice and explanatory
remuneration and explanatory and explanatory and explanatory statement
statement statement statement
Relationship with None None None None None
other Directors,
Managers and
KMPs
Listed - - - - -
Companies in
which he has
resigned from
Directorship in
the past three
years.
* Includes Chairmanship/Membership in Audit Committee/Stakeholders’ Relationship Committee.
70
Directors’ Report to the Shareholders

(Including Management Discussion & Analysis)
We are pleased to present the 76th Annual Report of your Company together with
the Audited Financial Statements for the year ended 31st March 2023
Economic Environment
Global Economic Overview
The global outlook remained uncertain with the financial sector under stress, stubborn inflation, and the continuation of the
Ukraine war, apart from the residual effects of three years of COVID. According to the IMF, “The baseline forecast is for growth to
fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024.” In 2022, the rapid spread of COVID-19
in China, and Europe’s food and energy crises, further exacted a heavy toll on world economic activity. The negativity affected
consumer and investor confidence, which further pressured the global economy's near-term growth prospects.
The slowdown is particularly noticeable in the advanced economies which contribute majorly to global demand. Growth is
expected to plummet from 2.7 percent in 2022 to 1.3 percent in 2023. If conditions worsen this could fall below 1 percent,
says the IMF report.
World Economic Outlook April 2023
Growth Projections by Region
Emerging &
Middle East &
Developing Asia
Latin America & Sub-Saharan Central Asia
5.3
the Caribean
5.1
Global Growth Africa
5.3
4.4
United States Euro Area
4.2
4.0
3.9
3.6
3.5
3.5
3.4
2.9
2.1
3.0
2.8
1.6
2.2
1.6
1.4
1.1
0.8
2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024
(Real GDP growth percent) Source - IMF, World Economic Outlook, April 2023
Note - Order of bars for each group indicates (left to right): 2022 estimated, 2023 projection and 2024 forecast
On the positive side global inflation is likely to abate in the remaining headwinds are mainly in the Western world, global
coming months, though energy and food prices were yet growth is projected to be held up by the Asian economies.
to show any major respite. Economic activity has been In 2022, emerging markets and developing economies
improving since the third quarter of 2022, with some rebound achieved a growth rate of approximately 4%, contributing
in household consumption and a pick-up in business activity. significantly to overall global growth. In the coming year,
The opening of the Chinese economy towards the end of these regions are expected to continue bolstering the global
the year also paved the way for recovery in demand. As the economy by sustaining a growth rate of 3.9%.
Several counter countermeasures are underway to prevent

India, along with China, is expected to further downtrend in growth. Sustained wage rise and
contribute 50% of global growth in 2023 Government’s push to boost pent-up demand in large
economies may gradually drive consumer demand while
reducing supply constraints. This, in turn, should curb
inflation and minimise the need for additional interest rate
71
hikes, thereby supporting growth. On the political front, the Annual growth of GDP and demand components
cessation of the Ukraine war will give a significant boost to at constant prices
the world economy. Greater cooperation among countries
would ease the road to recovery. Government Private Investment GDP
consumption consumption
15.8%
Indian Economic Overview
11.5%
India appeared to be the bright spot in a struggling world
8.7%
7.7%
7.9%
7.2%
economy retaining its position as the world's fastest-growing
5.2%
3.7%
3.6%
3.4%
3.1%
major economy in the financial year (FY) 2022-23. The country
2.6%
1.6%
clocked a real gross domestic product (GDP) growth rate
of 7.2 percent as per the estimate of the Central Statistical
Organisation (CSO), backed by strong investment activity,
the Government’s capex and infra push, and buoyant private
-6.0%
-6.6%
consumption, particularly among higher-income earners.
-10.4%
The Indian economy demonstrated remarkable resilience,
which is reflected in a rebound in post-pandemic consumption,
FY20 FY21 FY22 (PE*) FY23 (FAE)
increased economic activity, and a resurgent service sector.
The Government of India's initiatives for driving infrastructure Source: FAE of National Income 2022-23 by National Statistics Office, MoSPI
*PE - Provisional estimates
investments have also facilitated growth.
While post-COVID private investment recovery is still at

a nascent stage, there are early signals indicating that
India is poised for a stronger investment upcycle in both
manufacturing and services sectors. The number of private
investment projects underway in the manufacturing sector
has been steadily growing over the years. The GST collection
for FY 2022-23 has increased by 22% compared to last year.
22%
Increase in India’s GST collections in FY 2022-23.
Trends in GST Collection (J in Crore)
GST Collection in FY 2021-22 GST Collection in FY 2022-23

1,67,540
1,60,122
1,57,554
1,51,718
1,49,577
1,49,507
1,47,686
1,80,000
1,48,995
1,45,867
1,42,095
1,44,616
1,43,612
1,40,986
1,39,708
1,40,885
1,33,026
1,30,127
1,31,526
1,29,780
1,60,000
1,16,393
1,17,010
1,12,020
1,40,000
97,821
1,20,000
92,800
1,00,000
80,000
60,000
40,000
20,000
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
72
Outlook for the Indian Economy Upbeat consumer sentiment, increased mobility, new
launches, and easing supply-side constraints are driving
Backed by its strong fundamentals, the Indian economy is in demand for passenger vehicles. According to the Society
a sweet spot to witness sustained growth in the years ahead. of Indian Automobile Manufacturers (SIAM), passenger
As per the Economic Survey presented in parliament in vehicles registered the highest-ever domestic sales in 2022-
January 2023, India is expected to witness a 6.0-6.8 percent 23, surpassing the previous peak of 2018-19. Commercial
GDP growth rate in FY 2023-24. Multiple international and vehicles too did well coming close to the previous sales
domestic agencies forecast India’s GDP growth to be in the peak of 2018-19. 3-wheelers gained traction compared to
range of 6.0%-7.0% for FY 2023-24. the past two years, though sales are yet to reach the pre-
Covid levels. It is only in 2-wheelers that the growth failed to
The growth drivers will continue to be private consumption
keep pace with other automobile segments.
and investment, supported by favourable Government
policies focused on improving infrastructure, and the Overall, domestic sales of passenger vehicles recorded a
business and banking ecosystem. India is optimistic about growth of about 27% during the year under review compared
its future prospects because of its macroeconomic stability with 13% growth in the previous year. The commercial vehicles
as well as its growing economic and political prominence segment saw a growth of over 34% this year against a growth
on the international stage. On 1st December 2022, India of 26% last year. 3-wheeler domestic sales grew by 87%
assumed the presidency of the G20 forum taking over compared to a 19% growth during the previous year. 2-wheeler
from Indonesia. As an emerging economic powerhouse, it sales increased by about 17% compared to a de-growth of
is expected that India will take on other crucial roles in the 11% last year. SIAM believes that positive policy initiatives will
coming years. help the industry to continue with its growth momentum.
High-frequency indicators, including GST collections,
railway and air traffic, electronic toll collection, the volume
of e-way invoices, etc., point towards a strong economic
recovery. Increasing UPI transactions and a higher credit
demand also indicate sustained expansion. However, the
27%
growth observed in domestic sales of passenger
key risks to the growth rate can be a slowdown in the global vehicles for the year under review
economy if the geopolitical situation becomes further tense
or persistent high inflation leads to an increase in interest Company Performance
rates by central banks of major countries.
While the year 2022-23 saw recovery from COVID-19,
multiple complex and interconnected challenges such
Multiple international and domestic as inflation, slowdown in global economic growth, and
agencies forecast India’s GDP growth geopolitical tensions affected businesses in different ways.
to be in the range of 6.0%-7.0% for FY We are however pleased to state that Exide steered through
2023-24 the challenges and remained focused on delivering value to
its stakeholders. In this journey, we have also been blessed
Industry Structure & Development with continued support from customers who have trusted
our brands and value proposition over the decades.
After a couple of years of lacklustre performance induced
by the pandemic, the tide has largely turned in favour of Automotive Division
the automotive industry and brought cheer to the Original
Equipment Manufacturers (OEMs). Even last year, apart As the year under review was free from pandemic-related
from the lingering threat of a new Covid variant, Omicron, the mobility restrictions that marked the preceding two years,
industry continued to face headwinds owing to the global the demand from both OEM and the aftermarket rebounded
semiconductor shortage. These anxieties now appear to sharply. Exide was well positioned to tap the resulting
have eased out to a large extent, and the industry is looking opportunities, successfully leveraging its long-standing
at a phase of sustained growth. The trend, however, is not relationship with OEMs to expand market share with both
equal across verticals: while some are set to soar higher, 4-wheeler and 2-wheeler manufacturers, despite stiff
others still have to deal with challenges such as price hikes, competition. Market share gains in the OEM market, along
rising operating expenses, and financing costs. with the growth of domestic vehicle production, gave us
sizeable volume expansion in this vertical.
73
The digital transformation in Exide’s aftermarket business We are pleased to state that we have been able to make
over the last few years has started paying dividends by inroads into the Russian market where we are well poised to
enabling micro-market level visibility. Today the sales team take advantage of power storage demand in the next year.
can monitor real time data on primary and secondary sales
in a specific area to determine sharper strategies -- widening There has been outstanding growth in Southeast Asia, which
the gap with competition and reinforcing our leadership we could fully exploit due to our strategic geographical location.
across segments. With clearer visibility of performance
Sales in the Middle East and the USA were stressed. Anti-
-- both across input factors that drive sales and output
dumping duties were imposed in the GCC countries, stifling
parameters that measure outcome -- there is also better
demand. However, we have been able to retain our business
focus on the task at hand.
volume by introducing new products. In the US market,
Dealers, distributors and other channel partners also enjoy we are trying to regain our volume of business through
greater transparency and tools to enable growth for their aftermarket retail chains.
businesses. Hyperlocal marketing initiatives further help
After-Sales Service
our channel partners draw more customers. In media
terms brand awareness and promotions across a variety of After-sales service plays a pivotal role in augmenting the
digital platforms continue to be the focus area for drawing Exide brand equity. With rising sales in recent years, the
customers. The post-Covid resurgence of traditional media
service team’s responsibility has widened, and it is fully
like cinema is also being effectively used to supplement
geared to meet the expectation of our customers. Apart
brand-building initiatives wherever required.
from regular services, Exide has launched several service
Leveraging our understanding of emerging trends, we initiatives during the year with the objective of greater
continued to build on our product offering. This included responsiveness to customer demands and to enhance
cementing the first-mover advantage in critical segments customer delight. In the last year, initiatives such as annual
such as batteries for hybrid vehicles with our Exide Mileage maintenance contract (AMC) for inverter batteries and
ISS & SF HybridX range of batteries. HUPS, dealer empowerment programs, were added to the
services list. The launch of AMC for inverter batteries and
HUPS has helped Exide gain popularity among customers,
Market share gains in the OEM market apart from generating revenue.
and growth in domestic vehicle
production, gave us sizeable volume In the year under review we have adopted a dynamic tertiary
model, enabling dealers to take faster decisions on battery
expansion servicing by either directly empowering them or by tagging
them to the nearest empowered dealers. A journey cycle plan
Exports for service engineers and Regional Service Heads to meet
dealers regularly is another step introduced during the year.
Globally, key automotive markets were impacted by
geopolitical tensions, appreciation of the US dollar, In keeping with Exide’s ‘customer first’ approach, we have
imposition of anti-dumping duty in Gulf Cooperation Council launched several marketing initiatives over the years, of which
(GCC) countries and the slowdown of demand from North Exide Batmobile Doorstep Service is a runaway winner. This
America and some other markets. Despite these challenges, service is now also available for all Inverter battery and HUPS
Exide remained focused on expanding the export footprint customers. It offers a free pick-up-and-drop facility for end-
of automotive batteries. customers and facilitates the purchase of new batteries.
Under this unique service scheme, a customer needs to
To drive exports, the Company is focusing on strengthening simply send a message to a dedicated WhatsApp number
presence in key markets, expanding its distributor base, (700440 00000) and the service team provides quick on-site
exploring new product options, private labelling, and help. In line with our service goals, we have also reached out
contract manufacturing. with a superior service model for upcountry customers to
reduce turnaround time across the country.
The team has been able to steer through the logistical challenges
and cater to the requirement of global channel partners
successfully. Our personnel in overseas markets continue to We have adopted a dynamic tertiary
play a key role in staying connected with the customers and model, enabling dealers to take faster
addressing market requirements on a war footing. decisions on battery servicing
74
Outlook that the demand for lead-acid batteries will remain strong in
the foreseeable future for both OEMs and aftermarkets. Our
The Indian automobile industry was into a deep structural manufacturing plants and supply chain are fully equipped to
slowdown even before the Covid-19 pandemic started and cater to the growing demand.
was further impacted by the pandemic. However, the tide
has finally turned in favour of the industry in 2022-23. During In Electric Vehicles (EVs) too, a 12-volt Lead Acid Battery
the year, the passenger vehicles segment posted its highest is required to operate lights, audio system, and other
ever domestic sales, while commercial vehicles posted equipment, which we are supplying to EV manufacturers.
the 2nd highest domestic sales. Although domestic sales Therefore, we do not see any immediate threat to our lead-
of 3-wheelers remain below pre-Covid levels, they grew by acid battery business.
87% over the previous year.
However, competition is intensifying in lead acid batteries,
Strong automobile sales augur well for your Company as especially in the inverter segment. A number of competitors
higher vehicle sales not only help the OEM business but also have emerged who have invested heavily in brand building
expand the aftermarkets in years to come. As your Company and distribution to make market inroads. Exide is countering
has a dominant presence in the aftermarket and enjoys
strong customer loyalty, we are well-positioned to tap the
opportunities. In 2023, the India Meteorological Department
(IMD) has predicted ‘above-normal maximum temperatures’
in most parts of the country, which is expected to drive
the demand for inverter batteries, HUPS, and Integra, our
integrated inverter with lithium-ion technology.
In the year under review, our OEM business has further

consolidated Exide’s leadership position by enhancing market
share. We expect to continue our strong relationship with OEMs.
In the Trade market, our strategy is to consolidate the

leadership of Exide and strengthen our distribution reach as
well as strength of our other two brands - ‘SF Batteries’ and
‘Dynex’. We believe that the strategic initiatives undertaken
for these brands will bolster our dominance of the trade
segment in the coming quarters.
From all indicators, it appears that the worst is over for the
automotive battery vertical. Exports, which faced headwinds
in multiple geographies, are poised for strong growth from
here on. Besides recovery in our existing markets, the new
geographies that we have added to our list will help to
generate additional business.
Higher vehicle sales not only help the

OEM business but also expand the
competition with product innovations – as demonstrated
aftermarkets in years to come
by the launch of ‘Exide Integra’, the integrated inverter with
lithium-ion technology and hi-tech features, conveniences,
Opportunities and Threats
and looks. We are also reinforcing our brand equity to build
In 2021, India was the largest manufacturer of 2-wheeler a gap with competitive brands.
and 3-wheeler vehicles, and the world’s fourth-largest
Risk Mitigation
manufacturer of passenger cars. In December 2022,
the country became the 3rd largest automobile market, We take several steps to mitigate various risks that arise in the
surpassing Japan and Germany in terms of sales. In 2022- natural course of business. We believe that data plays a key
23, the automobile industry touched two key milestones in role in identifying emerging risks and therefore, it is necessary
terms of highest-ever passenger vehicle sales and second- to get real-time data across business functions. We have
highest commercial vehicle sales ever. Therefore, we believe therefore continued to make investments in deepening
75
digitization of the business processes across functions in industry, however, experienced significant headwinds
order to fetch real-time data for agile decision-making. throughout the year, due to the implementation of basic
customs duty, leading to higher imported component
We are also making a comprehensive effort towards prices. Our Solar vertical saw strong revenue growth
manufacturing cost reduction as we constantly strive to in this financial year, aided by increasing sales of our
maintain cost competitiveness. Over the past year, we have Solar Power Generation System (SPGS) combination
made the supply chain leaner and streamlined logistical comprising Solar Battery, PV Panel Solar Hybrid Inverter/
operations to reduce costs. We have also adopted predictive Charge Controller.
modelling and are following a leaner inventory model.
The year 2022 witnessed the much-awaited launch of
In the overseas market, we are launching new product 5G services in India at the India Mobile Congress, which
variants in order to mitigate regulatory risks. At the same opened new opportunities in several sectors. From
time, we are entering new markets such as Russia, Europe, manufacturing, healthcare, and augmented entertainment
and North America in order to mitigate geopolitical and to smart city projects, 5G holds the promise of truly
commercial risks affecting opportunities in specific locations. transforming connectivity. This directly translated into higher
demand for our Telecom batteries, especially towards the
We believe these initiatives are helping your Company to
end of the financial year when 5G implementation reached
minimize the impact of uncertainties and to achieve its
full swing. As a result, our Telecom vertical posted double-
planned business objectives.
digit growth for the year under review.
Industrial Division
In the Infrastructure vertical, Exide achieved its best-
The year under review was a year characterised by strong ever results on the back of robust public spending.
demand across all the end-market verticals of Exide’s The Company remains the undisputed leader with
Industrial Division. External headwinds in the form of unparalleled dominance in the infrastructure batteries
input cost inflation and geopolitical tensions impacted market. Orders, which were delayed by the pandemic,
margins and overseas demand but, with domestic demand are now being executed and the vertical will shortly
remaining strong, profits rebounded as these headwinds reach pre-Covid revenue status. Net margins were
eased and the business delivered on all fronts. satisfactory as we were able to pass on the raw material
cost increases to the customers.
The Uninterrupted Power System (UPS) vertical, which
is the largest business vertical of the Industrial Division, Exide makes motive power batteries for forklifts and
registered robust growth over last year. The Trade other material handling equipment in its Traction vertical.
demand reflected the rising requirement for critical This year we registered significant growth in both OEM
power backup in the country. The OEM business also and replacement market. Growth in warehousing and
contributed significantly toward the numbers due to Third Party Logistics (3PL) markets also contributed to
rising demand as the overall economic activity continued the demand for motive power. In the next financial year,
to improve. The UPS business vertical continues to be our traction battery portfolio will be enriched by two new
our nucleus of strength, driven by a diversified portfolio, introductions. The first is Opportunity Rapid Charge (ORC)
continuous product/ process innovations, and backed traction batteries, which utilize rapid charging to facilitate
up by our strong sales and service network across India. two-shift operations with a single battery. The second is
Exide’s high-performance traction batteries which boast of
In 2022, the renewable energy industry thrived as a very high service life setting a new industry benchmark.
India’s energy transition efforts were encouraged by the These two new additions will supplement our existing
rapid decline in the cost of generating solar and wind portfolio of conventional Gen X batteries.
energy. Coupled with the enabling policy ecosystem
this has accelerated green energy investments. The The Company also reported double-digit growth in the
Railways vertical, owing to rapid execution of the orders
since activities resumed after the pandemic.
The Uninterrupted Power System (UPS) Industrial Exports
vertical, which is the largest business
vertical of the Industrial Division, Exide has been able to register appreciable growth in exports,
registered robust growth despite bumps on the road due to the slowdown in Europe as
an aftermath of the Russia-Ukraine war, followed by the winter
76
recession. We have achieved this growth by mining existing journey, right from the first enquiry through planning, and
accounts in South Korea, Italy, Portugal, and Australia. The until installation. The initial market feedback to RTSS has
Company has embarked upon a detailed reach-out plan in been encouraging and we plan to scale up this business. To
the Traction vertical for customers in Europe and is adding this end, we have launched a digital campaign, consisting
multiple destinations with the same customers to have a of a series of ads that introduce our Exide Sunday concept
wider spread of availability in the region. Efforts are also being
made to enrich the product portfolio while offering complete
battery solutions with ORC batteries.
In Standby batteries, Exide has achieved impressive all-

round growth with particular success in West Asia and
Middle East. We have made inroads in Europe and continue
to pitch our products in these markets. The Company has
also initiated the approval process in power companies in the
Middle East to gain a foothold in this sector. To summarise,
the year recorded a healthy performance that stands out in
the backdrop of the lacklustre macro environment.
Going forward, we will continue our extensive outreach program

to the customers with compelling reasons to consider Exide
for Traction batteries in Europe and the regions mentioned
SUNDAY Rooftop Solar Solutions. The campaign is on
above. We expect the export market to remain on an upward
popular platforms like YouTube, Google & Facebook (Meta)
trajectory. Similarly, the Standby battery vertical is also likely to
to drive awareness and generate demand.
witness significant growth owing to new customers and rising
demand in the Middle East and West Asia. In the Infrastructure space, Exide expects to scale new heights
in the next year. For the Power vertical, this expectation is
based on the strength of large orders expected from nuclear
In Standby batteries, Exide has
power plants and thermal power plants The ‘Make in India’
achieved impressive all round growth government policy has provided additional tailwinds for us
with particular success in West Asia and in this sector.
Middle East
In the Projects vertical, substantial orders from metro
Outlook railways combined with Plante orders from the defence
establishment will drive growth. Another growth driver
The year-on-year growth registered in the IUPS business is is the flooded batteries required for signalling and
testimony to the successful strategies implemented by the telecommunications in the Indian Railways, which we have
business vertical through improved portfolio management been able to re-enter after a 5 year hiatus.
and go-to-market alignment. With an expected increase
in Government and private spending on infrastructure As rural tele-density keeps improving and 5G services get
projects during the run-up to the 2024 elections, we expect rolled out in more and more cities, the Telecom vertical faces
to continue our growth trajectory in IUPS business in the attractive prospects. The 5G rollouts are progressing at a
coming financial year. Going forward, the IUPS business is rapid pace with operators working towards a pan-India 5G
increasing its array of products, offering a comprehensive rollout in the next 12-15 months. The rollout is anticipated to
range along with exceptional customer experience. create a surge in battery requirements.
The Solar vertical has diversified its portfolio by adding the In the Traction vertical, our Company has been growing
AGM VRLA product range, which will fill the whitespace for consistently for two consecutive years after the pandemic.
maintenance-free solar batteries in the market. The Material Handling Equipment OEMs have strengthened
their portfolio in the green products category, propelling
This year we launched Exide SUNDAY Rooftop Solar Solutions the demand for electric forklifts. Exide is well equipped
(RTSS), offering a first-of-its-kind 5-year comprehensive with the needed capacities to address this rising demand.
warranty. The warranty covers all components of the system Increased demand from warehouse and logistics hubs is also
to provide a hassle-free brand experience to customers. anticipated. Luggage puller trolley batteries for the aviation
The highlight of this solution is the fully digital customer sector is another niche growth market going into next year.
77
Opportunities & Threats Risks and Concern
The ongoing volatility in input costs, along with uncertainty A recurring outbreak of COVID-19, like China’s Covid ‘Exit
about the timely availability of imported bought out items Wave’, new SARS-CoV2 variants/ sub-variants could pose
may pose some threats in the coming financial year but fresh challenges. There are additional threats of a looming
on an overall level, the IUPS business is expecting a surge global recession that may impact the world economy
in demand from emerging technological infrastructure. negatively. Even though a limited impact is expected in
A digital-heavy capital expenditure (Capex) super-cycle India, this could lead to weaker consumer sentiment and
spurred by both public and private investments in the next muted demand.
financial year, especially in the backdrop of upcoming
An escalation in energy/ raw material prices due to the
general elections, bodes well for the vertical.
ongoing conflict between Russia and Ukraine could have a
The Solar Rooftop market is showing signs of recovery cascading effect across commodities.
and the demand is back to pre-covid levels. High module
The Solar power industry has seen its fair share of challenges
and other project Balance of System (BoS) prices and
in 2022. Several solar projects were delayed because of the
continued supply chain challenges, impacted capacity-
increased project costs and challenges around the supply
addition plans during the year. However, with the supply
chain, land availability, and timely power evacuation.
situation easing and issues with shipping/ availability ironing
out, we are optimistic about the market outlook, especially in Conventional Integral Coach Factory (ICF)-design AC coaches
the residential and small commercial and industrial rooftop of Mail/ Express trains are being replaced with Linke Hofmann
market, which has been waiting to break out. Busch (LHB) design coaches in a phased manner. Since FY
2017-18, only LHB Coaches are being manufactured by the
In the Power sector, we are seeing resurgence in thermal
production units of Indian Railways. This trend can be seen
power plants including the revival of the thermal power
in the Vande Bharat rakes, which require lithium-ion battery
plants in which operations had been suspended. This is
technology. This has led to gradual shrinkage in the market
demonstrated in the strong order pipeline. Furthermore, we
size for lead-acid batteries and consequently, reduction in the
are seeing growing requirements for Battery Energy Storage
ticket size of the battery requirement.
Systems (BESS), which is slated to become a major sector.
We envisage these requirements will contribute to a large The recent consolidation among European competitors
volume of business in the years to come. has impacted demand owing to the shift in the buying
strategy of some of our existing customers. Additionally,
For the Infrastructure Projects vertical, we are seeing strong
demand across the industry on the back of robust public the recent withdrawal of Generalised System of Preferences
spending on infrastructure. The major opportunities are in (GSP) concession from European geographies has also
Metro, Railways, Defence, and Data centre sectors. Another introduced an element of uncertainty that can impact our
opportunity in this space is in the conversion of existing overall competitiveness in Europe. Exide is taking steps to
nickel-cadmium technology into lead-acid technology address these risks by acquiring new customers, entering
based on the application requirements. new geographies, and diversifying the overall export
customer base.
Demand for lithium batteries in material handling, especially
in the rental segment, is increasing day by day and is In response to the increase in commodity costs due to
expected to grow further, indicating a partial shift in market inflationary pressure, we have implemented a series of
preferences. Low-cost small Indian manufacturers, who get measures aimed at reducing and optimizing our costs
the advantage in tender-based platforms, pose a threat in across operations. Our focus on operational efficiencies
the traditional lead-acid battery solutions market.
has allowed us to identify areas where cost reductions
Looking forward, we expect a huge opportunity for 2V can be made without compromising quality or safety.
standby business in Europe, Middle East, Africa, and Additionally, we have adopted a calibrated pricing strategy
South-East Asia markets. The market for 12V batteries will that considers the current market conditions while ensuring
continue to expand in West Asia and the Middle East. The our competitiveness.
recent consolidation in competitive space in Europe has set
in motion a de-risking approach with the major distributors Submarine Division
looking at Exide as a potential partner.
During the Financial Year (FY) 2022-23, the performance
However, the Ukraine war, the ensuing slowdown, and the of your Company in the export market was satisfactory.
escalating energy prices in the European markets pose In this period, we manufactured and delivered two sets of
considerable threats.
78
submarine batteries, along with all accessories and spares to formally introduce the batteries on a commercial scale
for export to different countries. The batteries were delivered during the coming year.
after the successful completion of all Factory Acceptance
On the export front, a huge demand has been building up for
Tests (FAT) in the presence of the customer and with the advanced technology batteries for vehicles. Users, particularly
prior permission of the Government of India. from the Middle East, Far East, and North America, are
demanding customized batteries with advanced features as
In pursuit of new opportunities to expand the export
per the priorities of their respective countries. Exide’s design
business, Exide has been engaging actively with potential
and plant engineers are working tirelessly to turn out batteries
customers to promote its products. Globally, we compete
suited to specific customer requirements.
with established international players as well as new entrants
in this high-value arena. We are also continuing our efforts at On the industrial front, Exide’s traction cells have long
innovation to enhance battery performance and add further established a top-of-the-mind place among global
value to the customer for gaining competitive advantage. customers. During the year under review, our engineers
took the traction technology one step further by launching
Due to inherent nature of the business, new opportunities the ‘Opportunity Recharge Cell” (ORC) version which helps
are expected to fructify in the medium to long term. users with a limited budget, to find a material-handling
solution with an extended duty cycle.
Technology Upgrades
In the current year, Exide launched another game-changing
As in previous years, this year too, Exide’s R&D engineers traction technology to step further ahead of the competition.
have come up with several new products and new The resulting batteries have about 50% extra cycle life as
technologies to meet emerging user needs. The overall compared to the conventional version and a warrantied life of
direction has been towards the development of product three years. The new configuration features superior design
solutions that address the net-zero aspirations of the and modern, eco-friendly manufacturing technology at its core.
generation. Accordingly, a great deal of emphasis has been
placed on ‘how to manufacture’ – in addition to ‘what to In the telecom sector, with the arrival of 5G networks, there is
manufacture’ -- so that the net load on the environment is a growing demand for compact, high-performance sealed
reduced holistically. The R&D and manufacturing engineers batteries for outdoor deployment. In a short space of time,
have come together to examine every opportunity to reduce our R&D engineers have been able to come up with a
energy costs in the manufacturing cycle. Optimization of design package that is now deployed at various locations
process cycle time, selection of low-cost energy sources, in the country.
and introduction of low-energy consumption equipment
Battery energy storage systems (BESS) are slowly emerging
have been key considerations in this effort. The results are
as the core of future stationary battery storage. Exide is
major steps towards a reduced carbon footprint with lower
therefore developing multiple solutions -- at different life
manufacturing process costs.
and price points -- for future deployment. In a significant
First introduced in this country by Exide, punched plate association with the Calcutta Electric Supply Corporation
technology in four-wheeler batteries has been a great (CESC), a 400 KWH lead-acid storage system has been
success, The time has now come to extend this technology installed and commissioned in the outskirts of Kolkata city for
to batteries for two-wheelers. Continuous plate production a micro-grid duty cycle. The offered technology comprises
and environment-friendly manufacturing are the twin themes Exide’s advanced OPzV Tubular Gel product backed by an
of new-age two-wheeler battery manufacturing to ensure indigenously developed management system. The bank is
higher performance consistency at a lower cost. in satisfactory duty now for more than nine months.
As the automobile industry transforms to produce The drive towards the use of recycled lead has continued
cleaner cars, the expectations from batteries have risen through the year as more and more lead and lead
commensurately. Exide has kept pace by introducing compound sourcing are being brought under the broad
Enhanced Flooded Battery (EFB) and Idle Stop Start (ISS) specification of recycled lead. Additionally, this year there
batteries for most vehicle manufacturers in the country. The
demand is now shifting towards completely sealed AGM
VRLA batteries for under-bonnet automobile applications
Exide engineers took traction
in order to achieve improved fuel efficiency and ensure technology a step further by launching
cleaner emissions. We are in the process of setting up ‘Opportunity Recharge Cell (ORC)
manufacturing units for the production of such advanced batteries with extended life cycle at a
batteries in the next financial year. The basic development
limited budget
at the prototype level has been completed and we intend
79
has been a significant focus on recycled plastics. Although Multiple layers of proactive controls are adopted to address
the numbers are still modest, we have set ambitious targets the heightened concerns and consequences of cyber
for the percentage of recycled plastics to be used in the security threats resulting from rapid digitalization. This
coming years. includes imparting regular training to the employees and
conducting cyber security examinations, investment in multi-
Information Technology & Digital Initiatives layer firewalls, ongoing mock drills, periodic penetration
The recent disruptions due to technology such as Open AI, assessment tests, testing of backup servers readiness,
ChatGPT, DALL-E, and other AI tools, have forced businesses establishing a 24x7 security operations centre for real-time
to re-evaluate and adjust how they work. As a result, it is now monitoring of threats, digitally signed email and data loss
necessary for all market segments to structurally re-invent their prevention tools, as well as ISO 27001 certification.
approach. This means that all functions must abandon their Some of our digital initiatives include the implementation of
old ways in favour of fresh ones that are more transformative. conversational artificial intelligence, the use of video analytics
With the growing scale of the business, the Company is to enhance security and monitor operations, the adoption of
constantly focusing on innovation to enhance its operational drone technology for surveillance, and the implementation
efficiency, and resource optimisation to achieve important of augmented reality to enhance training and customer
business goals. In FY 2022-23, Exide continued its experiences. These initiatives can potentially reduce future
innovation journey with a focus on digitally transforming and costs by improving process efficiency, reducing manual labour,
nurturing Exide’s ecosystem to create sustainable value. and enhancing customer satisfaction for increased loyalty and
During the year, Exide implemented predictive and rule- repeat business. By embracing innovative technologies, we
based AI systems across its dealership network with the are positioning ourselves to be more competitive, agile, and
intent to automate decision-making on process parameters adaptable in the changing market conditions.
and remove discretion, limitations, and estimation errors. Driving a sustainable business
The year also saw the successful implementation of key
projects to optimise the logistics cost of both inbound and Your Company is committed to the Environmental, Social &
outbound operations. We also focused on upskilling the Governance (ESG) goals for creating sustainable long-term
workforce and equipping them with the necessary tools to value for all its stakeholders. With sustainability at the core
adopt and sustain the digital initiatives implemented during of the Company’s strategy, it has built-in processes and
the year. We have taken all possible measures to ensure we initiated measures that make it a force for good: ensuring
are ready for any technology disruption. responsible business conduct and the overall well-being of
its employees and communities.
In sync with Exide’s sustainability vision, we endeavour

to demonstrably contribute in a socially, ethically, and
environmentally responsible way to develop a society where
the needs of all are met. The Company is supported by
a sustainability framework based on focus areas across
various ESG facets, and all sustainability interventions
broadly fall under these focus areas. Exide consistently
aims to achieve targets set under each focus area. We
remain cognizant of the needs of the dynamic world and are
aligned to making it a better place for the wider community.
The second Sustainability Report, which includes the

Company’s performance in line with the Global Reporting
Initiative (GRI) framework for the period 1st April 2022 to
31st March 2023 is published separately. The Company
has also provided the requisite mapping of principles of the
National Guidelines on Responsible Business Conduct to
fulfil the requirements of the Business Responsibility and
Sustainability Report (BRSR) as per SEBI’s directive. It is
80
available on your Company’s website and can be accessed Transfer to Reserves

by using the link - https://www.exideindustries.com/
investors/annual-reports.aspx The Board of Directors has decided to retain the entire profit
as retained earnings. Accordingly, the Company has not
transferred any amount to the reserves for the year ended
Highlights of Performance 31st March 2023.
Your Company recorded net sales of H 14,592 crore in Consolidated Financial Statements
2022-23, against H 12,410 crore in the previous year. The
profitability of your Company was adversely impacted due As required under SEBI (Listing Obligations & Disclosure
to unprecedented input cost inflation, as a result of which the Requirements) Regulations, 2015, (SEBI Listing Regulations)
raw material prices remained high throughout the year. The and in line with the Indian Accounting Standard (Ind-AS)
prevailing high logistics cost and supply chain disruption 110, the Consolidated Financial Statements (CFS) of the
also affected the profitability of the Company. As a result, Company, its subsidiaries, and Associates form part of
Profit before depreciation, finance cost & tax expenses the Annual Report and are reflected in the Consolidated
(EBITDA) grew to H 1,568 crore from H 1,398 crore and Profit Financial Statements of the Company. These statements
have been prepared based on the Audited Financial
Before Exceptional Items and Tax grew from H 1,026 crore to
Statements received from the subsidiary companies and
H 1,215 crore with a growth of 18.4%.
associates, as approved by their respective Boards.
Standalone Financial Results The separate audited financial statements in respect of
(In H Crore) each subsidiary company and associates are available on
Financial Results 2022-23 2021-22 the website of the Company at: https://www.exideindustries.
com/investors/annual-reports.aspx
Revenue from operations 14,591.93 12,410.13
Other income 132.39 80.46
Dividend
Total Income 14,724.32 12,490.59
Profit before depreciation, 1,700.40 1,478.73 The Board of Directors of the Company approved a Dividend
finance cost, tax expenses & Distribution Policy on 25th January 2017, in accordance
exceptional item with the Securities and Exchange Board of India (Listing
Less: Depreciation and 455.78 413.14 Obligations & Disclosure Requirements) Regulations,
amortisation expenses 2015. The Policy is described and annexed at the end of
Less: Finance cost 29.53 39.42 the Boards’ report and is also available on the Company’s
Profit Before Exceptional Item 1,215.09 1,026.17
and Tax
Exceptional income/ - 4,693.75
(expense)
Profit Before Tax 1,215.09 5,719.92
Less: Tax expenses 311.46 1,035.59
Profit After Tax 903.63 4,684.33
Other Comprehensive Income (291.98) (801.29)
Total Comprehensive Income 611.65 3,883.04
for the year
Balance brought forward 10,513.10 6,800.06
Making a total of 11,124.75 10,683.10
Out of this, appropriations are:
Interim Dividend for 2021-22 - 170.00
(200%)
And leaving a balance of 11,124.75 10,513.10
(which is carried forward to
next year)
81
website: https://www.exideindustries.com/investors/ Particulars of Loans, Guarantees or

governance-policies.aspx Investments
In terms of the Policy, equity shareholders of the Company The Company has not granted any loans or provided
may expect dividends if the Company has surplus funds for any guarantee or security pursuant to Section 186 of the
the declaration of dividends, after taking into consideration the Act except the corporate guarantee of H 2000 cr. to its
relevant internal and external factors enumerated in the Policy.
wholly owned subsidiary, Exide Energy Solutions Limited.
In line with the said Policy, the Board of Directors has The details of investments and guarantees made by the
recommended a final dividend of 200% i.e. H 2.00 per equity Company during the year under review have been disclosed
share of face value of H 1/- each of the Company, for the in the financial statements under Notes 5 and 10.
year ended 31st March 2023, subject to the approval of
the Members at the ensuing Annual General Meeting. This Material Changes and Commitments
dividend payout ratio works out to 19% of the net profit after
There have been no material changes after the close of the
tax for the year ended 31st March 2023. The total outflow on
Company’s financial year to which the financial statements
account of equity dividend will be H 170 crore, vis à vis H 170
crore in FY 2021-22. relate and before the date of this report.
Key financial ratios

Share Capital
Under the SEBI (Listing Obligations & Disclosure
The paid-up equity share capital as on 31st March 2023 was Requirements) (Amendment) Regulations, 2018, the
H 85 crore divided into 85,00,00,000 equity shares of the Company has to give details of significant changes (i.e.
face value of H 1 each. change of 25% or more as compared with the immediately
previous financial year) in key sector-specific financial ratios,
During the year, the Company did not issue any shares with
including debtors turnover, inventory turnover, interest
differential rights or convertible securities. The Company does
coverage ratio, current ratio, debt-equity ratio, operating
not have any scheme for the issue of shares, including sweat
profit margin (%) and net profit margin (%) and details of
equity to the employees or directors of the Company. The
any change in Return on Net Worth as compared with the
Company does not have a scheme for the purchase of its shares
immediately previous financial year along with a detailed
by employees or by trustees for the benefit of employees.
explanation thereof.
Change in the nature of the business, if any Return on Net Worth for the financial year 2022-23 was
8.29% as compared to 53.59% in the previous year, which
During the year, there was no change in the nature of the included profit from Exceptional Item on account of sale of
business of the Company. Further, there was no significant Exide Life Insurance Company Limited shares of H 3,919
change in the nature of business carried on by its subsidiaries. crore (after tax) in the previous year 2021-22. Return on Net
However, with the merger of the wholly owned subsidiary, Worth from operations for the financial year 2022-23 was
Chloride Power Systems & Solutions Limited with your 14.1% as compared to 11.3% in the previous year due to
Company w.e.f. 29th March 2023, Exide will have a unified significant growth in business volume.
interface with customers for offering complete DC power
solutions for industrial customers by manufacturing industrial Net Profit margin for the financial year 2022-23 was 6.19%
battery chargers, DC power solutions, and solar power as compared to 37.75% in the previous year, which included
systems in India. This will ensure on-time supplies, efficiency profit from Exceptional Item on account of sale of Exide
of management, and maximum value for the shareholders. Life Insurance Company Ltd shares. Net profit margin from
operations excluding Exceptional Item during the previous
year was 6.16%.
Deposits
To note, all the above ratios have been disclosed in the
During the year under review, the Company did not accept
notes to financial statements, as required by amendment
any deposits from the public within the ambit of Section
notification dated 24th March 2021, in Division II of Schedule
73 of the Companies Act, 2013 (Act), and the Companies
III to the Companies Act, 2013 and Companies (Audit &
(Acceptance of Deposits) Rules, 2014 (including any
Auditor) Amendment Rules, 2021.
statutory modification/s or re-enactment/s thereof) for the
time being in force. Your directors draw your attention to note no. 48 of the
financial statements that set out key financial ratios.
82
Auditors Annual Secretarial Compliance Report
Statutory Auditors and their Report During the period under review, the Company has complied
with the applicable Secretarial Standards notified by the
BSR & Co. LLP, Chartered Accountants (Registration No: Institute of Company Secretaries of India. The Company
101248W/W–100022), were re-appointed as Statutory has also undertaken an audit for FY 2022-23, in line with
Auditors of the Company at the Annual General Meeting SEBI circular no. CIR/CFD/CMD/l/27/2019 dated 8th
held on 22nd September 2022, for a second term of five February 2019, for all applicable compliances, in line with
consecutive years, till the conclusion of the 80th Annual the SEBI Listing Regulations and circulars/guidelines issued
General Meeting of the Company. thereunder. The Annual Secretarial Compliance Report will
be submitted to stock exchanges within 60 days of the end
Cost Auditors of the financial year 2022-23.
Under Section 148 of the Act, read with the Companies Auditors’ Qualifications, Reservations or Adverse
(Cost Records and Audit) Rules, 2014 (as amended), the Remarks or Disclaimers made
cost records maintained by the Company in respect of the
products manufactured by the Company are required to be There are no qualifications, reservations or adverse remarks
audited. Your directors, on the recommendation of the Audit by the statutory auditors in their report, or by the Practising
Committee, have appointed Mani & Co., Cost Accountants Company Secretary in the secretarial audit report. The
(Registration no. 000004), to audit the cost records of the emphasis of matter and the key audit matters paragraphs
Company for the financial year 2023-24 at a remuneration are self-explanatory and require no clarification.
of H 10,00,000/- (Rupees Ten Lakh only) plus out-of-pocket
During the year, there were no instances of fraud reported
expenses and taxes as applicable.
by auditors under Section 143(12) of the Act.
A resolution regarding the ratification of the remuneration
payable to Mani & Co., Cost Accountants, forms part of the Business Responsibility & Sustainability
Notice convening the 76th Annual General Meeting of the Report
Company.
The Company is committed to pursuing its business
Secretarial Auditors & their Report objectives ethically, transparently, and with accountability to
all its stakeholders. We believe in demonstrating responsible
Pursuant to the provisions of Section 204 of the Act, read behaviour while adding value to society and the community,
with the Companies (Appointment and Remuneration of as well as in ensuring environmental well-being from a long-
Managerial Personnel) Rules, 2014, the Company has term perspective.
appointed M/s Anjan Kumar Roy & Co., Practising Company
Secretaries (FCS: 5684/CP No:4557), to audit secretarial Pursuant to Regulation 34(2)(f) of SEBI Listing Regulations,
and other related records of the Company for the financial the Company voluntarily prepared the Business
year 2022-23. The Secretarial Audit Report is given as Responsibility & Sustainability Report for the year 2021-22.
Annexure-I. The report for FY 2022-23 is given in Annexure-II.
Secretarial Audit of Material Unlisted Subsidiary

Corporate Governance
Company
Transparency is the cornerstone of Exide’s philosophy and
M/s Anjan Kumar Roy & Co., Practising Company
your Company adheres to all requirements of corporate
Secretaries, had undertaken a Secretarial audit of the
governance in letter and spirit. All the Committees of the Board
Company’s material subsidiary, Chloride Metals Limited, for
of directors meet at regular intervals as required in terms of
the financial year 2022-23. The Audit report confirms that SEBI Listing Regulations. The Board of Directors has taken
the material subsidiary has complied with the provisions of the necessary steps to ensure compliance with statutory
the Act, Rules, Regulations and Guidelines, and that there requirements. The directors, key management personnel,
were no deviations or non-compliance. As required under and senior management personnel of the Company have
Regulation 24A of the SEBI Listing Regulations, the report of complied with the approved ‘Code of Conduct for Board of
the Secretarial Audit is given as Annexure IA. Directors and Senior Management Personnel’. A declaration
to this effect, according to Schedule V of the SEBI Listing
Regulations, signed by the Managing Director and CEO of
the Company, forms part of the Annual Report.
83
The Report on Corporate Governance as required under resulted in winning a larger number of awards during the
Regulation 34(3), read along with Schedule V of the SEBI year as compared to previous years.
Listing Regulations, is given in Annexure-III. The Auditors’
Certificate on compliance with corporate governance norms Summarised below are some of the Awards conferred to
is also attached to this Report. Furthermore, as required Exide during the year:
under Regulation 17(8) of SEBI Listing Regulations, a
certificate from the Managing Director & CEO and Director- TQM & Business Excellence
Finance & CFO is being annexed with this Report. Golden Peacock Excellence Award 2022 -- Leadership
for Business Excellence
Business Excellence Quality Leadership Award for integrated all-out
performance from Quality Circle Forum of India
Your Company has implemented a comprehensive Total
Kaizen Platinum Award, CII National Kaizen Competition
Quality Management (TQM) program for scaling up
Quality Award, Manufacturing Today
performance. There is considerable focus on improving
the operating KPI and cost savings through the effective
integration of TQM practices with functions. The proven Safety & Environment
capability of the organization in TPM and Quality Circle has
India Green Manufacturing Challenge Award
been leveraged to deliver impactful projects.
Best Company in Innovative Energy Management
Capability development in all facets of the organisation is also Control
one of the priority areas. Training, workshops & capability Sustainability & CSR
assessments have undergone significant changes over
the last few years. In view of various transformations taking Golden Peacock Award 2022 for Sustainability
place across functions, we have converged our attention The Economic Times Sustainable Organizations 2022
into building cutting-edge knowledge to meet emerging Manufacturing Today Award for Excellence in CSR
requirements on key capability areas. 7th CSR Excellence Award, ICSI
During the year, there were notable upgrades in the system HR & Leadership
and standards, as well as external certifications and the
addition of new certifications to keep the customers assured HR Excellence Award, QCFI
and best practices absorbed. The Company has achieved Power Brand of Atmanirbhar India from Sanmarg
new certifications in Energy Management Systems (ISO 50001) Business Award
while successfully sustaining existing certifications such as IT & Infrastructure
IATF 16949, ISO 9001, ISO 45001 & ISO 14001 Standards.
Technology Excellence Award – Analytics
The focus areas of TQM and business excellence during Implementation (IBM & Quantic)
the year were operational excellence, competitive capability, Technology Excellence Award – Best Technology of the
capability development, TQM score framework, and Year, Infrastructure (Organised by HP & Quantic)
TQM. During the year, TQM & Business Excellence drives Tech Senate Award 2022, Big Data & Analytics, Indian
for supplier partners were conducted through an online Express Group
assessment and onsite audit.
Cyber Security Excellence Award 2022 (Z Scaler &
Over the last year, there has been double-digit growth in Quantic)
project magnitude impacting both operational KPI and cost
savings. Occupational Health, Safety and
Environment
Awards & Accolades Exide places utmost importance on the safety of its
employees and assets, as well as the protection of
Best-in-class approach, process and technology is a way the environment through various initiatives in areas of
of life at Exide. For external benchmarking on capability, the sustainability. The Company has implemented best-in-
Company, during the year under review, has significantly class Employee Health & Safety (EHS) procedures for
accelerated the magnitude, pace, and focus by participating ensuring and improving the safety of employees and their
in various awards and recognition programmes. This has surroundings.
84
During the year under review, all of our manufacturing plants, prevent pollution through waste minimization at the source;
regional marketing offices, corporate offices, and research recovery/treatment of emissions, and conservation of energy.
facilities were certified for ISO 45001, the international Greenhouse Gas (GHG) emissions are being monitored and
standard for occupational health and safety, and ISO 14001, improvements are made to reduce environmental damage.
the international standard for environmental management
by reputed global certification body. Reduction in hazardous waste is a focus area at Exide.
Various steps such as reducing the usage of plastic,
We are committed to providing safe working places for reduction in raw material consumption through design
our employees. For this, we have implemented various changes, and yield improvement through superior products
initiatives, one of which is identifying approximately 70 Safety and processes are being undertaken.
Champions at our manufacturing sites across India. Safety
Champions have the responsibility to promote a safety Audits are conducted by corporate teams to assess the
culture among workers through education, monitoring, health of safety practices on a quarterly basis. The gaps
and identification of near misses for preventing adverse identified by these audits are closed on a priority basis to
incidents. Total Productive Maintenance (TPM), Safety make workplaces safe and secure.
Health and Environment (SHE) pillar approach is followed
All employees, suppliers, and visitors are made aware of and
to implement the best practices of safety in our organization.
trained on the Company’s EHS practices through regular
Safety structures and protocols have also been implemented sessions. Non-managerial workers are made part of safety
in the regional offices where EHS committees drive the committees, which initiates appropriate actions for improving
culture of safety. These committees are working towards the EHS culture for the direct benefit of all employees.
improving the safety of those employed in sales and service.
To conclude, Exide follows industry-accredited best
We are committed to utilizing natural and man-made practices in health, safety, and environment-related aspects
resources in an optimal and responsible manner to ensure to constantly set higher benchmarks -- and strives to exceed
the sustainability of resources by reducing, reusing, the same.
recycling, and managing waste. We regularly monitor and
Corporate Social Responsibility
Exide’s commitment to creating significant and
sustainable societal value is manifested in Corporate
Social Responsibility (CSR) initiatives that focus on the
most vulnerable sections of society. The CSR framework
demonstrably contributes towards holistic and sustainable
development of communities who live in the neighbourhood
of our operations.
Exide’s CSR is governed by a Board-driven policy that is

aligned with section 135 of the Companies Act and rules
made thereunder. The CSR policy provides guidelines for
CSR planning, budgeting, preparation of annual action
plans, impact assessment of CSR interventions, monitoring,
selection of ongoing projects, treatment of unspent CSR
funds (if any), and the role of implementing agency.
The CSR policy of the Company is available on the

Company’s website https://www.exideindustries.com/
sustainability/. The CSR plan for the year 2022 – 23
is available on the Company’s website https://docs.
70 Safety Champions promote safety
exideindustries.com/pdf/approved-csr-project-22-23.pdf.
culture among workers through
education, monitoring and identification In compliance with section 135 of the Companies Act and
of near misses the CSR policy of Exide, the Company has constituted a
CSR committee comprising 4 members. During the year the
85
CSR committee met four times to deliberate, recommend The CSR activities of the Company are estimated to have
and monitor the progress of CSR interventions. Details of positively impacted over 3.1 Lakh people. More than 80%
the CSR committee are available on the Company’s website of our beneficiaries are from less privileged and vulnerable
https://www.exideindustries.com/about/board-committees.aspx sections of the society.
The disclosures, as mandated under Rule 8 of the Companies Even as the world emerged from the Covid pandemic a
(Corporate Social Responsibility Policy) Amendment Rules, significant challenge remained in the form of learning losses
2021 are placed in Annexure-IV. for children and livelihood losses for adults. Therefore 75%
of Exide’s CSR spent during the year 2022-23 was devoted
The executive summary of the Impact Assessment Report to these two causes. The most significant was a school
of the Company’s CSR interventions is placed along with transformation project in 41 government and charitable
Annexure IV. The detailed Impact Assessment Report schools. The mission was to upgrade classrooms to smart
is available on the Company’s website https://www. classes, modernise water, sanitation, and health (WASH)
exideindustries.com/sustainability/ facilities and establish STEM laboratories for sharpening
science and mathematical skills. The school transformation
The Company spent H 2134.70 lakh towards its CSR activities projects undertaken by the Company positively impact
against the obligation of H 2132.03 lakh in the year 2022-23. more than 40,000 students. It is spread across 7 districts
in 4 states. We also facilitated infrastructure upgrades and
During the year Exide implemented CSR interventions
development in 20 schools, in 8 districts of 6 states.
aligned to the identified themes of: -
Another initiative we are proud of is the Marrow Donor
Promoting Education (through Exide Akshar), Registry India. This has enabled the registration and profiling
Promoting Better Health Outcomes (through Exide of more than 60,000 voluntary marrow donors. Bone Marrow
Aarogya), donation is the best chance of survival and treatment for
many patients suffering from life-threatening diseases like
Promoting Employability (through Exide Kaushal), leukaemia, lymphoma, other cancer, sickle cell anaemia,
Empowering Communities (through Exide Saksham) etc. The registration and profiling will enable many patients
and to easily reach out to matching donors and get quick
treatment. The initiative has already saved 18 precious lives.
Protecting Environment (through Exide Paryavaran).
Under Exide Excellence Program, your Company has
continued to support the scholastic endeavour of 150 girls
(shalinis) through scholarships, career-boosting infusions,
and more than 600 hours of mentorship from officials of Exide.
Through our Exide Paryavaran project, more than 20,000

individuals are positively impacted. The initiative includes
rejuvenation and restoration of ponds, protection of flora
and fauna, etc., which has a cascading effect on the lives
and livelihoods of the local communities.
Besides the above-mentioned interventions, Exide has

implemented many other highly impactful projects, aligned
to the identified core themes to create a shared value for all
stakeholders.
The CSR activities of the Company are

estimated to have positively impacted
over 3.1 Lakh people
86
Internal Controls stakeholders to report genuine concerns about unethical

behaviour, actual or suspected, fraud, or violation of the
A robust internal control framework is essential for Company’s Code of Conduct in accordance with the
sustainable growth. Exide has an independent Internal Audit provisions of the Act, read with the Companies (Meeting
department, assisted by a reputed external firm, for carrying of Board and its Powers) Rules, 2014, and SEBI Listing
out the internal audit reviews. The Internal Audit’s scope Regulations. It contains a reporting mechanism, how all
and authority stem from the Audit Committee’s approved reported concerns are dealt with, the confidentiality of the
Internal Audit Charter. The Internal Audit controls operate investigations and processes, protection of the whistle-
alongside a robust risk management framework, mutually blower against any retaliation, guidelines for retention of
reinforcing each other’s efforts. records during the investigation/ reporting of the case, etc.
Audit reviews are conducted on an ongoing basis, following The policy provides for adequate safeguards against
an audit committee-approved comprehensive, risk-based victimisation of persons who use such a mechanism.
audit plan. Periodically, the Audit Committee is presented It provides for direct access to the Chairperson of the
with a summary of significant audit observations and follow- Audit Committee in appropriate or exceptional cases. The
up actions thereon. Company has a dedicated email address for reporting such
concerns at ethics@exide.co.in.Your Company investigates
The Company’s internal financial controls framework is based
any incident that is reported and takes suitable action in
on the ‘three lines of defence’ model. Exide has ensured
line with the Whistle-Blower Policy. It is affirmed that no
compliance with Section 134(5)(e) of the Companies Act
personnel of the Company was denied access to the Audit
2013 by implementing a strong system and framework for
Committee. The Audit Committee of the Board oversees the
internal financial controls. The framework includes various
vigil mechanism.
measures such as entity-level policies, process control,
IT general controls, and standard operating procedures The policy is available on the website:https://www.
(SOPs) to ensure internal controls over financial reporting. exideindustries.com/investors/governance-policies.aspx
The entity-level policies include anti-fraud policies such as a
Code of Conduct and Whistle-Blower policy, along with other Subsidiaries, Joint Ventures and
policies like Insider Trading policy, DOA, HR policy, and IT
security policy, to bolster the internal control systems. These
Associates
internal controls are reviewed by the senior management as A statement containing the salient features of financials
well as internal auditors periodically. of subsidiaries and associates of the Company, in the
The Audit Committee has evaluated the design and prescribed Form AOC–1, is part of the Consolidated
Financial Statement. This form highlights the financial
effectiveness of these controls and found no significant
performance of each subsidiary and associate company
material weaknesses or deficiencies that could impact
along with their contribution to the overall performance
financial reports.
of the Company pursuant to Rule 8(1) of the Companies
On the strength of these controls and systems, your (Accounts) Rules, 2014. The report is not repeated here for
the sake of brevity.
directors, to the best of their knowledge and belief and
according to the information and explanations obtained by In line with Section 136 of the Act, the financial statements
them, state that your Company’s internal control systems of the subsidiary and associate companies will be available
are commensurate with its size and scale of operations and for inspection up to the date of AGM. Members can inspect
that they are designed to provide reasonable assurance these by sending an email to cosec@exide.co.in.
that the Company’s financial statements are reliable and
prepared according to the law. To continually improve these Any member who wants a copy of the financial statements
internal controls, the Company has established a well- may write to the Company Secretary at the registered
defined system of internal audits to independently review office of the Company. The financial statements including
and strengthen them. the Consolidated Financial Statement (CFS) and all
other documents required to be attached to this report
have been uploaded on the website of the Company at
Vigil Mechanism/Whistle-Blower Policy www.exideindustries.com.
Exide has a Whistle-Blower Policy that offers a formal Exide Industries Ltd. had seven subsidiaries and two
mechanism for its directors, employees, and other associate companies as on 31st March 2023. During the
87
year under review, Chloride Power Systems & Solutions 2018 as a joint venture between Exide Industries Limited
Limited (“CPSSL”), erstwhile wholly-owned subsidiary, and Leclanché SA of Switzerland (“LSA”). The Company is
merged with the Company vide Hon’ble National Company in the business of developing and manufacturing lithium-
Law Tribunal, Kolkata Bench order dated 17th February ion-based modules and packs with Battery Management
2023, read with rectified order dated 22nd February 2023. Systems (BMS) for e-mobility (EV) as well as stationary
The Scheme of Amalgamation has become operative and power application.
CPSSL, Transferor Company ceased to exist from the
effective date upon filing the order with the Registrar of Nexcharge has received substantial commercial orders
Companies, Kolkata, on 29th March 2023. for its various verticals such as 2-wheeler, 3-wheeler,
commercial vehicles, and telecom for execution in the
The acquisition has been successfully turned around and next 2 years. It has successfully developed 2-wheeler and
integrated with the operations of Exide. 3-wheeler batteries that demonstrate superior thermal
management along with multiple protective control features
Chloride Metals Limited to safeguard the battery from adverse climatic conditions
or abuse. An in-built testing facility for the cells and battery
Chloride Metals Limited (CML) is a secondary smelting packs and automated production lines turn out premium
and refining company that is a wholly owned material quality batteries that are safe as well as durable.
subsidiary company of Exide. It plays a strategic role in
Nexcharge is also focusing on developing its own Battery
backward integration and meets the lead and lead alloy
Management System (BMS) for transport as well as
requirements of the Company. The subsidiary is in line with
industrial applications. They have successfully completed the
the concept of circular economy. The scrap batteries are
prototypes and are now moving towards finalizing Standard
collected from dealers, recycled and the recovered lead is
Operating Protocols (SOPs) within the next 6 months.
sent to Exide to produce new batteries.
On 4th November 2022, Nexcharge bought back the entire
CML has a national presence with manufacturing units in
paid-up and issued equity shares held by “Leclanche S.A.”
the states of Karnataka (Malur), Maharashtra (Markal),
(‘LSA’) through a buy-back scheme. It has therefore become
and West Bengal (Haldia) with state-of-the-art machinery
a wholly owned subsidiary of Exide Industries Limited.
and technology to boost eco-friendly production of lead.
Consequently, the name of the company was changed from
Chloride Metals Limited production capabilities are backed
Exide Leclanche Energy Private Limited to Exide Energy
by an immaculate design engineering cell, and tested
Private Limited w.e.f. 4th January 2023. The registered office
at the quality control department to conform to Exide’s
of the Company was also shifted from the state of Gujarat to
exacting material standards. The R&D team keeps the
the state of West Bengal.
Company abreast with new technologies and the product
mix is tailored to suit the required specifications by qualified During the year 2022-23, your Company invested H 25 crore
engineers and metallurgists. The total installed capacity of through 0.01% Compulsorily Convertible Preference Shares
CML is 2,52,000 tonnes a year. (CCPS) in Nexcharge to meet funding requirements.
During the year, your Company invested H 57 crore in the

equity share capital of CML for setting up a greenfield Exide Energy Solutions Limited
project at SUPA, Maharashtra.
Exide Energy Solutions Limited (EESL) was incorporated
on 24th March 2022, as a wholly owned subsidiary of
Exide Industries Limited in the state of West Bengal. The
CML is a secondary lead smelting and main object of the Company is to carry on the business of
refining company and plays a strategic manufacturing battery cells of advanced chemistry and form
role in backward integration for Exide factor, including but not limited to cylindrical, pouch, and
prismatic, (the “Battery Cells”), as well as manufacturing,
assembling, selling battery modules, battery packs and
Exide Energy Private Limited other related activities.
The Company represents a significant step to strengthen

Known by its Nexcharge brand, Exide Energy Private
Exide’s position in the emerging lithium-ion battery market.
Limited (formerly known as Exide Leclanche Energy
Its greenfield factory spread over 80 acres of land at the
Private Limited) is a subsidiary of Exide, which started in
88
Hi-Tech Defense & Aerospace Park Phase 2, Bengaluru, Subsidiary Monitoring Framework:
is designed to produce technology-leading lithium-ion
batteries to meet EV & Industrial requirements. In view of All the subsidiary companies of Exide Industries Limited
this objective, EESL has entered into a multi-year technical are board-managed with their boards having the rights
collaboration agreement with SVOLT Energy Technology and obligations to manage such companies in the best
Co. Ltd (SVOLT), a global technology company that makes interests of their stakeholders. As a majority shareholder,
and develops lithium-ion batteries and battery systems for your Company nominates its representatives on the Board
EVs as well as for energy storage. In addition to technology, of subsidiary companies and monitors the performance of
SVOLT is providing support for setting up the plant on a such companies, inter alia, by the following means:
turnkey basis. It will also set up a state-of-the-art R&D lab
and pilot line to support new product development for the a) The financial results along with the investments made
Indian market. by the unlisted subsidiaries are placed before the
Audit Committee and the Exide Board, quarterly;
EESL has secured all necessary permissions to initiate
construction activity, including environment clearance, b) A copy of the minutes of the meetings of the Board
fire NOC, building height and Consent to Establish. Site- of Directors of the Company’s subsidiaries are
enabling work for construction is expected to be largely circulated, along with the agenda papers, to the Exide
completed by April 2023. Post receipt of all necessary Board;
approvals, EESL has onboarded leading construction
c) A summary of the minutes of the meetings of the
vendors for civil & PEB works. On-ground construction
Board of Directors of the Company’s subsidiaries is
activity has been initiated and foundation-laying work is in
circulated to the Exide Board, quarterly;
progress. Site progress is on target to achieve SOP by the
second half of FY 2024-25. d) A statement containing all significant transactions
and arrangements entered into by the subsidiary
As on date of this report, EESL has recruited close to a
companies is placed before the Exide Board;
50 member team, comprising experienced and senior
personnel and has strengthened all key functions to Exide Industries has one material subsidiary i.e. Chloride
support project execution and delivery such as R&D, Metals Limited whose income is more than 10% of the
sales, procurement, facility, quality, IT, HR & others. consolidated income of the Company during the previous
financial year. A policy for the determination of material
During the year 2022-23, your Company invested around
subsidiaries has been formulated and has been posted on
H 715 crore through equity in EESL for setting up the the Company’s website https://www.exideindustries.com/
greenfield unit. investors/governance-policies.aspx
Amalgamation of Exide Energy Private Limited with

Exide Energy Solutions Limited Annual Return
During the year under review, the Board of Exide Energy In terms of Section 92(3) of the Companies Act, 2013, and
Private Limited (“Transferor Company”) and Exide Energy Rule 12 of the Companies (Management and Administration)
Solutions Limited (“Transferee Company”), wholly owned Rules, 2014, the Annual Return of the Company is available
subsidiaries of Exide Industries Limited, (collectively, on the Company’s website at the link: https://www.
the “Amalgamating Companies”), have approved the exideindustries.com/investors/annual-reports.aspx
Scheme of Amalgamation involving the merger of both
the Companies. The Scheme is subject to the receipt of Directors and Key Managerial Personnel
approval from the requisite majority of shareholders and
creditors of the amalgamating parties (unless dispensed During FY 2022-23, Members of the Company approved
the re-appointment of Mr Surin Kapadia (DIN 00770828) as
with), approval by the Kolkata bench of the National
an Independent director of the Company for five years with
Company Law Tribunal (NCLT), having jurisdiction over
effect from 25th October 2022 to 24th October 2027, whose
the Amalgamating Companies, and such other approvals, office shall not be liable to retire by rotation.
permissions, and sanctions by regulatory and other
statutory / quasi-judicial authorities, as may be necessary. Mr Sridhar Gorthi (DIN 003535824) was appointed as
A joint application in this regard has been submitted to the Independent director for a term of five years with effect from
Kolkata bench, NCLT in the financial year 2023-24. 29th July 2022 to 28th July 2027, whose office shall not be
liable to retire by rotation.
89
Mr R B Raheja (having DIN 00037480) retires by rotation The Board carried out an annual evaluation of its performance
under the provisions of the Companies Act, 2013, and being and also evaluated the working of its committees and
eligible, offers himself for re-appointment at the ensuing individual directors, including the Chairman of the Board.
Annual General Meeting. The performance evaluation of all the directors was carried
out by the Nomination and Remuneration Committee. The
Necessary information under the SEBI (Listing Obligations questionnaire and the evaluation process were reviewed
and Disclosure Requirements) Regulations, 2015, and in line with the SEBI guidance note on Board evaluation
Secretarial Standard 1 (SS-1) issued by Institute of Company
dated 5th January 2017, and suitably aligned with the
Secretaries of India (ICSI), regarding directors to be re-
requirements.
appointed at the forthcoming Annual General Meeting, is
given in the Annexure to the Notice convening the Annual The purpose of the Board’s evaluation is to achieve
General Meeting. consistent improvements in the governance of the Company
at the Board level with the participation of all concerned in
None of the directors of your Company is disqualified an environment of harmony. The Board acknowledges its
from being appointed as directors, as specified in Section intention to establish and follow ‘best practices’ in Board
164(1) and Section 164(2) and Rule 14(1) of Companies governance in order to fulfil its fiduciary obligations to the
(Appointment and Qualification of directors) Rules, 2014. Company. The Board believes that the evaluation will lead
During the year under review, the following directors/executives to a closer working relationship among Board members,
served as Key Managerial Personnel of the Company: greater efficiency in the use of the Board’s time, and
increased effectiveness of the Board as a governing body.
Mr Subir Chakraborty, Managing Director & CEO
While evaluating the performance and effectiveness of the
Mr A K Mukherjee, Whole-time Director (Director- Board, various aspects of the Board’s functioning, such
Finance & CFO) as adequacy of the composition and quality of the Board,
Mr Arun Mittal, Whole-time Director (Director-Automotive) time devoted by the Board to the Company’s long-term
strategic issues, the quality and transparency of Board
Mr Avik Roy, Whole-time Director (Director-Industrial)
discussions, and execution and performance of specific
Mr Jitendra Kumar, Company Secretary & President- duties, obligations, and governance were taken into
Legal & Corporate Affairs consideration. Committee performance was evaluated on
their effectiveness in carrying out respective mandates,
composition, the effectiveness of the committees, the
Declaration of Independence structure of the committees and meetings, independence
of the committee from the Board, and its contribution to
In line with Section 149(7) of the Act, each independent
decisions of the Board. A separate exercise was carried
director has confirmed to the Company that he or she meets
out to evaluate the performance of independent directors
the criteria of independence laid down in Section 149(6)
including the Chairman of the board, who were evaluated on
of the Act and complies with Rule 6(3) of the Companies
parameters such as level of engagement and contribution
(Appointment and Qualifications of directors) Rules, 2014
to Board deliberations, independence of judgement,
and Regulation 16(1)(b) of the Listing Regulations. There has
safeguarding the interests of the Company, focus on the
been no change in the circumstances affecting their status
creation of shareholder’s value, ability to guide the Company
as Independent directors of the Company. Furthermore,
in key matters, attendance at meetings, etc.
they have affirmed compliance with the code of conduct for
independent directors as prescribed in Schedule IV of the Act. The following comments, inter alia, were received during the
Board evaluation:
Board Evaluation The Company is transparent, and endeavors to follow
Pursuant to the provisions of the Act and SEBI Listing good corporate governance practices;
Regulations, the performance evaluation of the Board All significant issues are brought to the Board. The
as a whole, and the Chairman and the Non-independent agenda and proceedings are well-structured and
directors was carried out by the Independent directors. focused;
This exercise was carried out following the Nomination and
Remuneration Policy framed by the Company within the The Board is balanced and diverse views are expressed
framework of applicable laws. freely;
90
The quality, quantity, and timeliness of the flow of heads to the Board. The Board and committee meetings
information between the management and the Board is are pre-scheduled and a tentative annual calendar of Board
satisfactory; and committee meetings is circulated to the directors well
in advance to help them plan their schedule and to ensure
The management responds to the queries and requests,
meaningful participation at the meetings.
whenever sought, in a timely manner;
Increased frequency of the Risk Management During the year under review, six (6) Board meetings and
Committee meetings helped to bring rightful attention six (6) Audit Committee meetings were convened and held,
to the important topics of risk; the details of which are given in the Corporate Governance
report. The intervening gap between the meetings was within
The cohesive working of other Board committees was the period prescribed under the Companies Act, 2013.
appreciated.
The details of the constitution of the Board and its
Considering the success of the Company in most spheres, Committees are given in the Corporate Governance report.
and the value delivered to all its stakeholders, it is evident
that the directors have been diligent, sincere and consistent Compliance with the Code of Conduct for the Board
in the performance of their duties. The directors expressed of Directors and Senior Management Personnel
their satisfaction with the evaluation process.
All directors and senior management personnel have
affirmed compliance with the Code of Conduct for the
Nomination & Remuneration Policy Board of Directors and Senior Management Personnel.
Following the provisions of Section 178(3) of the Act and A declaration to that effect is attached to the Corporate
the SEBI Listing Regulations, Exide has a Nomination and Governance report.
Remuneration policy in place. The objectives and key
Compliance with Secretarial Standards on Board
features of this Policy are:
and Annual General Meetings
(a) Formulation of the criteria for determining qualifications,
positive attributes of directors, key managerial The Company has complied with Secretarial Standards
personnel (KMP), senior management personnel and issued by the Institute of Company Secretaries of India on
also the independence of independent directors Board Meetings and Annual General Meetings.
(b) Aligning the remuneration of directors, KMPs and senior

management personnel with the Company’s financial Approach to Risk Management
position, remuneration paid by its industry peers, etc
Risk management is integral to your Company’s strategy
(c) Performance evaluation of the Board, its committees and to the achievement of long-term goals. Our organization
and directors including independent directors understands that identifying and capitalizing on business
(d) Ensuring Board diversity opportunities and market trends is crucial to its business.
Therefore, we have implemented a comprehensive risk
(e) Identifying persons who are qualified to become management framework that places a strong emphasis on
directors and who may be appointed to senior assessing both risks and opportunities.
management, in line with the criteria laid down
To address continuously evolving risks, your Company has
(f) Directors’ induction and continued training
established a comprehensive Enterprise Risk Management
The Nomination and Remuneration Policy is available framework, incorporating a holistic approach that balances
on the Company’s website under the link:https://www. both bottom-up and top-down perspectives and has
exideindustries.com/investors/governance-policies.aspx undergone significant development over the years, The ERM
framework enables the management to proactively identify
specific risks, evaluate their potential impact, and determine
Meetings
the best course of action to manage overall exposure. The
The Board meets at regular intervals to discuss and allocation of resources and active management of risks
decide on Company’s business policy and strategy apart are integral components of this framework, ensuring that
from other items of business. The Board exhibits strong potential threats are managed effectively.
operational oversight with regular presentations by business
91
Oversight of risk management is conducted by a four-level Risk identification and prioritization are achieved through
governance structure as follows: continuous scanning of the business environment and
monitoring of internal risk factors including emerging risk areas.
Board of Directors The RMC, in particular, monitors key risks, tracks progress on
Risk Management Committee (RMC) mitigation plans, and addresses any challenges that arise.
Executive Committee (EXCOM) Formal reviews of identified risks are held thrice a year by
the EXCOM and the RMC with ongoing monitoring and
Heads of functions and process owners
evaluation taking place throughout the year.
The existing Risk Management Policy incorporates traditional
Your Company has adopted comprehensive ERM, which
as well as emerging risks such as cyber security, business
involves using a risk matrix to plot risks on a 5 X 5 scale. The
continuity processes, disaster management and ESG.
matrix is divided into four categories, each represented by a
The Risk Management Policy of Exide is available on the
different color. This allows us to quickly assess risk visually
Company’s website at the link: https://www.exideindustries.
and determine the appropriate levels of oversight, review,
com/investors/governance-policies.aspx
and escalation for notification and action.
Risk Management Framework
Key Risk Categories Dimensions of Key

Risk Governance Structure
Business Objectives
Strategic
Impact of Risk on Key
Business Obiectives
Board of Directors
Financial
Reputational Risk Management Committee
Sustainability (ESG) Reputation Executive Committee
Compliance
Operational Excellence HOD & Risk owner
Operational
Drive Innovation
Financial
Key Risk Management Processes Risk Entity Levels
Risk Identification and Exide Consolidated Level

Risk Aggregation
Risk Inheritance
Assessment
Risk Handling /
Response Exide Standalone Level
Integration with Risk Reporting and - Avoid
Strategy and Business Disclosures - Accept
Plan - Reduction
- Mitigate Subsidiary Level
Risk Mitigation and

Monitoring
The resurgence of COVID, recent central bank interventions, Listing

shifting ESG standards, and geopolitical developments
may introduce unforeseen risks. Our Company remains The equity shares continue to be listed on the BSE Limited
committed to implementing a dynamic and robust (BSE), the National Stock Exchange of India Limited (NSE),
risk management strategy that can adapt to changing and The Calcutta Stock Exchange Limited (CSE). The
circumstances and evolving information. Company has paid the annual listing fee for FY 2022-23 to
BSE, NSE and CSE.
92
Particulars of contracts or arrangements Your directors draw your attention to notes to the financial
with related parties statements that set out related-party disclosures.
All related-party transactions (RPT) which were entered

during the financial year were in the ordinary course of Details of significant and material orders
business and on an arms-length basis. There were no passed by the regulators or courts or
materially significant related-party transactions entered into tribunals impacting the ‘going concern’
by the Company with promoters, directors, key managerial status and the Company’s operations in
personnel, or other persons that may have had a potential
conflict with the interests of the Company.
the future
There are no significant material orders passed by the
All related-party transactions are placed before the Audit
regulators/courts/tribunals which would impact the ‘going-
Committee for review and approval. Prior omnibus approval
concern’ status of the Company and its future operations.
is also obtained from the Audit Committee for related-party
transactions that are repetitive and can be foreseen. The However, member’s attention is drawn to the statement on
required disclosures are accordingly made to the Audit contingent liabilities and commitments in the notes forming
Committee every quarter in terms of their omnibus approval. part of the financial statements.
As per Regulations 23(5) of SEBI (Listing Obligations &

Disclosure Requirements) Regulations 2015, as amended,
Conservation of energy, technology
approval of the Audit Committee is not applicable for the absorption, and foreign exchange earnings
RPTs entered into between a holding company and its and outgo
wholly-owned subsidiary and RPT transactions entered into
between two wholly owned subsidiaries of the listed holding Information pursuant to Clause (m) of Sub-Section (3) of
company, whose accounts are consolidated with such Section 134 of the Act, read with Rule 8 of the Companies
a holding company and placed before the shareholders (Accounts) Rules, 2014, is given in Annexure-VI.
at the general meeting for approval. Since the majority
of transactions of the Company are with its subsidiaries, Human Resources
omnibus approval of the Audit Committee is obtained for
such transactions also and reviewed quarterly, as a measure The Company’s human resource philosophy broadly focuses
of good corporate governance. on five key areas of development & culture, managing talent,
productivity and cost, optimising organisation structure, and
The policy on the materiality of related-party transactions
enforcing efficient systems and processes.
and on dealing with related-party transactions is in line
with SEBI (Listing Obligations & Disclosure Requirements) Developing talent and building a transformational work
Regulations 2015, as amended, and is uploaded on the culture was prioritised during the fiscal as the Company
website under the link: http://www.exideindustries.com/ continued its focus on promoting leadership behaviour
investors/governance-policies.aspx. among employees. A 360-degree “Pearl” Survey was
conducted for senior leadership on the identified pillars under
The disclosure of material related-party transactions is
Exide Leadership Behaviour (ELB), followed by a series of
required to be made under Section 134(3)(h) read with
activities to promote and cascade these behaviours.
Section 188(2) of the Act and Rule 8 (2) of the Companies
(Accounts) Rules, 2014 in Form AOC 2. As a result, related- Exide is witnessing a transformational journey featuring
party transactions that individually or taken together with interventions in digital technologies, manufacturing, sales,
previous transactions during a fiscal year, exceed rupees service, and supply chain management. In addition to
one thousand crore or ten per cent of the annual consolidated improving productivity and cost metrices, these enable
turnover as per the last audited financial statements, the building of effective organisation structures, cross-
whichever is lower, and were entered into during the year by functional participation, problem-solving, and collaboration.
the Company are included as Annexure-V to this Report. As a way forward, we aim to incorporate more cross-domain
These transactions are with a wholly-owned subsidiary in responsibilities at the senior leadership level.
the ordinary course of business and on an arm’s length
Exide has initiated a series of interventions to drive the
basis which do not require shareholder’s approval under the
performance of its front-line sales team. It continues to offer an
fifth proviso of Section 188(1) of the Act and regulation 23(5)
aggressive policy of incentives. To combat attrition periodic
of SEBI Listing Regulations.
93
pulse surveys are launched to resolve issues pertaining to Section 136 of the Act, the report and financial statements
employee satisfaction, job role, communication, and work are being sent to Members and others entitled thereto,
environment. Customised sales profiling and aptitude excluding the information on employees’ particulars, which
tests by an external agency have also been initiated at the will be available for inspection up to the date of the AGM.
recruiting stage to ensure the right talent is infused into the Members can view such information by sending an email to
sales team. In addition, sales trainees from management cosec@exide.co.in.
institutes are being recruited in batches to take up front-line
sales roles after structured functional induction. This also Further, we confirm that there was no employee employed
ensures that front-line positions are constantly manned, throughout the financial year or part thereof, who received
shielding any attrition impact on the turnover. remuneration in the financial year which, on the aggregate,
was more than that drawn by the Managing Director and
The Company promotes a strong performance-driven Whole-time directors, and holds by himself or along with his
culture through continuous evaluation and an aggressive spouse and dependent children, more than 2% of the equity
reward policy for performance differentiation. “Win It Now” shares of the Company.
and “You Did It” schemes reward the top performers publicly
and are a strong driver of sales performance. The Managing Director and CEO and whole-time directors
of the Company have not received any remuneration or
The management recognises that employees are the commission from any of the subsidiary companies.
key differentiator in success and constantly strives to
create an ecosystem of continuous learning. Sales and Particulars of employees under Section 197 of the Act,
manufacturing academies provide regular training to ensure read with Rule 5(1) of the Companies (Appointment and
knowledge and skills remain up-to-date. To foster the right Remuneration of Managerial Personnel) Rules, 2014, are
values, and promote dignity, equality, and sustainability, given in Annexure-VII.
the Company conducted awareness sessions on human
rights, prevention of sexual harassment, and code of Prevention of Sexual Harassment at the
conduct. Given the growing dependency on information Workplace
technology in all spheres, quarterly awareness sessions
were also conducted on IT security for all employees. Apart Exide has zero tolerance for sexual harassment at the
from various statutory grievance redressal forums, we have workplace and has adopted a policy on prevention,
launched an Apex Employee Grievance Redressal Forum prohibition, and redressal of sexual harassment at the
with senior leadership as part of the committee to address workplace that is in line with the provisions of The Sexual
problems of any employee facing injustice, unfairness, Harassment of Women at Workplace (Prevention, Prohibition
violation of human rights, or any other major grievance. & Redressal) Act, 2013, (‘the Act’) and Rules thereunder. It is
committed to providing equal opportunities to all employees
During the year under review, industrial relations at all plant without regard to their race, caste, sex, religion, colour,
locations remained harmonious with successful wage nationality, disability, etc.
settlements. Sustained efforts were made towards building
a transformational work culture by adopting industry The Company has complied with provisions relating to
best practices of flexible manufacturing, productivity the constitution of an Internal Complaints Committee. The
enhancements, total quality management (TQM), workmen Apex Internal Committee conducts meetings on a regular
engagement, plant trainee schemes, quality circles, etc. basis for updates and awareness building measures of the
The well-being and safety of our employees continue to be policy and provisions of the Act. The Committee members
our top priority, and the Company undertakes numerous have participated in external workshops to strengthen their
measures to ensure this. subject knowledge.
The total number of employees of the Company as on 31st The Company has formulated and circulated to all the
March 2023 was 5,208. employees, a policy on prevention of sexual harassment
at the workplace, which provides for a proper mechanism
Particulars of Employees for redressal of complaints of sexual harassment. Virtual
Workshops were organized for the Internal Apex and
The information required under Section 197 read with Rule Regional Committee members to understand their role as
5 of the Companies (Appointment and Remuneration of committee members and comprehend the provisions of the
Managerial Personnel) Rules, 2014, in respect of employees Act in detail.
of the Company, will be provided upon request. In terms of
94
Awareness programmes were organised for all employees f. That systems to ensure compliance with the provisions
to ensure that employees are fully aware of the aspects of of all applicable laws were in place and were adequate
sexual harassment and of the redressal mechanism. and operating effectively.
During the financial year 2022-23, one complaint was

reported which was investigated and appropriate action was Forward-looking Statements
taken. No complaint was pending at the end of FY 2022-23.
This report contains forward-looking statements that involve
risks and uncertainties.
Directors’ Responsibility Statement
When used in this Report, the words “anticipate”, “believe”,
To the best of their knowledge and belief and according to “estimate”, “expect”, “intend”, “will”, and other similar
the information and explanations obtained by them, your expressions as they relate to the Company and/or its
directors make the following statements in terms of Section businesses are intended to identify such forward-looking
134(3)(c) of the Act: statements. The Company undertakes no obligation to
publicly update or revise any forward-looking statements,
a. That, in the preparation of the annual financial whether as a result of new information, future events, or
statements, the applicable accounting standards have otherwise. Actual results, performance, or achievements
been followed along with proper explanation relating to may differ materially from those expressed or implied in such
material departures, if any; forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements
b. That the directors have selected such accounting
that speak only as on their dates. This Report should be
policies and applied them consistently and made
read in conjunction with the financial statements included
judgements and estimates that are reasonable and
herein and the notes thereto.
prudent 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; Acknowledgment
c. That the directors have taken proper and sufficient care Your directors would like to record their appreciation for
for the maintenance of adequate accounting records the enormous personal efforts as well as the collective
in line with the provisions of this Act for safeguarding contribution of all the employees to the Company’s
the assets of the Company and for preventing and performance. The directors would also like to thank the
detecting fraud and other irregularities; Company’s customers, employee unions, shareholders,
dealers, suppliers, bankers, government agencies, and
d. That the directors have prepared the annual accounts
all stakeholders for their cooperation and support to the
on a going-concern basis;
Company and the confidence reposed in the management.
e. That proper internal financial controls were in place
and that the financial controls were adequate and were
operating effectively; and
On behalf of the Board of Directors
Sd/- Sd/-
Bharat D Shah Subir Chakraborty
Place : Mumbai Chairman Managing Director & CEO
Date : 8th May 2023 DIN: 00136969 DIN: 00130864
95
Annexure I
Secretarial Audit Report
For the financial year ended on 31st March 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Pursuant to Regulation 24A of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
To
The Members,
Exide House
59 E, Chowringhee Road
Kolkata - 700020
West Bengal
1. We have conducted the secretarial audit of the (ii) The Securities Contracts (Regulation) Act,
compliance of applicable statutory provisions and the 1956 (‘SCRA’) and the rules made thereunder;
adherence to good corporate practices by M/s. Exide
Industries Limited (CIN: L31402WB1947PLC014919) (iii) The Depositories Act, 1996 and the Regulations
(here in after to be referred as the “Company”) for the and Bye-laws framed thereunder;
financial year ended 31st March 2023 (herein after to
(iv) Foreign Exchange Management Act, 1999 and
be referred as “audit period”). Secretarial Audit was
the rules and regulations made thereunder
conducted on test check basis, in a manner that provided
to the extent of Foreign Direct Investment,
us a reasonable basis for evaluating the corporate
Overseas Direct Investment and External
conducts/statutory compliances and expressing our
Commercial Borrowings;
opinion thereon.
(v) The Regulations and Guidelines prescribed
2. Based on our verification of the records, minute books,
under the Securities and Exchange Board of
documents, forms and returns filed, and other records
India Act, 1992 (‘SEBI Act’) viz. :-
maintained by the Company and also the information
provided by the Company, its officers, agents, and a) The Securities and Exchange Board of
authorized representatives during the conduct of India (Substantial Acquisition of Shares
secretarial audit, we hereby report that in our opinion, and Takeovers) Regulations, 2011;
the Company has, during the audit period covering
the financial year ended on 31st March 2023 complied b) The Securities and Exchange Board
with the statutory provisions listed hereunder and also of India (Prohibition of Insider Trading)
that the Company has proper Board-processes and Regulations, 2015, as amended;
compliance-mechanism in place to the extent, in the
c) The Securities and Exchange Board of
manner and subject to the reporting made hereinafter.
India (Issue of Capital and Disclosure
3. (i) We have examined the records, minute books, Requirements) Regulations, 2018, as
documents, forms, returns filed, and other records amended; - Not Applicable during the
maintained by the Company for the financial audit period;
year ended on 31st March 2023 according to the
d) The Securities and Exchange Board of
provisions of:
India (Listing Obligations and Disclosure
(i) The Companies Act, 2013 (the Act) and the Requirements) Regulations, 2015, as
rules made thereunder; amended;
96
e) The Securities and Exchange Board of maintained by the Company for the financial year
India (Share Based Employee Benefits ended on 31st March 2023 and to the best of
and Sweat Equity) Regulations, 2021; - our knowledge, belief and understanding, we
Not Applicable during the audit period; are of the view that the Company has complied
with the provisions pursuant to Regulation 3(5) and
f) The Securities and Exchange Board of 3(6) of Securities and Exchange Board of India
India (Issue and Listing of Debt Securities) (Prohibition of Insider Trading) Regulation, 2015,
Regulations, 2008; - Not Applicable during the aforesaid audit period.
during the audit period;
4. We have also examined compliance with the applicable
g) The Securities and Exchange Board of clauses of the Secretarial Standards issued by The
India (Registrars to an Issue and Share Institute of Company Secretaries of India under Section
Transfer Agents) Regulations, 1993 118(10) of the Companies Act, 2013 and to the best
regarding the Companies Act and dealing of our knowledge, belief and understanding, we are
with client; of the view that the Company has complied with the
provisions of Section 118(10) of the Companies Act,
h) The Securities and Exchange Board
2013 during the aforesaid audit period.
of India (Delisting of Equity Shares)
Regulations, 2021; - Not Applicable 5. That on the basis of the audit as referred above, to
during the audit period; the best of our knowledge, understanding, and belief,
we are of the view that during the audit period the
i) The Securities and Exchange Board of
Company has complied with the provisions of the Act,
India (Buy-back of Securities) Regulations,
Rules, Regulations, Guidelines, Standards, etc. as
2018; - Not Applicable during the audit
mentioned above in Paragraphs 3(i), Paragraph 3(ii),
period;
Paragraph 3(iii) and, Paragraph 4 of this report and to
And to the best of our knowledge, belief and the best of our knowledge, belief and understanding,
understanding, we are of the view that the we are of the view that the Company has complied
Company has complied with the provisions of with the secretarial functions and board processes to
the above mentioned Acts, Regulations and comply with the applicable provisions thereof, during
Rules made thereunder, during the aforesaid the aforesaid audit period.
audit period.
6. We have checked the compliance with the provisions
(ii) We have also examined the secretarial compliance of the Standard Listing Agreement entered by
on test check basis of the records maintained by the the Company with BSE Limited and National Stock
Company for the audit period, with the provisions Exchange of India Limited and also with the provisions
of the following laws specifically applicable to the of the Securities and Exchange Board of India (Listing
Company and as shown to us during our audit; Obligations and Disclosure Requirements) Regulations,
2015, as amended, to the extent applicable during
a) Legal Metrology Act, 2009 the audit period and to the best of our knowledge,
belief, and understanding, we are of the view that the
b) The Environment (Protection) Act, 1986 and
Company has complied with the secretarial functions
various Rules thereunder as issued by Ministry
and board processes to comply with the applicable
of Environment, Forest and Climate Change,
provisions thereof, during the aforesaid audit period.
Government of India
7. We further report that,
And to the best of our knowledge, belief and
understanding, we are of the view that the Company a) The Board of Directors of the Company is duly
has complied with the specific laws mentioned constituted with proper balance of Executive
above, during the aforesaid audit period. directors, Non-executive directors, Independent
directors, and Woman director. The changes in
(iii) We have also examined the Structured Digital
the composition of the Board of Directors that took
Database pursuant to Regulation 3(5) and 3(6)
place during the audit period were carried out in
of the Securities and Exchange Board of India
compliance with the provisions of the Act.
(Prohibition of Insider Trading) Regulation, 2015
97
b) Adequate notices are given to all directors to 8. We further report that there are adequate systems and
schedule the Board Meetings. Agenda and detailed processes in the Company commensurate with the size
notes on agenda were sent at least seven days in and operations of the Company to monitor and ensure
advance. compliance with applicable laws, rules, regulations and
guidelines, generally applicable to Company.
c) Majority decision is carried through and recorded
as part of the minutes. 9. This report is to be read with our letter of even date
which is annexed as Annexure A, forming an integral
part of this report.
FOR ANJAN KUMAR ROY & CO.

Company Secretaries
Sd/-
ANJAN KUMAR ROY
Proprietor
FCS No. 5684
CP. No. 4557
Place : Kolkata UDIN: F005684E000239412
Date : 8th May, 2023 Peer Review Certificate No. 869/2020
98
‘Annexure A’
(To the Secretarial Audit Report of M/s. Exide Industries Limited for the financial year ended 31st March 2023)
To
The Members
Exide House
59 E, Chowringhee Road
Kolkata - 700020
West Bengal
Our Secretarial Audit Report for the financial year ended 31st March 2023 of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate 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 have followed provides a
reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the compliance of laws, rules and
regulation and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedures on test check basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Sd/-
ANJAN KUMAR ROY
Proprietor
FCS No. 5684
CP. No. 4557
Date : 8th May, 2023 Peer Review Certificate No. 869/2020
99
Annexure IA
Form No. MR-3
Secretarial Audit Report
For the financial year ended on 31st March 2023
[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]
To,
The Members
Chloride Metals Limited
Exide House,
59E Chowringhee Road,
Kolkata-700020
1) We have conducted the Secretarial Audit of the compliance (iii) The Depositories Act, 1996 and the Regulations
of applicable statutory provisions and the adherence to and Bye-Laws framed thereunder; (Not applicable
good corporate practices by M/s. Chloride Metals to the Company during the audit period);
Limited having CIN: U34300WB1998PLC181003
(herein after to be referred as the “Company”) (iv) Foreign Exchange Management Act, 1999 and the
during the financial year ended 31st March 2023 (herein rules and regulations made thereunder to the extent
after to be referred as “audit period”). Secretarial Audit of Foreign Direct Investment, Overseas Direct
was conducted in a manner that provided us a reasonable Investment and External Commercial Borrowings;
basis for evaluating the corporate conducts/statutory (Not applicable to the Company during the
compliances and expressing our opinion thereon. audit period);
2) Based on our verification of the Company's books, (v) The following Regulations and Guidelines
papers, minutes books, forms, and returns filed and prescribed under the Securities and Exchange
other records maintained by the Company and also Board of India Act, 1992 (‘SEBI Act’):
the information provided by the company, its officers,
(a) The Securities and Exchange Board of
agents and authorized representatives during the
India (Substantial Acquisition of Shares and
conduct of secretarial audit, We hereby report that in
Takeovers) Regulations, 2011; (Not applicable
our opinion and to the best of our understanding, the
to the Company during the audit period);
company has, during the audit period complied with
the statutory provisions listed hereunder and also (b) The Securities and Exchange Board of India
that the company has proper Board processes and (Prohibition of Insider Trading) Regulations,
compliance-mechanism in place to the extent, in the 2015; (Not applicable to the Company
manner and subject to the reporting made hereinafter: during the audit period);
3) We have examined the books, papers, minute books, (c) The Securities and Exchange Board of India
forms and returns filed and other records maintained (Issue of Capital and Disclosure Requirements)
by the Company for the financial year ended on Regulations, 2018; (Not applicable to the
31st March 2023 according to the provisions of: Company during the audit period);
(i) The Companies Act, 2013 (the Act) and the rules (d) The Securities and Exchange Board of India
made thereunder; (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021; (Not applicable to
(ii) The Securities Contracts (Regulation) Act, 1956
the Company during the audit period);
(‘SCRA’) and the rules made thereunder;
100
(e) The Securities and Exchange Board of (6) We further report that,
India (Issue and Listing of Debt Securities)
Regulations, 2008; (Not applicable to the (a) The Board of Directors of the Company is duly
constituted with proper balance of Executive
Company during the audit period);
directors, Non-executive directors, Independent
(f) The Securities and Exchange Board of India directors and Woman director. The changes in the
(Registrars to an Issue and Share Transfer composition of the Board of Directors that took
Agents) Regulations, 1993 regarding the place during the audit period were carried out in
Companies Act and dealing with client; (Not compliance with the provisions of the Act.
applicable to the Company during the (b) Adequate notice is given to all directors to schedule
audit period); the Board Meetings, agenda and detailed notes on
agendas were sent at least seven days in advance
(g) The Securities and Exchange Board of India
or at shorter notice, and a system exists for seeking
(Delisting of Equity Shares) Regulations, 2021;
and obtaining further information and clarifications
(Not applicable to the Company during the
on the agenda items before the meeting and for
audit period);
meaningful participation at the meeting.
(h) The Securities and Exchange Board of India (c) All decisions were unanimous and there was no
(Buyback of Securities) Regulations, 2018; instance of dissent in Board or Committee Meetings
(Not applicable to the Company during the
audit period). (7) We further report that there are adequate systems
and processes in the company commensurate with
(4) We further report that as per the information provided by the size and operations of the company to monitor
the Management, following specific laws are applicable and ensure compliance with applicable laws, rules,
to the Company regulations and guidelines.
(a) The Environment (protection) Act 1986 and (8) We further report that during the audit period the
various Rules thereunder as issued by Ministry Company has issued and allotted 71,25,000 equity
of Environment, Forest and Climate Change, shares of H 10/- each at a premium of H 70/- each of an
Government of India aggregate value upto H 57,00,00,000 to Exide Industries
Limited and its nominees, being Holding Company
(b) Hazardous Wastes (Management, Handling and on rights basis in the proportion to the paid-up equity
Transboundary Movement) Rules, 2008 share capital held by the existing equity shareholders of
the Company.
(5) We have also examined compliance with the applicable
clauses of the following: (9) This report is to be read with our letter of even date
which is annexed as Annexure-A and forms an integral
(i) Secretarial Standards issued by The Institute of
part of this report.
Company Secretaries of India;
(ii) The Securities and Exchange Board of India
Company Secretaries
(Listing Obligations and Disclosure Requirements)
Regulations, 2015; (to the extent applicable during
the Audit period). Sd/-
ANJAN KUMAR ROY
During the period under review the Company has Proprietor
complied with the provisions of the Act, Rules, FCS No. 5684
Regulations, Guidelines, Standards, etc. mentioned CP. No. 4557
above. Place : Kolkata UDIN: F005684E000171762
Date : 28th April, 2023 Peer Review Certificate No. 869/2020
101
‘Annexure A’
(To the Secretarial Audit Report of M/s. Chloride Metals Limited for the financial year ended 31st March 2023)
To,
The Members
Chloride Metals Limited
Exide House,
Kolkata-700020
Our Secretarial Audit Report for the financial year ended 31st March 2023 of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate 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.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the compliance of laws, rules and
regulation, happening of events, etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Sd/-
ANJAN KUMAR ROY
Proprietor
FCS No. 5684
CP. No. 4557
Date : 28th April, 2023 Peer Review Certificate No. 869/2020
102
Annexure II
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
The Business Responsibility & Sustainability Reporting (BRSR) the financial year (FY) 2014-15. Starting from FY 2021-22, the
framework is an essential tool that enables organizations to Company has further strengthened its reporting by including
drive performance improvement by utilizing quantifiable and detailed ESG initiatives within the BRSR framework. This
measurable metrics. It serves as a comprehensive framework expanded reporting framework enables Exide to provide
for organizations to benchmark their sustainability efforts stakeholders with a more comprehensive understanding of
and demonstrate their commitment to responsible business the ESG efforts, performance, and future targets.
conduct. In case of Exide, the BRSR report captures key
Environment, Social, and Governance (ESG) standards and In addition to the BRSR, Exide has initiated the publication
initiatives undertaken by the Company. of its Sustainability Report, which offers a detailed overview
of the Company's sustainability targets and progress across
Exide has consistently given priority to its ESG journey various ESG parameters. This report serves as a consolidated
and worked towards improving its performance across platform to communicate Exide's sustainability journey,
parameters. This commitment is reflected in the active showcase its achievements, and outline its future aspirations
involvement of the Board of Directors and senior in areas such as renewable energy , waste management and
management, who monitor and implement ESG practices waste-to-energy.
and policies across various functions of the organization. By
incorporating ESG considerations into the decision-making Through these comprehensive reports, Exide aims to foster
processes, Exide ensures that sustainability is embedded greater transparency, engage stakeholders, and drive
into its strategic direction. positive change. By sharing its ESG initiatives and progress,
Exide reinforces its commitment to sustainable practices,
To enhance transparency and accountability, Exide has been responsible business conduct, and the overall well-being of
publishing the Business Responsibility Report (BRR) since the environment and society.
SECTION A: GENERAL DISCLOSURES

I. Details of listed entity
1. Corporate Identity Number (CIN) of the Company L31402WB1947PLC014919

2. Name of the Company Exide Industries Limited
3. Year of incorporation 1947
4. Registered office address Exide House, 59E Chowringhee Road, Kolkata 700020,
West Bengal, India
5. Corporate address Exide House, 59E Chowringhee Road, Kolkata 700020,
West Bengal, India
6. E-mail id exideindustrieslimited@exide.co.in
7. Telephone 033 2303 3400
8. Website www.exideindustries.com
9. Financial Year reported FY 2022-23
10. Name of the Stock Exchanges where shares are National Stock Exchange of India Limited
listed BSE Limited
The Calcutta Stock Exchange Limited
11. Paid-up Capital H 85 crore
12. Name and contact details (telephone, email Mr. Jitendra Kumar, Company Secretary & President
address) of the person who may be contacted in (Legal & Corporate Affairs)
case of any queries on the BRSR report 033 2302 3400
cosec@exide.co.in
13. Reporting boundary Standalone basis
103
II. Products/Services
14. Details of business activities (accounting for 90.00% of the turnover)
Sl. % of turnover of
Description of Main Activity Description of Business Activity
No. the Company
1 Manufacture and sales of lead- Electrical equipment, general purpose and 100%
acid batteries and accumulators special-purpose machinery and equipment,
transport equipment
15. Products/Services sold by the Company (accounting for 90% of the turnover)
Sl.
Product/Service NIC Code % of total Turnover contributed
No.
1 Lead-acid batteries and accumulators 31401 99.55%
III. Operations
16. Number of locations where plants and/or operations/offices of the Company are situated:
Location Number of plants Number of offices Total

National 10 29 39
International Nil 1 1
17. Markets served by the Company
Location Number
a. Number of locations
National (No. of States) 37 (including Union Territories)
International (No. of Countries) 60
b. What is the contribution of exports as a percentage 7.70% on standalone basis
of the total turnover of the Company?
c. Types of customers Users of automotive vehicles, UPS and inverters,
automotive OEMs, industrial OEMs, institutional
customers, Government /Non-Government entities,
Indian Navy, export dealers and distributors
IV. Employees
18. Details as at the end of 31st March, 2023:

a. Employees and workers (including differently-abled):
Sl. Male Female

Particulars Total (A)
No. No. (B) % (B/A) No. (C) % (C/A)
EMPLOYEES
1. Permanent (D) 2,402 2,299 95.71% 103 4.29%
2. Other than Permanent (E)* 1,797 1,761 98.00% 36 2.00%
3. Total employees (D+E) 4,199 4,060 96.69% 139 3.31%
WORKERS
4. Permanent (F) 2,806 2,796 99.64% 10 0.36%
5. Other than Permanent (G) 11,955 11,809 98.78% 146 1.22%
6. Total workers (F+G) 14,761 14,605 98.94% 156 1.06%
* Employees who are hired through third-party manpower agencies and are deployed for sales, services and other back-office services are
considered here.
104
b. Differently-abled employees and workers
Sl. Male Female

Particulars Total (A)
No. No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES

1. Permanent (D) Nil Nil Nil Nil Nil
2. Other than Permanent (E) Nil Nil Nil Nil Nil
3. Total differently-abled Nil Nil Nil Nil Nil
employees (D+E)
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 2 2 100% Nil Nil
5. Other than Permanent (G) 8 8 100% Nil Nil
6. Total differently-abled 10 10 100% Nil Nil
workers (F+G)
19. Participation/Inclusion/Representation of women
No. and percentage of Females

Total (A)
No. (C) % (C/A)
Board of Directors 9 1 11.11%

Key Management Personnel 1 Nil Nil
20. Turnover rate for permanent employees and workers (disclose trends for the past 3 years)
FY 2022-23 FY 2021-22 FY 2020-21

Male Female Total Male Female Total Male Female Total
Permanent Employees 22.28% 10.15% 21.78% 15.90% 12.80% 15.80% 12.90% 17.60% 13.10%
Permanent Workers 3.24% 9.52% 3.26% 4.10% Nil 4.10% 3.80% Nil 3.80%
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. Name of holding/subsidiary/associate companies/joint ventures
Does the entity indicated at

Name of the holding/ Indicate whether
% of shares column A, participate in the
Sl. subsidiary/ associate holding/ subsidiary/
held by the Business Responsibility
No. companies/ joint ventures associate/ joint
Company initiatives of the Company
(A) venture
(Yes/No)
1 Associated Battery Subsidiary 61.50% Yes
Manufacturers (Ceylon)
Limited (ABML), Sri Lanka
2 Chloride Batteries S.E. Subsidiary 100.00% Yes
Asia Pte Limited (CBSEA),
Singapore
3 Chloride International Limited Subsidiary 100.00% Yes
(CIL), India
4 Chloride Metals Limited Subsidiary 100.00% Yes
(CML), India
5 CSE Solar Sunpark Associate 27.20% Yes
Maharashtra Private Ltd, India
105
Does the entity indicated at

Name of the holding/ Indicate whether
% of shares column A, participate in the
Sl. subsidiary/ associate holding/ subsidiary/
held by the Business Responsibility
No. companies/ joint ventures associate/ joint
Company initiatives of the Company
(A) venture
(Yes/No)
6 CSE Solar Sunpark Tamil Associate 27.20% Yes
Nadu Private Ltd, India
7 Espex Batteries Limited Subsidiary 100.00% Yes
(ESPEX), UK
8 Exide Energy Solutions Subsidiary 100.00% Yes
Limited (EESL), India
9 Exide Energy Private Limited Subsidiary 100.00% Yes
(EEPL), India
Note: Pursuant to Hon’ble NCLT, Kolkata bench order dated 17th February 2023 read with rectified order dated 22nd February 2023, Chloride Power
Systems & Solutions Limited, erstwhile Wholly Owned Subsidiary of the Company is now merged with Exide Industries Limited w.e.f. 29th March 2023.
VI. CSR Details
22 (i) Whether CSR is applicable as per section 135 of Yes

Companies Act, 2013: (Yes/No)
(ii) Turnover (in H) H 14,592 crore for FY 2022-23
(iii) Net worth (in H) H 11,210 crore for FY 2022-23
VII . Transparency and Disclosure Compliances
23. Complaints/Grievances on any of the principles (Principle 1 to 9) under the National Guidelines on Responsible
Business Conduct:
FY 2022-23 FY 2021-22
Grievance Redressal No. of No. of
No. of
Stakeholder group Mechanism in place (Yes/No) No. of complaints complaints
complaints
from whom complaint (If yes, then provide weblink complaints pending pending
Remarks filed Remarks
is received for grievance redressal filed during resolution resolution
during the
policy)# the year at close of at close of
year
the year the year
Communities Yes Nil Nil Nil Nil

Refer Principle 8 Q.No. 3
(Essential indicators)
Investors Yes Nil Nil Nil Nil
For Investors queries and
complaints, a dedicated email
id (investor.relations@exide.
co.in) has been provided by the
Company
Shareholders** Yes 22 Nil 12 Nil
For shareholders queries/
complaints, a dedicated email
id (cosec@exide.co.in) of
the Company is provided to
escalate the request in case
the issue is not resolved by
the Registrar & Transfer Agent
(RTA) as per the TAT.
106
FY 2022-23 FY 2021-22
Grievance Redressal No. of No. of
No. of
Stakeholder group Mechanism in place (Yes/No) No. of complaints complaints
complaints
from whom complaint (If yes, then provide weblink complaints pending pending
Remarks filed Remarks
is received for grievance redressal filed during resolution resolution
during the
policy)# the year at close of at close of
year
the year the year
Employees and workers Yes 90 18 2 Nil

Refer Principle 3 Q. No. 6
Customers*** Yes 48 158 36 154
Refer Principle 9 Q. No. 1
Value Chain Partners Yes 11 Nil 523 Nil
Various Value chain partners
(including dealers, distributors,
supplier, etc) have different
grievance mechanism in place.
Others (please specify) - - - - - - -
**Shareholder complaints reported to the stock exchanges are considered here.

***Customer complaints lodged with State/National consumer forum relating to defect/deficiency in product/service are considered as complaints.
Complaints at the end of close of the year includes cases pending over the past few years at various consumer forums for resolution.
#
The Company has instituted a strong vigil/whistle-blowing mechanism through its Whistle Blower policy which extends to all stakeholders. The
policy is available on the Company website under ‘Governance policies’ in the ‘Investor’ tab and can be accessed using the link below:
https://docs.exideindustries.com/CorporateGovernance/7b3c1372-20a7-4bdd-9408-f771f86ed914.pdf
24 Overview of the Company’s business conduct, pertaining to environment and social matters that present a risk or
an opportunity to the business of the Company, rationale for identifying the same, approach to adapt or mitigate the
risk along with its financial implications, as per the following format:
Indicate Financial implications of

Material
Sl. whether risk Rationale for identifying Approach to adapt or the risk or opportunity
issue
No. or opportunity the risk/opportunity mitigate (Indicate positive or
identified
(R/O) negative implications)
1 Energy and Opportunity and Exide’s manufacturing • Installation of energy- • Reduces consumption
emission Risk processes involve significant efficient machinery and through increased efficiency
management energy consumption which equipment across our • Reduces the cost of
also results in emissions. Plants operations in a sustainable
This presents risk as well as • Close monitoring and manner and enhances
an opportunity for us. supervising the energy Exide’s competitiveness in
consumption at our Plants the market
Opportunity
and taking remedial action,
Reduction in energy
wherever required
consumption and in turn
• Increase use of natural light.
reduction in emission
Deploy photosensors to
through improved
ensure optimum lighting
management at factories/
• Focussed approach
offices has two-fold
on avoiding wasteful
impact:
consumption
• Lower energy cost
• Conducting training and
and enhanced
development programmes
competitiveness
on energy-saving and
through optimum
emission reduction practices
utilisation of resources
to all stakeholders
• Reduce impact on
• Carrying out periodical
the environment and
internal and external
community in which we
energy audits
operate
107

Material
issue
identified
Risk • Increasing renewable
• Increase in overall energy (RE) consumption
global warming to reduce Scope 2
• Increased occurrence emissions
and intensity of natural • We have undertaken
disasters multiple targets under
• Higher health problems Energy management and
GHG emission
2. Rising Opportunity and Opportunity In order to mitigate the risk Central and State
penetration Risk • With increasing of technology disruption, the Governments have
of Electric penetration of EV R&D team of Exide with active introduced regulations and
Vehicle (EV) and disruption in support from its technology incentives to accelerate the
business the technological partner (global players) shift to sustainable mobility.
into our landscape, there is continuously works on Financial implication is
traditional immense opportunity developing cost efficient and positive.
lead-acid to expand our business technology superior products
battery and boost our market for its customers.
business position, particularly We have developed
in transportation and technological innovative
industrial application. products like EFB
Risk (Enhanced Flooded Battery),
• The emergence of Punch-Grid technology based
alternate chemistry batteries, Ultra batteries in
cells (ACC) where recent years, which gives an
lead-acid batteries edge over the competition.
are replaced by The Company has made
lithium-ion and other significant investments into
new-technology based the emerging EV business
batteries poses a risk by setting-up two subsidiary
to our traditional lead- companies. We expect that
acid battery business our diversification into EV
in long-run. space at an early stage will
provide us an early mover
advantage
and help establish a strong
market presence in this
emerging industry.
3. Social Opportunity Opportunity • Interact with the local Helps in generating goodwill
responsibility • Social Responsibility community leaders, for the Company and create
initiatives provide a panchayats, schools, value for the stakeholders.
platform for meaningful anganwadis and other
dialogue and social institutions
engagement with the • Design and implement
local community and development projects in
other stakeholders. the neighbourhood of all
This enables building our factories and offices
a positive image of the • Undertake CSR projects
Company and creates in and around five focus-
harmonious relations. areas identified by the
Company
• Follow structured
employee volunteer and
engagement programmes
• Track and disclose the
impact CSR activities have
on various marginalised
sections of society
108

Material
issue
identified
4. Talent - Opportunity and Opportunity • Implement an Exide • Increases overall
Employee Risk • Enhanced recruitment Leadership Behaviour productivity and reduces
Health and and training efficacy Programme across the attrition
Safety • Proper training to Company to nurture and • Will help develop core
employees and retain talent team of experts and
workers enable them • Follow a merit-based pay reduces hiring cost
to perform their tasks system • Overall improvement of
in a more efficient • Conduct employee health standards in the
manner, in less time, engagement activities working place, thereby
with reduced chances regularly reducing the scope of
of injury • Follow performance injury to our employees
• Better employee appraisal and incentives and workers. This, in-turn,
experience • Continuously identify will increase operational
• Reduction in cost of and monitor all unsafe efficiency of the Company
hiring conditions for proper
• Well-being of both mitigation and timely
employees and counter measures
workers is promoted • Follow industry-accredited
through workplace best practices in health,
safety safety, and environment-
Risk related aspects to
• Non-compliance with constantly set higher
safety measures by benchmarks
employees can lead to • Certification of our
production disruption, manufacturing plants,
loss of resources and offices, and R&D facility
brand reputation for ISO 45001, an
international standard
for occupational health
and safety, as well as ISO
14001, an international
standard for environmental
management
• Conduct safety training for
all the workers
109
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies, and processes put in place towards
adopting the NGRBC Principles and Core Elements.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether the Company’s policy/policies Y Y Y Y Y Y Y Y Y
cover each principle and its core elements
of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Y Y Y Y Y Y Y Y Y
Board? (Yes/No)
c. Weblink of the policies, if available The policies on the above principles can be accessed at:
https://www.exideindustries.com/investors/governance-policies.aspx
https://www.exideindustries.com/about/policies-certifications.aspx
2. Whether the Company has translated the Y Y Y Y Y Y Y Y Y
policy into procedures. (Yes/No)
3. Do the enlisted policies extend to the Y Y Y Y Y Y Y Y Y
Company’s value chain partners? (Yes/No)
4. Name of the national and international codes/ We have adopted ISO 45001 formerly known as OHSAS, ISO 9001,
certifications/ labels/ standards (e.g. Forest ISO 50001, IATF 16949 , ISO 27001, ISO/IEC17025 standards and we
Stewardship Council, Fairtrade, Rainforest are certified for these standards by third party.
Alliance, Trustee) standards (e.g. SA 8000,
OHSAS, ISO, BIS) adopted by the Company
and mapped to each principle.
5. Specific commitments, goals and targets We have set our specific goals and targets on various ESG parameters
set by the Company with defined timelines, which can be accessed in our sustainability report 2022-23 at
if any. https://www.exideindustries.com/investors/annual-reports.aspx
6. Performance of the Company against the Please refer to our progress on ESG parameters in our Sustainability
specific commitments, goals and targets report 2022-23 at https://www.exideindustries.com/investors/annual-
along with reasons, in case the same are not reports.aspx
met.
Governance, leadership and oversight
7. Statement by the director responsible for the business responsibility report, highlighting ESG-related challenges, targets
and achievements (listed entity has flexibility regarding the placement of this disclosure):
Our latest Sustainability Report includes the Company’s performance in line with the Global Reporting Initiative
(GRI) framework for the period between 1st April 2022 and 31st March 2023, and is published separately. Our
vision, mission, key targets and progress thereon can be accessed in the sustainability report using the below
link: https://www.exideindustries.com/investors/annual-reports.aspx
8. Details of the highest authority responsible for Mr Subir Chakraborty, Managing Director & CEO
implementation and oversight of the Business (DIN: 00130864)
Responsibility policy(ies).
9. Does the Company have a specified A committee has been constituted, headed by Mr Jitendra Kumar,
Committee of the Board/ Director responsible President (Legal & Corporate Affairs) & Company Secretary to
for decision-making on sustainability-related formulate, supervise and oversee matters pertaining to Sustainability.
issues? (Yes / No). If yes, provide details. The committee comprises senior officials from various functions like
manufacturing, EHS, HR, Finance, Risk management, Compliance,
CSR, Energy management, TQM, and so on. The Risk Management
Committee is represented at the Board by its Chairman, Mr. Surin
Kapadia, who is also an Independent Director. The Committee
oversees ESG progress and risks in a periodical manner.
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10. Details of review of NGRBCs by the Company:
Indicate whether review provided below Frequency

taken by Director/Committee of the (Annually/Half yearly/Quarterly/Any
Subject for review
Board/any other Committee (Y/N) other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7* P8 P9
Performance against Y Y Y Y Y Y Y Y Y A H Q A A Q A Q Q
above policies and
follow up action
Compliance with Y Y Y Y Y Y Y Y Y Q Q Q Q Q Q Q Q Q
statutory requirements
of relevance to the
principles, and,
rectification of any non-
compliances
P1 P2 P3 P4 P5 P6 P7 P8 P9
11. Has the entity carried out independent Certification bodies conduct annual audits for evaluating compliance
assessment /evaluation of the working of against the requirement of Quality, Health, Safety and Environment,
its policies by an external agency? (Yes/ Information Security, Energy Management and Laboratory policy.
No). If yes, provide the name of the agency. Financial and regulatory audits are done by assigned auditing firm.
External competent bodies are engaged for periodic audits over and
above standards audit.
12. If answer to question (1) above is ‘No’ i.e. not all Principles are covered by a Policy, reasons to be stated: Not applicable
PRINCIPLE-WISE POLICIES
These policies have been developed based on best practices or as per regulatory requirements. Policies may include a
combination of internal policies which are accessible to all internal stakeholders and external policies which are placed on
the Company’s website. For external policies available on Company’s website, kindly access below links:
https://www.exideindustries.com/investors/governance-policies.aspx
https://www.exideindustries.com/about/policies-certifications.aspx
P1 ETHICS AND TRANSPARENCY – Vision and Mission Statement - The essence of this principle is embedded in
the Company’s vision, mission and core values statement
– Code of Conduct for Employees
– Code of Conduct for Board of Directors and Senior Management
– Code of Conduct for Prevention of Insider Trading
– Policy on Related Party Transaction
– Whistle Blower Policy
– Policy on Determination of Materiality for Disclosures
– Code of Practices and Procedures for Fair Disclosure of unpublished price
sensitive information
P2 PRODUCT RESPONSIBILITY – Suppliers Code of Conduct
– Product Responsibility Policy
– Quality Policy
– Laboratory Quality Policy
– TPM Policy
– Vendor Policy
– Risk Management Policy
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P3 HUMAN RESOURCES – Human Resource Policy

– Sexual Harassment Avoidance Redressal Policy
– EHS Policy
– Human Rights Policy
– Whistle Blower Policy
– Code of Conduct
P4 RESPONSIVE TO – Dividend Distribution Policy
STAKEHOLDERS – Risk Management Policy
PARTICULARLY THE – CSR Policy
MARGINALISED – Sustainability Policy
P5 RESPECT FOR HUMAN – The Human Rights Policy is inclusive of Non-discrimination, Anti-harassment,
RIGHTS Equal Opportunity or Hiring Policy, Forced Labour Policy, and Policy for
Persons with Disability
P6 ENVIRONMENT – Sustainability Policy
– Biodiversity Policy
– CSR Policy
P7 PUBLIC POLICY ADVOCACY – Public Policy
P8 INCLUSIVE GROWTH – CSR Policy
– Sustainability Policy
– Supplier Code of Conduct
P9 CUSTOMER ENGAGEMENT – Vision, Mission, and Core Value Statement
– Customer Privacy Policy
– IT Security Policy
– Product Responsibility Policy
– Quality Policy
– Social Media Policy
Section C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable
Exide maintains the highest level of transparency and business integrity while driving the Company’s vision and conducting
its business. The Company has adopted one Code of Conduct for Directors and senior management personnel that lays
down the principles and standards governing the leadership team’s actions and another Code of Conduct for employees.
The Company upholds and ensures compliance to the Code of Conduct and Ethics across its operations. The policies
governing these subjects cover employees, vendors, and the subsidiaries of the Company.
The Company has a vigilance system defined by the Whistle Blower Policy that allows internal and external stakeholders
to report genuine concerns about unethical behaviour (whether actual or suspected), fraud, or violations of the Company’s
Code of Conduct. The policy is overseen by the Chairman of the Audit Committee and the Company’s Whistle Officer.
Exide recognises that it is accountable to the environment it operates in. Core values include responsible corporate citizenship
whereby social and ecological sustainability is actively promoted and the organisation’s adverse impact on the current and
future community is minimised. Exide not only meets but exceeds the expectations of local and global communities through
open and inclusive stakeholder engagements.
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Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:
Total number %age of persons in

of training and Topics/principles covered under respective category
Segment
awareness the training and its impact covered by the awareness
programmes held programmes
Board of Directors 12 4 100%
and Key Managerial Wide ranging topics including
personnel industry development and its
outlook, Indian and Global
economy, ESG related topics, and
participation in social initiatives
undertaken by the Company.
Employees, other 349 8* 100%
than Board of
Directors and KMPs
Workers 1,023 7* 100%
*Training on POSH, workplace ethics and ergonomic, product and quality maintenance, safety at workplace, code of conduct, human rights, communication, etc.
2. Details of fines /penalties/punishments/awards/compounding fees/settlement amount paid in proceedings (by the

entity or by Directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial year:
(Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing
Obligations and Disclosure Requirement) Regulations, 2015 and as disclosed on the entity’s website):
Monetary
Name of the regulatory/ Has an appeal
NGRBC Amount Brief of
enforcement agencies/ been preferred?
Principle (in J) the Case
judicial institutions (Yes/No)
Penalty/Fine Nil
Settlement Nil
Compounding fee Nil
Non Monetary
Name of the regulatory/ Has an appeal
NGRBC Amount Brief of
enforcement agencies/ been preferred?
Principle (in J) the Case
judicial institutions (Yes/No)
Imprisonment Nil
Punishment Nil
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where
monetary or non-monetary action has been appealed.
Name of the regulatory/enforcement agencies/judicial

Case Details
institutions
Not Applicable
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4. Does the Company have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
The Company has instituted a strong vigil/whistle blowing mechanism through its Whistle Blower policy which is also
available on the Company’s website under ‘Governance policies’ in the ‘Investor’ tab at https://docs.exideindustries.
com/CorporateGovernance/7b3c1372-20a7-4bdd-9408-f771f86ed914.pdf
Through this mechanism, all stakeholders are encouraged to report irregularities including bribery and corruption, as per
the procedure prescribed in the policy. Further, the essence of this principle is also embedded in the Company’s vision,
mission and core values statements, which are available on the Company’s website https://www.exideindustries.com/
about/vision-mission.aspx
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption:
FY 2022-23 FY 2021-22
Directors Nil Nil
KMPs Nil Nil
Employees Nil Nil
Workers Nil Nil
6. Details of complaints with regard to conflict of interest
FY 2022-23 FY 2021-22
Number Remark Number Remark
Number of Complaints received in relation to Nil - Nil -
issues conflict of interest of the Directors
Number of Complaints received in relation to Nil - Nil -
issues conflict of interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflict of interest.
Not Applicable
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial
year:
% of value chain partners covered (by value of

Total no. of awareness Topics/ Principles covered
business done with such partners) under the
programs held under training
awareness program
6 P4 30.45%
( Exide Supplier Quality Manual)
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2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
Board? (Yes/No) If Yes, provide details of the same.
Yes. The Company receives an annual declaration from all its Board members and Key Managerial Personnel (KMP) on
the entities/firms they are interested in and ensures requisite approvals, as required under the statute and the Company’s
policies, before transacting with such entities/individuals.
In addition, Board committees are adequately represented by independent members. All committees meet the regulatory
requirements for size and independence. Only non-conflicted members serve on the Audit committee, Nomination and
Remuneration committees.
No material Related Party Transactions (RPTs) with entities associated with directors and senior executives were
undertaken during the year. The Company did not have any related party transactions which could be prejudicial to the
interests of minority shareholders.
Principle 2: Business should provide goods and services in a manner that is sustainable and safe
Exide uses a variety of measures and checks to ensure sustainable management and sourcing of materials and services.
These include supplier evaluations and screenings, audits, risk-based due diligence analysis and additional workshops with
selected service providers. The goal is to ensure compliance with social standards and environmental regulations on one
hand, and greater transparency in the supply chain on the other. The energy efficiency and eco-friendly measures undertaken
by the Company are also mentioned on the batteries manufactured by us.
The Company recognises the need to reduce the risk of overconsumption of raw material supplies and the resulting
environmental implications. It is fully committed to the objective of increasing the mix of recycled materials for better resource
use, environmental impact mitigation, and contribution toward the promotion of a circular economy.
The Company has a state-of-the-art R&D centre where we focus on developing and introducing greener products and eco-
friendly technologies. The manufacturing processes are revisited for energy optimisation and emission reduction. This results
in the development of technologically advanced, energy efficient, affordable end-products with a longer life. The Company
has introduced more eco-friendly and efficient products into emerging sectors such as ISS battery, E-rickshaw battery,
lithium-ion battery and solar inverter systems as testimony of our commitment towards green innovation.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of products and processes to total R&D and capex investments made by the
entity, respectively.
Segment FY 2022-23 FY 2021-22 Details of improvements in environmental and social impacts

R&D 60.7% 66.7% Our R&D division continuously strives to develop and provide green
Capex 8.7% 5.3% manufacturing solutions. The manufacturing processes are regularly
revisited for energy optimisation, while pollution control systems
ensure minimal if not zero effluents and emissions.
These include modern fast-process technologies, leading to
significantly more power-efficient and affordable end-products with
longer life.
In close consultation and joint development with in-house smelting
units, the R&D engineers have been able to develop a superior grade
of recycled lead, almost at par with primary lead. This will increase
the share of recycled lead going forward.
In addition, the R&D team is also working towards increasing the
share of recycled plastic in packaging material.
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2. Does the entity have procedures in place for sustainable sourcing? (Yes/No) Yes
b. If yes, what percentage of inputs were sourced sustainably?
Lead is a primary raw material used in our manufacturing process. In line with Company’s commitment towards
sustainability, EIL uses more than 80% recycled lead/lead alloys in production.
As a part of strategic backward integration and to promote sustainable sourcing, we source a significant part of recycled
lead through our wholly owned subsidiary Chloride Metals Limited (CML). The capacity of CML has progressively
increased and a new smelting unit in Haldia (West Bengal) commenced operations in FY 2021-22. CML is further
enhancing its capacity by relocating operations from Markal, Pune to SUPA, Ahmednagar in Maharashtra.
The Company’s sourcing policies and procedures aim at continuously increasing sustainable sourcing. The process
includes vendor selection, vendor onboarding, contract negotiation and award, and post contract support for all supply
and service contracts. All the vendors’/service providers’ expectations are clearly communicated, discussed and aligned
for a sustainable sourcing lifecycle.
The vendor evaluation criteria encompass the availability of compliance certifications such as ISO 14001, ISO 45001,
etc., their compliance to ESG commitments, and other roles and responsibilities. As a part of the supplier onboarding
process, we require supplier acceptance of the vendor manual.
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the
end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste, and (d) other wastes.
(a) Battery waste
Exide is registered under the Battery Waste Management Rules 2022 (BWMR) and is committed to fulfil the obligation
of Extended Producer Responsibility (EPR) through the Centralised Online Portal set up by Central Pollution Control
Board for this purpose.
Lead and its alloys are key raw materials used in the manufacturing of the products. Since lead is classified as a
hazardous material, the Company has set up its own lead recycling plants as a part of its backward integration
strategy. These operate under a wholly-owned subsidiary, Chloride Metals Limited (CML). In addition to the recycling
plants operational in Karnataka and Maharashtra, Exide has also set up a new recycling plant in West Bengal
with state-of-the-art technology. These plants ensure environment-friendly processes and responsible waste
management.
(b) Plastics
The plastic waste recovered from waste batteries at the recycling plants are disposed-off to plastic recyclers, thereby
adhering to the tenets of a circular economy. Exide is also registered under Plastic Waste Management Rules 2016,
as amended from time to time. It has ensured fulfilment of its obligations under Extended Producer Liability for
ensuring collection and recycling under the said rules.
(c) E-Waste
As a bulk consumer of electrical and electronic equipment, Exide complies fully with the rules in disposing end-of-life
items through registered recyclers.
(d) Other waste
As a step towards repurposing of waste, the Company has taken the initiatives to use ETP sludge from its plants
located at Ahmednagar, Chinchwad and Hosur in cement processing and other industries with approval from
various PCBs. The Company is also actively pursuing similar approvals from respective SPCBs for its other plants
that generate significant amounts of ETP sludge.
116
In addition, all manufacturing units are certified under the environmental management system ISO 14001.
Consequently, a robust waste management system is in place on a pan-India basis,
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to
Pollution Control Boards? If not, provide steps taken to address the same.
Yes, the Company has obligations under EPR as per Battery Waste Management Rules 2022 and Plastic Waste
Management Rules 2016 as amended time to time.
For ensuring compliance under the Plastic Waste Management Rules 2016, the Company has tied up with M/s Indian
Pollution Control Association (IPCA) for collection and recycling of plastic packaging waste to fulfill state-wise obligations.
For EPR under Battery Waste Management Rules 2022 a structured mechanism is in place to maximise recycling of
waste batteries. Exide has a network of dealers across the country to collect waste batteries from the end-users at
specified rates and return them same to the Company through an established reverse logistics process.
To maximise recycling of waste batteries, Exide has also structured a process, whereby Chloride Metals Limited, a wholly
owned subsidiary of Company, participates in auctions for purchase of waste batteries from bulk consumers. It has also
tied up with a vendor for procurement of waste batteries from the market.
Principle 3: Business should respect and promote the well-being of all employees, including those in their
value chains
The Company encourages a collaborative work environment that promotes harmony, pride, and trust among colleagues. The
senior management strives to ensure the health and well-being of employees while providing opportunities to grow in their
professional and personal lives.
For Exide, the primary focus has always been the welfare of its employees. Health and Safety Awareness sessions are
conducted periodically for all employees.
Apart from health and safety, Exide aims for the comprehensive well-being of its employees and workers including job
satisfaction and soft skill development. With aim to encourage problem-solving and collaboration, cross-functional teams
are set up, along with various training and development workshops/sessions to deal with the changing business dynamics.
Exide strongly believes that sustainable and profitable growth can only be achieved in an organisation that focuses on a
performance-driven culture where employees are engaged and empowered to be their best.
To build this transformational work culture, we have launched the Exide Leadership Behaviour (ELB) framework, focusing on
eight leadership behaviours. These leadership attributes are being transmitted to the last mile by the senior leadership team
and internal promotions. Our key human resource processes are also aligned to ELB. The key ELBs are:
• Partner with Customer & Stakeholder

• Develop & Empower Team
• Manage by Process & Facts
• Innovate & Lead Change
• Promote Cross Functional Collaboration
• Inspire Excellence
• Treat others with Respect & Dignity
• Act with Integrity
Additionally, regular pulse surveys are conducted in the automotive and industrial divisions to address issues such as
employee and worker happiness, communication, job role, and work environment.
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Essential Indicators:
1. a. Details of measures for the well-being of employees:
% of employees covered by
Accident Paternity Day Care
Health insurance Maternity benefits
Category Total insurance benefits facilities
(A) Number Number Number Number % Number %
% (B/A) % (C/A) % (D/A)
(B) (C) (D) (E) (E/A) (F) (F/A)
Permanent employees
Male 2,299 2,299 100% 2,299 100% N/A N/A N/A N/A N/A N/A
Female 103 103 100% 103 100% 103 100% N/A N/A N/A N/A
Total 2,402 2,402 100% 2,402 100% 103 100% N/A N/A N/A N/A
Other than Permanent employees
Female 36 36 100% 36 100% 36 100% N/A N/A N/A N/A
Total 1,797 1,797 100% 1,797 100% 36 100% N/A N/A N/A N/A
For other than permanent employees, wellbeing is ensured through third-party service providers as per the Statute. The Company understands the
importance of these well-being measures. Even though the Company considers paternity leave on compassionate grounds, a fomal policy is in
advance stage of being rolled out.
b. Details of measures for the well-being of workers:
% of workers covered by
Accident Paternity Day Care
Health insurance Maternity benefits
Category Total insurance benefits facilities
(A) Number Number Number Number % Number %
% (B/A) % (C/A) % (D/A)
(B) (C) (D) (E) (E/A) (F) (F/A)
Permanent Workers
Female 10 10 100% 10 100% 10 100% N/A N/A N/A N/A
Total 2,806 2,806 100% 2,806 100% 10 100% N/A N/A N/A N/A
Other than Permanent Workers
Female 146 146 100% 146 100% 146 100% N/A N/A N/A N/A
Total 11,955 11,955 100% 11,955 100% 146 100% N/A N/A N/A N/A
For other than permanent workers the well-being is ensured through the third-party service providers as per Statue.
2. Details of retirement benefits, for Current Financial Year and Previous Financial Year
FY 2022-23 FY 2021-22
Deducted
No. of No. of Deducted and No. of No. of
and
employees workers deposited employees workers
Benefits deposited
covered as covered as with the covered as covered as
with the
a % of total a % of total authority a % of total a % of total
authority
employees workers (Y/N/N.A.) employees workers
(Y/N/N.A.)
PF 100% 100% Yes 100% 100% Yes
Gratuity 100% 100% Yes 100% 100% Yes
ESI N/A 100% Yes N/A 100% Yes
Others- please specify - - - - - -
Note: 100.00% coverage as per threshold limit eligibility in accordance with the Employees State Insurance Act, 1948.
118
3. Accessibility of workplaces
Are the premises/offices of the Company accessible to differently-abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by
the Company in this regard.
Yes. The premises/offices are accessible to differently abled employees and workers.
4. Does the Company have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016?
If so, provide a web-link to the policy.
The Company adopts fair employment practices and has formulated a policy on human rights that values diversity,
promotes equal opportunity, and prevents intolerance or discrimination based on disability. Apart from promoting
equality, the Company also provides differently-abled employees with a work environment that is supportive, inclusive,
and ergonomic. The said Policy is put up in offices and is accessible to the public on our website. https://docs.
exideindustries.com/pdf/policies-certifications/human-rights-policy.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
The Company has an efficient workforce with an employee-friendly workplace. It has faced no disruptions in its functioning
as it has been able to completely retain its top talent during the current financial year. The Company understands the
importance of well-being of employees and workers and on compassionate grounds considers paternity leaves as per
employee/worker’s need. This also helps in achieving a high retention rate.
Permanent Employees Permanent Workers

Gender Return to Retention Return to Retention
work rate Rate work rate Rate
Male NA NA NA NA
Female 100% 100% 100% 100%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and workers? If yes, give details of the mechanism in brief.
Yes/No
(If yes, then give details of the mechanism in brief)
Permanent workers
Other than permanent workers
Yes
Permanent employees
Other than permanent employees
We have internal systems in place, where employees can express their grievances through various channels, including
the Apex Grievance Redressal Committee. Exide believes in redressal of any employee facing injustice, criticism,
unfairness or violation of dignity. We have launched an Apex Employee Grievance Redressal Forum to provide a platform
for employees to reach out for redress. The Committee, comprising the Senior management, evaluates each grievance
and the appropriate next step is followed depending on the nature of the grievance.
In addition to the above, employees can express their grievances through various channels, including Whistle Blower
Policy, POSH mechanism, and so on. We have an open-door policy whereby an employee can reach out to even to the
highest authority in order to encourage transparency, and open communication lines for feedback, and discussion. This
fosters resolutions proactively and swiftly.
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In the factories, the Company has a proactive grievance identification process. Periodically, a collective meeting is
conducted with workers, feedback is taken, and any grievance is registered for subsequent action. At the regions,
there are designated business HR partners to handle employee grievances. Depending on the nature of the issue and
attributed factors of grievance, the HR department develops a resolution plan and assigns a Single Point of Contact
(SPOC) for resolution. Upon completion of resolution action, the feedback is taken for satisfactory closure of grievance.
Weekly department and functional level interactions and feedback sessions are conducted with third-party service
provider representatives and the HR team to resolve grievances, if any. We also have a robust Whistle Blower Policy to
encourage employees to raise concerns against any suspected illegal activity.
7. Membership of employees and workers in association(s) or unions recognised by the listed entity:
FY 2022-23 FY 2021-22
No. of No. of
employees / employees /
Total Total
workers in workers in
employees/ % employees/
Category respective respective
workers in (B/A) workers in % (D/C)
category, who category, who
respective respective
are part of are part of
category (A) category (C)
association(s) association(s)
or Union (B) or Union (D)
Total Permanent N/A N/A N/A N/A N/A N/A
Employees
- Male N/A N/A N/A N/A N/A N/A
- Female N/A N/A N/A N/A N/A N/A
Total Permanent 2,806 2,613 93.12% 2,817 2,748 97.55%
Workers
- Male 2,796 2,613 93.45% 2,806 2,747 97.89%
- Female 10 N/A 0.00% 11 1 9.09%
8. Details of training given to employees and workers
FY 2022-23
On Health On Skill
Category and safety measures upgradation
Total (A)
% %
No. (B) No. (C)
(B/ A) (C /A)
Employees
Male 2,299 1,284 55.85% 2,299 100.00%
Female 103 28 27.18% 103 100.00%
Total 2,402 1,312 54.62% 2,402 100.00%
Workers
Male 2,796 1,963 70.20% 1,663 59.48%
Female 10 10 100.00% 10 100.00%
Total 2,806 1,973 70.31% 1,673 59.62%
Note: The Company has started collating the training data from FY 2022-23 in a structured manner.
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Exide has a comprehensive framework for ensuring training of employees & workers. We have state-of-art facilities in
factories (TPM Training Centre) where training is provided as per the requirements of the job assigned to employees. In
FY 2022-23, major training topics were human rights, customer specific requirements, process knowledge, work ethics
& work culture, DFMEA, food safety, Exide supplier manual, health & safety and CSR.
Additionally, the HR team has developed online modules for providing information regarding the manufacturing process,
product, quality, etc. The Company also provides specific training to the R&D department as well as to its high-performing
employees at various prestigious institutions. The Company also places emphasis on skill development and cyber
security training to the employees.
9. Details of performance and career development reviews of employees and workers:
FY 2022-23 FY 2021-22
Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 2,299 2,299 100% 2,252 2,252 100%
Female 103 103 100% 94 94 100%
Total 2,402 2,402 100% 2,346 2,346 100%
Workers
Male 2,796 2,796 100% 2,806 2,806 100%
Female 10 10 100% 11 11 100%
Total 2,806 2,806 100% 2,817 2,817 100%
We are a people-driven organisation with a result-oriented approach. This implies that each team member is armed
with all the necessary resources to achieve their respective targets. Performance reviews are conducted periodically
depending on their functional responsibilities. Line managers and employees regularly review and discuss performance
and development. Exide has SAP Success Factors as Performance Management System.
The Long-Term Settlement (LTS) and collective agreements are applicable to all workers. Workers are promoted to the
officers’ category, subject to vacancies and merit.
10. Health and safety management system:
a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
No). If yes, the coverage of such system?
Yes, the Company has implemented the ISO 45001 system at its manufacturing facilities and offices. At the Head
Office, the Company has a Safety and Health Department to oversee organisation-wide initiatives. The Company
conducts internal and external audits, which include EHS audits and audits by certification bodies, to assess the
effectiveness of the systems. Updates related to the health and safety measures are also regularly shared with the
senior management through monthly review meetings.
Evaluation and implementation of safety systems are monitored by Safety Committees at individual factories and
offices. These committees conduct a meeting every month to discuss and review the safety and health aspects of
employees in their respective offices. Safety induction training is conducted for all new recruits, whether permanent
or contractual. Specialised training is also provided for certain work areas depending on the risk involved. For closer
focus on process safety and to ensure wider participation, the Company has also designated ‘Safety Champions’
for each process.
Overall, the Company's occupational health and safety management system is designed to prevent workplace
injuries and illnesses, improve compliance with laws and regulations, and engage workers through educational
programs.
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b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
The Company has a proven process in place to identify and assess work-related hazards, both on a routine and
non-routine basis.
For routine jobs, the Hazard Identification and Risk Assessment (HIRA) framework implemented across the
organization helps in scanning each of the processes for potential hazards, their causes, consequences and
impacts. The current controls are evaluated and based on their risk priority, additional controls are implemented,
where required, including engineering controls, administrative controls, and personal protective equipment (PPE).
For non-routine jobs, the Company has internal guidelines in place subject to risk assessment. Such jobs are
additionally controlled through a work permit system. The assessment of risk considers various factors, including
the severity and likelihood of the potential hazard, the task to be performed, and the environment in which the task
is to be performed.
Overall, the Company's HIRA framework and internal guidelines ensure that all work-related hazards are identified
and assessed, and appropriate controls are implemented to minimize the risk to employees and other stakeholders.
c. Whether you have processes for workers to report work-related hazards and to remove themselves from such
risks. (Y/N)
The Company has a system in place to identify potentially harmful conditions at the workplace in an organised
manner. Each work area has a mechanism to track and resolve recognised hazards, and encourages employees
to detect, report, and participate in minimisation of risk. Each factory has safety champions to report work-related
hazards along with their suggested resolution. Their reports are reviewed by the Management periodically.
Periodic safety audits are conducted by cross-functional teams to proactively identify and deal with workplace
hazards. All incidences and near misses are investigated from the root causes and corrective actions are taken. To
this end, suggestion boxes are kept to report the near-miss cases.
d. Do the employees/workers of the entity have access to non-occupational medical and healthcare services?
Yes. The Company provides additional healthcare benefits such as medical insurance to employees and their
families, executive health check-ups, medical consultants and wellness support. We also have tie-ups with various
empanelled hospitals, diagnostic centres and digital health platforms to extend support as and when required.
11. Details of safety-related incidents, in the following format:
Safety Incident /Number Category FY 2022-23 FY 2021-22

Lost Time Injury Frequency Rate (LTIFR) (per one Employees Nil Nil
million-person hours worked) Workers 0.03 0.20
Total recordable work-related injuries Employees Nil Nil
Workers 0.03 0.20
No. of fatalities Employees Nil Nil
Workers Nil Nil
High consequence work-related injury or ill- Employees Nil Nil
health (excluding fatalities) Workers Nil Nil
The Company has ensured that the working space is free of hazardous practices and work-related accident risk and
makes every effort to maintain the safe work environment. The Company has not recorded any fatalities in its workplace
during the year under review.
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12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
The Company has a comprehensive framework for ensuring health and safety at the workplace. Below are the some of
the measures taken by Exide to ensure a safe and healthy work enviroment:
1. The Company has achieved ISO 14001 and ISO 45001 certifications by TUV-SUD, an external agency, which
demonstrates its commitment to sustainability and occupational health and safety.
2. The senior management has prioritized health and safety through an EHS policy that is displayed at prominent
locations, ensuring that all employees are aware of the Company's commitment to health and safety.
3. Daily toolbox talks are conducted on the shop floor to raise awareness and educate employees about health and
safety issues.
4. Safety champions are assigned to identify and report unsafe actions and conditions to continuously improve safety
culture.
5. Dedicated safety committees have been established in each factory and office to oversee the implementation and
engagement of safety measures.
6. All employees receive safety and health training, including safety induction and skill-based training, to ensure that
they are equipped with the necessary knowledge and skills to work safely.
7. The Company has dedicated EHS teams at all factories to identify and resolve health and safety-related issues.
Medical officers and male nurses are also available in case of medical emergencies.
8. First-aiders are trained across all factory locations, and emergency response teams are established to respond to
any emergencies. Periodical mock drills are conducted to ensure that the emergency response teams are prepared
to handle any situation effectively.
9. Internal safety audits are conducted on-site, besides the external audits from certification bodies. Corporate TQM
and EHS teams also conduct internal safety audits for evaluating compliance and ensuring effectiveness and safety
in the workplace.
The Company regularly reviews and evaluates the effectiveness of these measures to ensure continuous improvement,
demonstrating its commitment to sustainability and occupational health and safety.
13. Number of complaints on working conditions and health and safety made by employees and workers.
FY 2022-23 FY 2021-22
Pending Pending
Benefits Filed during resolution Filed during resolution
Remarks Remarks
the year at the end of the year at the end of
year year
Working Conditions Nil Nil - Nil Nil -
Health & Safety 28 Nil - Nil Nil -
Note: The Company has started collating the details from FY 2022-23 in a structured manner.
14. Assessments for the year
% of plants and offices that were assessed (by entity or

statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
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15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/concerns arising from assessments of health & safety practices and working conditions.
Exide has a comprehensive approach towards health and safety practices and working conditions. To address safety-
related incidents, the Company follows established procedures and guidelines for EHS system requirements. Effective
corrective actions are implemented through proactive incident investigation and workplace risk identification and
assessment. The effectiveness of the controls is checked at regular intervals.
In addition, the Company has taken various measures to promote health and safety practices among its employees.
These measures include medical health check-ups, medical surveillance plans, proactive job rotation, engineering
controls, training, rewards and recognition schemes, and employee engagement through various initiatives.
Principle 4: Business should respect the interests of and be responsive to all its stakeholders
At Exide, we value all our stakeholders, and our efforts are directed towards creating a long-term cordial relationship
with them. We aim to achieve and sustain outstanding levels of performance that meet or exceed the expectations of all
stakeholders. The essence of this principle is embedded in the Company’s vision, mission, and core values statement. These
are fundamental to our existence and practiced in our processes, activities, and behaviour.
The Company has recognised and categorised its stakeholders as illustrated below:
Customers
Employees and
workers Shareholders
Stakeholders
Dealers,
distributors, Central, State, and
vendors, suppliers, Local Government
and alliance and Various Statutory
partners and Regulatory
Bodies
Communities
1. Describe the processes for identifying key stakeholder groups of the Company.
The Company’s operation have an inevitable impact on the community and the society within which it operates. It has
categorised the stakeholder groups as internal and external (details of which are given in the above graphic) depending
on the impact it creates on them.
• Shareholders play a significant role in the functioning of our entity, providing both financial and non-financial inputs.
• Customers are the most critical stakeholder as all our products and services are targeted towards fulfilling their
requirements.
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• Employees and workers are vital stakeholders as they share our goal and are instrumental in helping us become
industry leaders.
• Dealers, distributors, vendors, suppliers, and alliance partners are critical players that help us satisfy our logistical
demands on schedule.
• Communities help us become better corporate citizens as we strive for their all-round development.
• Central, State, or local governments and various statutory and regulatory bodies are also salient stakeholders for
the Company, as we are guided by the laws and regulations that help in the ethical conduct of business, with
transparency and accountability.
The detailed process of stakeholder identification and engagement is highlighted in the Sustainability Report
https://www.exideindustries.com/investors/annual-reports.aspx.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Key stakeholder groups identified by the Company are listed below. We engage with the majority of them on an ongoing
basis throughout the year. The frequency of engagement with others depends upon the nature of interaction and
engagement terms the Company enjoys with them.
Whether Channels of communication Purpose and scope of

Frequency of
identified as (Emails, SMS, Newspapers, engagement including
Stakeholder engagement (Annually,
vulnerable & Pamphlets, Advertisements, key topics and concerns
Group Half yearly, quarterly /
marginalised Community Meetings, Notice raised during such
others- please specify)
group (Yes/No) Board, Website, Others) engagement
Shareholders Yes • Physical and virtual meetings Annual/As per requirement • Financial and non-
(AGM/EGM) financial report sharing/
• Stock exchange dividend/IEPF related
communications matters
• Investor presentation,
earning calls, investor
meetings with management
• Complaints and grievance
management
• Email, Newspaper, Website
Customers Yes • Embracing digital platforms As per requirement • Product innovation and
to strengthen after-sales improvement based on
services customer inputs
• Serving customers through • Efficient after sales
the Exide Care website as service
well as providing door-step • Grievance resolution
services such as Batmobile mechanism
and Service 2.0 dealers
network
• Emails/advertisements/
website
Employees and Yes • Intranet and in-house As per requirement • Sharing Policies
Workers newsletters, email • Welfare Schemes
communication • Appraisals
• Training & coaching • Career Development
initiatives • Health & Safety
• Management-employee • Learning & Development
Town Hall meets
• Performance dialogue &
appraisals
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Whether Channels of communication Purpose and scope of

Frequency of
identified as (Emails, SMS, Newspapers, engagement including
Stakeholder engagement (Annually,
vulnerable & Pamphlets, Advertisements, key topics and concerns
Group Half yearly, quarterly /
marginalised Community Meetings, Notice raised during such
others- please specify)
group (Yes/No) Board, Website, Others) engagement
Dealers and Yes • Dealer Distributor meet As per requirement • Production plans
Distributors • Regular visit by Company’s • Invoices
representative • Bill payments
• Meeting with senior • Grievances
management • Long term relationship
• Embracing digital platforms
• Email/SMS
• Advertisements/phone calls
Vendors/ Yes • Supplier meetings and site- As per requirement • Production plans
suppliers and visits • Grievances
alliance partners • Suppliers audit • Long term relationship
• Vendor due diligence • Ethical business conduct
• Quarterly supplier • Continuous assistance
engagement and support in SCM
• Feedback • Assured product quality
• Emails/SMS/digital platform • Timely payments
Communities Yes • Community meetings As per requirement • Planning and monitoring
• CSR initiatives & of CSR initiatives.
interventions • Ensuring availability of
• Robust grievance quality healthcare and
mechanism sanitation through
• Community meetings Exide Aarogya
• Need & Impact assessment • Promoting education
survey and scholarship through
• Communication via Exide Akshar
newsletters, social media, • Providing livelihood
etc. opportunities through
Exide Kaushal
• Safeguarding the
environment through
Exide Paryavaran
• Empowering
communities through
Exide Saksham
Central, State Yes • E-mail As per requirement • Notices, show cause
and local • Websites notice
governments • Meetings • Changes in local laws
and various changes in regulation
Statutory and and other requirements
Regulatory • Good governance and
Bodies compliance on topics
such as policy advocacy,
participating in national
forums, etc.
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Principle 5: Business should respect and promote human rights
Exide has established a robust framework to effectively detect violations and handle resulting issues. Besides ensuring a
respectful work culture, it also adheres to applicable laws including the Non-Discrimination and Human Rights policies. The
Company has also amended policies and created new guidelines in the aftermath of COVID-19 which will enable better
preparedness for contingencies.
These policies have been established and shared with all parties. Apart from abuses such as child or forced labour
and human trafficking, topics specifically addressed are work hours, salaries, safe and healthy workplace, diversity and
community relations. The policy is also conveyed to suppliers, and it is controlled by the business code of conduct, which all
the Company’s suppliers have signed. The link to these policies is provided below:
https://docs.exideindustries.com/pdf/policies-certifications/human-rights-policy.pdf
https://docs.exideindustries.com/CorporateGovernance/7a1a97eb-64b1-4ce1-b599-ada0c66e5b04.pdf
https://docs.exideindustries.com/CorporateGovernance/68f34402-a1dc-4033-87ee-5941b79f8e73.pdf
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity
At Exide all employees undergo a mandatory human rights awareness session before joining and as and when there is
update in the policy. We also ensure that all the workers hired through third-party agencies are aware of the rights and
practices that are upheld in Exide.
FY 2022-23
No. of employees /
Category
Total (A) workers % (B/A)
covered (B)
Employees
Permanent 2,402 1,532 63.78%
Other than permanent 1,797 Nil Nil
Total Employees 4,199 1.532 36.48%
Workers
Permanent 2,806 644 22.95%
Other than permanent 11,955 1,117 9.34%
Total Workers 14,761 1,761 11.93%
Note: We have started collating the details from FY 2022-23 in a structured manner.
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2. Details of minimum wages paid to employees and workers.
FY 2022-23 FY 2021-22
Equal to More than Equal to More than
Category Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage
(A) % % (D) % %
No. (B) No. (C) No. (E) No. (F)
(B/ A) (C /A) (E / D) (F / D)
Employees
Permanent 2,402 Nil Nil 2,402 100.00% 2,346 Nil Nil 2,346 100.00%
Male 2,299 Nil Nil 2,299 100.00% 2,252 Nil Nil 2,252 100.00%
Female 103 Nil Nil 103 100.00% 94 Nil Nil 94 100.00%
Other than 1,797 1,105 61.49% 692 38.51% 1,883 Nil Nil 1,883 100.00%
Permanent
Male 1,761 1,087 61.73% 674 38.27% 1,847 Nil Nil 1,847 100.00%
Female 36 18 50.00% 18 50.00% 36 Nil Nil 36 100.00%
Workers
Permanent 2,806 128 4.56% 2,678 95.44% 2,817 Nil Nil 2,817 100.00%
Male 2,796 128 4.58% 2,668 95.42% 2,806 Nil Nil 2,806 100.00%
Female 10 Nil Nil 10 100.00% 11 Nil Nil 11 100.00%
Other than 11,955 7,771 65.00% 4,184 35.00% 11,014 7,782 70.66% 3,232 29.34%
Permanent
Male 11,809 7,630 64.61% 4,179 35.39% 10,906 7,691 70.52% 3,215 29.48%
Female 146 141 96.57% 5 3.43% 108 91 84.26% 17 15.74%
3. Details of remuneration/salary/wages
Male Female
Median Median
Category remuneration/ remuneration/
Number Number
salary/wages of salary/wages of
respective category respective category
Board of Directors (BoD) # 8 1,54,56,918 1 50,00,000
Key Managerial Personnel (KMP) 1 1,53,89,436 Nil Nil
Employees other than BoD and KMP 2,294 9,64,233 103 10,60,149
Workers 2,796 5,89,527 10 1,69,972
*Remuneration of female board member pertain to commission paid to a Non-executive Independent Director.
#
Represents median remuneration paid to all executive as well as non-executive board members
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes, the Company has an Apex Grievance Redressal Committee comprising senior management where the grievances
are evaluated, and the appropriate next step is followed depending on the nature of the grievance. It is a forum for
employees facing issues relating to injustice, criticism, unfairness or violation of dignity.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
For details on grievance redressal, refer to Q no. 6 of principle 3
128
6. Number of complaints on the following made by employees and workers.
FY 2022-23 FY 2021-22
Pending Pending
Filed during resolution Filed during resolution
Remarks Remarks
the year at the end of the year at the end of
year year
Sexual Harassment 1 Nil - Nil Nil -
Discrimination at Nil Nil - Nil Nil -
workplace
Child Labour Nil Nil - Nil Nil -
Forced Labour/ Nil Nil - Nil Nil -
Involuntary Labour
Wages 30 Nil - Nil Nil -
Other human Nil Nil - Nil Nil -
rights related issues
Working Condition Nil Nil - Nil Nil -
Health & Safety 28 Nil - Nil Nil -
Note: We have started collating the details from FY 2022-23 in a structured manner
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Exide encourages reporting and takes measures to prevent any adverse consequences to the complainant. The Company
has a Sexual Harassment Avoidance Redressal policy in place, in accordance with which redressal committees have
been formed at the Apex, factory and regional levels. Detailed guidelines on reporting and redressal have also been laid
by the Company. The workforce has the right to register any grievance they face, irrespective of the magnitude of the
problem. The POSH training is mandated for all employees and workers of the Company.
Please refer the policy on Sexual Harassment Avoidance Redressal available on website of the Company at
https://docs.exideindustries.com/CorporateGovernance/68f34402-a1dc-4033-87ee-5941b79f8e73.pdf
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes.
9. Assessment for the year.
% of the Company’s plants and offices that were assessed

(by the Company or statutory authorities or third parties)
Child Labour 100%
Forced Labour/Involuntary Labour 100%
Sexual Harassment 100%
Discrimination at workplace 100%
Wages 100%
Note: Besides the Company’s own assessment, the internal and external auditors conduct assessments as per the audit schedule. Assessments are also
carried out by respective government authorities from time to time.
129
10. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from
the assessments at Question 9 above.
Since there have been no issues as highlighted in Question 9, no corrective actions were required. To address the risks
and concerns, the Company has created organisation-wide awareness of all aspects mentioned above. Interaction
sessions for workers and management personnel are also leveraged for feedback. The Company has a mechanism in
place for monitoring compliance so that any change in state policy regarding minimum wages is promptly evaluated and
resolved.
Principle 6: Business should respect and make efforts to protect and restore the environment
Exide endeavours to conserve natural resources and provide a secure, fair and inclusive environment for the growth and
prosperity of communities as well as the natural ecosystem. Rigorous environmental impact assessments are conducted
through which the Company has identified focus areas for reducing any adverse impact on climate change parameters.
Responding to the concerns, the Company has developed a well-defined environmental and sustainability strategy and is
diligently working to decrease Green House Gas (GHG) emissions. An Energy Management Cell has been established at
the corporate level to drive energy-efficiency initiatives and minimise the effects on climate change by reducing emissions
of GHG. Going a step further, we have also developed a wide product pipeline to cater to the demand for solar energy and
related projects to bring renewables into the mainstream.
Exide has remained committed to increasing the use of green energy in the manufacturing operations. To that end, we
have set up on-site as well as off-site group captive solar power plants. As a result of the focus on using green energy,
the renewable energy consumption went up by 20% over last year accounting for 19% of total energy consumption in
manufacturing operations in year 2022-23. We are in the process of adding wind energy in some of our plants to boost our
green energy mix. The Company plans to double its renewable energy capacity by 2030 as we progress towards our ‘net
zero’ commitment.
1. Details of total energy consumption (in Joules or multiples) and energy intensity.
Parameter FY 2022-23 FY 2021-22

Total electricity consumption 15,96,690 13,77,715
(from non-renewable sources) (A) (in Giga Joules) (GJ)
Total fuel consumption (B) (in GJ) 5,28,059 4,52,732
Energy consumption through other sources 3,67,502 3,06,428
(Renewable (Solar) Energy consumption ) (C) (in GJ)
Total energy consumption (A+B+C) (in GJ) 24,92,251 21,36,875
Energy intensity per rupee of turnover 1.71 1.73
(Total energy consumption/ turnover in rupees) (in GJ/ H/lakh)
Note: No independent assessment/ evaluation/assurance has been carried out by an external agency
2. Does the Company have any sites/facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
taken, if any.
No. Our manufacturing units are not covered by the PAT scheme.
130
3. Provide details of the following disclosures related to water.

Water withdrawal by source (in kilolitres)
(i) Surface water Nil Nil
(ii) Groundwater 7,96,676 6,52,043
(iii) Third-party water 12,74,338 11,66,379
(iv) Seawater / desalinated water Nil Nil
(v) Others Nil Nil
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 20,71,014 18,18,422
Total volume of water consumption (in kilolitres) 20,71,014 18,18,422
Water intensity per rupee of turnover (Water consumed / turnover) 141.93 146.86
(KL/ H in Crore).
*The above data pertains to our factories only. Water consumed / withdrawn at offices is not included in above list.
Note: No independent assessment/ evaluation/assurance has been carried out by an external agency.
4. Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
Exide has successfully implemented Zero Liquid Discharge (ZLD) across manufacturing locations in Ahmednagar,
Hosur, and Taloja. The Company utilizes a tertiary treatment process that includes three stages of reverse osmosis and
multiple-effect evaporation to achieve ZLD. The permeate from the reverse osmosis plant and the condensate from the
evaporator are reused in the manufacturing process, while the evaporator concentrate is dried in an Agitated Thin Film
Drier. The dried salt is sold to an authorized pre-processor.
Besides these, there are adequate water treatment systems across all manufacturing facilities to ensure compliance with
applicable norms laid down by respective State Pollution Control Boards (SPCBs).
5. Please provide details of air emissions (other than GHG emissions) by the Company.
Parameter Please specify unit FY 2022-23 FY 2021-22

NOx μg/m3 25.76 26.24
SOx μg/m3 12.90 11.41
Particulate matter (PM) mg/m3 14 15
Persistent organic pollutants (POP) N/A N/A
Volatile organic compounds (VOC) N/A N/A
Hazardous air pollutants (HAP) mg/m3 2 2
Others – please specify - -
Note: No independent assessment/evaluation/assurance has been carried out by an external agency.
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity.
Parameter Unit FY 2022-23 FY 2021-22

Total Scope 1 emissions Metric tonnes of 31,684 27,164
(Break-up of the GHG into CO2, CH4, N2O, CO2 equivalent
HFCs, PFCs, SF6, NF3, if available)
Total Scope 2 emissions Metric tonnes of 4,47,073 3,85,760
(Break-up of the GHG into CO2, CH4, N2O, CO2 equivalent
HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions per MT /H in Crore 32.81 33.44
rupee of turnover
131
7. Does the Company have any project related to reducing Green House Gas emissions? If yes, then provide
details.
Yes.
Aligning Exide with the national objectives of climate change is a focus area and reducing GHG emission in operations
are a key consideration in decision making.
Raising efficiency in energy consumption through increased use of natural light on the shop floor, monitoring consumption,
use of sensors and variable frequency drives for optimised operation of machines and equipment, and maintaining the
power factor close to unit are some of the major initiatives. We are also in the process of using e-vehicles for last mile
deliveries to dealers, replacing Internal Combustion Engine (ICE) vehicles.
The Company continues to be involved in several projects for developing batteries suited for applications reducing
carbon footprint in their user phase as hybrid vehicles, solar inverters and e-rickshaws.
With our commitment on increased use of renewable energy, we successfully raised consumption of RE by 20% over FY
21-22, and remain focussed on opportunities to continue on this path.
8. Provide details related to waste management by the Company.

Total Waste generated (in metric tonnes)
Plastic waste (A)* 762 603
E-waste (B)** 10.8 10.9
Bio-medical waste (C)** 0.10 0.04
Other Hazardous Waste. Please specify, if any. (D)*** 39,686 38,609
Other Non-hazardous waste generated (E). Please specify, if any. 8,119 8,460
(Break-up by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E) 48,577.90 47,682.94
Category of waste
(i) Recycled **** 47,817 34,899
Category of waste
(i) Incineration Nil Nil
(ii) Landfilling ***** 4,413 6,359
(iii) Other disposal operations Nil Nil
(iv) Total 4,413 6,359
* Plastic waste represents waste generated in the factories.
** E-waste, bio-medical waste and other hazardous and non-hazardous waste are as per actual quantities generated in the factories.
*** Factory processes waste is included in hazardous waste. Collection of used batteries for recycling lead is not included.
**** Quantity of waste recycled includes hazardous waste, non-hazardous waste, plastic waste and e-waste.
*****Landfill waste is mainly ETP sludge disposed at respective State PCB approved TSDF (Treatment Storage & Disposal Facility). With approval
from respective SPCB, ETP sludge from Chinchwad and Ahmednagar plants is being sent to cement manufacturing plants for use as flux in their
operations and thereby reducing quantum of landfill.
132
9. Briefly describe the waste management practices adopted in your establishment. Describe the strategy adopted
by your Company to reduce the usage of hazardous and toxic chemicals in your products and processes and
the practices adopted to manage such wastes.
Various waste management practices adopted by Exide are as follow:
1. Reduction of usage of hazardous and toxic chemicals in products and the manufacturing processes through
optimized equipment design; reduced plastic content; storage and handling of hazardous material; and re-
engineering of the process using less hazardous alternatives.
2. Efficient fume and dust extraction systems have been installed at the manufacturing units which are monitored and
maintained for ensuring a safer workplace environment
3. Disposal of hazardous waste generated during the manufacturing process at a CPCB approved nearest TSDF
(Treatment Storage & Disposal Facility).
4. Recycling of non-hazardous waste by selling it to licensed re-processors or vendors.
5. Undertaking projects to recycle and utilize lead waste to conserve natural resources and safeguard the environment.
6. Limitation of wastewater creation using a recirculation charging technique.
7. Establishment of an Acid Recovery Plant to collect acid from effluents, minimizing the acidic effluent load.
8. Establishment of a Wash Water Recovery Plant for reuse. This has minimized the amount of water used in the plate
washing operation, resulting in improved use of water
9. Installation of a first-stage Reverse Osmosis (RO) in the Effluent Treatment Plant.(ETP) The treated effluent is recycled
in the process, resulting in an average of 30 KL of water being recycled every day.
Additionally, we have taken several projects to reduce waste and minimize the use of toxic chemicals, such as:
1. Co-processing of ETP sludge to cement/Other industries in Ahmednagar, Chinchwad, and Hosur sites.
2. Recovery of solvent (Acetone) at Hosur Site for reuse in the process,
3. Reuse of damaged wooden pallets by repairing them internally, wherever feasible.
In summary, the Company has implemented several waste management practices to ensure the reduced use of toxic
chemicals in products and processes, safe disposal of hazardous waste, and recycling of non-hazardous waste to
conserve natural resources and safeguard the environment. We have also implemented measures to minimise
wastewater creation and maximise water savings by reusing the water in our processes.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones and so on)
where environmental approvals / clearances are required, please specify details in the following format.
Whether the conditions of environmental approval/

Sl. Location of
Type of operations clearance are being complied with? (Y/N) If no, the
No. operations/offices
reasons thereof and corrective action taken, if any.
Not Applicable
133
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year.
Whether
Results
EIA conducted by
Name and brief communicated in Relevant Web
Notification Date independent
details of project public domain (Yes link
No. external agency
/ No)
(Yes / No)
Not Applicable
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
Protection Act, and rules thereunder (Y/N).
Yes. The Company is compliant with the applicable laws pertaining to Water (Prevention and Control of Pollution) Act, Air
(Prevention and Control of Pollution) Act, Environment Protection Act and rules thereunder.
If not, provide details of all such non-compliances, in the following format:
Specify the law/ Any fines / penalties / action

Provide details
Sl. regulation / guidelines taken by regulatory agencies Corrective action
of the non-
No. which were not such as pollution control taken, if any
compliance
complied with boards or by courts
Not Applicable
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources, in the following format:

From renewable sources
Total electricity consumption- (A) 3,67,502 3,06,428
Total fuel consumption (B) Nil Nil
Energy consumption through other Sources (C ) Nil Nil
Total energy consumed from renewable sources (A+B+C) 3,67,502 3,06,428
From non-renewable sources
Total electricity consumption (D) 15,96,690 13,77,715
Total fuel consumption (E) 5,28,059 4,52,732
Energy consumption through other sources (F) Nil Nil
Total energy consumed from non-renewable sources (D+E+F) 21,24,749 18,30,447
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency. No
134
2. Provide the following details related to water discharged:

Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment Nil Nil
- With treatment – please specify level of treatment Nil Nil
(ii) To Groundwater
(iii) To Seawater
(iv) Sent to third-parties
(v) Others
- With treatment – please specify level of treatment 3,21,191 3,68,087
Total water discharged (in kilolitres) 3,21,191 3,68,087
100% of discharged water is treated within the plant.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency. No
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area : Krishnagiri district, Tamilnadu
(ii) Nature of operations : Lead-acid battery production
(iii) Water withdrawal, consumption and discharge in the following format:

Water withdrawal by source (in kilolitres)
(i) Surface water Nil Nil
(ii) Groundwater Nil Nil
(iii) Third party water 2,68,884 2,82,729
(iv) Seawater / desalinated water Nil Nil
(v) Others Nil Nil
Total volume of water withdrawal (in kiloliters) 2,68,884 2,82,729
Total volume of water consumption(in kiloliters) 2,68,884 2,82,729
Water intensity per rupee of turnover (Water - -
consumed / turnover)
Water intensity (optional) – the relevant metric may be 47 57
selected by the entity
Note : Water intensity (optional) : expressed as kilo liter of water consumed per Million Ampere-hour of production.
135

Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water
(ii) Into Groundwater
(iii) Into Seawater
(iv) Sent to third-parties
(v) Others
Total water discharged (in kilolitres) Nil Nil
Note : The factory at Hosur has Zero discharge of water.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency. No
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a
manner that is responsible and transparent
Exide is committed to drive change both through its business operations and at the grassroots level through education and
public awareness.
The Company is represented on the governing bodies and several committees — both at the state and national levels — of
Confederation of Indian Industry (CII) and the Bengal Chamber of Commerce and Industry (BCCI). Through these forums, we
actively participate in various issues concerning business and society. The Company is also a member of the following key
industry associations: Society of Indian Automobile Manufacturers, Engineering Export Promotion Council of India, Indian
Electrical and Electronics Manufacturers Association, and Indian Battery Manufacturers’ Association.
Public awareness programmes on the responsible use and disposal of lead have also been organised in collaboration with
various pollution control bodies and other groups. The Company has played an active part in developing regulations for the
appropriate treatment and disposal of spent lead-acid batteries.
The Company actively works with associations, institutions, and organizations, both Governmental and non-Governmental,
that are involved in framing polices or influence policy-formulation by the Government and regulatory bodies. We have
however prioritized our focus and restrict our involvement in certain cases, subject to the merit and spirit of work that an
association conducts. The public policy is available on website of the Company at https://www.exideindustries.com/about/
policies-certifications.aspx
136
1. a. Number of affiliations with trade and industry chambers/associations.

The Company has ten affiliations with trade and industry chambers/associations as highlighted in the table in point
below.
b. List the top 10 trade and industry chambers/associations (determined based on the total members of such
body) the Company is a member of/affiliated to.
Sl. Reach of trade and industry chambers/

Name of the trade and industry chambers/associations
No. associations (State/ National)
1 Bengal Chamber of Commerce and Industry State
2 Bombay Chamber of Commerce and Industry State
3 Confederation of Indian Industry National
4 Engineering Export Promotion Council of India National
5 Indian Battery Manufacturers’ Association National
6 Indian Electrical and Electronics Manufacturers Association National
7 Institute of Directors National
8 Quality Circle Forum of India National
9 Recycling & Environment Industry Association of India National
10 Society of Indian Automobile Manufacturers National
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
Company, based on adverse orders from regulatory authorities.
Name of the authority Brief of the case Corrective action taken

Nil
1. Details of public policy positions advocated by the Company:
The Company during the year has advocated / advocating its views for the below three policies/rules –
Whether Frequency of Review

Method resorted information by Board (Annually/
Sl. Public policy Web Link,
for such available in Half yearly/ Quarterly
No. advocated if available
advocacy public domain? /Others – please
(Yes/No) specify)
1. Advocacy for Battery Discussions No The Company, being an No
Waste Management in meetings active member of Indian
Rules 2022. organised by Battery Manufacturers’
CPCB/MoEF. Association, conveys
The Ministry of Written its observations and
Environment & Climate
communication suggestions on the
Change issued
conveying our revised rules to the
the new policy on
management of used observations and Ministry and Central
batteries – the Battery views on changes Pollution Control Board.
Waste Management in the rules. This communication
Rules 2022. The new depends on the
policy supersedes the requirement of the
earlier policy Battery association, as it seeks
Management & Handling views of its members.
Rules 2001 (as amended
time to time).
137
Whether Frequency of Review

Method resorted information by Board (Annually/
Sl. Public policy Web Link,
for such available in Half yearly/ Quarterly
No. advocated if available
advocacy public domain? /Others – please
(Yes/No) specify)
2. Advocacy of draft Discussions No The Company has No
“National Electricity in meetings shared its views on the
Policy” organised by policy from time to time
Bengal Chambers as per the requirement of
Ministry of Power
of Commerce on BCCI or Ministry.
issued the draft
the policy.
“National Electricity
Written
Policy” and circulated
communication/
it for inputs from industry
emails submission
participants.
conveying our
observations.
3. Advocacy for draft Discussions No In response to request No
Renewable Energy policy in meetings from the Department of
of West Bengal. organised by Power, West Bengal
Bengal Chambers the Company has been
More than 50% of the
of Commerce on sharing its views
Company’s
the policy as required by the
production is in the state
Written Department of Power,
of West Bengal.
communication/ West Bengal.
consequently, the new
emails submission
Renewable Policy of
conveying our
West Bengal is crucial
observations.
for the Company’s
objectives on increasing
the proportion of
renewable energy in its
total energy mix.
138
Principle 8: Businesses should promote inclusive growth and equitable development
Exide recognises that sustainable development is critical to inclusive growth and equitable development. The Company is
committed to ensuring the overall and long-term development of the communities surrounding it. Community development
projects are designed and implemented based on a need assessment conducted within the communities. Community
engagement is ensured during project planning and implementation for greater accountability and inclusive growth. This
approach fosters improved ownership and long-term growth even when the CSR initiative ceases to exist.
The Company is continuing to refine its CSR strategies in response to the pandemic and its ramifications through interventions
that focus on supplementing healthcare facilities for communities, preventing learning loss in children, preventing livelihood
loss by improving employability, enhancing resilience and capabilities of underserved individuals and environment action.
The CSR activities are in line with the numerous global Sustainable Development Goals and are targeted at assisting
individuals, families, and communities from less affluent backgrounds. The Company is continuously exploring opportunities
to collaborate with communities around its operating regions, with a focus on solving the most pressing needs of the
community. During the fiscal year 2022-23, Exide’s community outreach programmes positively affected over 3.1 lakh lives.
1. Details of Social Impact Assessments (SIA) of projects undertaken by the Company, based on applicable laws,
in the current financial year.
Whether
Results
SIA conducted by
Name and brief Date of communicated in Relevant
Notification independent
details of project notification public domain Web link
No. external agency
(Yes / No)
(Yes /No)
Not Applicable
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by the Company.
The Company is not involved in the direct acquisition of land. All the land used is either given by the government or
financial institutions.
S. Name of Project No. of Project % of PAFs Amounts paid

No. for which R&R is State District Affected Families covered by to PAFs in the
ongoing (PAFs) R&R FY (In INR)
Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community.
The Company has regular interactions with panchayat bodies and other community members to discuss the aspirations
and concerns of the local communities, not just relating to the impact of the Company’s operations but also related to
their overall well-being. Initiatives are then designed to address these aspirations and concerns as a part of our social
commitment.
A regular consultation process is in place at all our Plants that enables us to receive suggestions, feedback, and
grievances from local communities. The Company has constituted a grievance redressal mechanism that enables its
Plants to act immediately on any grievance received.
139
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers.
24%
Directly sourced from MSMEs/ small producers
18%
Sourced directly from within the district and neighbouring 48%

districts
44%
FY 2022-23 FY 2021-22
Leadership indicators
1. Details of the benefits derived and shared from the intellectual properties owned or acquired by your
entity (in the current financial year), based on traditional knowledge
Sl. Intellectual Property based Owned/ Acquired Benefit shared Basis of calculating
No. on traditional knowledge (Yes/No) (Yes / No) benefit share
Nil
2. Details of corrective actions taken or underway, based on any adverse order in intellectual property
related disputes wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken

Nil
3. Details of beneficiaries of CSR projects:
Sl. % of beneficiaries from vulnerable /

CSR Project No of persons Benefitted
No. marginalized groups.
1 Exide Akshar 1,27,290 92.00%
2. Exide Aarogya 1,25,030 64.00%
3 Exide Saksham 27,520 98.00%
4. Exide Paryavaran 20,500 87.00%
5. Exide Kaushal 8,200 100.00%
6. Others 5,000 10.00%
Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner
With a legacy of more than 75 years, Exide has been able to gain a strong foothold in the market. The ability to forge deep
connections with its consumers has enabled us to take a leading position in the industry. The Company also integrates the
insights of customers to enhance the design and development of new products. We take customer feedback pertaining to product
experience, packaging, service support, and behaviour, among other factors, for continual improvement of our operations.
The core value statement of the Company, as highlighted below, also focuses on servicing the customer in a responsible
manner:
CUSTOMER ORIENTATION
• We understand our customers (both external and internal).

• We understand that customer loyalty, retention, and market share gain is maximised through a clear focus on the needs
and expectations of both existing and potential customers.
140
• Keeping in mind the competitive advantage, we anticipate and gather insights on customers’ needs and expectations
and act in order to meet/exceed them through product and service quality.
• We build and maintain an effective and proactive relationships with customers.
Apart from product development, Exide recognises customer care as an integral part of its organisational system. Exide Care
outlets uphold certain service standards and provide comprehensive customer brand experience through a mix of bleeding-
edge design, pleasant environment, service technology, and customer focus. The Company has established over 1600
exclusive stores offering customers a stellar experience. Known as Exide Care, these flagship outlets are the pride of Exide
and reinforce the Company’s commitment to superior customer care and service. The Exide Care umbrella includes an on-
demand battery service application that aims to end battery-related issues, whether it is for an automobiles or inverters. We
developed an application called ‘Exide Samrat,’ to create a loyalty programme for mechanics which also helps us serve our
customers. For the Industrial vertical, we have elevated the customer experience with the launch of our Exide Edge platform,
which helps in engaging directly with the customers
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company has a well-developed customer complaint resolution mechanism. These are customised by client-
category such as users of automotive vehicles (2-wheelers, 3-wheelers, cars, commercial vehicles), home UPS users,
OEMs, other institutional customers, etc..
Exide caters to some of the leading automotive and industrial brands. Customer involvement and brand advocacy
tactics have been implemented proactively by the Company. Door delivery service initiatives have been undertaken as
flagship projects. This has made it easier to access services, reducing complaint response time to just a few hours. The
Company has promoted its toll-free call centre contact number through its product labels and warranty cards.
A professional call centre facility evaluates, analyses, and creates fact-based reports of real-time complaint resolution
for each of the locations. This allows the customer care team to take additional actions to cover any service shortfalls.
Repeat complaints are noted in the system, and a thorough inquiry is carried out to both address the problems and
examine the process.
OEMs and institutional customers operate in organised sectors with high service quality and delivery expectations.
The Company has specialist service personnel stationed at strategic locations across the country to provide the most
effective assistance at customers’ installations. In light of growing expectations, we have developed a technique for
proactively detecting and treating a problem at the earliest possible stage.
The Company has a detailed feedback process for product performance and is evolving an online performance
monitoring method to guarantee that customer values are optimised and the battery performs as expected. All concerns
are investigated, and remedial action is taken to continuously improve the procedures.
2. Turnover of products and/or services as a percentage of turnover from all products/service that carry information about.
As a percentage to total turnover

Environmental and social parameters relevant to the product 100%
Safe and responsible usage 100%
Recycling and/or safe disposal 100%
141
3. Number of consumer complaints in respect of the following:
Consumer complaints on data privacy, advertising, cybersecurity, and unfair or restrictive business practices are
negligible. Normal service requests from customers for battery replacements under warranty period are governed by our
warranty policy and are not regarded as consumer complaints.
FY 2022-23 FY 2021-22
Received Pending Received Pending
Remarks Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy Nil Nil - Nil Nil -
Advertising Nil Nil - Nil Nil -
Cyber-security Nil Nil - Nil Nil -
Delivery of essential Nil Nil - Nil Nil -
services
Restrictive Trade Nil Nil - Nil Nil -
Practices
Unfair Trade Practices Nil Nil - Nil Nil -
Other Nil Nil - Nil Nil -
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall

Voluntary recalls Nil Nil
Forced recalls Nil Nil
5. Does the Company have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If
available, provide a web link of the policy.
Yes. Exide has striven to construct a comprehensive programme that protects important assets, deters internal threats,
and provides an active defence by continuously analysing the network. To streamline the data governance vertical, we
have deployed a Master Data Governance (MDG) platform which is accessible to all employees of the Company.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; recurrence of instances of product recalls;
penalty/action taken by regulatory authorities on the safety of products/services.
Exide has a strong reputation for supplying products to vital industries such as UPS, Railway, Telecom, and the Indian
Navy. The Company places great importance on social accountability and goes to great lengths to ensure uninterrupted
supplies to essential sectors by prioritizing and reserving capacity. Even during the pandemic, Exide obtained special
permission to operate manufacturing facilities and meet customers' demands classified under critical services.
Regarding cyber security and data privacy, Exide has implemented a robust IT security strategy. The Company has
taken measures such as implementing Security Operations Center (SOC), Governance, Risk, and Compliance (GRC),
Data Loss Prevention (DLP), and other relevant security measures. Additionally, Exide regularly conducts cyber security
awareness programs for its employees and vendors to keep them informed and updated. The Company is proud to
be ISO 27001 certified in cyber security, further showcasing its commitment to maintaining high standards in protecting
customer information.
Exide's commitment to the comprehensive protection of critical assets goes beyond technical controls. These initiatives
and an active defence strategy involving continuous network analysis demonstrate Exide's dedication to safeguarding
its infrastructure.
142
In addition to these efforts, Exide actively addresses insider threats through regular awareness programs conducted for
employees, vendors, and other relevant stakeholders. This proactive approach helps mitigate potential risks.
Exide has implemented a Field Service Management (FSM) solution as part of its commitment to proactive customer
service. This empowers technicians with mobile tools, artificial intelligence, machine learning, and the Internet of Things,
enhancing their ability to deliver exceptional service and boost customer satisfaction.
Overall, Exide demonstrates its dedication to ensuring the security of customer data and information by implementing
various security measures, conducting awareness programs, and achieving ISO certifications. These actions contribute
to building solid relationships with customers, mitigating risks, and enhancing the overall safety and privacy of products
and services.
1. Channels/platforms where information on products and services of the Company can be accessed
(provide web-link, if available).
Our product under our three key brands can be accessed through below links:
• Exide Industries : www.exideindustries.com
• SF Batteries : www.sfbatteries.in
• Dynex : www.dynexbattery.com
We also have after sale services website, www.exidecare.com which provides batteries services in India.
Sd/- Sd/-
143
Annexure III
REPORT ON CORPORATE GOVERNANCE 2022-23
Governance Philosophy Under the tenet of transparency, we make necessary

disclosures and explain the rationale behind its policies and
Corporate governance is an internalized process that decisions to all affected by them.
drives your Company to remain in its path as a creator of
sustainable wealth for all its stakeholders—shareholders, Our Company recognises that good corporate governance
customers, employees and the society in which it exists. is a continuous exercise. Adherence to transparency,
Your Company believes that while large corporates are accountability, fairness and ethical standards are an integral
using substantial societal resources to generate wealth and part of the Company’s function. The Company’s structure,
add value, only good corporate governance ensures that business dealings, administration and disclosure practices
the wealth creation process is sustainable. are aligned to good corporate governance philosophy. We
have an adequate system of control in place to ensure that
We further believe that good Corporate Governance
the executive decisions taken should result in optimum
practices ensure ethical and efficient conduct of the affairs
growth and development which benefits all the stakeholders.
of the Company in a transparent manner and also help in
We also aim to increase and sustain its corporate values
maximising value for all the stakeholders. Good Corporate
through growth and innovation.
Governance practices help in building an environment
of trust and confidence among all the constituents. We
endeavour to uphold the principles and practices of Date of Report
Corporate Governance to ensure transparency, integrity and
accountability in its functioning. The information provided in this Report on Corporate
Governance is as on 31st March 2023 for the purpose of
The Company’s principles of corporate governance are unanimity. Some of the information is updated as on the
based on the philosophy of empowerment and responsibility. date of the report, wherever applicable.
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 The Governance Structure
being accountable and transparent so that its actions are
sustainable and benefits the larger society. The Company practices corporate governance within the
following three interlinked levels:
We believe 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. Strategic
management – by
In its quest to inculcate an ethical corporate culture the Executive
and citizenship within the organization, the Company’s Committee
Strategic Executive
governance philosophy depends heavily on a few tenets. supervision – by management – by the
the Board of Divisional Heads
These are trusteeship, transparency, empowerment &
Directors of businesses
accountability, control and ethical corporate citizenship.
We believe 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 structure ensures that at the ground level the executive
The tenet of trusteeship dictates that the Board of Directors management of the divisions is focused on strengthening
will protect and enhance shareholder value and discharge the quality, efficiency and effectiveness of each business
the Company’s obligations to all the other stakeholders. The vertical. This level functions under the strategic day-to-day
Company’s role in the economic and social spheres will be management of the executive committee, which has under
fulfilled under this tenet.
144
its ambit the overall vision of the entire organization. Above The Board of Directors oversees the overall functioning of
both is the Board of Directors, which provides strategic the Company and has set strategic objectives to achieve
supervision on behalf of the shareholders. The Board is its vision. The Board lays down the Company’s policy and
free from strategic management but has the larger role of oversees its implementation in attaining its objectives. It has
guiding the executive management with objectivity so that constituted various committees to facilitate the smooth and
accountability is ensured at all levels. efficient flow of the decision-making process.
The central role of these three entities is dependent on the The Company recognises the importance of a diverse
structure. Their role, in turn, determines the responsibilities board in its success. The Board is entrusted with the
that are vested in them. Each entity is formally empowered ultimate responsibility of the management, direction and
with the requisite powers so that there is no hindrance to performance of the Company and has been vested with the
its discharge of responsibilities for the overall growth of the requisite powers, authorities and duties. Regulation 17(1) of
organization. the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended) (the “Listing Regulations”)
Role of Company Secretary in Governance Process: The mandates a Company which does not have a regular non-
role of Company Secretary of your Company broadly executive chairperson to have at least half of the Board
encompasses around ensuring compliance, acting as of Directors to be comprised of Independent directors.
an advisor to the Board of Directors and sustaining the The composition of the Board is in conformity with the
high standards of Corporate Governance vide effective requirements of Regulation 17(1) of the Listing Regulations.
development of Board and Committee processes, robust
organisational governance through policymaking & controls Composition
and transparent communication with the stakeholders.
As on the date of this report, the Board of Directors of the
The Company Secretary convenes meetings and attends Company consists of four (4) Executive directors and five (5)
Board, Committee and general meetings of the Company Non-executive directors.
and ensures that all relevant information is made available
for effective decision-making. Important decisions of the Your Company has formulated and adopted the Nomination
Board/Committee meetings are communicated promptly to and Remuneration Policy to ensure that the composition
the management team, for action. The Company Secretary of the Board is optimum, balanced and diverse to benefit
provides the necessary guidance to the Board members from fresh perspectives, new ideas and broad experience.
with regard to their duties, responsibilities and powers. The composition of the Board represents an optimal mix of
Apart from ensuring compliance with applicable statutory professionalism, knowledge and experience in business,
and regulatory requirements, the Company Secretary also finance, audit, law, corporate governance and corporate
acts as an institutionalized interface between the Board, management, which enables the Board to discharge its
management and external stakeholders. responsibilities and provide effective leadership to the
business. The skills and expertise available with the Board
are adequate within the context and needs of the Company’s
BOARD OF DIRECTORS business. The positions of the Chairman of the Board and
the Chief Executive Officer of the Company are held by
The Board of Directors have ultimate responsibility for the
separate individuals, where the Chairman of the Board is a
management, general affairs, direction, performance and
Non-executive independent director. None of the directors
long-term success of business as a whole. In terms of the
of your Company is inter-se related to each other.
Company’s corporate governance policy, all statutory and
other significant and material information is placed before The following are the details of each member of the Board
the Board to enable it to discharge its responsibilities of along with the number of Directorship(s)/Committee
strategic supervision of the Company and as trustees of Membership(s)/Chairmanship(s):
stakeholders.
145
Composition and Directorship(s)/Committee Membership(s)/Chairmanship(s) as on 31st March 2023
Committee memberships
No. of other
held in other Companies Directorships held in other
Name of Category of Directorships
(**) Listed entities and category
director director held excluding
As a of directorship
Exide* As Member Chairperson
Mr Bharat Dhirajlal Independent 3 5 1 1. Strides Pharma Science Ltd

Shah Non-executive (Non-executive Independent)
Chairman
2. 3M India Limited
(Non-executive Independent
& Chairman)
3. Spandana Sphoorty
Financial Limited
(Non-executive Independent)
Mr Rajan B Raheja Non-independent 3 1 NIL 1. Prism Johnson Limited
Non-executive (Non-executive Non-
director independent)
2. Supreme Petrochem Limited
(Non-executive Promoter)
Mr Asish Kumar Executive director 3 1 NIL NIL
Mukherjee
Mr Subir Executive director 4 NIL NIL NIL
Chakraborty
Mr Arun Mittal Executive director 3 1 NIL NIL
Mr Avik Roy Executive director 2 NIL NIL NIL
Ms Mona N Desai Independent Non- 3 2 NIL NIL
executive director
Mr Surin Kapadia Independent Non- 3 3 3 EIH Associated Hotels Limited
executive director (Non-executive Independent)
Mr Sridhar Gorthi Independent Non- 4 4 1 1. Glenmark Pharmaceuticals
executive director Limited
(Independent director)
2. Hathway Cable and
Datacom Limited
3. Glenmark Life Sciences
Limited
4. Piramal Pharma Limited
Appointment/Re-appointment of directors
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.
146
Flow of information to the Board held devices, browsers and iPads. This application meets
high standards of security that are required for storage and
The board/committee meetings are pre-scheduled, and transmission of board/committee agenda papers.
a tentative annual calendar of the board and committee
meetings is circulated to the directors well in advance Periodic presentations are made at the Board and Committee
to facilitate them to plan their schedule and to ensure meetings on business and performance updates of the
meaningful participation in the meetings. However, in case of Company including Finance, Sales, Company’s major
special and urgent business needs, the Board’s approval is business segments, practices relating to Human Resources,
taken by passing resolutions by circulation, as permitted by overview of business operations of major subsidiaries, global
law, which are noted and confirmed in the subsequent board business environment, business strategy and risks involved
meeting. The board has complete access to all Company- to enable the Board to discharge its responsibilities effectively
related information. The Company Secretary is responsible and take informed decisions. The detailed functional Report
for collation, review and distribution of all papers submitted is also circulated along with the agenda.
to the Board and Committees thereof for consideration.
The agenda for the meetings is circulated well in advance The agenda placed before the Board inter-alia includes all
to the directors to ensure that sufficient time is provided to statutory, other significant & material information, including
them to prepare for the meeting. In order to facilitate effective the information mentioned in Regulation 17(7), read with Part
discussions at the meetings, the agenda is bifurcated into A of Schedule II of SEBI (Listing Obligations and Disclosure
items requiring approval and items which are to be taken note Requirements) 2015.
by the board. Clarification/queries, if any, on the items which
The Board Minutes are prepared promptly after the Board
are to be noted/taken on record by the board are sought and
meeting and circulated to all directors for their comments, if
resolved before the meeting itself. This ensures focused and
any. The Action Taken Report on the decision of the Board is
effective discussions at the meetings.
obtained and submitted to the Board periodically.
With a view to ensure high standards of confidentiality
Meetings and Attendance
of Agenda and other Board papers and reduce paper
consumption and in order to support green initiative, During the financial year ended 31st March 2023, six (6)
the Company circulates to its directors, notes for Board/ board meetings were held on 5th May 2022, 29th July
Committee meetings though a web-based application 2022, 22nd September 2022, 11th November 2022, 12th
which can be accessed by the directors through their hand- December 2022 and 30th January 2023.
Directors’ attendance at board meetings and at annual general meeting (AGM):
No. of board meetings Attendance at last
Name of director
Attended AGM
Mr Bharat Dhirajlal Shah
Mr Rajan B Raheja
Mr Asish Kumar Mukherjee
Mr Subir Chakraborty
Mr Arun Mittal
Mr Avik Roy
Ms Mona N Desai
Mr Sudhir Chand* NA
Mr Surin Shailesh Kapadia
Mr Sridhar Gorthi**
* Ceased to be director upon retirement w.e.f. 22nd July 2022

**Appointed as Independent director w.e.f. 29th July 2022
147
The maximum interval between any 2 (two) consecutive assessment proficiency test and cleared the same within
Board Meetings was well within the maximum allowed gap the timelines as prescribed by MCA, to whom so ever it was
of 120 days. The necessary quorum was present for all the applicable.
meetings.
None of the Independent directors serve as an Independent
The Company adheres to the provisions of the Act read with director on more than seven listed entities.
the Rules issued thereunder, Secretarial Standards and with
respect to convening and holding the meetings of the Board The Company’s Independent directors meet separately
of Directors, its committees and the General Meetings of the during the year. Such meetings are conducted to enable the
shareholders of the Company. Independent directors to discuss matters pertaining to the
Company’s affairs and put forth their views.
Independent directors
Directors’ Induction, Training and Familiarization
Independent directors play a significant role in the
governance processes of the Board by enriching the Board’s The Board is responsible for selecting new directors on
decision making and also preventing possible conflicts of the recommendations received from the Nomination and
interest that may emerge in such decision making. Remuneration committee. After getting appointed, the
directors receive a formal letter of appointment which, inter
The Company has appointed Independent directors as per alia, explains the role, functions, duties and responsibilities
the requirements of the Companies Act, 2013 (“Act”) and expected from him/her as a director of the Company. The
Securities & Exchange Board of India (Listing Obligations & director is also briefed in detail about the compliances
Disclosure Requirements) Regulations, 2015. The Nomination required to be made under the Act and the SEBI Listing
and Remuneration committee identifies candidates based on Regulations, and other relevant regulations.
certain laid-down criteria and considers the need for diversity
of the Board before making its recommendation to the Board. By way of an introduction to the Company, the director is
presented with the Company profile, annual reports and
In terms of the provisions of Section 149 of the Companies Act an overview of the Company’s manufacturing facilities. All
2013 (“Act”), and Rules framed thereunder, the Independent Non-executive directors newly inducted in the Board are
directors of the Company were appointed for a period of introduced to the Company through appropriate orientation
five years by the Members of the Company at the general sessions. Presentations are made by various Executive
meetings. A formal letter of appointment setting out the directors and Senior Management Personnel and site visits
terms and conditions of appointment, roles and functions, to various plant locations are organized for them to provide
responsibilities, duties, fees and remuneration, liabilities, a complete insight of the manufacturing processes, facilities
resignation/removal, etc., as specified under Schedule IV and the social environment in which the Company functions.
to the Act, has been issued to each of the Independent
directors subsequent to obtaining approval of the Members Pursuant to Regulation 25(7) of the Listing Regulations, the
to their respective appointments. The terms and conditions Company conducted various familiarisation programmes
of such appointment are also made available on the website for its directors including review of industry outlook at the
of the Company. board meetings, regulatory updates at board and audit
committee meetings, presentations on enterprise risk
As required under Regulation 25(8) of the Listing Regulations, management, CSR strategy, Statutory Compliance, HR,
the Independent directors of the Company have confirmed investor grievances, SEBI Listing Regulations, framework
that they are not aware of any circumstance or situation for Insider Trading Regulations, etc.
which exists or may be reasonably anticipated that could
impair or impact their ability to discharge their duties. Based In board meetings, discussions on business strategy,
on the declarations and confirmations received from the operational and functional matters provide good insights
Independent directors, the Board of Directors confirmed that on the businesses carried on by the Company to the
the Independent directors of the Company meet the criteria Independent directors. To make these sessions more
of independence as stipulated under Regulation 16(1)(b) of productive, all the documents required and/or sought
the Listing Regulations read with Section 149(6) of the Act, by them to have a good understanding of Company’s
and the Rules framed thereunder and they are independent operations, businesses and the industry as a whole are
of the management. provided in advance.
Pursuant to Section 150(1) of the Act, read with the Pursuant to Regulation 46 of the Listing Regulations, the
Companies (Accounts) Rules, 2014, all the Independent details of such familiarization programmes for Independent
directors of the Company are registered with Indian Institute directors along with the familiarization policy are available
of Corporate Affairs. They have also given the online self- on the Company’s website at http://www.exideindustries.
com/investors/governance-policies.aspx.
148
Code of Conduct for Directors and Senior disclosures that maintain the transparency, integrity
Management Personnel and quality of financial control and reporting.
All directors and members of the senior management The constitution and terms of reference of the Audit
have affirmed their compliance with the Code of Conduct Committee are in accordance with and covers all the
for Board of Directors and Senior Management Personnel matters specified under Section 177 of the Act and
(SMP) as on 31st March 2023 and a declaration to that Regulation 18 of the SEBI Listing Regulations read with
effect, signed by the Managing director & CEO is enclosed Part C of Schedule II of the Listing Regulations.
and forms part of this report. The Code of Conduct for
Board of Directors and SMP has also been posted on the The Audit Committee acts as an interface between the
website of the Company at http://www.exideindustries.com/ statutory auditors, internal auditors, the management
investors/governance-policies.aspx 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
COMMITTEES OF THE BOARD
Regulations.
The Board Committees play a crucial role in the governance
structure of the Company. All the committees of the Company The role / terms of reference of the Audit Committee is to –
have been constituted to deal with specific areas/activities (a) Assist the Board of Directors of the Company in
as mandated by applicable regulations, which concern the fulfilling its responsibilities to oversee the:
Company and need a closer review. The minutes of the
meetings of all Committees are placed before the Board for i. Company’s financial reporting process;
review. The Board Committees request special invitees to
join the meeting, as and when appropriate. ii. the integrity of the Company’s financial
statements according to the authority and
The recommendations of the committees are submitted to responsibilities provided in the Charter;
the Board for approval. During the year, all recommendations
of the committees were approved by the Board. Generally, iii. Auditors’ appointment, qualifications and
committee meetings are held prior to the Board meeting independence;
and the chairperson of the respective committees update
the Board about the deliberations, recommendations and iv. the performance of the Company’s internal
decisions taken by the Committee. audit function and that of statutory auditors.
The Composition of the Board Committees are available (b) Oversee the reporting requirements for inclusion in
on the Company’s website viz. https://www.exideindustries. the Company’s annual report;
com/about/board-committees.aspx
(c) Laying down the criteria for granting the omnibus
The terms of reference of the committees are in line with the approval in line with Policy on Related Party
provisions of the Listing Regulations, the Act and the Rules Transactions and such approval shall be applicable
issued thereunder. in respect of transactions which are repetitive in
nature;
The constitution, terms of reference and the functioning of
the existing Committees of the Board is explained below. (d) Review with management of quarterly and annual
Each of these Committees demonstrates the highest levels financial statements;
of integrity and has the requisite expertise to handle issues
relevant to their field. (e) Review the compliance of risk management
system, adequacy and effectiveness of internal
A. AUDIT COMMITTEE financial controls and system to ensure compliance
with the provisions of all applicable laws;
The primary focus of the Audit Committee is to have an
oversight of the Company’s financial reporting process (f) Review the compliance of SEBI (Prohibition of
and the disclosure of its financial information to ensure that Insider Trading) Regulations, 2015, as amended
the financial statement is correct, sufficient and credible from time to time and verify adequacy and
The Board of Directors have entrusted the Audit effectiveness of internal control system to ensure
Committee with the responsibility to supervise these its compliance;
processes and ensure adequate, accurate and timely
149
(g) Review whistle blower/vigil mechanism. the other members are well-versed in corporate finance
and related areas.
In addition to quarterly meetings for consideration
of financial results, special meetings of the Audit During the financial year ended 31st March 2023, six (6)
Committee are convened. In these meetings, the Audit Audit committee meetings were held on 5th May 2022,
Committee, inter-alia, reviews various matters arising 2nd July 2022, 29th July 2022, 11th November 2022,
out of internal audit, control assurance reports and 30th January 2023 and 28th March 2023.
other areas as per its terms of reference.
In addition to the Audit Committee meetings mentioned
Composition and Attendance above, the Chairman also held pre-audit conference
call before the quarterly Audit committee meetings
As on 31st March 2023 the Audit committee has three to discuss key accounting matters etc. These calls
(3) Non-executive Independent directors. Mr Surin helped the Chairman to optimize its committee time
Shailesh Kapadia, Chairman of the committee, is an on quarterly financial results at the meeting and invest
Independent director and a Chartered Accountant, more time on discharging the responsibilities assigned
acknowledged as a financial expert in his own right. All to it under the terms of reference.
The composition and attendance of the Committee meetings are as follows:
Name of director Category Designation Number of meetings attended

Mr Surin Shailesh Kapadia Independent Non-executive
Ms Mona N Desai Independent Non-executive
Mr Sudhir Chand* Independent Non-executive
Mr Sridhar Gorthi** Independent Non-executive

**Appointed as Independent director and inducted as Audit committee member w.e.f. 29th July 2022
The average attendance of the members at the Audit of the directors, KMPs and Senior Management.The
committee meetings during FY 2022-23 was 100%. Committee’s role also includes formulation of criteria
for evaluation of performance of the directors & the
The Chairman of the committee was present at the Board as a whole. The committee also anchored the
Annual General Meeting of the Company held on 22nd performance evaluation of the Individual directors.
September 2022.
The terms of reference of the Nomination and
The Director- Finance & CFO and other executive Remuneration Committee inter-alia include the following:
directors are permanent invitees to the Audit committee
meetings. The representative(s) of the Statutory i. To identify persons who are qualified to become
Auditors also attend the Audit committee meetings. directors and who may be appointed in the senior
The Company Secretary acts as the Secretary to the management and to lay down the criteria thereof;
committee. Other members of the management and
Chief-Internal audit are also invited as may be required ii. To recommend to the Board appointment of
from time to time. directors and senior management personnel and
their removal;
B. NOMINATION & REMUNERATION COMMITTEE
iii. To evaluate the individual director’s performance;
The Nomination and Remuneration committee is
iv. Formulate the criteria for determining the
responsible for formulating evaluation policies and
qualification, positive attribute and independence
reviewing all major aspects of Company’s HR processes
of the directors;
relating to hiring, training, talent management,
succession planning and compensation structure
Chairman Member
150
v. Recommend to the board policy relating to The Nomination & Remuneration policy is available on the
remuneration for directors, Key Managerial website of the Company at http://www.exideindustries.
Personnel and other employees; and com/investors/governance-policies.aspx
vi. Devising a policy on board diversity. Composition and Attendance
As on 31st March 2023, the Nomination and

Succession Planning
Remuneration committee comprises of three (3)
The Nomination and Remuneration Committee ('NRC') Non-executive directors. Mr Surin Shailesh Kapadia,
review succession planning and transitions at the Board Chairman of the committee, is also a Non-executive
and senior management levels. The recent appointment Independent director. The Company Secretary acts as
of Mr Sridhar Gorthi on the Board as an Independent the Secretary to the committee.
director was done taking into account his skill sets/ During the financial year ended 31st March 2023,
areas of expertise. Successors are identified prior to four (4) meetings of the Nomination & Remuneration
the Senior Management positions falling vacant, to committee were held on 5th May 2022, 29th July 2022,
ensure a smooth and seamless transition. Succession 11th November 2022 and 30th January 2023.
planning is a continuous process which is periodically
reviewed by the NRC and the Board. The average attendance of the members at the NRC
meetings during FY 2022-23 was 100%.
The composition and attendance details of the Committee meetings are as follows:

Ms Mona N Desai Independent Non-executive
Mr Rajan B Raheja Non-independent Non-executive
The Chairman of the committee was present at the Annual General Meeting of the Company held on 22nd September 2022.
Remuneration of directors
Details of Remuneration paid/payable to the directors for the year ended 31st March 2023 are as follows:
Contributions Perquisites
Performance Sitting
Name of director Salary to & Other Commission1 Total
Bonus Fees2
retiral funds benefits
Executive directors
Mr Subir Chakraborty 92,35,500 46,48,227 38,47,232 1,84,71,000 92,35,500 - 4,54,37,459
Mr Asish Kumar Mukherjee 91,90,305 46,25,481 26,90,912 1,83,80,610 91,90,305 - 4,40,77,613
Mr Arun Mittal 72,05,000 36,26,277 15,74,308 1,44,10,000 72,05,000 - 3,40,20,585
Mr Avik Roy 52,40,000 26,37,292 13,16,543 1,04,80,000 52,40,000 - 2,49,13,835
Non-executive directors
Mr Rajan B Raheja - - - - - 4,50,000 4,50,000
Ms Mona N Desai - - - - 50,00,000 7,50,000 57,50,000
Mr Sridhar Gorthi - - - - 35,00,000 5,25,000 40,25,000
Mr Bharat Dhirajlal Shah - - - - 60,00,000 4,50,000 64,50,000
Mr Surin Shailesh Kapadia - - - - 50,00,000 7,50,000 57,50,000
Mr Sudhir Chand 12,50,000 1,75,000 14,25,000
Chairman Member
151
1. Performance bonus and commission of executive chairmanship of committees, time spent in carrying
directors are performance-linked and gets paid out other duties, role and functions as envisaged in
on the basis of actual performance parameters schedule IV of the Act and Listing Regulations and such
(including sales growth, profit before tax, cost other factors as the NRC may deem fit.
reduction, product innovation, etc.) as may be fixed
by the NRC from time to time. All other components Following the approval of the shareholders in the
are fixed. The Commission for the year ended 31st Annual General Meeting held on 22nd September
March 2023, will be paid, subject to deduction of 2022, the payment of commission to Non-executive
tax, after adoption of accounts by the Members at directors has been determined by the NRC, which
the ensuing Annual General Meeting. is well within the ceiling of 1% of net profits of the
Company or H 2.5 cr. whichever is lower for the year
2. The sitting fee paid to the Non-executive directors is ended 31st March 2023 as computed under applicable
towards attending the Board and Audit committee provisions of the Companies Act, 2013. The allocation
meetings held during the year. Executive directors of the commission amongst the eligible non-executive
are not entitled to sitting fees for Board and independent directors has been decided by the NRC
committee meetings. with each interested director present not participating in
the deliberations in respect of his/her own commission.
Notes: The Non-executive Non-independent director is not
paid any remuneration.
All the executive directors of the Company have been
appointed on a contractual basis. According to the
Shareholding of Non-executive directors
contract, the notice period is three months.
No. of shares held as
Payment of remuneration to the Executive/Whole-time Name of director
on 31st March 2023
directors of the Company is governed by the terms
and conditions of their appointment as recommended Ms Mona N Desai 2,24,466
by the Nomination and Remuneration Committee and Mr Surin Kapadia 6,000
approved by the Board, subject to the approval of the
Apart from the above, there was no pecuniary
shareholders.
relationship or transactions between the Company and
Non-Executive/Independent directors of the Company Non-executive directors.
receive remuneration by way of fees for attending
The performance criteria for the payment of remuneration
meetings of the Board or Committee there of as
to the directors are in line with the Nomination and
approved by the Board from time to time within the
Remuneration Policy of the Company.
prescribed limits. Non-executive directors may also be
paid commission as approved by the Shareholders
Board Membership Criteria and list of core
subject to a limit of 1% of the net profits of the Company
computed under the applicable provisions of the skills/ expertise/ competencies identified in the
Companies Act, 2013. The commission payable to the context of the business:
Non-executive directors is determined by the Board upon
The Company believes that it is the collective
the recommendation of Nomination & Remuneration
effectiveness of the Board that impacts performance
Committee within the aforesaid limit of 1% of the net
and therefore members of the Board amongst
profits after taking into account their attendance, roles
themselves should have a balance of skills, experience
and responsibilities in various Committees of the
and diversity of perspectives appropriate to the
Board, their operational and functional expertise, other
Company.
responsibilities undertaken, such as membership or
152
In terms of requirement of SEBI Listing Regulations, the Board has identified the following core skills/ expertise /
competencies of the directors in the context of the Company’s business for effective functioning as given below:
Definitions of director’s qualifications

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 Strategic thinking, decision making and protecting the interest of all stakeholders
management/
Governance
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.
Financial, Understanding the financial statements, financial controls, risk management, mergers
Regulatory/ Legal & and acquisition, etc.
Risk Management
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 Experience in Manufacturing, Quality, Safety, Project Management and knowledge of
and experience Corporate Research and Development pertaining to automotive/industrial battery and
allied industries.
Sales and Experience in developing strategies to grow sales and market share, build brand
marketing awareness and equity and enhance enterprise reputation
In the table below, the specific areas of focus or expertise 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.
Skill
Mr Bharat Dhirajlal Shah Mr Asish Kumar Mukherjee Ms Mona N Desai
A B C D A B C D E F A B C D
Mr Rajan B Raheja Mr Avik Roy Mr Surin Shailesh Kapadia
A B C D F G A B C D E F G A B C D
Mr Subir Chakraborty Mr Arun Mittal Mr Sridhar Gorthi
A B C D E F G A B C D E F G A B C D
A Leadership B General management/ C Global business D Financial, Regulatory E Technology F Industry knowledge
Governance / Legal & Risk and experience
G Sales and marketing Management
153
C. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (v) Monitor progress of the CSR projects on a regular
basis;
Pursuant to the applicable provisions of the Act, the
Corporate Social Responsibility Committee (CSR) is (vi) Identify the need and review outcomes of such
required to recommend the amount of expenditure to be impact assessment studies;
incurred for undertaking CSR activities by the Company
in terms of the Corporate Social Responsibility Policy. It (vii) Formulate, recommend and modify/ alter whenever
also monitors the CSR Policy of the Company from time necessary, the Annual Action Plan;
to time.
(viii) Report to the Board, the status of CSR activities
The terms of reference of CSR Committee are in and contributions made etc.; and
conformity with the requirements of the Act which, inter
(ix) Any other activity(ies)/functions, as may be
alia, includes:
assigned by the Board.
(i) Formulating the CSR Policy and proposing revisions
The policy is available on the Company’s website at
as and when required subject to the approval of the
http://www.exideindustries.com/investors/governance-
Board of Directors;
policies.aspx
(ii) Recommending CSR projects in appropriation with
the thematic areas in pursuance and as specified Composition & Attendance
in Schedule VII and investments to be incurred
As on 31st March 2023, the Corporate Social
thereof;
Responsibility Committee comprises of four (4)
(iii) Identifying and recommending CSR project members with Mr Bharat D Shah, Non-executive
life cycle management process including Independent director, acting as Chairman.
identification and recommendation of appropriate
implementation agency, as applicable; During the financial year ended 31st March 2023, four
(4) meetings of the Corporate Social Responsibility
(iv)
Institutionalizing transparent and effective committee were held on 5th May 2022, 29th July 2022,
monitoring mechanism; 11th November 2022 and 30th January 2023.
The average attendance of the members at the CSR committee meetings during FY 2022-23 was 100%.

Mr Bharat Dhirajlal Shah Independent Non-executive
Mr Subir Chakraborty Executive
Ms Mona N Desai** Independent Non-executive
Mr Avik Kumar Roy Executive

** Appointed as Member w.e.f. 29th July 2022
D. RISK MANAGEMENT COMMITTEE Company. The Chief Risk Officer of the Company is
a permanent invitee to this committee. The Company
The Risk Management Committee focuses on functions Secretary acts as a secretary to the Committee.
relating to risk management such as determination of
Company’s risk appetite, risk tolerance and regular risk The broad area of terms of reference of the committee,
assessments including risk identification, quantification inter alia, includes the following:
and evaluation etc.
Identify internal and external risks faced by
The Risk Management Committee comprises of Board the Company, in particular including financial,
members, including one independent director of the operational, sectoral, sustainability (particularly,
Chairman Member
154
ESG related risks), information, cyber security risks To deal with such matters as may be referred to by
or any other risk as may be determined by the the Board of Directors from time to time.
Committee and suggest measures to mitigate it;
As on 31st March 2023, the Risk Management
Monitoring and reviewing risk management plan; Committee comprises of five (5) members, with
Mr Surin Shailesh Kapadia, Non-executive Independent
To monitor and oversee implementation of the director, acting as Chairman. Three (3) meetings of the
risk management policy, including evaluating the committee were held during the year on 2nd July 2022,
adequacy of risk management systems; and 11th November 2022 and 28th March 2023.
The composition and attendance details of the Committee are given below.:

Mr Asish Kumar Mukherjee Executive
Mr Arun Mittal Executive
Mr Avik Roy Executive
E. STAKEHOLDERS RELATIONSHIP COMMITTEE (d) Review of the various measures and initiatives
taken by the Company for reducing the quantum of
The Stakeholders Relationship committee constitution unclaimed dividends and ensuring timely receipt of
and terms of reference are in compliance with provision dividend warrants/annual reports/statutory notices
of Companies Act 2013 and Regulation 20 and Part D by the Shareholders of the Company.
(B) of Schedule II of the SEBI Listing Regulations.
Composition and Attendance
The terms of reference of the Stakeholders Relationship
Committee includes, inter alia, the following: As on 31st March 2023, the Stakeholders Relationship
Committee of the Company comprises of three (3)
(a) Resolving grievances of security holders of the directors. Post retirement of Mr Sudhir Chand, the
Company including complaints related to transfer/ erstwhile Chairman of the committee, Ms Mona N Desai,
transmission of shares, non-receipt of the annual Non-executive independent director, was appointed
report, non-receipt of declared dividends, general as the Chairperson of the Stakeholders Relationship
meetings, etc; Committee. Mr Jitendra Kumar, Company Secretary and
(b) Review of measures taken for the effective exercise President (Legal & Corporate Affairs), is the Compliance
of voting rights by shareholders; Officer and acts as the Secretary to the Committee.
(c) Review of adherence to service standards adopted During the financial year 2022-23, the Committee met once
by the Company in respect of various services on 23rd February 2023. The composition and attendance
being rendered by R&TA; details of the Committee meeting are as follows:

Ms Mona N Desai * Independent Non-executive
Mr A K Mukherjee Executive
*Appointed as Member & Chairperson w.e.f. 29th July 2022
Chairman Chairperson Member
155
The Chairperson of the committee was present at the

Number of complaints pending redressal at Nil
Annual General Meeting of the Company held on 22nd
the end of the financial year 2022-23
September 2022.
Number of pending share transfers as at Nil
Investor Grievance Redressal Mechanism 31st March 2023
During the financial year ended 31st March 2023, a total F. SHARE TRANSFER COMMITTEE
of 22 complaints were received from shareholders. All
The Share Transfer committee approves the
complaints have been redressed to the satisfaction of
transmission of shares, sub-division or consolidation
the shareholders, and none of them were pending as of shares and issue of new/duplicate share certificates
on 31st March 2023. and related matters. As on 31st March 2023 the Share
Transfer Committee comprises of three (3) members.
Number of complaints received and resolved during the
year and pending share transfers as on 31st March 2023: Number of Share transfer cases that were pending as
on 31st March 2023 was Nil
Number of complaints pending at the Nil
Composition and Attendance
beginning of the financial year 2022-23
Number of complaints received during the 22 During the financial year ended 31st March 2023,
financial year 2022-23 three (3) meetings of Share Transfer committee were
Number of complaints redressed during the 22 held. The composition and attendance details of the
financial year 2022-23 committee meetings are as follows:

Mr Asish Kumar Mukherjee Executive
Mr Jitendra Kumar Company Secretary
The average attendance of the members during FY H. EXECUTIVE COMMITTEE

2022-23 was 100%
The Executive Committee comprises of the Executive
All routine matters including, inter alia, formalities directors, Key Management Personnel and Senior
pertaining to transmission division/duplication/deletion/ Management Personnel viz. Mr Subir Chakraborty, Mr
consolidation etc. within specified threshold limits as Asish Kumar Mukherjee, Mr Arun Mittal, Mr Avik Roy,
delegated by the Board, are being dealt by “Share Dr Dipak Sen Choudhury, Mr Arnab Saha, Mr Ranjan
Transfer Committee of Executives” comprising of a Sarkar, and Mr Jitendra Kumar.
representative from the Registrar & Share Transfer
Agent, the Compliance Officer and an Officer from the The Committee focuses on the strategic management
Secretarial team which meets at least once in a fortnight. issues of the Company, subject to the overall supervision
of the Board of Directors.
G. BANKING OPERATIONS COMMITTEE
I. INDEPENDENT DIRECTORS MEETING
The Banking Operations Committee has been
constituted to approve opening and closing of bank Schedule IV to the Act and the SEBI Listing Regulations
accounts, change in signatories and carrying on other mandates the Independent directors of the Company
routine banking operations. As on 31st March 2023 the to hold at least one meeting in every financial year,
Committee comprises of three (3) Executive directors, without the attendance of non-independent directors
viz. Mr Subir Chakraborty, Mr Asish Kumar Mukherjee and members of the management.
and Mr Arun Mittal.
Chairman Member
156
The Independent directors inter alia discuss the i. Evaluation of the performance of Non-independent
issues arising out of Committee meetings and Board directors and the Board of Directors as a whole;
discussion including the quality, quantity and timely flow
of information between the Company Management and ii. Evaluation of the performance of the Chairman of
the Board that is necessary for the Board to effectively the Company, taking into account the views of the
and reasonably perform their duties. Executive and Non-executive directors;
In addition to these formal meetings, interactions iii. Evaluation of the quality, content and timelines of
outside the Board Meetings also take place between flow of information between the management and
the Chairman and Independent directors. the Board to effectively and reasonably perform its
duties.
During the year under review, the Independent directors
met once on 30th January 2023 inter alia, to discuss: All the Independent directors were present at the said
meeting.
GENERAL BODY MEETINGS

Particulars of last three Annual General Meetings:
AGM Year Ended Venue Date Time

73rd 31st March 2020 The Company conducted the meeting 15th September 2020 2.30 PM
through VC/OAVM pursuant to MCA
circular dated 5th May 2020
74th 31st March 2021 The Company conducted the meeting 31st August 2021 10.30 AM
circular dated 5th May 2020
75th 31st March 2022 The Company conducted the meeting 22nd September 2022 10.30 AM
circular dated 5th May 2020 and 5th May
2022
SPECIAL RESOLUTIONS
The details of the special resolutions passed by the Company at the last three Annual General Meetings (AGMs) are given
herein below:
Triggering Section of the

Date of AGM/EGM Subject matter of the resolution
Companies Act
15th September 2020 - -
31st August 2021 - -
22nd September 2022 1. Reappointment of Mr Surin Shailesh Kapadia as an 149
Independent director of the Company
2. Appointment of Mr Sridhar Gorthi as an Independent
director of the Company
The Company at the Extra-ordinary General Meeting held on 29th September 2021 approved divestment of Company’s
entire shareholding in Exide Life Insurance Company Limited, a material wholly owned subsidiary by passing a special
resolution as required under regulation 24(5) of Listing Regulations.
157
POSTAL BALLOT The policy is available on the Company’s website under

the following link http://www.exideindustries.com/
Details of Special Resolution(s) passed through Postal investors/governance-policies.aspx
Ballot during the Financial Year 2022-23: None
b. Details of non-compliance by the Company,
No special resolution is proposed to be passed through penalties, strictures imposed on the Company
Postal Ballot as on the date of this Report. by the stock exchanges or SEBI or any statutory
authority on any matter related to capital markets
DISCLOSURES during the last three years.
a. Related-Party Transactions There was no such instance of non-compliance during

the last three years.
All transactions entered with the related parties during
the financial year ended 31st March 2023 were in the c. Whistle-Blower Policy/Vigil Mechanism
ordinary course of business and on an arm’s length
basis and without any conflict of interest in accordance In accordance with the provisions of the Companies
with the provisions of the Companies Act, 2013 and Act, 2013, read with the Companies (Meeting of
SEBI Listing Regulations. Board and its Powers) Rules, 2014 and SEBI Listing
Regulations, every listed Company is required to have
Majority of the Company’s related-party transactions a vigil mechanism for the directors, employees and
are with its subsidiaries and associates to further the stakeholders to report their genuine concerns and
Company’s business interest. As per Regulations 23(5) grievances. Exide has a whistle-blower policy in place,
of SEBI (Listing Obligations & Disclosure Requirements) and it is available on the Company’s website.
Regulations 2015, as amended, approval of Audit
committee is not applicable for the RPTs entered The Company is committed to highest standards of
between a holding company and its wholly owned ethical, moral and legal business conduct. Accordingly,
subsidiary and RPT transactions entered between the Company has adopted a Whistle Blower Policy
two wholly owned subsidiaries of the listed holding and an effective Vigil Mechanism system to voice
company, whose accounts are consolidated with such concerns in a responsible and effective manner
holding company and placed before the shareholders regarding suspected unethical matters involving
at the general meeting for approval. In spite majority of serious malpractice, abuse or wrongdoing within the
transactions of the Company being with wholly owned organization and also safeguards against victimization
subsidiaries, as a good corporate governance measure, of those who avail the mechanism.
omnibus approval of audit committee is obtained for
The Audit Committee of directors is entrusted with the
such transactions also and reviewed quarterly.
responsibility to oversee the vigil mechanism. During
Moreover, there were no materially significant related- the year, no person was denied access to the Audit
party transactions entered into by the Company with Committee.
promoters, directors, key managerial personnel or
The Whistle-Blower Policy is available on the Company’s
other persons which may have a potential conflict
website under the following web-link http://www.
with the interest of the Company. Suitable disclosures
exideindustries.com/investors/governance-policies.aspx
as prescribed under the applicable Accounting
Standard have been made in the notes to the Financial d. Code of conduct for prevention of insider trading
Statements.
The Company has in place a Code of Conduct for
The Company has the policy for Related Party Prevention of Insider Trading (“Code of Conduct”)
Transactions which is followed for identifying, entering which provides a framework for dealings in securities
into and monitoring related party transactions. The by Designated Persons of the Company as required
deviations, if any, to the said process are brought to by the listed Companies pursuant to SEBI (Prohibition
the attention of Audit Committee and Board of Directors of Insider Trading) Regulations, 2015 ("Insider Trading
suitably. Regulations"). Trading window closure notice is
disseminated to all the directors and designated
158
persons and to concerned stock exchanges in advance. g. As required under the provisions of the law, all other
Violations of the policy, if any, are appropriately acted policies and disclosures are uploaded on the website
on and reported to the SEBI/Stock Exchanges. The of the Company at http://www.exideindustries.com/
Company also maintains a Structured Digital Database, investors/governance-policies.aspx Investors are
as required under the SEBI (Prohibition of Insider Trading) encouraged to visit the Company’s website to access
Regulations, 2015 and has also implemented an online such documents.
application for approving pre-clearances to insiders, who
intend to trade in the securities of the Company. h. All mandatory requirements have been appropriately
complied with and the non-mandatory requirements are
The Company Secretary is appointed as the Compliance dealt with at the end of the report.
Officer by the Board to ensure compliance and effective
implementation of the Insider Trading Regulations. i. Disclosure of commodity price risk and
Reports on matters related to Insider Trading commodity hedging activities
Regulations are reported to the Audit Committee,
wherever required. Lead and lead alloys are the primary materials
consumed in the manufacture of batteries, representing
e. Policy on Material Subsidiaries more than 70 per cent of total material consumption by
value.
In accordance with the requirements of Regulation 16(1)
(c) of SEBI Listing Regulations, the Company has a The Company procures about 45 per cent of its lead
policy on material subsidiaries. The policy on material requirement through imports or import-parity pricing
subsidiaries has been uploaded on the Company’s based on prices quoted on London Metal Exchange
website under the following web-link http://www. (LME). Balance 55 per cent of its lead and lead alloys
exideindustries.com/investors/governance-policies.aspx are procured from local smelters, including its own
smelters, prices of which are influenced by demand/
The objective of this policy is to lay down criteria for supply situation as well as LME price movement.
identification and dealing with material subsidiaries and Lead alloy prices are largely dependent on recycled
to formulate a governance framework for subsidiaries of (domestic) lead prices.
the Company.
At times, prices of lead and lead alloys become volatile
The statement of all significant transactions and due to sudden changes in demand/supply situation as
arrangements entered into by unlisted subsidiary, if any, well as LME price movement due to international forces.
is brought to the notice of the Board of Directors of the The Company procures lead and lead alloys mostly at
Company. current spot pricing or on LME averages and there is no
long-term contract for pricing. Similarly, the Company’s
f. Dividend Distribution Policy selling price of batteries to OEM/institutional customers
is linked to import- parity price of lead. As the Company’s
In accordance with Regulation 43A of Listing Regulations,
revenue is linked to the cost of lead, the impact of any
the Company has framed a Dividend Distribution Policy,
change in lead prices on the Company’s profit is not
approved by the Company’s Board of Directors. The
expected to be significant. However, increasing usage
Dividend Distribution Policy of the Company endeavors
of recycled lead (replacing pure lead), which is cheaper
to maintain a consistent approach towards dividend
than pure lead and not directly exposed to LME price
payment to its shareholders and regulate the process of
movement, reduces the risk of lead price volatility to
dividend declaration and its payout by the Company in
some extent.
line with the laws in force. The Policy, inter alia, covers
the financial parameters that will be considered when Exposure to currency fluctuations and its impact on the
declaring dividends, internal and external factors that Company’s business is significant since about 45 per
would be considered for declaring dividends and the cent of lead and lead alloys procurement is based on
circumstances under which shareholders can or cannot “import parity price.” Moreover, few other materials and
expect a dividend. The Dividend Distribution Policy is most of the capital goods (machineries) are imported.
annexed to this Report. The Policy is also available on
the website of the Company under the following weblink While exposure to currency fluctuation on lead and
http://www.exideindustries.com/investors/governance- lead alloys cost, is to some extent mitigated as stated
policies.aspx above, exposure on account of other imports remains.
159
However, exports, which constitute about eight per cent l. Disclosures in relation to the Sexual Harassment
of the Company’s business, act as an automatic hedge of Women at Workplace (Prevention, Prohibition
against risks resulting from currency fluctuation. and Redressal) Act, 2013:
As a policy, the Company does not enter into commodity The Company is committed to ensuring that all
hedging. Accordingly, as on the date of reporting, employees work in an environment that not only
there was no open position held by the Company on promotes diversity and equality but also mutual trust,
commodity futures or options. The same principle equal opportunity and respect for human rights.
applies in the case of currency also. Very few “forward The Company is also committed to provide a work
covers” are taken, at times, against import liabilities environment that ensures every woman employee is
when the situation warrants. At the end of March 2023, treated with dignity, respect and afford equal treatment.
there was no “forward cover contract” that remained
open for foreign currency liability. The status of the complaints filed, disposed and
pending during the financial year ended 31st March
j. Certificate from Practising Company Secretary 2023 is given below:
Certificate as required under Part C of Schedule V of

No. of complaints filed during the 1
SEBI Listing Regulations, received from M/s Sushil
year 2022-23
Tiwari & Associates, Company Secretary in practice
No. of complaints disposed during the year 1
certifying that none of the directors on the Board of
2022-23
the Company is debarred or disqualified from being
No. of complaints pending during the year Nil
appointed or continuing as directors of companies
2022-23
by the Board/Ministry of Corporate Affairs or any such
statutory authority, is annexed at the end of this Report.
m. Disclosure in relation to ‘Loans and advances in
k. Total fees paid to Statutory Auditors of the the nature of loans to firms/companies in which
Company directors are interested by name and amount’
Total fees for all services paid by the Company and its The Company or its subsidiaries have not granted
subsidiaries, on a consolidated basis, to the statutory any loans or advances during the year to the firms/
auditor and all entities in the network firm/network entity companies in which directors are interested.
of which the statutory auditor is a part – H 2,12,77,747/.
n. Details of material subsidiaries
Name and
Name of Statutory
Address % of shares Date & Place of
CIN Number Auditor & Date of
of the held Incorporation
appointment
Company
Chloride U34300WB1998PLC181003 100% Date of Incorporation: M/s Natvarlal Vepari & Co.
Metals Ltd 14th December 1998 Chartered Accountants
registration no. 106971W
Place of Incorporation:
Exide Date of appointment :
Pune, Maharashtra India
House,59E 26th July 2019
Chowringhee
Road, Kolkata
700 020
The disclosures on corporate governance as required under Regulation 17 to 27 and Clause (b) to (i) of sub-regulation
(2) of Regulation 46 have been adhered and complied with.
160
MEANS OF COMMUNICATION (NEAPS), BSE Listing Centre and CSE compliance portal,
for dissemination on their respective websites. The stock
Effective communication of information is an essential exchange filings are also made available on the website of
component of Corporate Governance. It is a process of the Company.
sharing information, ideas, thoughts, opinions and plans to
all stakeholders which promotes management- shareholder A. Quarterly results and Audited Financial Results are
relations. The Company regularly interacts with shareholders generally published in the following Newspapers:
through multiple channels of communication such as results
The Telegraph
announcement, annual report, press releases, Company’s
The Mint
website and subject specific communications.
Ananda Bazar Patrika
Website: The primary source of information regarding the
Company’s operations is the company’s website: www. B. The Company’s website at www.exideindustries.com is
exideindustries.com, where all official news releases and regularly updated with financial results.
presentations made to institutional investors and analysts C. Whether MD&A is a part of Annual Report : Yes
are posted. It contains a separate dedicated investors
section, as required under Regulation 46(2) of the Listing D. Whether Official News Releases and Presentations
Regulations at https://www.exideindustries.com/ where made to Institutional Investors/Analysts are posted on
the information for members is available. The audio-video the web-site : Yes
recording of the proceedings of the AGM is also made Presentations made to institutional investors /
available on the Company’s website. analysts: Presentations to be made to the Investors
are also filed with the Stock Exchanges. All price
The Investor Relations page of the Company’s website sensitive information are promptly intimated to the
provides Frequently Asked Questions (FAQ) on various Stock Exchanges before being released to the media,
topics related to transfers and transmissions of shares, other stakeholders and uploaded on the website of the
dematerialisation, nomination, change of address, loss Company
of share certificates, dividend and sub-division of share
certificates. In addition, various downloadable and editable
version of forms required to be executed by the shareholders GENERAL SHAREHOLDER INFORMATION
have also been provided on the website of the Company.
1. The 76th Annual General Meeting is proposed to be held
SEBI vide circular dated 8th April 2022 advised Stock for the financial year: 1st April 2022 to 31st March 2023.
Exchanges to put in place a Standard Operating Procedure
2. The Company has furnished information, as required
(SOP) for operationalizing the resolution of all disputes
under Regulation 36 of SEBI Listing Regulations,
pertaining to or emanating from investor services such
relating to the appointment/re-appointment of directors.
as transfer/transmission of shares, demat/remat, issue of
Shareholders may kindly refer to the Notice convening
duplicate shares, transposition of holders, etc. and investor
the 76th Annual General Meeting of the Company.
entitlements like corporate benefits, dividend, bonus shares,
The name of other companies in which the directors
rights entitlements, credit of securities in public issue, interest
appointed/re-appointed holds directorship and the
/coupon payments on securities, etc. through Arbitration.
membership of committees of the board are also given
The Arbitration Mechanism can be initiated post exhausting
in the annexure to the Notice convening the 76th Annual
all actions for resolution of complaints including those
General Meeting.
received through SCORES Portal. The Arbitration reference
shall be filed with the Stock Exchange where the initial
3. Annual General Meeting for the financial year
complaint has been addressed. If any shareholder have any
2022-23
dispute against the Company and or its Registrar and Share
Transfer Agent (RTA) on delay or default in processing their
request, as per SEBI circular dated 30.05.2022, one can file Date 8th August 2023
for arbitration with Stock Exchange. Venue The Company is conducting the meeting
through VC/OAVM pursuant to MCA circular
The Quarterly Results, Shareholding Pattern and all other dated 5th May 2020, 5th May 2022 and
corporate communication to the Stock Exchanges are filed 28th December 2022
through NSE Electronic Application Processing System Time 10.30 AM
161
4. Tentative financial calendar for 2023-24
First Quarterly Results On or before 14th August 2023

Second Quarterly/Half Yearly Results On or before 14th November 2023
Third Quarterly Results On or before 14th February 2024
Annual Results for the year ending on 31st March 2024 On or before 30th May 2024
Annual General Meeting for the year ending on 31st March 2024 On or before 30th September 2024
5. Dividend Payment Date
The final dividend @ H 2.00 per equity share as recommended by the board at its meeting held on 8th May 2023 for
the year ended 31st March 2023, if approved by the shareholders at the ensuing Annual General Meeting to be held on
8th August 2023, will be paid within 30 days from the date of the Annual General Meeting.
Unclaimed Dividend
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:
DETAILS OF UNCLAIMED DIVIDEND AS ON 31.03.2023
Year Type Account No Date of Declaration Due Date for transfer to IEPF
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 2-Aug-18 07-Sept-25
2019 Interim 50200034736340 5-Nov-18 11-Dec-25
2019 Final 50200042368438 3-Aug-19 08-Sept-26
2020 Interim 50200045484761 6-Nov-19 12-Dec-26
2020 2nd Interim 50200048231700 24-Feb-20 31-Mar-27
2021 Interim 50200055664062 29-Jan-21 6-Mar-28
2022 Interim 50200065491336 31-Jan-22 8-Mar-29
Pursuant to the provisions of Investor Education and re-enactment(s) thereof for the time being in force), the
Protection Fund Authority (Accounting, Audit, Transfer amount of dividend remaining unclaimed or unpaid for
and Refund) Rules, 2016, (hereinafter referred to as a period of seven years from the date of transfer to the
“IEPF Rules”) the Company has uploaded the details of Unpaid Dividend Account and all shares in respect of
unpaid and unclaimed amounts lying with the Company which dividend has not been paid or claimed for seven
as on 31st March 2022, on the Company’s website consecutive years or more is required to be transferred
http://www.exideindustries.com/investors/unclaimed- to the Investor Education and Protection Fund ("IEPF")
dividends.aspx. maintained by the Central Government.
Transfer of Unclaimed Dividend and Shares to The Company had sent notices to all such members in
Investor Education and Protection Fund this regard and also published newspaper advertisement
and, thereafter, transferred the unclaimed dividend
In accordance with the provisions of Sections 124 and shares to IEPF. During the financial year 2022-23
and other applicable provisions, if any, of the Act, unclaimed dividend of H 1,35,98,637 and 2,46,069 (no.)
read with the Investor Education and Protection Fund equity shares were transferred to the Investor Education
Authority (Accounting, Audit, Transfer and Refund) and Protection Fund in respect of which dividend had
Rules, 2016 (including any statutory modification(s) or remained unclaimed/unpaid for a consecutive period
162
of seven years. The process of claiming unpaid/ During the year, the Company also sent reminders to
unclaimed dividend and/or shares transferred by the the concerned shareholders to claim dividend as an
Company to IEPF is provided in the notes to the Notice initiative to reduce the quantum of overall unclaimed
of 76th Annual General Meeting of the Company. The dividends.
Company has uploaded the details of unpaid and
unclaimed amounts lying with the Company as on 31st The Nodal officer of the Company for IEPF refund is
March 2023, on the Company’s website http://www. Mr Jitendra Kumar, whose email id is cosec@exide.
exideindustries.com/investors/unclaimed-dividends. co.in and details of same are also available on the
aspx. website of the Company.
6. Listing of Equity Shares on Stock Exchanges and Stock Code/Symbol
ISIN: INE302A01020
The Equity Shares of the Company are at present listed on the following Stock Exchanges:
Name and Address of the Stock Exchange Stock Code Symbol

The Calcutta Stock Exchange Limited (CSE) 15060 & 10015060 -
7 Lyons Range, Kolkata - 700 001
BSE Limited (BSE) 500086 -
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
National Stock Exchange of India Limited (NSE) - EXIDEIND
Exchange Plaza, 5th Floor, Plot no. C/1, G Block
Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 051
The listing fees for the Financial Year 2022-23 have been paid to the above Stock Exchanges.
7. Stock Market price date for the year on BSE, NSE & CSE
Month BSE(#) NSE(#) CSE*
High (J) Low (J) High (J) Low (J) High (J) Low (J)
April 2022 162.75 151.35 162.80 151.20 * *
May 2022 156.40 135.40 156.40 135.40 * *
June 2022 150.50 130.30 150.50 130.25 * *
July 2022 161.60 136.40 161.65 136.80 * *
August 2022 165.85 152.55 165.50 152.90 * *
September 2022 176.85 152.75 176.80 152.70 * *
October 2022 167.50 152.80 167.50 152.75 * *
November 2022 190.30 163.55 190.35 163.75 * *
December 2022 194.20 174.90 194.20 174.85 * *
January 2023 191.20 173.10 191.35 173.00 * *
February 2023 188.85 171.40 188.85 171.60 * *
March 2023 187.35 170.50 187.40 170.50 * *
(#)
Source BSE and NSE website
* No trading on the exchange
163
8. (a) Performance of Exide Share Price in comparison to BSE Sensex
400 66,000
350 64,000
300 62,000
250 60,000
200 58,000
150 56,000
100 54,000
50 52,000
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
EXIDE BSE SENSEX
(b) Performance of Exide Share Price in comparison to NIFTY
400 16,500
350 16,000
300 15,500
250 15,000
200 14,500
150 14,000
100 13,500
50 13,000
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
EXIDE NIFTY
9. Registrar and Transfer Agent and address for correspondence
The Company has engaged C B Management Services (P) Ltd, a SEBI registered body as its Registrar and Share
Transfer Agent (RTA) for processing transfers, sub-division, consolidation, etc. For any queries relating to shares of
the Company, correspondence may please be addressed to C B Management Services (P) Ltd at P-22 Bondel Road,
Kolkata- 700 019.
Contact Person : Mr Subhabrata Biswas

Designation : President
Tel No. : [033] 4011 6700//4011 6725/ 4011 6729/ 4011 6742
Email : rta@cbmsl.com
Website : www.cbmsl.com
164
For the benefit of shareholders, documents will continue to be accepted at the Registered office of the Company at:
Exide Industries Limited, 59E, Chowringhee Road, Kolkata - 700020
Contact Person : Mr Jitendra Kumar

Designation : Company Secretary and Compliance Officer
Tel No. : [033] 23023400/ 22832118/ 2171
Email : cosec@exide.co.in
Website : www.exideindustries.com
Shareholders are requested to quote their Folio No./DP form with National Securities Depository Limited (NSDL)
ID & Client ID, E-mail address, telephone number and and Central Depository Service (India) Limited (CDSL).
full address while corresponding with the Company and The shareholders are therefore requested to kindly note
its RTA. that physical documents, viz. Demat Request Forms
(DRF) and share certificates, etc. should be sent by
For shares held in physical mode, SEBI vide Circular their Depository Participants (DP’s) directly to the Share
dated 3rd November 2021, and clarification dated Transfer Agents.
14th December 2021 has mandated that from
1st January 2022, any request relating to registration/ Any delay on the part of the DP’s to send the DRF and
updation in the PAN, Bank details, Postal address, the share certificates beyond 15 days from the date
Email address and Mobile number, are to be furnished of generation of the DRN by the DP will be rejected/
in the prescribed Form ISR-1. cancelled. This is being done to ensure that no demat
requests remain pending with the Share Transfer Agent
10. Share Transfer System beyond a period of 15 days. Therefore, shareholders
should ensure that their DPs do not delay sending the
In compliance with regulation 40(1) of the Listing
DRF and share certificates to the Share Transfer Agent
Regulations, request for transfer, transmission
after generating the DRN.
or transposition for securities held in physical
or dematerialised form shall be effected only in Pursuant to the SEBI (Listing Obligations and
dematerialised form. Disclosure Requirements) (Second Amendment)
Regulations, 2021 effective from 5th May 2021, the
Any shareholder desirous of transferring shares (held
Company has obtained from a Company Secretary in
in physical form) can now do so only after the shares
practice, yearly certificate of compliance with the share
are dematerialized. In view of the above and the
transfer formalities as required under Regulation 40(9)
inherent benefits of holding shares in electronic form,
of SEBI Listing Regulations and filed a copy of the said
the shareholders holding shares in physical form are
certificate with stock exchanges.
advised to opt for dematerialization at the earliest.
Suspense Escrow Demat Account
Further in case of Investor Service Requests for issue
of duplicate shares, sub-division, consolidation, Pursuant to SEBI Circular SEBI/HO/MIRSD/MIRSD
renewal/exchange of share certificate, endorsement, RTAMB/P/CIR/2022/8 dated 25th January 2022 (“the
transmission or transposition, the securities holder/ Circular”), listed entities were directed to issue the
claimant has been mandated to submit duly filled up securities in dematerialised form only while processing
Form ISR-4 with the RTA in the manner and format various investor service requests including inter-alia
prescribed by SEBI vide circular no. EBI/HO/MIRSD/ issue of duplicate securities certificate, Renewal /
MIRSD_RTAMB/P/CIR/2022/8 dated 25th January Exchange of securities certificate, Endorsement, Sub-
2022 on “Issuance of Securities in dematerialized form division / Splitting of securities certificate, Consolidation
in case of Investor Service Requests”. The form can of securities certificates/folios, transmission and
be downloaded from the website of the Company at transposition.
https://www.exideindustries.com or from the website of
our RTA at http://www.cbmsl.com/investor-parlour. In case the securities holder/claimant fails to submit
the demat request within 120 days from the date of
The Company’s shares are compulsorily traded issuance of letter of confirmation, the Companies shall
in dematerialised mode on the stock exchanges. credit the securities to the Suspense Escrow Demat
The Company has also made arrangements for Account of the company.
dematerialisation of its shares currently held in physical
165
In this regard the Company has opened a separate These forms can be downloaded from the website of
demat account with the nomenclature “Suspense the Company at https://www.exideindustries.com or
Escrow Demat Account” for the purpose of the above- from the website of our RTA at http://www.cbmsl.com/
mentioned circular. investor-parlour.
There are 2060 no. of shares lying unclaimed in the However, if the shares are held in dematerialised form,
suspense escrow demat account of the Company as the nomination has to be intimated to your depository
on 31st March 2023. participant(s) directly, as per the format prescribed by them.
11. Nomination Facility Investors, especially those holding securities in single

name, are advised to avail themselves of this facility
It is now mandated by SEBI to either provide nomination to avoid the expensive and long-drawn process of
or opt out by declaring that there is no nominee. For transmission by law.
shares held in physical mode, with reference to Circular
dated 3rd November 2021, and clarification dated 14th 12. Share Transfer Record
December 2021 issued by SEBI, Shareholders whose
nomination details are not updated, are requested to No. of No. of shares
Month
submit relevant Forms viz., ISR-3, SH-13, SH-14 for Transfer processed
registering/changing Nomination, as applicable. Apr-2022 to March-2023 NIL NIL
13. Distribution of Shareholding as on 31st March 2023

Shares Shareholders*
Range No. of shares of face % of total Total no. of % of Total
value J 1/- each shares holders holders
1-5000 9,05,22,093 10.65 7,21,299 99.47
5001-10000 1,47,94,568 1.74 2,076 0.29
10001-20000 1,34,17,802 1.58 958 0.13
20001-30000 72,76,820 0.86 297 0.04
30001-40000 42,38,242 0.50 121 0.02
40001-50000 33,02,518 0.39 73 0.01
50001-100000 81,20,535 0.95 115 0.01
100001 & above 70,83,27,422 83.33 224 0.03
TOTAL 85,00,00,000 100.00 7,25,163 100.00
* Non-consolidation basis
14. Shareholding pattern of the Company as on 31st March 2023

% of total issued
Category No. of shares
shares
Promoter Holding 39,09,54,666 45.99
Foreign Portfolio Investors 10,47,38,828 12.32
Alternate Investment Funds 30,67,043 0.36
Non-Resident Individual 75,46,864 0.89
Foreign National 76,726 0.01
Mutual Funds 8,31,46,456 9.78
Financial Institutions, Insurance Companies & Banks 7,46,16,684 8.78
Public 13,64,12,626 16.05
Bodies Corporate 4,40,61,042 5.18
Clearing Member 32,781 0.00
Trust 2,18,898 0.03
Directors & their relatives 2,42,596 0.03
Investor Education and Protection Fund 48,82,730 0.58
Suspense Escrow Account 2,060 0.00
Total 85,00,00,000 100.00
166
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 31st March 2023, 99.25 percent of the Company’s total shares representing 84,35,96,378 shares are held in
dematerialized form and 0.75 per cent representing 64,03,622 shares are in physical form.
Number
Category % to total equity
Shareholders Shares
Demat Mode
NSDL 1,92,447 78,76,98,689 92.67
CDSL 5,29,877 5,58,97,689 6.58
Total 7,22,324 84,35,96,378 99.25
Physical Mode 2,839 64,03,622 0.75
Grand Total 7,25,163 85,00,00,000 100.00
* Non-consolidation basis
16. Outstanding GDRs/ADRs/Warrants or any convertible instruments, conversion date and likely impact on equity
The Company has not issued any GDRs, ADRs, Warrants or any other convertible instruments.
17. Cost Audit
Name of the Cost Auditor: Mani & Co., Cost Accountants

Ashoka, 111, Southern Avenue
Kolkata 700029
Regn No.: 000004
Actual date of filing the Cost Audit Report 26th August 2022
for 2021-22
18. Commodity Price risk or Foreign Exchange risk and Hedging activities
The same has already been explained under the heading ‘Disclosures’ in this report.
19. Plant Locations

State Address
West Bengal 91 New Chord Road, Authpur, Shamnagar, 24 Parganas (N)- 743 128
Durgachak, Haldia, Dist Midnapore, West Bengal- 721 602
Haryana Plot No. 179, Sector 3, HSIIDC Growth Centre, Bawal- 123 501
Maharashtra D2, MIDC Industrial Estate, Chinchwad East, Pune- 411 019
Plot No. T-17 MIDC Taloja Industrial Area, Taloja- 410 208
E-5, MIDC, Nagpur Taluka, Ahmednagar - 414 111
Tamil Nadu Chichurakanapalli, Sevaganapalli Panchayat, Hosur Taluk, Dist Krishnagiri - 635 103
Uttarakhand Khasra No. - 275, Lakeshwari Industrial Area, Bhagwanpur, Roorkee, Dist-Haridwar – 247 661
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
167
20. 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+
Long-term banking facility (Fund based and Non fund based facility) ICRA AAA (Stable)
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
Particulars Status
The Board Not adopted
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.
Shareholders Rights Not adopted
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’s financial
Company may move towards a regime of financial statements with unmodified audit opinion statements have
unmodified audit
opinion.
Separate posts of Chairperson and the Managing Director or the Chief Executive Officer Adopted
The listed entity may appoint separate persons to the post of the Chairperson and the
Managing director or the Chief Executive Officer, such that the Chairperson shall –
(a) be a non-executive director; and
(b) not be related to the Managing director or the Chief Executive Officer as per the definition of
the term “relative” defined under the Companies Act, 2013
Reporting of Internal Auditor Adopted
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.
Sd/- Sd/-
168
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 by the Institute of the Chartered Accountants of India
(the “ICAI”), in so far as applicable for the purpose of
1. This certificate is issued in accordance with the terms of this certificate. The Guidance Note requires that we
our engagement letter dated November 02, 2022 and comply with the ethical requirements of the Code of
addendum to the engagement letter dated April 10, 2023. Ethics issued by the ICAI.
2. We have examined the compliance of conditions of 7. We have complied with the relevant applicable
Corporate Governance by Exide Industries Limited requirements of the Standard on Quality Control (SQC)
(“the Company”), for the year ended 31 March 2023, 1, Quality Control for Firms that Perform Audits and
as stipulated in regulations 17 to 27, clauses (b) to Reviews of Historical Financial Information, and Other
(i) of regulation 46(2) and paragraphs C, D and E of Assurance and Related Services Engagements.
Schedule V of the Securities Exchange Board of India
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended from time to time Opinion
(“Listing Regulations”) pursuant to the Listing
8. In our opinion and to the best of our information and
Agreement of the Company with Stock Exchanges.
according to the explanations given to us, wecertify
that the Company has complied with the conditions
Management’s Responsibility of Corporate Governance as stipulated inthe above-
mentioned Listing Regulations.
3. The compliance of conditions of Corporate Governance
as stipulated under the listing regulations is the 9. We state that such compliance is neither an assurance
responsibility of the Company’s Management including as to the future viability of the Company nor theefficiency
the preparation and maintenance of all the relevant or effectiveness with which the management has
records and documents. This responsibility includes conducted the affairs of the Company.
the design, implementation and maintenance of internal
control and procedures to ensure the compliance with
Restriction on use
the conditions of Corporate Governance stipulated in
the Listing Regulations. 10. The certificate is addressed and provided to the
Members of the Company solely for the purpose
ofenabling the Company to comply with the requirement
Auditors’ Responsibility
of the Listing Regulations and should not beused by
4. Our examination was limited to procedures and any other person or for any other purpose. Accordingly,
implementation thereof, adopted by the Company for we do not accept or assume any liabilityor any duty of
ensuring the compliance of the conditions of the Corporate care for any other purpose or to any other person to
Governance. It is neither an audit nor an expression of whom this certificate is shown orinto whose hands it
opinion on the financial statements of the Company. may come without our prior consent in writing.
5. Pursuant to the requirements of the Listing Regulations,

it is our responsibility to provide a reasonable assurance For B S R & CO LLP
whether the Company has complied with the conditions Chartered Accountants
of Corporate Governance as stipulated in Listing Firm’s Registration No: 101248W/W-100022
Regulations for the year ended 31 March 2023.
6. We conducted our examination of the above corporate Sd/-

governance compliance by the Company in accordance Jayanta Mukhopadhay
with the Guidance Note on Reports or Certificates for Partner
Special Purposes (Revised 2016) and Guidance Note Place : Mumbai Membership No: 055757
on Certification of Corporate Governance both issued Date : 08 May 2023 UDIN - 23055757BGYIHI1560
169
Certification by Chief Executive Officer (CEO) & Chief Financial Officer (CFO)
The Board of Directors

Exide House
59E, Chowringhee Road
Kolkata – 700 020
We, Mr. Subir Chakraborty, Managing Director & CEO and A.K.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
31st March, 2023.
1. To the best of our knowledge and belief, we certify that:
a) these statements do not contain any materially untrue statement or omit anymaterial fact or contain statements that
might be misleading;
b) these statements together present a true and fair view of the Company’s affairs andare in compliance with existing
accounting standards, applicable laws andregulations; and
c) there are no transactions entered into by the Company during the year which arefraudulent, illegal or violative of the
Company’s Code of Conduct;
2. For the purposes of financial reporting, we accept the responsibility for establishing andmaintaining internal controls and
that we have evaluated the effectiveness of the internalcontrol systems of the Company pertaining to financial reporting
and we have disclosed tothe Auditors and the Audit Committee, and further state that there were no deficiencies inthe
design or operation of such internal controls.
3. 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/-
Subir Chakraborty A K Mukherjee
Place : Kolkata Managing Director & CEO Director-Finance & CFO
Date : 6th May 2023 DIN : 00130864 DIN : 00131626
170
Annual Declaration under Regulation 34(3) read with Part D of Schedule V of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
DECLARATION
As required under Regulation 34(3) read with Part D of Schedule V of Securities and Exchange Board of India (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 Code of Conduct of the Company for the year ended 31st
March 2023.
Sd/-
Subir Chakraborty
Place : Kolkata Managing Director & CEO
Date : 1st May 2023 DIN : 00130864
171
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 LTD.
59E, Chowringhee Road
Kolkata – 700 020
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 portal www.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 31st March, 2023 have been debarred or disqualified from being appointed or continuing as Directors of
companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sl. Date of appointment in

Name of the Director DIN
No. the Company
1 Mr. SUBIR CHAKRABORTY 00130864 01/05/2013
2 Mr. BHARAT DHIRAJLAL SHAH 00136969 30/04/2015
3 Mr. RAJAN BEHARILAL RAHEJA 00037480 12/12/1991
4 Mr. ASISH KUMAR MUKHERJEE 00131626 20/04/2007
5 Mr. ARUN MITTAL 00412767 01/05/2016
6 Mr. SURIN SHAILESH KAPADIA 00770828 25/10/2017
7 Mr. SRIDHAR GORTHI 00035824 29/07/2022
8 Ms. MONA NINAD DESAI 03065966 28/04/2010
9 Mr. AVIK KUMAR ROY 08456036 01/05/2021
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. 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

Company Secretaries
Sd/-
SUSHIL TIWARI
Proprietor
UDIN No. : A006199E000037516
Dated : 07/04/2023 Peer Review Certificate no. : 2249/2022
172
Annexure-IV
Annual Report on Corporate Social Responsibility (CSR) activities
1. Brief Outline on CSR Policy of the 135 of the Companies Act and rules made thereunder.
The CSR policy of the Company provides guidelines
Company:
for selection, implementation and monitoring of CSR
Sustainable development remains the fundamental projects, roles and responsibilities of CSR Committee,
driver of Exide’s long-term values and vision. The guidance for formulation of annual action plan, defining
Company understands that many of the persistent obligations of implementing partners, methodology for
challenges that humanity faces today like ensuring impact assessment, treatment of surplus generated
equitable and inclusive growth, managing climate (if any) and disclosures.
change, taking care of communities, etc. require
The key guiding principle for Exide’s CSR initiatives is
continuous focus. Exide has therefore identified the
to be responsive, flexible and inclusive in the endeavor
following 5 core themes for its CSR projects: -
to meet the aspirations of neighboring communities
Enhancing learning outcomes through Exide Akshar, through its CSR programs. The CSR programs of the
Company are aligned to Schedule VII of the Companies
Promoting healthy communities through Exide Aarogya,
Act, 2013. The Company implements its CSR programs
Empowering Communities through Exide Saksham, either directly or through NGO partner eligible to
implement CSR programs as envisaged in Section 135
Enhancing employability through Exide Kaushal and
of the Companies Act and rules made thereunder.
Environment protection through Exide Paryavaran.
The CSR policy of the Company is available on the
Exide has a board approved Corporate Social Company’s website at https://www.exideindustries.
Responsibility Policy which is in compliance with Section com/sustainability/csr-policy.aspx.
2. Composition of CSR Committee:

Number of meetings Number of meetings
Sl. Designation / Nature of
Name of director of CSR Committee of CSR Committee
No. Directorship
held during the year attended during the year
1 Mr Bharat D Shah Independent & Non-executive 4 4
director (Chairman)
2 Mr Sudhir Chand* Independent & Non-executive 4 1
director
3 Ms Mona Desai** Independent & Non-executive 4 2
director (Member)
4 Mr Subir Chakraborty Executive director (Member) 4 4
5 Mr Avik Kumar Roy Executive director (Member) 4 4
** Appointed as member w.e.f. 29th July 2022
173
3. Provide the web-link(s) where Composition of 4. Provide the executive summary along with web-
CSR Committee, CSR Policy and CSR Projects link(s) of Impact Assessment of CSR Projects
approved by the board are disclosed on the carried out in pursuance of sub-rule (3) of rule 8, if
website of the Company. applicable.
The CSR policy of the Company is available on the The Company in pursuance to sub-rule (3) of rule 8
Company’s website at https://www.exideindustries. of the Companies (Corporate Social Responsibility
com/sustainability/csr-policy.aspx. Policy) Amendment Rules, 2021 has undertaken Impact
Assessment of 5 (five) CSR projects with an outlay of
The composition of the CSR committee of the Board more than H 1.0 Crore each, through an independent
of Directors is available on the Company’s website agency, which are implemented in the year 2021-22.
at https://www.exideindustries.com/about/board- The executive summary of impact assessment report is
committees.aspx. placed at Annexure A. The detailed impact assessment
report can be accessed through the web link https://
The Annual CSR plan for the year 2022-23 can be
www.exideindustries.com/sustainability/ .
accessed through the Company’s website at https://
www.exideindustries.com/sustainability/.
5. (a) Average net profit of the company as per sub-section (5) of section 135. H 10,16,27,50,873/-
(b) Two percent of average net profit of the company as per sub section (5) of section 135 H 20,32,55,017/-
(c) Surplus arising out of the CSR Projects or programmes or activities of the previous H 99,47,632/-*
financial years.
(d) Amount required to be set-off for the financial year, if any. Nil
(e) Total CSR obligation for the financial year [(b) + (c) – (d)] H 21,32,02,649/-
* This includes an amount of H 49,44,180/- generated as CSR surplus against CSR projects implemented in the year 2022-23.
6. (a) Amount spent on CSR Projects (both Ongoing and other than Ongoing Project). H 20,87,61,932/-
(b) Amount spent in Administrative Overheads H 37,64,013/-
(c) Amount spent on Impact Assessment, if applicable H 9,44,000/-
(d) Total amount spent for the Financial Year [(a) + (b) + (c)] H 21,34,69,945/-
6. (e) CSR amount spent or unspent for the financial year
Amount Unspent (In J)

Total Amount Spent Total Amount transferred to Amount transferred to any fund specified
for the Financial Year Unspent CSR Account as per under Schedule VII as per second proviso to
(In J) sub-section (6) of section 135. sub-section (5) of section 135.
Amount Date of transfer Name of Fund Amount Date of transfer.
21,34,69,945 NA NA NA NA NA
6. (f) Excess amount for set-off, if any:
Sl. No. Particular Amount (in J)

(1) (2) (3)
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 20,32,55,017
(ii) Total amount spent for the Financial Year 21,34,69,945
(iii) Excess amount spent for the Financial Year [(ii) – (i)] 1,02,14,928
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous 99,47,632*
Financial Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii) – (iv)] Nil**
* This includes an amount of H 49,44,180/- generated as CSR surplus against CSR projects implemented in the year 2022-23.
* * The company has spent an amount of H 2,67,296 over and above its CSR obligation. However, this excess amount is not considered for set off in the
next year.
174
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
1 2 3 4 5 6 7 8
Amount Balance Amount transferred to a
transferred Amount in Fund as specified under
Amount
to Unspent Unspent Amount Schedule VII as per
remaining to
CSR CSR spent second proviso to sub-
Preceding be spent in
Sl. Account Account in the section (5) of section Deficiency,
Financial succeeding
No. under sub- under sub- Financial 135, if any if any
Year(s) Financial
section (6) section (6) Year
Years
of section of section (In J) Amount Date of
(in J)
135 135 (in J) transfer
(in J) (in J)
1 FY- 21-22 3,00,00,000 2,80,00,000 65,77,995 - - 2,14,22,005 NA
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year: -
√ Yes No
If Yes, enter the number of Capital assets Created / acquired 30
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
Date of
creation/
acquisition
Final
Capital Assets of Capital CSR
Expenditure Registered Address of the agency
Sl. created (details PIN Asset (Date of Registration Name of Agency to
(Rounded off / public entity to whom asset
No. of deliverables/ Code procurement or No., if whom transferred.
to nearest transferred.
items procured) completion or applicable
Rupee)
final payment or
handover - as
applicable)
1 Construction of 721658 30.11.2022 20,79,922 CSR00000812 Bharat Sevashram 211 Rash Behari Avenue,
Community Hall Sangha Ballygunge, Kolkata 700019
(approx. 2002
sq. ft.) at Bharat
Sevashram
Sangha, Horekhali,
Sutahata,
Midnapore (E),
West Bengal.
2 Tata Winger 410402 17.08.2022 17,34,215 CSR00001870 India Sponsorship Mathuradas Estate Building No 1,
Van (1 no.) for Committee Colaba Causeway, Mumbai 400 001
School at Antar
Bharati Balgram,
Near Bhushi
Dam, Kurwande,
Lonavala, Dist.
Pune, Maharashtra.
175
Date of
creation/
acquisition
Final
Rupee)
final payment or
handover - as
applicable)
3 Construction of 411038 20.03.2023 20,00,003 NA New English School, New English School, Marunji,
2 Classrooms Marunji, Hinjewadi, Hinjewadi, Pune -411038
(approx. 14000 sq. Pune, Maharashtra
ft) At New English
School, Marunji,
Hinjewadi, Pune,
Maharashtra
4 Constructions 743332 30.12.2022 13,32,995 CSR00004888 Young Men's Welfare Sarkarpole, Budge-Budge Trunk
of 2 Classrooms Society Road. Kolkata - 700143
(approx. 1000 Sq.
ft.) at Khelaghar,
Raghunathpur, Dist.
South 24 Pargana,
West Bengal.
5 Mini Science 247661 22.08.2022 4,13,000 NA Government Girl’s Government Girl’s Inter College,
Centre Inter College, Sikroda, Bhagawanpur, Haridwar –
Sikroda, Bhagwanpur 247661
6 Musical 247661 22.08.2022 85,762 NA Kasturba Gandhi Kasturba Gandhi Balika Vidyalaya,
Instruments for Balika Vidyalaya, Mohitpur Bhagawanpur, Haridwar
training. Mohitpur, 247661
Bhagawanpur.
7 Electrical Fixtures. 247668 01.08.2022 8,23,155 NA Government Inter Government Inter College,
College, Kunja Kunja Bahadurpur, Ikbalpur,
Bahadurpur. Haridwar-247668
8 Green Board and 249403 01.07.2022 18,09,629 NA Government Primary Government Primary School,
furniture. School, Salempur. Salempur, Bhadrabad, Haridwar
-249403
9. Furniture at- 247661 01.07.2022 7,79,000 NA Government High Government High School,
Government School, Dheermajara, Dheermajara, Bhagawanpur,
High School, Bhagawanpur. Haridwar – 247661
Dheermajara,
Bhagawanpur,
Uttarakhand.
10. Furniture. 247661 01.07.2022 82,000 NA Government Upper Government Upper Primary School,
Primary School, Dheermajara, Bhagawanpur,
Dheermajara, Haridwar – 247661
Bhagawanpur.
11. 1 Computer 562135 27.01.2023 91,800 NA Government Higher Government Higher Primary School,
system, 1 Internet Primary School Polanahalli, Channarayapattana
dongle- G, 1 Panchayat, Devanahalli Taluka,
Speaker, 4 library Bangalore Rural District, Karnataka
racks and cooking
12. 1 Computer 562135 27.01.2023 65,500 NA Government Higher Government Higher Primary
system, 1 internet Primary School School, Cheemachananahalli
dongle, 1 Speaker, Channarayapattana Panchayat,
3 Library Racks Devanahalli Taluka, Bangalore Rural
and 2 Badminton District, Karnataka
Poles
176
Date of
creation/
acquisition
Final
Rupee)
final payment or
handover - as
applicable)
13. Incinerator 562135 28.3.2023 36,000 NA Aanaganwadi Aanaganwadi, Polanahalli,

Polanahalli. Channarayapattana Panchayat,
Devanahalli Taluka, Bangalore Rural
District, Karnataka
562135 28.3.2023 NA Milk Dairy, Polanahalli Milk Dairy, Polanahalli,
Channarayapattana Panchayat,
district, Karnataka
562135 28.3.2023 NA Aanganwadi, Aanganwadi cheemachananahalli
cheemachananahalli Channarayapattana Panchayat,
district, Karnataka
562135 28.3.2023 NA Milk Dairy, Milk Dairy Cheemachanahalli-
Cheemachanhalli cheemachananahalli
Channarayapattana Panchayat,
district, Karnataka
14 1 RO System-50 L 635114 12.09.2022 60,680 NA Government Primary Government Primary School,
and 2 cup board School, Kagganur Kagganur, Kagganur- Nallur Road,
Devaganapalli B.O (post office),
Hosur Taluk, Krishnagiri District, Tamil
Nadu
15 1 RO System- 25 L 635103 13.12.2022 77,794 NA PUP School, PUP School, Sevaganapalli,
at, 2 smart TVs and Sevaganapalli Sevaganapalli village, Hosur (Taluka),
1 printer Krishnagiri District, Tamil Nadu
16 Furniture 635103 05.01.2023 64,000 NA Government Government Primary School,
Primary School, Chokkarasanapalli, Kothapalli village,
Chokkarasanapalli Sevaganapalli B.O. post office,
Hosur Taluka, Krishnagiri District,
Tamil Nadu
17 Block B and 758078 31.03.2023 50,00,000 CSR00002318 Utkal Gaurav Utkal Gaurav Foundation M -37,
Infrastructure of the Foundation. CRPF Colony, Baramunda Housing
School Complex Board Colony, IRC Village, Nayapalli,
at Utkal Gaurav Bhubaneswar, Odisha 751016
International
School,
Berunapadi, PO/
PS SoSo, Block:
Hatadihi, District:
Koenjhar, Odisha
18 Benches, boundary 722132 09.03.2023 2,00,000 NA Namo Sushunia Namo Sushunia Primary School,
wall and other Primary School Bankura, West Bengal - 722132
fixtures
19. Smart Classroom 743165 31.03.2023 93,45,700 NA Nivedita Narendra Nivedita Narendra Vidyaniketan
with Kyan Device, Vidyaniketan
Jan Mohmmad Ghat Road Naihati,
Board and Other
North 24 Pargana, West Bengal.
accessories
177
Date of
creation/
acquisition
Final
Rupee)
final payment or
handover - as
applicable)
700121 NA Shyamnagar Rishi Shyamnagar Rishi Aurobindo Balika

Aurobindo Balika Vidyalaya, Shyamnagar
Vidyalaya.
Barrackpore Barasat Road Sevali,
Telinipara, Debpukur, North 24
Pargana, West Bengal
743127 NA Gurdah Rishi Gurdah Rishi Aurobindo
Aurobindo Vidyaniketan, Shyamnagar, North 24
Vidyaniketan Pargana, West Bengal
741222 NA Shyamnagar Kanti Shyamnagar Kanti Chandra High
Chandra High School School
School para, Rahuta Road, po -

Shyamnagar, North 24 Pargana,
West Bengal
700123 NA Barrackpore Girls’ Barrackpore Girls’ High School,
High School, Barrackpore
Barrackpore
ward 12, North 24 Pargana, West
Bengal
743126 NA Taraknath Balika Taraknath Balika Vidyamandir,
Vidyamandir, Shyamnagar, Bhatpara, Jagatdal,
Shyamnagar North 24 Pargana, West Bengal
743127 NA Shyamnagar Balika Shyamnagar Balika Vidyalaya,
Vidyalaya 71 Basudevpur Road, PO –
Shyamnagar, North 24 Pargana,
West Bengal
743127 NA Mulajore Sitanath Mulajore Sitanath Pathsala,
Pathsala Shyamnagar
1, Rahuta Road, Shyamnagar, North

24 Pargana, West Bengal
414111 NA Kai. Balasaheb Kai. Balasaheb Keshav Thakare
Keshav Thakare (MNP) School, Bolhegaon,
(MNP) School, Ahmednagar, Maharashtra
Bolhegaon
414601 NA Ujjainimata Ujjainimata Madhyamik Vidyalaya
Madhyamik Vidyalaya Pimpalgaon Ujjaini, Ahmednagar,
Pimpalgaon Maharashtra
414001 NA Panchashil Panchashil Vidya Mandir,
Vidya Mandir, Siddharthnagar, Ahmednagar,
Siddharthnagar, Maharashtra
Ahmednagar
422605 NA Mahatma Phule Mahatma Phule Madhyamik school,
Madhyamik school, Sangamner, Ghulewadi Rd, Sathe
Sangamner, Nagar, Sangamner, Ahmednagar,
422605 NA Siddharth Vidyalaya, Siddharth Vidyalaya, Sangamner,
Sangamner, Ahmednagar, Maharashtra
Ahmednagar
414001 NA Maharshi G.J. Maharshi G.J. Chitambar Vidya
Chitambar Vidya Mandir, Near Subjail, Zharekar
Mandir, Galli, Near Sub jail, Nalegaon,
Ahmednagar, Maharashtra
178
Date of
creation/
acquisition
Final
Rupee)
final payment or
handover - as
applicable)
414111 NA Z.P. School Gajanan Z.P. School Gajanan Vasahat,

Vasahat Gajanan Vasahat, Ahmednagar,
Maharashtra.
743332 CSR00004888 Young Men's Welfare Sarkarpole, Budge-Budge Trunk
Society Road. Kolkata - 700143
700016 CSR00010993 All Bengal Women's All Bengal Women’s Union Primary
Union (Primary School, 89, Elliot Road, Kolkata,
School) West Bengal
20 Sanitation Units 700122 31.03.2023 49,61,425 NA NCP Mamatinath NCP Mamatinath Girls High School,
and Smart Girls High School. Barrackpore
Classrooms with
Shibtala Road, Near Masjid More,
Kyan Device,
North 24 Pargana, West Bengal
Board and other
414001 31.03.2023 NA Dadasaheb Rupwate Dadasaheb Rupwate Vidyalaya &
accessories.
Vidyalaya & Jr. Jr. college, Topkhana, Ahmednagar,
college Maharashtra
414001 31.03.2023 NA Ahmednagar Urdu Ahmednagar Urdu school,
school. Ahmednagar 1248/49Moulana Azad
Road Beldar Galli Ahmednagar,
Maharashtra
414001 31.03.2023 NA St. Xavier's High St. Xavier’s High school & Jr.
school & Jr. College College, Outram Road, Tarakpur,
Ahmednagar, Maharashtra
21 Sanitation unit in 422605 31.03.2023 49,00,000 NA Mahatma Phule Mahatma Phule Education Society
school. Education Society School, Savedi Ghulewadi Rd, Sathe
School Nagar, Sangamner, Ahmednagar,
Maharashtra
411035 31.03.2023 NA Pandit Jawaharlal Pandit Jawaharlal Nehru Nagar
Nehru Nagar Kanya Kanya Prathmik School, Akurdi –
Prathmik School Pune, Maharashtra
411057 31.03.2023 NA Kaspate Vasti Kaspate Vasti Prathmik School,
Prathmik School, Pune, Maharashtra
411017 31.03.2023 NA Madhyamik Vidyalay Madhyamik Vidyalay Sant
Sant Tukaramnagar Tukaramnagar, Pimpari – Pune,
Maharashtra
411017 31.03.2023 NA Krantijyoti Savitribai Krantijyoti Savitribai Phule Sanstha’s
Phule Sanstha's Primary School, Chinchwad – Pune,
Primary School Maharashtra
411019 31.03.2023 NA D. B. English Medium D. B. English Medium School,
School, Chinchwad – Pune, Maharashtra
411033 31.03.2023 NA Adarsh Balak Mandir, Adarsh Balak Mandir, Chinchwad –
Chinchwad. Pune, Maharashtra
22 WASH 561203 31.03.2023 3,56,00,000 NA Government First Government First Grade College
infrastructure, Grade College Doddaballapur, Bengaluru Rural
Laboratory Doddaballapur. District, Karnataka
Furniture, 560064 NA Government First Government First Grade College
Laboratory Grade College Yelahanka, Bangalore Karnataka.
Equipment, Library Yelahanka
Equipment and
Sports materials.
179
Date of
creation/
acquisition
Final
Rupee)
final payment or
handover - as
applicable)
23 Construction of 414111 10.01.2023 7,25,479 NA Primary School, Primary School, Nimblak Islak,
Toilets of 80 sq. Nimblak Islak, Ahmednagar, Maharashtra – 414111
mtr. at Primary Ahmednagar
School, Nimblak
Islak, Ahmednagar,
Maharashtra
24 Installation of 414106 27.03.2023 2,36,000 NA Navnath Primary Navnath Primary School, Karanji, Tal:
benches (200 Nos.) School, Karnali Pathardi, Ahmednagar, Maharashtra
– 414111
25 Construction of 414111 27.03.2023 4,80,246 NA Primary School Primary School at Nimblak Islak,
Kitchen Shade 27 at Nimblak Islak, Ahmednagar, Maharashtra – 414111
sq. mtr. Ahmednagar.
26 Construction of 743123 29.09.2022 2,06,937 NA Shree Ramkrishna Shree Ramkrishna Vivekananda
washrooms (96 sq. Vivekananda Sangha, 39/1, Mukherjee Para Road.
mtr.) and 2 water Sangha. PO - Bhatpara, Dist. - North 24
coolers with purifier. Pargana, West Bengal - 743123
27 Gaushala Building 410201 31.03.2023 50,00,000 CSR00022085 Kamdhenu Gau Kamdhenu Gau Dhaam Trust,
and Fodder Shed Dhaam Trust.
B-4/54, Third Floor, Safdurjung
(7201 Sq. ft.),
Enclave, New Delhi 110029
Mouje, Kamatpada,
Survey No. 4/4,
8/3,7/4, Village
Kamtapada,
Jamrung, Karjat,
Dist. Raigad,
Maharashtra
28 Fitness Equipment 410208 19.11.2022 4,97,000 NA Senior Police Taloja Police Station, Taloja MIDC,
(Treadmill – 1, Inspector, Taloja Taluka Panvel, Dist. Raigad,
Elliptical Cross Police Station. Maharashtra – 410208
Trainer 3000 – 1
and 2-ton AC) at
Community Fitness
Centre, Taloja
Police Station,
Taloja M.I.D.C.,
Taluka Panvel,
Dist. Raigad,
Maharashtra.
29 Water Purifier 743123 23.03.2023 7,86,550 NA Bhatpara Nari Siksha Bhatpara Nari Siksha Mandir, 27,
(Eureka Forbes Mandir Nyaya Lanker Thakur Road. PO -
Make) Bhatpara. Dist - North 24 Pargana,
West Bengal - 743123
743127 NA Mulajore Sitanath Mulajore Sitanath Pathsala (H.S.),
Pathsala 1/1, Rahuta Road, Shyamnagar.
PO - Shyamnagar, Dist - North 24
Pargana, West Bengal.
180
Date of
creation/
acquisition
Final
Rupee)
final payment or
handover - as
applicable)
743165 NA Naihati Narendra Naihati Narendra Vidyaniketan, H.S.

Vidyaniketan
44, Jan Md. Ghat Road. Naihati, Dist-
North 24-Pargana, West Bengal.
700121 NA Sewli Balika Sewli Balika Vidyalaya (H. S.)
Vidyalaya
PO - Sewli, Telinipara. Debpukur.
Dist. - North 24-Pargana West
Bengal.
700122 NA Manmathanath Girls' Manmathanath Girls’ School (H. S.)
School
Shibtala Road. PO - Nona Chandan
Pukur, Barrackpore. Dist. - North
24-Pargana, West Bengal.
700123 NA Barrackpore Girl's Barrackpore Girl’s High School
High School
PO - Talpukur. Dist - North
24-Pargana, West Bengal.
30 Medical equipment 700017 24.01 2023 14,48,271 CSR00000975 Institute of Institute of Neuroscience, 185/1 AJC
(one RF Plasma Neuroscience Bose Road, Kolkata-700017
machine & Gen
Expert Module)
at Institute of
Neuroscience,
185/1 AJC Bose
Road, Kolkata,
West Bengal
9. Specify the reason(s), if the company has failed to spend two percent of average net profit as per sub-section (5) of
section 135: Not Applicable.
Sd/- Sd/-
Subir Chakraborty Bharat D Shah
Place : Mumbai Managing Director & CEO Chairman CSR Committee
181
Annexure A
Executive Summary of Impact Assessment

Thematic areas Project locations
Healthcare
Haryana Uttarakhand
Public health emergencies education • Bawal • Haridwar
Skill development
WaSH West Bengal

• Bhagabatipur
• Haldia
Maharashtra
• Joynagar
12
• Ahmednagar
• Kolkata
• Chinchwad
• Shyamnagar
• Mumbai
• Taloja
Locations
Tamil Nadu
• Hosur
5 Project-wise funding:
big-ticket projects
Amount spent
Project
• Donation of medical equipment at the Diabetic (J crore)
Association of India Donation of medical equipment at the 4.12
Diabetic Association of India
• Donation of rations and immunityboosters: Aabhar
Campaign Distribution of food products to covid 1.39
frontline workers
• Donation of medical equipment and materials for Covid Donation of medical equipment and 1.15
relief at the hospitals across India materials for Covid relief at the hospitals
across India
• Creation of smart classes and WaSH infrastructure at Creation of smart classes and WaSH 1.17
schools infrastructure at schools
Skills augmentation 7.39
• Skills augmentation
Total funding in FY 2021-22:
H 15.22 crore
182
Sustainable Development Goals (SDGs) SDG-wise spend

covered
46.7%
Donation of medical equipment at the Diabetic
Association of India
10.2%
Donation of rations and immunityboosters: Aabhar
Campaign
39.1%
Donation of medical equipment and materials for

Covid relief at the hospitals across India
4.0%
Creation of smart classes and WaSH infrastructure

at schools
Number of lives touched
Skills augmentation
~1,94,000
Estimated number of lives
Project
touched in 2021-22
Creation of smart classes and WaSH infrastructure at schools
17,500
Donation of medical equipment and materials for Covid relief at the hospitals across India
70,000
Donation of rations and immunity-boosters: Aabhar Campaign
35,000+
Donation of medical equipment at the Diabetic Association of India
70,000+
Skills augmentation
1,200+
183
Total volunteering hours: Project-wise
Project Total volunteering hours

Donation of rations and immunity-boosters: Aabhar Campaign
50
Donation of medical equipment and materials for Covid relief at the hospitals across India
1,225
Skills augmentation
176
TOTAL
1,451
Apart from the projects mentioned above, the employees of Exide donated 657 volunteering hours in 2021-22 in other
programmatic interventions of the Company.
Creation of smart classes and WaSH infrastructure • 35,000+ people benefitted.

at schools • The ration distributed in Kolkata was sufficient to sustain
a family of four for two months.
• 93% of students preferred smart classes over the
traditional method. Donation of medical equipment to the Diabetic
• The smart classes improved students' attendance in the Association of India
schools. • More than 72,000 patients treated in 2021-22. 68%
• The smart classes had a direct positive impact on increase over 2020-21.
students' understanding of the subjects, particularly the • The intervention improved efficiency in ICU,
science subjects. microbiology, central sterile services and
• The teachers confirmed that the smart classes led to mammography.
increase in attendance in the schools. • The doctors confirmed a reduction in the turnaround
• Augmentation of WaSH facilities in the Tiljala school is time and improved health outcomes because of the
expected to improve the healthy practices in students, capital assets introduced in the hospital with the
particularly adolescent girls. financial grant of Exide.
Donation of medical equipment and materials for • Treated more than 5,000 Covid patients during 2021-22.
Covid relief at hospitals across India • Developed centres of excellence in Diabetes, Oncology,
Orthopaedics, and critical care.
• At Haridwar, medical equipment was given to three
medical facilities for fighting Covid, viz., Mela Hospital, Skills augmentation
CHC Bhagwanpur and Civil Hospital (Roorkee).
• 1200+ apprentices trained under the CSR programme
• Materials and equipment were given to the Sevanganapalli in 2021-22. The majority of the apprentices were from
Panchayat and a Covid Care Centre in Hosur. Ahmednagar, Bawal and Chinchwad.
• Rapid Antigen Test Kits were donated to the Medical • 90% of the interviewed apprentices believed they were
Health Department, Panvel Municipal Corporation in placed in the appropriate department commensurate
Taloja. with their off-job training.
• Sanitiser bottles, three-ply mask belts and three-ply • The apprentice turnover rate was found to be 6%, lower
masks were given to the District Administration Team in than the industry average.
Bawal.
• More than 98% were happy about the quality of the
• The intervention directly or indirectly benefitted 70,000 training.
people.
• 15% of apprentices interviewed were the main
Donation of rations and immunity-boosters: Aabhar breadearners of the family. The programme was the
Campaign main source of livelihood for them.
• 8,650 packets containing rations and immunity-
boosters were distributed.
184
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.

Sl.
Particulars Details
No.
a) Name(s) of the related party & nature of relationship NIL
b) Nature of contracts/arrangements/transaction
(All contracts or arrangements or
c) Duration of the contracts/arrangements/transaction
transactions with related parties
d) Salient terms of the contracts or arrangements or transaction including the
are at arm’s length basis)
value, if any
e) Justification for entering into such contracts or arrangements or
transactions’
f) Date of approval by the Board
g) Amount paid as advances, if any
h) Date on which the special resolution was passed in General meeting as
required under first proviso to section 188
2. Details of material contracts or arrangements or transactions at Arm’s length basis.

Sl.
Particulars Details
No.
a) Name(s) of the related party & nature of relationship (i) Chloride Metals Limited (CML)
(Wholly Owned Subsidiary Company)
(ii) Exide Energy Solutions Limited (EESL)
(Wholly Owned Subsidiary Company)
b) Nature of contracts/arrangements/transaction (i) Purchase of lead, lead alloys and lead small parts
and sale of scrap batteries
(ii) Providing Corporate Guarantee against credit
facilities to be availed by EESL.
c) Duration of the contracts/arrangements/transaction April 2022 to March 2023
d) Salient terms of the contracts or arrangements or (i) Value of transactions with CML amounted to
transaction including the value, if any H 5,818.56 cr.
(ii) Value of arrangement for Corporate Guarantee
with EESL amounted to H 2000 cr.
e) Date of approval by the Board (i) 31st January 2022
(ii) 30th January 2023
f) Amount paid as advances, if any -
185
3. Details of contracts or arrangements or transactions not in the ordinary course of

business:
Sl.
Particulars Details
No.
a) Name(s) of the related party & nature of relationship NIL
b) Nature of contracts/arrangements/transaction
(All contracts or arrangements or transactions with
c) Duration of the contracts/arrangements/transaction
related parties are in ordinary course of business)
d) Salient terms of the contracts or arrangements or
transaction including the value, if any
e) Justification for entering into such contracts or
arrangements or transactions’
f) Date of approval by the Board
g) Amount paid as advances, if any
h) Date on which the special resolution was passed in
General meeting as required under first proviso to
section 188
Sd/- Sd/-
186
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 31st March 2023
A. Conservation of Energy Introduced cyclic timer synchronized with blower

motor Variable Frequency Drives for air handling
(i) The steps taken or impact on conservation of units to facilitate optimised operation in relation to
energy environmental conditions.
Efficient use of energy is at the core of your Company’s Reduced blower & scrubber motor load in
focus towards sustainable operations. With our assembly and formation sections through layout
commitment to effectively contribute to climate change changes leading to optimized motor sizing.
initiatives, your Company has aligned operations
Optimised motor load, interlocked with process
to inculcate a culture of continuous measurement,
requirements at assembly conveyor, pasting lines,
monitoring and optimum utilization of energy.
rotary feeder units.
With our endeavour to achieve excellence in optimum
Reduction of pressure setting of air compressors
energy utilization and cost effectiveness on an ongoing
with Variable Frequency Drives to reduce energy
basis, Exide has undertaken several initiatives during
consumption.
the year to further improve its energy efficiency. While
overall energy consumption increased during the year Close monitoring of compressed air leakage in
because of rise in production volume, the utilisation of the system and prompt rectification of the same to
energy from renewable sources increased by 20%. Now, reduce compressor load.
our share of renewable in total energy consumption has
gone up from 18% from previous year to 19%. Timer control provided in lead pots to control the
heater operation based on production requirement.
The Energy Intensity of output (GJ/Turnover in H)
improved by 1% and carbon footprint (MT in CO2/ Variable Frequency Drives installed in Plate Drying
Turnover in H) by 2.0% during the year under review. Ovens to optimize Re-circulation Blower speed.
Initiatives undertaken by your Company for energy Eliminated cooling tower re-circulation pumps
conservation are: through value engineering without affecting
process requirements.
Exide through its dedicated energy management
cell has been implementing short and medium-term Improvement of Load factor (> 80%) by controlling
actions to improve the energy efficiency. It also adheres maximum demand through Demand controller to
to the energy efficient practices & methods for cost improve efficiency of power system.
competitiveness and promoting energy efficiency
throughout the supply chain. Maintaining Power factor close to unity by proper
maintenance of existing APFC panels with
Some of the major initiatives undertaken by the capacitor banks and adding new capacitor panels,
Company towards energy conservation are highlighted wherever necessary.
below:
Increased use of renewable energy for reducing
Increased use of natural light by installation of use of energy from fossil fuel sources.
translucent sheets over shop floor;
Besides some of the specific initiates undertaken by
Installation of photo sensors for shop floor lights to the Company, we continue to map and analyse the
switch off automatically for optimised illumination. performance of each manufacturing units to work out their
efficiency level and undertaking suitable initiatives to further
187
improve their overall energy performance in accordance Details of purchase of solar energy through
with Energy Management System (EnMS) ISO 50001 onsite rooftop and off-site ground arrangement
standard guideline. We also continue to conserve energy vide a long-term Power Purchase Agreement
through Energy Stewardship “Energy Circle” team and with a solar power developer is given below:
have won many accolades during the year.
Cumulative Cumulative
During the year the Hosur plant applied for Purchase Purchase
implementation of ISO 50001 (Energy Management Manufacturing
(FY’22-23, (FY’22-23),
System) certification, which is based on international Units
in lac kWh in lac kWh
standard ISO 50001:2018. During the process, the third (On-site) (Off-site)
party audit agency, TUV Rheinland audited Company’s
Ahmednagar 5.1 85.7
Hosur plant. After carrying on the verification process
Bawal 3.2 -
and based on the recommendation of said TUVE
Chinchwad 2.8 197.8
auditors, the Hosur plant received the ISO 50001
Haldia 13.7 -
certificate, giving a boost to the efforts of the team for
Hosur 21.7 521.0
their initiative on energy conservation.
Shamnagar 4.0 -
(ii) Steps taken by the Company for utilising Taloja - 140.8
Total 50.5 945.3
alternate sources of energy:
Exide remains committed towards undertaking green (iii)

Capital investment made by the Company
initiatives and as part of this effort, the Company on energy conservation equipment during
increased its consumption of energy from renewable the financial year ended 31st March 2023:
sources (solar) to reach 1021 lac kWh during the year, J 10,25,65,560/-
which is approximately 20% increase over the previous
financial year.
B. TECHNOLOGY ABSORPTION
Details of implementing solar energy drive in the
Company is given below: I. Technology Absorption, Adaptation and
Innovation
Rooftop solar at manufacturing facilities (Own
Assets). For many years now your Company has been closely
working with a number of leading global lead-acid battery
FY 2022-23 manufacturing organizations through the process of
Manufacturing
Cumulative Generation signing technical collaboration support programs. This
Units
(in lac kW) has always allowed this organization to significantly cut
Bawal 2.1 development time and introduce some most advanced
Hosur 19.6 state-of-art technologies within the shortest possible
Taloja 3.3 time of its invention or introduction. A typical example
Total 25.0 is the introduction of punched grid technology for
automotive battery plate making. While competition has
Taloja : The rooftop solar facility was utilised for been working to introduce this technology in the recent
part of the year. After change in regulations by months, your Company had identified this plate-making
MSEDCL, the rooftop facility was discontinued and technology with exceptional corrosion resistance as
replaced by Solar open access facility availed by a potential game-changer in the field of automotive
the Company. battery manufacture and with the complete support
of collaborator East Penn Manufacturing of US, had
introduced the same in the technology basket of your
Company some six years back.
188
Then there are technologies which have worked very and hybrid-electric vehicle. This being an absolutely
well in different overseas markets but to make them new application there is not yet any available standards
deliver similar satisfaction in this country calls for some for the same so that the proposed designs may attempt
tweaking of the basic product and process features. to conform to the same. Under such situation based
This is because there are always some finer variations on extensive discussion between the engineers of the
of operating conditions of the product in this country two companies, the collaborators and yours, a tentative
as against the usage pattern overseas and this is specification is drawn up and development work is
where your R&D engineers provide the inputs to the initiated by R&D. This is how your Company has once
collaborator scientists to finally deliver a India-specific again been the first to offer the ‘Aux’ battery, as they are
solution. A typical example of this is the evolution of popularly known as, to EV & HEV OEMs in the country.
the design of batteries for two wheelers. Based on the
fundamental design inputs provided by the Japanese II. Benefits
collaborator Furukawa Batteries your R&D engineers
The most important takeaway of having strong technical
are now coming up with the advanced version, designed
collaboration is the fact that latest advancements made
for operation in India, with punched plates and special
in the field, anywhere in the world, can be made available
manufacturing processes.
to the users in the country within the shortest time of
Moura Batteries of Brazil has laid the foundation of its first introduction. This has certainly been the case
this Company’s futuristic EFB and ISS technology for your Company as being the first to offer advanced
batteries increasingly demanded by Indian vehicle battery designs with highest reliability and longest
manufacturers. Once again having access to the life both in the fields of transportation as well as for
full technology disclosure, made available by the stationary power has given a tremendous competitive
collaborator, your Company’s R&D engineers have edge over other manufacturers in the country.
picked up critical inputs to innovate specific battery Besides, collaborations have also helped in keeping
solutions for the new generation vehicles set to be the development costs under control, supply chains
manufactured in the country having different levels of established and manufacturing processes optimized.
requirements so far as the starter battery is concerned. All these help in the introduction of new products at all
optimal cost thereby helping the business angle of your
A new market that is opening up is known as the Company significantly.
Auxiliary battery which goes into almost every electric
III. Particulars of Imported Technology in the last 3 years
If not fully absorbed,

Sl. Has Technology been
Technology Imported Year of Import reasons and future
No. absorbed
action plan
1 Valve Regulated Lead Since 9th March 2007. Agreement is for Technical Since the technology
Acid Storage Batteries Current arrangement is Assistance under license for is continuous, the
(VRLA) for Motorcycles continuous improvements in
effective from 1st April 2020 Agreement will be
with Furukawa Battery Co. and is valid till 31st Marchmanufacturing, technology, ongoing
Ltd., Japan for Bawal and 2025 process etc. of different
Ahmednagar Plants products and is in progress
2 Automotive Batteries Since 1st December, 2010. Agreement is for Technical Since the technology
with C21 Alloy and C21 Current arrangement is Assistance for continuous is continuous, the
Technology with Furukawa effective from 1st December improvements in Agreement will be
Battery Co. Ltd., Japan for 2022 and is valid till 31st manufacturing technology of ongoing
Taloja and Bawal Plants December 2023 different products and is in
progress
189

No. absorbed
action plan
3 Automotive Technical Since 1987-1988. Current Agreement is for Technical Since the technology
Assistance/Collaboration arrangement is effective Assistance for continuous is continuous, the
Agreement with Furukawa from 1st December improvements in Agreement will be
Battery Co. Ltd., Japan for 2020 and is valid till 30th manufacturing technology of ongoing
Taloja and Bawal Plants November 2025 different products and is in
progress
4 Automotive Batteries for Since 1st February 2010. Agreement is for Technical Since the technology
Idling Stop System (ISS) Current arrangement is Assistance for continuous is continuous, the
with Furukawa Battery Co. effective from 1st February improvements in Agreement will be
Ltd., Japan for Taloja and 2020 and is valid till 31st manufacturing technology of ongoing
Bawal Plants January 2025 different products and is in
progress
5 Lead Acid Batteries, used Since 15th January 2022 Agreement is for Technical Since the technology
for Automotive, Industrial, and is valid upto 14th Collaboration and is continuous, the
Motor Cycle and Other January 2027 Assistance for continuous Agreement will be
Applications from East improvements in ongoing
Penn Manufacturing Co., manufacturing technology of
USA different products and is in
progress
6 Special Conventional Since 3rd February 2013 Agreement is for Technical Since the technology
Batteries for Automotive and is valid upto 2nd August License and Assistance for is continuous, the
Applications having 2023 continuous improvements in Agreement will be
positive electrode plates manufacturing technology of ongoing
and expanded grids different products and is in
with Energywith Co. progress
Ltd., (formerly Shin-
Kobe Electric Machinery
Co. Ltd.) Japan for
Shamnagar, Haldia,
Chinchwad and Hosur
7 Li-ion Batteries for use Since 3rd January 2017 and Agreement is for Technical Since the technology
in Motive Power and is valid till 2nd January 2025 Assistance/Collaboration for is continuous, the
Energy Storage System continuous improvements in Agreement will be
with Zhejiang Chaowei manufacturing technology of ongoing
Chuangyuan Shiye Co. different products and is in
Ltd. Group, China progress
8 Energy Storage Solution Since 1st January 2017 The Agreement has not Technology has been
(ESS) centered around and was valid upto 31st been renewed as the fully absorbed
Ultra Battery Technology December 2021 technology has been fully
with Smart Storage Pty absorbed
Ltd. Australia (Ecoult)
190

No. absorbed
action plan
9 Ultra Battery (UB) Since 1st January 2017 Agreement was for Technology has been
Technology for stationary and was valid upto 31st Patent Sub-License of UB fully absorbed.
industrial and other battery December 2021 Technologies i.e. integration
applications from East of lead acid batteries
Penn Manufacturing Co., with Ultra-capacitors for
USA. continuous improvements in
manufacturing technology of
different products.
The Agreement has not
been renewed as the
technology has been fully
absorbed.
10 Bi-Polar Lead Acid Storage Since 18th December Agreement is for Technical Since the technology
Batteries from Advanced 2017 and is valid upto 17th Assistance License for is continuous, the
Battery Concepts, LLC, December 2037. continuous improvements in Agreement will be
USA. manufacturing technology of ongoing.
Bi-polar Lead Acid Batteries
and is in progress.
11 Enhanced Flooded Since 26th February 2018 Agreement is for Technology Since the technology
Batteries (EFB), Heavy and is valid upto 25th Licensing to design, is continuous, the
Duty Batteries (HDB), February 2028 manufacture, produce, Agreement will be
Motorcycle AGM Batteries sell, maintain and for ongoing.
(MAB) and Stationary continuous improvements in
Flooded Batteries (SFB), manufacturing technology
referred to as Moura High of Moura High Efficiency
Efficiency (MHE) Batteries (MHE) Batteries and is in
from Acumuladores Moura progress
S.A., Brazil.
12 Pocket Type Nickel - Since 11th July 2018 and is Agreement is for Since the technology
Cadmium Alkaline Storage valid upto 10th July 2023 Technological Assistance is continuous, the
Battery and Sintered Type and Support with all Agreement will be
Nickel-Cadmium Alkaline necessary know-how and ongoing.
Storage Battery referred technical information for
to as ‘Alkaline Battery’ for continuous improvements in
emergency power supply manufacturing technology of
of electrical train and wide Alkaline Batteries and is in
range of industrial electric progress
equipment from The
Furukawa Battery Co. Ltd.,
Japan
191

No. absorbed
action plan
13 Ultra Battery (UB) Since 19th July 2018 and is Agreement is for Patent Since the technology
Technologies for valid till the last Patent and Sub-License of Ultra is continuous, the
automotive applications Patent Applications lapses, Batteries (UB) Technologies Agreement will be
from The Furukawa Battery ceases or expires or all i.e. integration of lead ongoing.
Co. Ltd., Japan . payment obligations under acid batteries with ultra-
the sub-license agreement capacitors under Ultra
dated 19th July 2018 are Battery (UB) Patents
fully discharged by Exide and Patent Applications
Industries Limited for use in automotive
applications and for
continuous improvements in
manufacturing technology
of Ultra Batteries and is in
progress.
14 Ultra Batteries (UB) Since 22nd October 2018 Agreement is for Since the technology
Technologies for use in and is valid upto 21st Technical Assistance and is continuous, the
automotive applications October 2023. Technological Support in Agreement will be
from The Furukawa Battery respect of Ultra Batteries ongoing.
Co. Ltd, Japan. (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.
15 Battery Monitoring and Since 31st May 2017 and Agreement was for Technology absorbed.
Management System was valid upto 30th May License to manufacture
(BMMS) License centered 2022 BMS Hardware and to
around Ultra Battery exploit the BMMS and for
Technology from Smart continuous improvements in
Storage Pty Ltd. Australia manufacturing technology of
(Ecoult). BMMS.
16 Technology License and 10th March 2022 to 9th Agreement is for (a) Since the business
Services Agreement with March 2027 supporting EXIDE to setup of lithium-ion cell
SVOLT Energy technology of a facility/factory in India manufacturing will
Co. Ltd (SVOLT) for for manufacturing lithium- be carried through
manufacturing lithium-ion ion cells (b) Supporting the wholly owned
cells the manufacturing of the subsidiary, this
Product and (c) licensing Agreement was
the Licensed IP in novated in favour
manufacturing lithium-ion of Exide Energy
cells and is in progress. Solutions Ltd with
effect 9th August 2022
192

No. absorbed
action plan
17 Technology Assistance Since 24th March 2023 and Agreement is for providing Since the technology
Agreement with The is valid till 31st March 2028 technical services is continuous, the
Furukawa Battery Co. Ltd concerning the satisfactory Agreement will be
production of the Products ongoing.
i.e. European Norm type
Battery (LN Battery) and
sales operation of Product
to Exide’s customers in India
and is in Progress
IV. Expenditure on Research & Development
The capital and revenue expenditure on R & D were H 91,85,223/- and H 21,28,87,670/- respectively, aggregating to
H 22,20,72,893/-
Total R & D expenditure as percentage of Net Turnover: 0.15%
C. Foreign Exchange – Earnings and Outgoings
Total Foreign Exchange used and earned:
Used : H 1189.53 crore
Earned : H 1061.72 crore
Sd/- Sd/-
193
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
Requirements of Rule 5(1) Details
The ratio of the remuneration of each Executive director to the Directors:
median remuneration of the employees of the Company for
Mr Subir Chakraborty : 23x
the financial year
Mr A K Mukherjee : 23x
Mr Arun Mittal : 18x
Mr Avik Roy : 13x
The percentage increase in remuneration of each Executive Directors:
director, Chief Financial Officer, Chief Executive Officer,
Mr Subir Chakraborty : 12%
Company Secretary or Manager, if any in the financial year *
Mr A K Mukherjee : 10%
Mr Arun Mittal : 12%
Mr Avik Roy : 10%
Key Managerial Personnel:
Mr Jitendra Kumar : 10%
The percentage increase in the median remuneration of 9.4%
employees in the financial year.
The number of permanent employees on the rolls of 5,208 employees as on 31st March 2023
Company.
Average percentiles increase already made in the salaries of Average Salary increase of non-managerial employees is
employees other than the managerial personnel in the last 7.0%
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 Average Salary increase of managerial employees is 8.7%
increase in the managerial remuneration;
Affirmation that the remuneration is as per the remuneration Remuneration paid during the year ended 31st March
policy of the Company. 2023 is as per the Remuneration Policy of the Company.
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 Non-executive
directors are provided in the Corporate Governance Report.
(b) *Remuneration details given above is computed on the basis of basic salary.
Sd/- Sd/-
194
Standalone
Financial Statements
Independent Auditors’ Report

To the Members of Exide Industries Limited
Report on the Audit of the Standalone Basis for Opinion

We conducted our audit in accordance with the Standards
Opinion on Auditing (SAs) specified under Section 143(10) of
the Act. Our responsibilities under those SAs are further
We have audited the standalone financial statements of described in the Auditor’s Responsibilities for the
Exide Industries Limited (the “Company”) which comprise Audit of the Standalone Financial Statements section
the standalone balance sheet as at 31 March 2023, and of our report. We are independent of the Company in
the standalone statement of profit and loss (including other accordance with the Code of Ethics issued by the Institute
comprehensive income), standalone statement of changes of Chartered Accountants of India together with the ethical
in equity and standalone statement of cash flows for the requirements that are relevant to our audit of the standalone
year then ended, and notes to the standalone financial financial statements under the provisions of the Act and
statements, including a summary of significant accounting the Rules thereunder, and we have fulfilled our other ethical
policies and other explanatory information. responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we
In our opinion and to the best of our information and
have obtained is sufficient and appropriate to provide a
according to the explanations given to us, the aforesaid
basis for our opinion on the standalone financial statements.
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 Key Audit Matters
the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2023, and its Key audit matters are those matters that, in our professional
profit and other comprehensive loss, changes in equity and judgment, were of most significance in our audit of the
its cash flows for the year ended on that date. 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.
Provision for warranties

See Note 27 to 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 In view of the significance of the matter we applied the
calculation of costs (of repairing and replacing the product following audit procedures in this area, among others, to
which is ascertained to be faulty) in respect of future warranty obtain sufficient appropriate audit evidence:
claims requires application of estimation techniques.
• Assessed the appropriateness of accounting policy
The provision for warranty is computed based on sales for provision of warranties as per relevant accounting
volume and historical information about product failures standard;
(and consequential repairs and returns), adjusted for the key
developments occurring during the year which may affect • Tested the design, implementation and operating
the liability. effectiveness of key controls associated with the process
of computation of the provision for warranties;
196
The estimation of warranty provision involves management • Evaluated the warranty provision model. This included,
judgments and estimates as described above. The amount inter alia, evaluation of the reasonableness of the relevant
and the disclosures are significant to the standalone financial assumptions, testing of completeness and accuracy of
statements and hence, we determined this matter to be a key underlying data (including cost of repairs and returns)
audit matter. and verifying the mathematical accuracy;
•
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 that would significantly affect
the estimates of the year end warranty provision.
Incentives under customer loyalty programmes

See Note 25 and 26 to standalone financial statements
The Company gives incentives to its dealers through In view of the significance of the matter, we applied the
customer loyalty programmes. 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 • Evaluated the appropriateness of the Company’s
Company, the calculation of these incentives is considered to accounting policy relating to the incentives provided
be complex. The amount of such incentive is also significant. under the customer loyalty programme;
In view of the above, we determined this matter to be a key •

Tested the design, implementation and operating
audit matter. effectiveness of the Company’s controls over
computation of incentives and accrual of the
corresponding liability;
• Performed substantive testing over incentives recorded

and paid during the year. We selected samples of
incentive payouts made during the year and verified the
computation from the underlying data and terms and
conditions of the applicable incentive scheme;
•
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 that would
significantly affect the measurement of the year end
incentive liability.
197
Other Information concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting
The Company’s Management and Board of Directors are unless the Board of Directors either intends to liquidate
responsible for the other information. The other information the Company or to cease operations, or has no realistic
comprises the information included in the Company’s alternative but to do so.
annual report, but does not include the financial statements
and auditor’s reports thereon. The Board of Directors is also responsible for overseeing
the Company’s financial reporting process.
Our opinion on the standalone financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon. Auditor’s Responsibilities for the Audit of
the Standalone Financial Statements
In connection with our audit of the standalone financial
statements, our responsibility is to read the other information Our objectives are to obtain reasonable assurance about
and, in doing so, consider whether the other information is whether the standalone financial statements as a whole
materially inconsistent with the standalone financial statements are free from material misstatement, whether due to fraud
or our knowledge obtained in the audit or otherwise appears or error, and to issue an auditor’s report that includes our
to be materially misstated. If, based on the work we have opinion. Reasonable assurance is a high level of assurance,
performed, we conclude that there is a material misstatement but is not a guarantee that an audit conducted in accordance
of this other information, we are required to report that fact. We with SAs will always detect a material misstatement when it
have nothing to report in this regard. 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
Management’s and Board of Directors’ decisions of users taken on the basis of these standalone
Responsibilities for the Standalone financial statements.
As part of an audit in accordance with SAs, we exercise
The Company’s Management and Board of Directors are professional judgment and maintain professional skepticism
responsible for the matters stated in Section 134(5) of the throughout the audit. We also:
Act with respect to the preparation of these standalone
financial statements that give a true and fair view of the • Identify and assess the risks of material misstatement
state of affairs, profit/ loss and other comprehensive of the standalone financial statements, whether due to
income, changes in equity and cash flows of the Company fraud or error, design and perform audit procedures
in accordance with the accounting principles generally responsive to those risks, and obtain audit evidence
accepted in India, including the Indian Accounting that is sufficient and appropriate to provide a basis
Standards (Ind AS) specified under Section 133 of the Act. for our opinion. The risk of not detecting a material
This responsibility also includes maintenance of adequate misstatement resulting from fraud is higher than for
accounting records in accordance with the provisions of one resulting from error, as fraud may involve collusion,
the Act for safeguarding of the assets of the Company and forgery, intentional omissions, misrepresentations, or
for preventing and detecting frauds and other irregularities; the override of internal control.
selection and application of appropriate accounting policies;
• Obtain an understanding of internal control relevant to
making judgments and estimates that are reasonable and
the audit in order to design audit procedures that are
prudent; and design, implementation and maintenance of
appropriate in the circumstances. Under Section 143(3)
adequate internal financial controls, that were operating
(i) of the Act, we are also responsible for expressing
effectively for ensuring the accuracy and completeness
our opinion on whether the company has adequate
of the accounting records, relevant to the preparation and
internal financial controls with reference to financial
presentation of the standalone financial statements that give
statements in place and the operating effectiveness of
a true and fair view and are free from material misstatement,
such controls.
whether due to fraud or error.
• Evaluate the appropriateness of accounting policies
In preparing the standalone financial statements, the
used and the reasonableness of accounting estimates
Management and Board of Directors are responsible for
and related disclosures made by the Management and
assessing the Company’s ability to continue as a going
Board of Directors.
198
• Conclude on the appropriateness of the Management in the “Annexure A” a statement on the matters specified in
and Board of Directors use of the going concern basis paragraphs 3 and 4 of the Order, to the extent applicable.
of accounting in preparation of standalone financial
statements and, based on the audit evidence obtained, 2 A. As required by Section 143(3) of the Act, we report
whether a material uncertainty exists related to events that:
or conditions that may cast significant doubt on the
a. We have sought and obtained all the
Company’s ability to continue as a going concern. If
information and explanations which to the
we conclude that a material uncertainty exists, we
best of our knowledge and belief were
are required to draw attention in our auditor’s report
necessary for the purposes of our audit.
to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to b. In our opinion, proper books of account
modify our opinion. Our conclusions are based on the as required by law have been kept by the
audit evidence obtained up to the date of our auditor’s Company so far as it appears from our
report. However, future events or conditions may cause examination of those books.
the Company to cease to continue as a going concern.
c. The standalone balance sheet, the standalone
• Evaluate the overall presentation, structure and content statement of profit and loss (including other
of the standalone financial statements, including the comprehensive income), the standalone
disclosures, and whether the standalone financial statement of changes in equity and the
statements represent the underlying transactions and standalone statement of cash flows dealt
events in a manner that achieves fair presentation. with by this Report are in agreement with the
books of account.
We communicate with those charged with governance
regarding, among other matters, the planned scope and d. In our opinion, the aforesaid standalone
timing of the audit and significant audit findings, including financial statements comply with the Ind AS
any significant deficiencies in internal control that we identify specified under Section 133 of the Act.
during our audit.
e. On the basis of the written representations
We also provide those charged with governance with a received from the directors as on 31 March
statement that we have complied with relevant ethical 2023 taken on record by the Board of
requirements regarding independence, and to communicate Directors, none of the directors is disqualified
with them all relationships and other matters that may as on 31 March 2023 from being appointed
reasonably be thought to bear on our independence, and as a director in terms of Section 164(2) of the
where applicable, related safeguards. Act.
From the matters communicated with those charged with f. With respect to the adequacy of the internal
governance, we determine those matters that were of financial controls with reference to financial
most significance in the audit of the standalone financial statements of the Company and the operating
statements of the current period and are therefore the key effectiveness of such controls, refer to our
audit matters. We describe these matters in our auditor’s separate Report in “Annexure B”.
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, B. With respect to the other matters to be included in
we determine that a matter should not be communicated the Auditor’s Report in accordance with Rule 11 of
in our report because the adverse consequences of doing the Companies (Audit and Auditors) Rules, 2014,
so would reasonably be expected to outweigh the public in our opinion and to the best of our information
interest benefits of such communication. and according to the explanations given to us:
a. The Company has disclosed the impact of

Report on Other Legal and Regulatory pending litigations as at 31 March 2023 on
Requirements its financial position in its standalone financial
statements - Refer Note 39 to the standalone
1. As required by the Companies (Auditor’s Report) Order, financial statements.
2020 (“the Order”) issued by the Central Government
of India in terms of Section 143(11) of the Act, we give
199
b. The Company did not have any long-term has come to our notice that has caused us
contracts including derivative contracts for to believe that the representations under
which there were any material foreseeable sub-clause (i) and (ii) of Rule 11(e), as
losses. provided under (i) and (ii) above, contain
any material misstatement.
c. There has been no delay in transferring amounts,
required to be transferred, to the Investor e. As stated in Note 18 to the standalone
Education and Protection Fund by the Company. financial statements, the Board of Directors
of the Company has proposed final dividend
d (i) The management has represented for the year which is subject to the approval
that, to the best of its knowledge and of the members at the ensuing Annual
belief, as disclosed in the Note 50 to General Meeting. The dividend declared is in
the standalone financial statements, no accordance with Section 123 of the Act to the
funds have been advanced or loaned or extent it applies to declaration of dividend.
invested (either from borrowed funds or
share premium or any other sources or f. As proviso to rule 3(1) of the Companies
kind of funds) by the Company to or in (Accounts) Rules, 2014 is applicable for the
any other person(s) or entity(ies), including Company only with effect from 1 April 2023,
foreign entities (“Intermediaries”), with reporting under Rule 11(g) of the Companies
the understanding, whether recorded in (Audit and Auditors) Rules, 2014 is not
writing or otherwise, that the Intermediary applicable.
shall directly or indirectly lend or invest in
C. With respect to the matter to be included in the
other persons or entities identified in any
Auditor’s Report under Section 197(16) of the Act:
manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or In our opinion and according to the information
provide any guarantee, security or the like and explanations given to us, the remuneration
on behalf of the Ultimate Beneficiaries. paid by the Company to its directors during the
current year is in accordance with the provisions
(ii) The management has represented that,
of Section 197 of the Act. The remuneration paid
to the best of its knowledge and belief, as
to any director is not in excess of the limit laid
disclosed in the Note 50 to the standalone down under Section 197 of the Act. The Ministry
financial statements, no funds have of Corporate Affairs has not prescribed other
been received by the Company from details under Section 197(16) of the Act which are
any person(s) or entity(ies), including required to be commented upon by us.
foreign entities (“Funding Parties”), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall directly or indirectly, lend or invest For B S R & Co. LLP
in other persons or entities identified Chartered Accountants
in any manner whatsoever by or on Firm’s Registration No.:101248W/W-100022
behalf of the Funding Parties (“Ultimate
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Sd/-
Ultimate Beneficiaries. Jayanta Mukhopadhyay
Partner
(iii) Based on the audit procedures performed
that have been considered reasonable and Place: Mumbai Membership No.: 055757
appropriate in the circumstances, nothing Date: 08 May 2023 ICAI UDIN:23055757BGYIHE3922
200
Annexure A to the Independent Auditor’s Report on the Standalone Financial Statements

of Exide Industries Limited for the year ended 31 March 2023
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(i) (a) (A) The Company has maintained proper records year. In our opinion, this periodicity of physical
showing full particulars, including quantitative verification is reasonable having regard to the
details and situation of Property, Plant and size of the Company and the nature of its assets.
Equipment. No material discrepancies were noticed on such
verification.
(B) The Company has maintained proper records
showing full particulars of intangible assets. (c) According to the information and explanations
given to us and on the basis of our examination
(b) 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 the records of the Company, the Company of immovable properties (other than immovable
has a regular programme of physical verification properties where the Company is the lessee and
of its Property, Plant and Equipment by which the leases agreements are duly executed in favour
all property, plant and equipment are verified of the lessee) disclosed in the standalone financial
in a phased manner over a period of 3 years. In statements are held in the name of the Company,
accordance with this programme, certain property, except for the following which are not held in the
plant and equipment were verified during the name of the Company:
Whether
Gross Period Reason for not being
Description promoter,
carrying Held in the held-indicate held in the name of
of director or
value name of range, where the Company. Also
property their relative or
(J Crores) appropriate indicate if in dispute
employee
Residential 2.55 Dalhousie No Before 2000 Held in trust
Flats Holding Limited
(DHL)
Leasehold 0.06 Chloride Power No Before 2000 Pending transfer post
Land Systems & Solutions merger
Limited
(d) According to the information and explanations by the management during the year. For stocks
given to us and on the basis of our examination lying with third parties at the year-end, written
of the records of the Company, the Company has confirmations have been obtained and for goods-
not revalued its Property, Plant and Equipment in-transit subsequent evidence of receipts has
(including Right of Use assets) or intangible assets been linked with inventory records. In our opinion,
or both during the year. the frequency of such verification is reasonable
and procedures and coverage as followed by
(e) According to the information and explanations management were appropriate. No discrepancies
given to us and on the basis of our examination were noticed on verification between the physical
of the records of the Company, there are no stocks and the book records that were more than
proceedings initiated or pending against the 10% in the aggregate of each class of inventory.
Company for holding any benami property under
the Prohibition of Benami Property Transactions (b) According to the information and explanations
Act, 1988 and rules made thereunder. given to us and on the basis of our examination
of the records of the Company, the Company has
(ii) (a) The inventory, except goods-in-transit and stocks been sanctioned working capital limits in excess
lying with third parties, has been physically verified of five crore rupees, in aggregate, from banks or
201
financial institutions on the basis of security of or advances in the nature of loans, secured or
current assets. In our opinion, the quarterly returns unsecured to companies, firms, limited liability
or statements filed by the Company with such partnership or any other parties during the year.
banks or financial institutions are in agreement The Company has provided guarantee and made
with the books of account of the Company.
investments in companies, in respect of which the
(iii) (a) According to the information and explanations requisite information is as below. The Company
given to us and on the basis of our examination has not provided guarantee or made any
of the records of the Company, the Company has investments in firms, limited liability partnership or
not provided any security or granted any loans any other parties.
Guarantees Advances in
Particulars Security Loans
(J Crores) nature of loans
Aggregate amount during the year

Subsidiaries* 2,000 - - -
Joint ventures* - - - -
Associates* - - - -
Others - - - -
Balance outstanding as at balance
sheet date
Subsidiaries* 2,000 - - -
Joint ventures* - - - -
Associates* - - - -
Others - - - -
*As per the Companies Act, 2013
(b) According to the information and explanations (v) The Company has not accepted any deposits or amounts
given to us and based on the audit procedures which are deemed to be deposits from the public.
conducted by us, in our opinion the investments Accordingly, clause 3(v) of the Order is not applicable.
made during the year and the terms and conditions
of the guarantees provided during the year are, (vi) We have broadly reviewed the books of accounts
prima facie, not prejudicial to the interest of the maintained by the Company pursuant to the rules
Company. The Company has not provided any prescribed by the Central Government for maintenance
security or granted any loans or advances in the of cost records under Section 148(1) of the Act in
nature of loans during the year. respect of its manufactured goods and services
provided by it and are of the opinion that prima facie,
(c) According to the information and explanations the prescribed accounts and records have been made
given to us and based on the audit procedures and maintained. However, we have not carried out a
conducted by us, the Company has not provided detailed examination of the records with a view to
any loans and advances in the nature of loans determine whether these are accurate or complete.
during the year. Accordingly, provisions of clause
3(iii)(c) to 3(iii)(f) of the Order are not applicable to (vii) (a) The Company does not have liability in respect of
the Company. Service tax, Duty of excise, Sales tax and Value
added tax during the year since effective 1 July
(iv) According to the information and explanations given to 2017, these statutory dues has been subsumed
us and on the basis of our examination of the records of into GST.
the Company, the Company has not given any loans, or
provided security as specified under Section 185 and According to the information and explanations
186 of the Companies Act, 2013 (“the Act”). In respect given to us and on the basis of our examination
of the investments made and guarantee provided by of the records of the Company, in our opinion
the Company, in our opinion the provisions of Section amounts deducted / accrued in the books of
185 and 186 of the Act have been complied with. account in respect of undisputed statutory dues
202
including Goods and Service Tax, Provident Fund, for a period of more than six months from the date
Employees State Insurance, Income-Tax, Duty of they became payable.
Customs or Cess or other statutory dues have
been regularly deposited by the Company with the (b) According to the information and explanations
appropriate authorities. given to us and on the basis of our examination
of the records of the Company, statutory dues
According to the information and explanations
relating to Goods and Services Tax, provident
given to us and on the basis of our examination
of the records of the Company, no undisputed fund, employees’ state insurance, income-tax,
amounts payable in respect of Goods and Service sales-tax, service tax, duty of customs, duty of
Tax, Provident Fund, Employees State Insurance, excise, value added tax, Cess or other statutory
Income-Tax, Duty of Customs or Cess or other dues which have not been deposited on account
statutory dues were in arrears as at 31 March 2023 of any dispute are as follows:
Amount Period
Forum where dispute is
Name of the statute Nature of the dues (INR in to which the
pending
Crores)* amount relates
CGST Act 2017 GST (including interest 15.16 2017-18 to Appellate Authority up to
and penalty, as 2019-20 Commissioner’s level
applicable)
The Central Sales Tax Sales tax (including 2.25 1998-99 to Appellate Authority up to
Act, 1956 interest and penalty, as 2000-01 Commissioner’s level
applicable) 2004-05
2015-16 to
2017-18
The Central Sales Tax Sales tax (including 2.65 2000-01 Sales Tax Appellate
Act, 1956 interest and penalty, as 2015-16 to Tribunals of various states
applicable) 2017-18
Various State Sales Sales tax 9.46 1998-99 to Appellate Authority up to
Tax Act (including interest and 2002-03 Commissioner’ s level
penalty, as applicable) 2009-10 to
2017-18
Various State Sales Sales tax 6.72 2000-01 to Value Added Tax Appellate
Tax Act (including interest and 2015-16 of various states
penalty, as applicable)
Various State Sales Sales tax (including 0.19 2000-01 and High Courts of various
Tax Act interest and penalty, as 2008-09 states
applicable)
Service Tax (Finance Service tax (including 12.33 2005-06 to Appellate Authority up to
Act, 1944) interest and penalty, as 2010-11 Commissioner’ s level
applicable) 2015-16 to
2017-18
Service Tax Service tax (including 25.05 2009-10 to Customs, Excise and
(Finance Act, 1944) interest and penalty, as 2015-16 Service Tax Appellate
applicable) Tribunals of various states
The Central Excise Act Excise Duty (including 1.93 2007-08 to Appellate Authority up to
Act, 1944 interest and penalty, as 2017-18 Commissioner’ s level
applicable)
The Central Excise Excise Duty (including 9.18 2002-03 to Customs, Excise and
Act, 1944 interest and penalty, as 2015-16 Service Tax Appellate
Customs Act, 1962 Custom Duty (including 4.52 2010-11 Customs, Excise and
interest and penalty, as Service Tax Appellate
*Amounts are net of pre-deposits, made under protest, aggregating to INR 13.37 crores
203
(viii) According to the information and explanations given to (b) According to the information and explanations
us and on the basis of our examination of the records given to us and on the basis of our examination
of the Company, the Company has not surrendered or of the records of the Company, the Company has
disclosed any transactions, previously unrecorded as not made any preferential allotment or private
income in the books of account, in the tax assessments placement of shares or fully or partly convertible
under the Income Tax Act, 1961 as income during the debentures during the year. Accordingly, clause
year. 3(x)(b) of the Order is not applicable.
(ix) (a) According to the information and explanations (xi) (a) Based on examination of the books and records of
given to us and on the basis of our examination of the Company and according to the information
the records of the Company, the Company has not and explanations given to us, no fraud by the
defaulted in repayment of loans and borrowing or Company or on the Company has been noticed or
in the payment of interest thereon to any lender. reported during the course of the audit.
(b) According to the information and explanations (b) According to the information and explanations
given to us and on the basis of our examination given to us, no report under sub-section (12)
of the records of the Company, the Company has of Section 143 of the Act has been filed by the
not been declared a wilful defaulter by any bank or auditors in Form ADT-4 as prescribed under Rule
financial institution or government or government 13 of the Companies (Audit and Auditors) Rules,
authority. 2014 with the Central Government.
(c) According to the information and explanations (c) We have taken into consideration the whistle
given to us by the management, the Company blower complaints received by the Company
has not obtained any term loans during the year. during the year while determining the nature,
Accordingly, clause 3(ix)(c) of the Order is not timing and extent of our audit procedures.
applicable. (xii) According to the information and explanations given to
(d) According to the information and explanations us, the Company is not a Nidhi Company. Accordingly,
clause 3(xii) of the Order is not applicable.
given to us and on an overall examination of the
balance sheet of the Company, we report that no (xiii) In our opinion and according to the information and
funds raised on short-term basis have been used explanations given to us, the transactions with related
for long-term purposes by the Company. parties are in compliance with Section 177 and 188
of the Act, where applicable, and the details of the
(e) According to the information and explanations
related party transactions have been disclosed in the
given to us and on an overall examination of the
standalone financial statements as required by the
standalone financial statements of the Company,
applicable accounting standards.
we report that the Company has not taken any
funds from any entity or person on account of or to (a) Based on information and explanations
(xiv)
meet the obligations of its subsidiaries, associates provided to us and our audit procedures, in
or joint ventures as defined under the Act. our opinion, the Company has an internal
audit system commensurate with the size and
(f) According to the information and explanations
nature of its business.
given to us and procedures performed by us,
we report that the Company has not raised loans (b) We have considered the internal audit reports of the
during the year on the pledge of securities held Company issued till date for the period under audit.
in its subsidiaries or associate companies (as
defined under the Act). (xv) In our opinion and according to the information and
explanations given to us, the Company has not entered
(x) (a) The Company has not raised any moneys by into any non-cash transactions with its directors
way of initial public offer or further public offer or persons connected to its directors and hence,
(including debt instruments). Accordingly, clause provisions of Section 192 of the Act are not applicable
3(x)(a) of the Order is not applicable. to the Company.
204
(xvi) (a) The Company is not required to be registered existing at the date of balance sheet as and when they
under Section 45-IA of the Reserve Bank of India fall due within a period of one year from the balance
Act, 1934. Accordingly, clause 3(xvi)(a) of the sheet date. We, however, state that this is not an
Order is not applicable. assurance as to the future viability of the Company. We
(b) The Company is not required to be registered further state that our reporting is based on the facts up
under Section 45-IA of the Reserve Bank of India to the date of the audit report and we neither give any
Act, 1934. Accordingly, clause 3(xvi)(b) of the guarantee nor any assurance that all liabilities falling
Order is not applicable. due within a period of one year from the balance sheet
date, will get discharged by the Company as and when
(c) The Company is not a Core Investment Company
they fall due.
(CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, clause 3(xvi) (xx) (a) In our opinion and according to the information
(c) of the Order is not applicable. and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135
(d) According to the information and explanantions
provided to us during the course of audit, the of the Act pursuant to any project. Accordingly,
Group does not have any CIC clauses 3(xx)(a) and 3(xx)(b) of the Order are not
applicable.
(xvii) The Company has not incurred cash losses in the
current and in the immediately preceding financial year. (b) In our opinion and according to the information
and explanations given to us, there is no unspent
(xviii) There has been no resignation of the statutory auditors
amount under sub-section (5) of Section 135 of the
during the year. Accordingly, clause 3(xviii) of the Order
Act pursuant to any ongoing project. Accordingly,
is not applicable.
clause 3(xx)(b) of the Order is not applicable.
(xix) According to the information and explanations given
to us and on the basis of the financial ratios, aging
For B S R & Co. LLP
and expected dates of realisation of financial assets
and payment of financial liabilities, other information
Firm’s Registration No.:101248W/W-100022
accompanying the standalone financial statements, our
knowledge of the Board of Directors and management
Sd/-
plans and based on our examination of the evidence
Jayanta Mukhopadhyay
supporting the assumptions, nothing has come to our Partner
attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Place : Mumbai Membership No.: 055757
the Company is not capable of meeting its liabilities Date : 08 May 2023 ICAI UDIN:23055757BGYIHE3922
205
Annexure B to the Independent Auditor’s Report on the standalone financial statements

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 Act
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)
Opinion Auditing, prescribed under Section 143(10) of the Act, to the

extent applicable to an audit of internal financial controls
We have audited the internal financial controls with reference with reference to financial statements. Those Standards
to financial statements of Exide Industries Limited (“the and the Guidance Note require that we comply with ethical
Company”) as of 31 March 2023 in conjunction with our requirements and plan and perform the audit to obtain
audit of the standalone financial statements of the Company reasonable assurance about whether adequate internal
for the year ended on that date. financial controls with reference to financial statements were
established and maintained and if such controls operated
In our opinion, the Company has, in all material respects,
effectively in all material respects.
adequate internal financial controls with reference to
financial statements and such internal financial controls Our audit involves performing procedures to obtain audit
were operating effectively as at 31 March 2023, based on evidence about the adequacy of the internal financial
the internal financial controls with reference to financial controls with reference to financial statements and their
statements criteria established by the Company considering operating effectiveness. Our audit of internal financial
the essential components of internal control stated in the controls with reference to financial statements included
Guidance Note on Audit of Internal Financial Controls Over obtaining an understanding of internal financial controls with
Financial Reporting issued by the Institute of Chartered reference to financial statements, assessing the risk that a
Accountants of India (the “Guidance Note”). material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based
Management’s and Board of Directors’ on the assessed risk. The procedures selected depend on
the auditor’s judgement, including the assessment of the
Responsibilities for Internal Financial
risks of material misstatement of the standalone financial
Controls
statements, whether due to fraud or error.
The Company’s Management and the Board of Directors
We believe that the audit evidence we have obtained is
are responsible for establishing and maintaining internal
sufficient and appropriate to provide a basis for our audit
financial controls based on the internal financial controls with
opinion on the Company’s internal financial controls with
reference to financial statements criteria established by the
reference to financial statements.
Company considering the essential components of internal
control stated in the Guidance Note. These responsibilities
include the design, implementation and maintenance of Meaning of Internal Financial Controls with
adequate internal financial controls that were operating Reference to Financial Statements
effectively for ensuring the orderly and efficient conduct of
its business, including adherence to company’s policies, A company’s internal financial controls with reference to
the safeguarding of its assets, the prevention and detection financial statements is a process designed to provide
of frauds and errors, the accuracy and completeness of the reasonable assurance regarding the reliability of financial
accounting records, and the timely preparation of reliable reporting and the preparation of standalone financial
financial information, as required under the Act. statements for external purposes in accordance with
generally accepted accounting principles. A company’s
Auditor’s Responsibility statements include those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
Our responsibility is to express an opinion on the Company’s
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
statements based on our audit. We conducted our audit in
reasonable assurance that transactions are recorded as
accordance with the Guidance Note and the Standards on
necessary to permit preparation of standalone financial
206
statements in accordance with generally accepted evaluation of the internal financial controls with reference to
accounting principles, and that receipts and expenditures financial statements to future periods are subject to the risk
of the company are being made only in accordance that the internal financial controls with reference to financial
with authorisations of management and directors of the statements may become inadequate because of changes
company; and (3) provide reasonable assurance regarding in conditions, or that the degree of compliance with the
prevention or timely detection of unauthorised acquisition, policies or procedures may deteriorate.
use, or disposition of the company’s assets that could have
a material effect on the standalone financial statements.
For B S R & Co. LLP
Inherent Limitations of Internal Financial Firm’s Registration No.:101248W/W-100022
Controls with Reference to Financial
Statements
Sd/-
Because of the inherent limitations of internal financial
controls with reference to financial statements, including the
Partner
possibility of collusion or improper management override
of controls, material misstatements due to error or fraud Place : Mumbai Membership No.: 055757
may occur and not be detected. Also, projections of any Date : 08 May 2023 ICAI UDIN:23055757BGYIHE3922
207
Standalone Balance Sheet

as at 31 March 2023
(H in Crores)
March 31, 2022
Particulars Note March 31, 2023
(Refer Note 51)
I) ASSETS
1) NON CURRENT ASSETS
a) Property, plant and equipment 2a 2,824.51 2,737.81
b) Capital work-in-progress 2a 100.93 312.37
c) Investment property 3 - 33.06
d) Goodwill 4 - 0.95
e) Other Intangible assets 4 25.74 35.76
f) Financial assets
(i) Investments 5 5,788.23 5,332.71
(ii) Trade receivables 6 0.32 0.05
(iii) Other financial assets 7 19.96 22.78
g) Current tax assets (net) 29.56 32.39
h) Deferred tax assets (net) 22 115.98 65.38
i) Other non-current assets 8 60.79 53.11
8,966.02 8,626.37
2) CURRENT ASSETS
a) Inventories 9 2,989.08 2,464.68
b) Financial assets
(i) Investments 10 553.12 702.79
(ii) Trade receivables 11 1,274.14 1,194.49
(iii) Cash and cash equivalents 12 68.12 153.62
(iv) Bank balances other than (iii) above 13 6.36 7.81
(v) Loans 14 - 0.01
(vi) Other financial assets 15 42.23 64.59
c) Other current assets 16 151.97 149.46
5,085.02 4,737.45
TOTAL ASSETS 14,051.04 13,363.82
II) EQUITY AND LIABILITIES
1) EQUITY
a) Equity share capital 17 85.00 85.00
b) Other equity 18 11,124.75 10,513.10
11,209.75 10,598.10
2) LIABILITIES
i) NON-CURRENT LIABILITIES
a) Financial liabilities
(i) Lease liabilities 270.81 273.23
(ii) Trade payables 19
Total outstanding dues of micro enterprises and small enterprises - -
Total outstanding dues of creditors other than micro enterprises and 10.06 7.87
small enterprises
(iii) Other financial liabilities 20 3.10 2.92
b) Provisions 21 58.15 55.84
342.12 339.86
ii) CURRENT LIABILITIES
(i) Borrowings 23 - 10.06
(ii) Lease liabilities 6.81 6.46
(iii) Trade payables 24
Total outstanding dues of micro enterprises and small enterprises 94.26 151.06
Total outstanding dues of creditors other than micro enterprises and 1,431.68 1,467.90
small enterprises
(iv) Other financial liabilities 25 366.47 276.23
b) Other current liabilities 26 319.85 250.15
c) Provisions 27 280.10 264.00
2,499.17 2,425.86
TOTAL EQUITY AND LIABILITIES 14,051.04 13,363.82
Significant accounting policies 1
The accompanying notes are an integral part of the Standalone 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
Firm Registration Number: 101248W/W-100022
Sd/- Sd/- Sd/- Sd/-

Jayanta Mukhopadhyay Jitendra Kumar A.K.Mukherjee Subir Chakraborty
Partner Company Secretary & President Director- Finance & CFO Managing Director & CEO
Membership No. 055757 Legal & Corporate Affairs DIN: 00131626 DIN: 00130864
ACS No.: 11159
Mumbai, May 08, 2023 Mumbai, May 08, 2023
208
Standalone Statement of Profit and Loss

for the year ended 31 March 2023
(H in Crores)
2021-22
Particulars Note 2022-23
(Refer Note 51)
I) INCOME:
Revenue from operations 28 14,591.93 12,410.13
Other Income 29 132.39 80.46
Total Income (I) 14,724.32 12,490.59
II) EXPENSES:
Cost of materials consumed 30 10,487.45 8,761.70
Purchase of stock-in-trade 14.98 12.33
Changes in inventories of finished goods, work-in-progress 31 (303.76) (193.69)
and stock-in-trade
Employee benefits expenses 32 871.96 801.61
Other expenses 35 1,953.29 1,629.91
Total Expenses (II) 13,023.92 11,011.86
III) Earnings before interest, tax, depreciation and 1,700.40 1,478.73
amortisation expenses (I-II)
Finance costs 33 29.53 39.42
Depreciation and amortisation expenses 34 455.78 413.14
IV) Interest, depreciation and amortisation expenses 485.31 452.56
V) Profit before exceptional items and tax (III-IV) 1,215.09 1,026.17
VI) Exceptional items 52 - 4,693.75
VII) Profit before tax (V+VI) 1,215.09 5,719.92
VIII) Tax expenses: 22

1. Current tax [net of reversal of provision for earlier years H 0.18 323.66 1,072.61
crs (PY: net of provision for earlier years: H 11.57 crs)]
2. Deferred tax (12.20) (37.02)
311.46 1,035.59
IX) Profit for the year (VII-VIII) 903.63 4,684.33
X) Other Comprehensive Income (OCI)
Other comprehensive Income not to be reclassified
subsequently to profit or loss:
a) Re-measurement gains on defined benefit plans 1.51 2.23
Income tax effect (0.38) (0.56)
b) Fair value changes on equity instrument through OCI (331.51) (900.88)
Income tax effect 38.40 97.92
Other Comprehensive Income/(loss) for the year (291.98) (801.29)
XI) Total Comprehensive Income for the year (IX+X) 611.65 3,883.04
Earnings per share - Basic and Diluted (Nominal value H 1 per share 36 10.63 55.11
(PY H 1 per share))

Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
209
Standalone Statement of Cash Flows

(H in Crores)
2021-22
Particulars 2022-23
(Refer Note 51)
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax 1,215.09 5,719.92
Adjustment for:
Depreciation and amortisation 455.78 413.14
Profit on property, plant and equipment sold / discarded (net) (9.46) (0.12)
Exceptional items - (4,693.75)
Dividend income (19.82) (12.14)
Rent income (2.80) (2.83)
Interest income (0.66) (7.51)
Gain on fair valuation of investments (10.43) (7.52)
Gain on disposal of investments (37.31) (22.82)
Finance costs 29.53 39.42
Provision for expected credit loss on trade receivable 3.43 (10.27)
408.26 (4,304.40)
Operating profit before working capital changes 1,623.35 1,415.52
(Increase) in trade receivables (83.35) (288.37)
(Increase) in inventories (524.40) (107.19)
(Increase)/decrease in other financial assets, loans and other 33.02 (18.16)
assets
Increase in financial liabilities, other liabilities and provisions 120.96 (453.77) 65.82 (347.90)
Cash generated from operations 1,169.58 1,067.62
Income Taxes Paid (net of refunds and interest thereon) (321.21) (1,047.17)
Net Cash generated from operating activities 848.37 20.45
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of property, plant and equipment (371.60) (579.50)
(including intangible assets)
Proceeds from sale of property, plant and equipment 22.32 1.20
Proceeds from sale of investment property 27.83 -
Investment in subsidiary (797.00) (98.01)
Proceeds from sale of investment in subsidiary - 720.82
Investment in associates - (7.39)
Redemption of investment in associates - 5.25
Acquisition of investment in shares/units - (11.55)
Redemption of investment in shares/units 10.23 19.22
Purchase of investment of mutual fund units (2,445.00) (1,945.00)
Sale of investment of mutual fund units 2,642.15 2,155.08
Interest received 0.66 0.76
Rent received 2.80 2.83
Dividend received 19.82 11.65
Net Cash generated from/(used) in investing activities (887.79) 275.36
210
Standalone Statement of Cash Flows (Contd.)

(H in Crores)
2021-22
Particulars 2022-23
(Refer Note 51)
(C) CASH FLOW FROM FINANCING ACTIVITIES :
Repayment of Short term Borrowing (net) (10.06) (6.69)
Dividends paid - (170.00)
Payment towards lease liability (30.51) (33.30)
Interest paid (5.51) (14.94)
Net Cash used in financing activities (46.08) (224.93)
Net increase/(decrease) in cash and cash equivalents (85.50) 70.88
Cash and cash equivalents - Opening Balance # 153.62 82.74
Cash and cash equivalents - Closing Balance # 68.12 153.62
# as disclosed in note no. 12
The aforesaid Statement of Cash Flows has been prepared under the indirect method as set out in IND AS 7- Statement of
Cash Flows.
Refer note no. 46 for reconciliation of liabilities from financing activities.
Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
211
Standalone Statement of Changes in Equity

A) Equity Share Capital

(H in Crores)
Particulars Number Amount
Equity Shares of H 1 each issued, subscribed and fully paid
On April 1, 2021 ( Refer note 51) 85,00,00,000 85.00
Changes in equity share capital during the year - -
Balance as at March 31, 2022 85,00,00,000 85.00
B) Other Equity
(H in Crores)
Reserves and Surplus OCI
Particulars Investments in Total
Securities Retained
equity shares /
Premium earnings
units at fair value
Balance as at April 1, 2021 ( Refer note 51) 737.88 6,050.28 11.90 6,800.06
Profit for the year 2021-22 - 4,684.33 - 4,684.33
Re-Measurement gains/(losses) on defined - 1.67 - 1.67
benefit plans, net of tax
Fair value changes on equity instrument through - - (802.96) (802.96)
OCI , net of tax
737.88 10,736.28 (791.06) 10,683.10
Adjustments
Payment of Interim dividend for the year 21-22 - (170.00) - (170.00)
(H 2.00 per share)
Balance as at March 31, 2022 737.88 10,566.28 (791.06) 10,513.10
Profit for the year 2022-23 - 903.63 - 903.63
Re-Measurement gains/(losses) on defined - 1.13 - 1.13
benefit plans, net of tax
Fair value changes on equity instrument through - - (293.11) (293.11)
OCI , net of tax
Balance as at March 31, 2023 737.88 11,471.04 (1,084.17) 11,124.75
212
Standalone Statement of Changes in Equity (Contd.)

Description of the components of the other equity
Securities Premium
Premium received on equity shares issued are recognised in the securities premium.
Retained earnings
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.
Other Comprehensive Income (OCI)
Changes in fair value of equity instruments designated as FVOCI are recorded in other comprehensive income.
Significant accounting policies: note 1
Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
213
Notes to the Standalone Financial Statements

Corporate Information duties and non-refundable purchase taxes, after

deducting trade discounts and rebates, any
Exide Industries Limited (the company) is a public company directly attributable cost of bringing the item to
domiciled in India and is incorporated under the provisions its working condition for its intended use and
of the Companies Act, 2013. Its shares are listed on three estimated costs of dismantling and removing the
recognised stock exchanges in India. The registered office item and restoring the site on which it is located.
of the company is located at Exide House, 59E Chowringhee
Road, Kolkata, 700020. The Company is primarily engaged The cost of a self-constructed item of property,
in the manufacturing of Storage Batteries and allied products plant and equipment comprises the cost of
in India. materials and direct labor, any other costs directly
attributable to bringing the item to working
condition for it intended use, and estimated
Basis of preparation costs of dismantling and removing the item and
These financial statements have been prepared in restoring the site on which it is located.
accordance with Indian Accounting Standards (Ind AS) as If significant parts of an item of property, plant
per the Companies (Indian Accounting Standards) Rules, and equipment have different useful lives, then
2015 notified under Section 133 of Companies Act, 2013, they are accounted for as separate items (major
(the ‘Act’) and other relevant provisions of the Act. components) of property, plant and equipment.
The financial statements were authorised for issue by the Subsequent expenditure is capitalised only if it
Company’s Board of Directors on 08 May 2023. is probable that the future economic benefits
These financial statements are presented in Indian Rupees associated with the expenditure will flow to the
(INR), which is also the Company’s functional currency. All Company and the cost can be measured reliably.
amounts have been rounded-off to the nearest crore, unless The carrying amount of any component accounted
otherwise indicated. for as a separate asset is derecognised when
replaced.
The financial statements have been prepared on the
historical cost basis except for: Any gain or loss on disposal of an item of property,
plant and equipment is recognised in statement of
- Certain financial assets and liabilities, which are profit and loss.
measured at fair value
When the use of a property changes from owner-
- Net defined benefit (asset)/ liability, which are measured occupied to investment property, the property is
at Fair Value of plan assets less present value of defined reclassified as investment property at its carrying
benefit obligations amount on the date of transition.
1. Significant Accounting Policies Refer Note 2a to the Financial Statements
a. Property, plant and equipment b. Depreciation
Property, Plant and Equipment is stated at cost, Depreciation is calculated on cost of items of
net of accumulated depreciation and accumulated property, plant and equipment less their estimated
impairment losses, if any. residual values over their estimated useful lives
using the straight-line method, and is generally
Cost of an item of property, plant and equipment recognised in the statement of profit and loss.
comprises its purchase price, including import
214

The estimated useful lives of items of property, Subsequent expenditure is capitalised only when it
plant and equipment are as follows: increases the future economic benefits embodied
in the specific asset to which it relates. All other
Useful expenditures are recognised in profit or loss as
Particular
economic life incurred.
Buildings 28.5 / 58.5 years
Plant and machinery 10/15 years Goodwill is not amortised and is tested for
(including electrical installation) impairment annually.
Moulds 8.5 years
Furniture and fittings 10 years Amortisation is calculated to write off the cost of
Office equipment 5 years intangible assets less their estimated residual
Vehicles 6 years values over their estimated useful lives using
Computers 3 to 6 years the straight-line method and is included in
depreciation and amortisation in the Statement of
Based on technical assessment done by experts
Profit and Loss.
and management’s estimate,
The estimated useful lives are as follows:
(i) the useful life of factory buildings, other
buildings, moulds and vehicles are different Useful
than those indicated in Schedule II to the Particular
economic life
Companies Act, 2013, Computer Software / 5 years
Trademark
(ii) residual value of plant & machinery including
electrical installation, moulds and computers Amortisation method, useful lives and residual
has been considered to be 2% of the cost. values are reviewed at each financial year-end and
For buildings, office equipment, furniture & adjusted if appropriate.
fittings and vehicles, residual value has been
estimated at 5% of the cost. Research costs are expensed as incurred.
Depreciation method, useful lives and residual Refer Note 4 and 34 to the Financial Statements
values are reviewed at each financial year-end
d. Borrowing costs
and adjusted if appropriate. Based on technical
evaluation, the management believes that its Borrowing costs are interest and other costs
estimates of useful lives as given above best (including exchange differences relating to foreign
represent the period over which management currency borrowings to the extent that they are
expects to use these assets. regarded as an adjustment to interest costs)
incurred in connection with the borrowing of
Depreciation on additions (disposals) is provided
funds. Borrowing costs directly attributable to the
on a pro-rate basis i.e. from (upto) the date on
acquisition, construction or production of an asset
which asset is ready for use (disposed of).
that necessarily takes a substantial period of time
Refer Note 34 to the Financial Statements to get ready for its intended use are capitalised as
part of the cost of the asset. All other borrowing
c. Intangible assets and Amortisation costs are expensed in the period in which they
occur.
Acquired intangible assets are initially measured
at cost and subsequently at cost less accumulated
amortisation and accumulated impairment loss, if
any.
215

e. Inventories is measured at cost. Subsequent to initial

recognition, investment property is measured
Inventories are valued at the lower of cost and net at cost less accumulated depreciation and
realisable value. accumulated impairment losses, if any.
Costs incurred in bringing each product to its The Company depreciates investment properties
present location and condition are accounted for over a period of 28.5 years on a straight-line basis,
as follows: which is different from the indicative useful life of
relevant type of buildings mentioned in Part C of
(i) Raw materials and Components, Stores,
Schedule II to the Act.
Spares parts, loose tools etc: These are valued
at weighted average cost. Cost includes cost of Any gain or loss on disposal of an investment
purchase and other costs incurred in bringing property is recognised in the statement of profit
the inventories to their present location and and loss.
condition. Raw materials, components and
other supplies held for use in the production of Refer Note 3 to the Financial Statements.
finished products are not written down below
g. Provisions
cost except in cases where material prices
have declined and it is estimated that the cost A provision is recognised if, as a result of a
of the finished products will exceed their net past event, the Company has a present legal or
realisable value. constructive obligation that can be estimated
reliably, and it is probable that an outflow of
(ii) Finished goods and work in progress: These
economic benefits will be required to settle the
are valued at lower of cost and net realisable
obligation. If the effect of the time value of money is
value. Cost includes an appropriate share of
material, provisions are determined by discounting
production overheads based on the normal
the expected future cash flows (representing
operating capacity.
the best estimate of the expenditure required to
(iii) Stock-in-trade: These are valued at lower of settle the present obligation at the balance sheet
cost and net realisable value. Cost includes date) at a pre-tax rate that reflects current market
cost of purchase and other costs incurred assessments of the time value of money and the
in bringing the inventories to their present risks specific to the liability. The unwinding of the
location and condition. Cost is determined on discount is recognised as finance cost. Expected
weighted average basis. future operating losses are not provided for.
Net realisable value is the estimated selling price Refer Notes 21 and 27 to the Financial Statements.
in the ordinary course of business, less estimated
h. Employee benefits
costs to completion and the estimated costs
necessary to sell them. (i) Short term employee benefits
Refer Note 9 to the Financial Statements. Short-term employee benefit obligations

are measured on an undiscounted basis
f. Investment property
and are expensed as the related service
Investment property is property held either to is provided. A liability is recognised for the
earn rental income or for capital appreciation or amount expected to be paid e.g., under
for both, but not for sale in the ordinary course short-term cash bonus, if the Company has
of business, use in the production or supply of a present legal or constructive obligation to
goods or services or for administrative purposes. pay this amount as a result of past service
Upon initial recognition, an investment property provided by the employee, and the amount
of obligation can be estimated reliably.
216

(ii)
Post-retirement benefits any changes in the net defined benefit
liability (asset) during the period as a result
Post-retirement benefits to employees can of contributions and benefit payments. Net
either be through defined contribution plans interest expense and other expenses related
or defined benefit plans. to defined benefit plans are recognised in the
statement of profit and loss.
A defined contribution plan is a post-
employment benefit plan under which an entity When the benefits of a plan are changed or
pays fixed contributions into a separate entity when a plan is curtailed, the resulting change
and will have no legal or constructive obligation in benefit that relates to past service (‘past
to pay further amounts. The Company makes service cost’ or ‘past service gain’) or the
specified monthly contributions towards gain or loss on curtailment is recognised
Government administered provident fund and immediately in profit or loss. The Company
pension schemes. recognises gains and losses on the settlement
of a defined benefit plan when the settlement
The Company recognizes contribution
occurs.
payable to the provident fund scheme as
an expense, when an employee renders the Pension liability is split into a defined benefit
related service. portion and a defined contribution portion.
The part of the liability towards pension plan
A defined benefit plan is a post-employment
upto 31st March 2003 for employees as on
benefit plan other than a defined contribution
that date is in the nature of defined benefit
plan.
plan. From 1st April 2003, the pension
The Company operates the following defined remains as a defined contribution liability. The
benefit plans: Defined benefit portion is provided for on the
basis of an actuarial valuation done at the
(a) Defined benefit gratuity plan, which end of each financial year. The contributions
requires contributions to be made to a towards defined contribution are charged to
separately administered fund and Statement of Profit and Loss of the year when
the employee renders the service.
(b) Post-retirement medical benefit plan
which is unfunded. The current and non-current bifurcation is
done as per Actuarial report.
The calculation of defined benefit obligation
is performed annually by a qualified actuary (iii) Other long-term employee benefits
using the projected unit credit method.
The Company’s net obligation in respect
Re-measurements of the net defined benefit of long-term employee benefits other than
liability, which comprise actuarial gains and post-employment benefits is the amount of
losses, the return on plan assets (excluding future benefit that employees have earned
interest) and the effect of the asset ceiling in return for their service in the current and
(if any, excluding interest), are recognised prior periods; that benefit is discounted to
in OCI. The Company determines the net determine its present value, and the fair
interest expense (income) on the net defined value of any related assets is deducted.
benefit liability (asset) for the period by The obligation is measured on the basis of
applying the discount rate used to measure an annual Independent actuarial valuation
the defined benefit obligation at the beginning using the projected unit credit method.
of the annual period to the then-net defined Re-measurements gains or losses are
benefit liability (asset), taking into account recognised in profit or loss in the period in
which they arise.
217

Refer Notes 21, 27, 32 and 38 to the Financial With respect to sale of products and rendering
Statements. of certain services revenue is recognised at a
point in time when the performance obligation is
i. Foreign Currency
satisfied and the customer obtains the control of
Transactions in foreign currencies are translated goods or services. There is no significant financing
into the functional currency of the Company at the components involved on contract with customers.
exchange rates at the dates of the transactions or Invoices are usually payable within the credit
an average rate if the average rate approximates period as agreed with respective customers.
the actual rate at the date of the transaction.
Revenue from certain services are generated
Monetary assets and liabilities denominated in over a period of time, during which services
foreign currencies are translated into the functional are rendered based on contractual milestones.
currency at the exchange rate at the reporting Revenue recognition takes place when a milestone
date. Non-monetary assets and liabilities that are is completed.
measured based on historical cost in a foreign
The Company recognises revenue only when it
currency are translated at the exchange rate at the
is probable that it will collect the consideration to
date of the transaction. Exchange differences are
which it will be entitled in exchange for the goods
recognised in the statement of profit and loss.
or services that will be transferred to the customer.
Refer Notes 29 to the Financial Statements. Customer Loyalty programme
j. Revenue Recognition
The Company has a customer loyalty programme
The Company earns revenue primarily from sale of for selected customers. The Company grants
batteries and HUPS. credit points to those customers as part of a sales
transaction which allows them to accumulate and
Sale of products and rendering of services redeem those credit points.
At contract inception, Company assess the goods The Company allocates a portion of the
or services promised in a contract with a customer consideration received to loyalty points. This
and identify as a performance obligation each allocation is based on the relative stand-alone
promise to transfer to the customer. Revenue is selling prices. The amount allocated to the loyalty
recognised upon transfer of control of promised programme is deferred, and is recognised as
products or services to customers in an amount revenue when loyalty points are redeemed or the
of the transaction price that is allocated to that likelihood of the customer redeeming the loyalty
performance obligation and that reflects the points becomes remote.
consideration which the Company expects to
receive in exchange for those products or services. The deferred revenue is included in contract
liability.
The Company considers the terms of the contract
and its customary business practices to determine Warranty
the transaction price. The transaction price is
The Company provides only assurance types
the amount of consideration to which an entity
warranty in conjunction with sale of product
expects to be entitled in exchange for transferring
and hence same is not considered as separate
promised goods or services to a customer net of
performance obligation.
returns, excluding amounts collected on behalf of
third parties (for example, taxes) and excluding Refer Note 25,26,27,28, 35 and 37 to the Financial
discounts and incentives, as specified in the Statements.
contract with customer.
218

k. Income Taxes intend to settle current tax liabilities and assets on

a Net basis or their tax assets and liabilities will be
Income tax comprises current and deferred tax. It realised simultaneously.
is recognised in profit or loss except to the extent
that it relates to a business combination or to For items recognised in OCI or equity, deferred /
an item recognised directly in equity or in other current tax is also recognised in OCI or equity.
comprehensive income.
Refer Notes 22 to the Financial Statements.
Current tax comprises the expected tax payable or
l. Leases
receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable The Company as a lessee
in respect of previous years. The amount of current
tax reflects the best estimate of the tax amount The Company assesses whether a contract
expected to be paid or received after considering contains a lease as per the requirements of Ind AS
the uncertainty, if any, related to income taxes. It is 116 “Leases” at inception of a contract. A contract
measured using tax rates (and tax laws) enacted or is, or contains, a lease if the contract conveys the
substantively enacted by the reporting date. right to control the use of an identified asset for a
period in exchange for consideration. To assess
Current tax assets and current-tax liabilities are whether a contract conveys the right to control the
offset only if there is a legally enforceable right to use of an identified asset, the Company assesses
set off the recognised amounts, and it is intended whether: (i) the contract involves the use of an
to realise the asset and settle the liability on a net identified asset (ii) the Company has substantially
basis or simultaneously. all of the economic benefits from use of the asset
through the period of the lease and (iii) the Company
Deferred tax is recognised on temporary
has the right to direct the use of the asset.
differences between the tax bases and accounting
bases of assets and liabilities at the tax rates and The Company recognizes a right-of-use asset
laws that have been enacted or substantively (“ROU”) and a lease liability at the lease
enacted at the Balance Sheet date. commencement date, except for leases with a
term of twelve months or less (short-term leases)
Deferred tax assets are recognised to the extent
and low value leases. For these short-term and low
that it is probable that taxable profit will be
value leases, the Company recognizes the lease
available against which the deductible temporary
payments as an operating expense on a straight-
differences can be utilised. The carrying amount
line basis over the term of the lease.
of deferred tax assets is reviewed at each Balance
Sheet date and reduced to the extent that it is no Certain lease arrangements include the options
longer probable that sufficient taxable profit will to extend or terminate the lease before the end
be available to allow all or part of the deferred tax of the lease term. ROU assets and lease liabilities
asset to be utilised. Unrecognised deferred tax includes these options when it is reasonably
assets are re-assessed at each reporting date and certain that they will be exercised.
are recognised to the extent that it has become
probable that future taxable profits will allow the The right-of-use asset is initially measured at cost,
deferred tax asset to be recovered. which comprises the initial amount of the lease
liability adjusted for any lease payments made
Deferred tax assets and liabilities are offset if there at or before the commencement date, plus any
is a legally enforceable right to offset current tax initial direct costs incurred and an estimate of
Liabilities and assets, and they relate to income costs to dismantle and remove the underlying
taxes levied by the same tax authority on the same. asset or to restore the underlying asset or the site
Taxable entity, or on different tax entities, but they on which it is located, less any lease incentives
219

received. The right-of-use asset is subsequently to equity shareholders and the weighted average
depreciated using the straight-line method from number of shares outstanding during the period
the commencement date to the end of the lease are adjusted for the effects of all dilutive potential
term, unless the lease transfers ownership of the equity shares.
underlying asset to the Company by the end of
the lease term or the cost of the right-of-use asset Refer Note 36 to the Financial Statements.
reflects that the Company will exercise a purchase n. Contingent Liabilities
option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying A contingent liability is a possible obligation that
asset, which is determined on the same basis arises from past events whose existence will be
as those of property and equipment. In addition, confirmed by the occurrence or non-occurrence of
the right-of-use asset is periodically reduced by one or more uncertain future events beyond the
impairment losses, if any, and adjusted for certain control of the Company or a present obligation that
remeasurements of the lease liability. is not recognized because it is not probable that
an outflow of resources will be required to settle
The lease liability is initially measured at the present the obligation. The Company does not recognize
value of the lease payments that are not paid at a contingent liability but discloses its existence in
the commencement date, discounted using the the financial statements.
incremental borrowing rate of the company. Lease
liabilities are remeasured with a corresponding Refer Note 39 to the Financial Statements.
adjustment to the related right of use asset if the
Company changes its assessment if whether it will o. Financial instruments
exercise an extension or a termination option. Recognition and initial measurement
The Company as a lessor Trade receivables and debt securities issued are
When the Company acts as a lessor, it determines initially recognised when they are originated. All
at lease inception whether each lease is a finance other financial assets and financial liabilities are
lease or an operating lease. Whenever the terms initially recognised when the Company becomes
of the lease transfer substantially all the risks and a party to the contractual provisions of the
rewards of ownership to the lessee, the contract is instrument.
classified as a finance lease. All other leases are A financial asset or financial liability is initially
classified as operating leases. measured at fair value plus, for an item not at fair
For operating leases, rental income is recognized value through profit and loss (FVTPL), transaction
on a straight basis over the term of the relevant costs that are directly attributable to its acquisition
lease. or issue.
Classification and subsequent measurement

Refer Note 2a, 29, 33, 34, 35 and 46 to the financial
statements. On initial recognition, a financial asset is classified
m. Earnings per share as measured at amortised cost; Fair value through
other comprehensive income (FVOCI) – equity
Earnings per share is calculated by dividing investment; or FVTPL. Financial assets are not
the net profit or loss before OCI for the year by reclassified subsequent to their initial recognition,
the weighted average number of equity shares except if and in the period the company changes
outstanding during the year. For the purpose of its business model for managing financial assets.
calculating diluted earnings per share, the net
profit or loss before OCI for the period attributable A financial asset is measured at amortised cost if
it meets both the conditions and is not designated
220

as at FVTPL: (i) The asset is held within a business Financial liabilities are classified as measured at
model whose objective is to hold assets to collect amortised cost or FVTPL. A financial liability is
contractual cash flows; and (ii) the contractual classified as at FVTPL if it is classified as held‑ for‑
terms of the financial asset give rise on specified trading, or it is a derivative or it is designated as
dates to cash flows that are solely payments of such on initial recognition. Financial liabilities at
principal and interest on the principal amount FVTPL are measured at fair value and net gains
outstanding. and Losses, including any interest expense,
are recognised in profit or loss. Other financial
On initial recognition of an equity investment liabilities are subsequently measured at amortised
that is not held for trading, the Company may cost using the effective interest method. Interest
irrevocably elect to present subsequent changes expense and foreign exchange gains and losses
in the investment’s fair value in OCI (designated as are recognised in profit or loss. Any gain or loss on
FVOCI – equity investment). This election is made derecognition is also recognised in profit or loss.
on an investment by investment basis.
Derecognition
All financial assets not classified as measured at
amortised cost or FVOCI as described above are Financial assets: The Company derecognises
measured at FVTPL. This includes all derivative a financial asset when the contractual rights to
financial assets. On initial recognition, the the cash flows from the financial asset expire, or
Company may irrevocably designate a financial it transfers the rights to receive the contractual
asset that otherwise meets the requirements to cash flows in a transaction in which substantially
be measured at amortised cost or at FVOCI as all of the risks and rewards of ownership of the
at FVTPL if doing so eliminates or significantly financial asset are transferred or in which the
reduces an accounting mismatch that would Company neither transfers nor retains substantially
otherwise arise. all of the risks and rewards of ownership and
does not retain control of the financial asset. If
The subsequent measurement of gains and losses the Company enters into transactions whereby it
of various categories of financial instruments transfers assets recognised on its balance sheet,
are as follows: (i) Financial assets at amortised but retains either all or substantially all of the
cost: these assets are subsequently measured at risks and rewards of the transferred assets, the
amortised cost using the effective interest method. transferred assets are not derecognised.
The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains Financial liabilities: The Company derecognises a
and losses and impairment are recognised in financial liability when its contractual obligations
profit or loss. Any gain or loss on derecognition is are discharged or cancelled, or expire. The
recognised in profit or loss. Company also derecognises a financial liability
when its terms are modified and the cash flows
(ii) Equity investments at FVOCI: these assets under the modified terms are substantially
are subsequently measured at fair value. different. In this case, a new financial liability
Dividends are recognised as income in profit based on the modified terms is recognised at fair
or loss unless the dividend clearly represents value. The difference between the carrying amount
a recovery of part of the cost of the investment. of the financial liability extinguished and the new
Other net gains and losses are recognised in financial liability with modified terms is recognised
OCI and are not reclassified to profit or loss. in profit or loss.
(iii) Financial assets at FVTPL: these assets are Offsetting

subsequently measured at fair value. Net gains
and losses, including any interest or dividend Financial assets and financial liabilities are offset
income, are recognised in profit or loss. and the net amount presented in the balance
sheet when, and only when, the Company
221

currently has a legally enforceable right to set off An impairment loss is recognised if the carrying
the amounts and it intends either to settle them amount of an asset or CGU exceeds its estimated
on a net basis or to realise the asset and settle the recoverable amount. Impairment losses are
liability simultaneously. recognised in the statement of profit and loss.
Impairment loss recognised in respect of a CGU is
Impairment
allocated first to reduce the carrying amount of any
The Company recognizes loss allowances using the goodwill allocated to the CGU, and then to reduce
expected credit loss (ECL) model for the financial the carrying amounts of the other assets of the
assets which are not fair valued through profit or CGU (or Company of CGUs) on a pro rata basis.
loss. Loss allowance for trade receivables with no
In respect of other assets for which impairment
significant financing component is measured at an
loss has been recognised in prior periods, the
amount equal to lifetime ECL. For all other financial
Company reviews at each reporting date whether
assets, expected credit losses are measured at an
there is any indication that the loss has decreased
amount equal to the 12-month ECL, unless there
or no longer exists. An impairment loss is reversed
has been a significant increase in credit risk from
if there has been a change in the estimates used
initial recognition in which case those are measured
to determine the recoverable amount. Such a
at lifetime ECL. The amount of expected credit
reversal is made only to the extent that the asset’s
losses (or reversal) that is required to adjust the
carrying amount does not exceed the carrying
loss allowance at the reporting date to the amount
amount that would have been determined, net of
that is required to be recognised is recognized as
depreciation or amortisation, if no impairment loss
an impairment gain or loss in profit or loss.
had been recognised.
Refer Note 43 and 44 to the Financial Statements. q. Investments in Subsidiaries and Associates
p. Impairment of non-financial assets
Investments in subsidiaries and associates are
The Company’s non-financial assets, other than carried at cost less accumulated impairment losses,
inventories and deferred tax assets, are reviewed if any. Where an indication of impairment exists,
at each reporting date to determine whether the carrying amount of the investment is assessed
there is any indication of impairment. If any such and written down immediately to its recoverable
indication exists, then the asset’s recoverable amount. On disposal of investments in subsidiaries
amount is estimated. and associates, the difference between net disposal
proceeds and the carrying amounts are recognized
For impairment testing, assets that do not in the Statement of Profit and Loss.
generate independent cash inflows are combined
together into cash-generating units (CGUs). Refer Note 5 to the Financial Statements.
Each CGU represents the smallest Company of r. Government grants
assets that generates cash inflows that are largely
independent of the cash inflows of other assets or Government grants are recognised where there
CGUs. is reasonable assurance that the grant will be
received and all attached conditions will be
The recoverable amount of a CGU (or an individual complied with. When the grant relates to revenue,
asset) is the higher of its value in use and its fair it is recognised in the statement of profit and loss
value less costs to sell. Value in use is based on on a systematic basis over the periods to which
the estimated future cash flows, discounted to they relate. When the grant relates to an asset, it is
their present value using a pre-tax discount rate treated as deferred income and recognised in the
that reflects current market assessments of the statement of profit and loss on a systematic basis
time value of money and the risks specific to the over the useful life of the asset.
CGU (or the asset).
Refer Note 28 to the Financial Statements.
222

s. Recognition of dividend income, interest • Cash or cash equivalent unless restricted

income or expense from being exchanged or used to settle a
liability for at least twelve months after the
Dividend income is recognised in profit or loss on
reporting period
the date on which the Company’s right to receive
payment is established. • All other assets are classified as non-current.
Interest income or expense is recognised using A liability is current when:

the effective interest method.
• It is expected to be settled in normal operating
The ‘effective interest rate’ is the rate that exactly cycle
discounts estimated future cash payments or
receipts through the expected life of the financial • It is held primarily for the purpose of trading
instrument to:
• It is due to be settled within twelve months
- the gross carrying amount of the financial after the reporting period, or
asset; or
• There is no unconditional right to defer the
- the amortised cost of the financial liability. settlement of the liability for at least twelve
months after the reporting period.
In calculating interest income and expense,
the effective interest rate is applied to the gross • The Company classifies all other liabilities as
carrying amount of the asset (when the asset is non-current.
not credit-impaired) or to the amortised cost of
Deferred tax assets and liabilities are classified as
the liability. However, for financial assets that
non-current assets and liabilities.
have become credit-impaired subsequent to
initial recognition, interest income is calculated by The operating cycle is the time between the
applying the effective interest rate to the amortised acquisition of assets for processing and their
cost of the financial asset. If the asset is no longer realisation in cash and cash equivalents. The
credit-impaired, then the calculation of interest Company has identified twelve months as its
income reverts to the gross basis. operating cycle.
Refer Note 29 and Note 33 to the Financial u. Earnings before interest, tax, depreciation and
Statements. amortisation (EBITDA)
t. Current versus non-current classification The Company presents EBITDA in the statement of
profit or loss; this is not specifically required by Ind
The Company presents assets and liabilities in AS 1. The term EBITDA are not defined in Ind AS.
the balance sheet based on current/non-current Ins AS compliant schedule III allows companies to
classification. present Line items, sub-line items and sub-totals
An asset is treated as current when it is: shall be presented as an addition or substitution
on the face of the financial statement when such
• Expected to be realised or intended to be presentation is relevant to an understanding of
sold or consumed in normal operating cycle the company’s financial position or performance
or to cater to industry/sector-specific disclosure
• Held primarily for the purpose of trading requirements or when required for compliance
with the amendments to the Companies Act or
• Expected to be realised within twelve months
under the Indian Accounting Standard.
after the reporting period, or
223

Measurement of EBITDA how an entity applied the requirements of Ind AS)

shall be disclosed instead of significant accounting
Accordingly, the Company has elected to present policies as part of financial statements.
earnings before interest, tax, depreciation and
amortisation (EBITDA) as a separate line item • Ind AS 107 – Financial Instruments: Disclosures
on the face of statement of profit or loss. The – Information about the measurement basis for
Company measures EBITDA on the basis of financial instruments shall be disclosed as part of
profit / (loss) from continuing operations. In its material accounting policy information.
measurement, the Company does not include
depreciation and amortisation expense, finance • Ind AS 8 – Accounting policies, changes in
cost and tax expenses. accounting estimate and errors-Clarification on
what constitutes an accounting estimate provided.
1.1 Standards Issued but not yet Effective
• Ind AS 12 – Income Taxes – This amendment
Ministry of Corporate Affairs (MCA), on March 31, 2023, has narrowed the scope of the initial recognition
through the Companies (Indian Accounting Standards exemption so that it does not apply to transactions
(Ind AS)) Amendment Rules, 2023 amended certain that give rise to equal and offsetting temporary
existing Ind ASs on miscellaneous issues with effect differences.
from 1st April 2023. Following are few key amendments
relevant to the Company: The Company does not expect the effect of this on
the financial statements to be material, based on
• Ind AS 1 – Presentation of Financial Statements & preliminary evaluation.
Ind AS 34 – Interim Financial Reporting – Material
accounting policy information (including focus on
224
Overview

Corporate
2 (a) Property, Plant and Equipment

(H in Crores)
Leased Assets
Owned Assets
(right of use assets)
Plant and
Particulars Buildings equipment Furniture Total
Freehold Office Leasehold Plant and
(including (including Moulds & Vehicles Computers
land Equipment Land equipment
roads) electrical fixtures
installation)
Reports
Statutory
Cost or deemed cost

(Gross carrying amount)
Balance as at April1, 2021 ( Refer note 51) 36.88 602.61 2,744.54 359.74 23.61 8.72 2.64 45.54 75.91 291.19 4,191.38
Additions for the year 2021-22 - 32.37 422.31 56.85 3.42 1.81 1.83 9.51 2.98 - 531.08
Disposals / deductions for the year 2021-22 - 0.16 2.66 0.08 0.44 0.03 0.41 0.12 0.53 - 4.43
Balance as at March 31, 2022 36.88 634.82 3,164.19 416.51 26.59 10.50 4.06 54.93 78.36 291.19 4,718.03
Additions for the year 2022-23 - 94.15 384.30 42.04 1.24 1.23 - 9.06 - 4.42 536.44
Disposals / deductions for the year 2022-23 - 1.70 18.11 0.21 0.89 0.07 - 1.47 - - 22.45
Reclassification from investment property 2.22 2.91 - - - - - - - - 5.13
Accumulated Depreciation
Financial
Balance as at April1, 2021 ( Refer note 51) - 93.95 1,256.40 163.91 13.73 3.20 1.31 33.36 8.31 10.24 1,584.41
Statements
Depreciation for the year 2021-22 - 24.87 310.01 39.12 3.23 1.13 0.46 6.54 2.04 11.75 399.15
Disposals / deductions for the year 2021-22 - 0.02 2.39 0.04 0.35 0.02 0.37 0.11 0.04 - 3.34
Balance as at March 31, 2022 - 118.80 1,564.02 202.99 16.61 4.31 1.40 39.79 10.31 21.99 1,980.22
Depreciation for the year 2022-23 - 27.06 345.75 43.71 2.99 1.13 0.55 6.50 2.08 11.80 441.57
Disposals / deductions for the year 2022-23 - 1.20 6.32 0.18 0.59 0.07 - 1.25 - - 9.61
Reclassification from investment property - 0.46 - - - - - - - - 0.46
Balance as at March 31, 2023 - 145.12 1,903.45 246.52 19.01 5.37 1.95 45.04 12.39 33.79 2,412.64
Carrying amount (net)
i. Buildings includes H 0.10 crs (PY: H 0.10 crs) being the cost of shares in respective Co-operative Housing Societies.
ii. Title deeds of Immovable Property not held in name of the Company:
As at 31 March 2023 and 31 March 2022
(H in Crores)
Whether title deed holder
Reason for not
Description Gross is a promoter, director
Relevant line item in the Title deeds held in the Property held since which being held in
of item of carrying or relative of promoter/
Balance sheet name of date the name of the
property value director or employee of
company
promoter/director
Property, Plant and Equipment Buildings 2.55 Dalhousie Holdings Limited No All the flats are held before year Held in Trust
(including roads) 2000
Property, Plant and Equipment Leasehold Land 0.06 Chloride Power Systems & No Leashold Land held before year Pending transfer post
Solutions Limited 2000 merger
225

2 (a) Property, Plant and Equipment (Contd..)

iii. Movement of capital work-in-progress:
(H in Crores)
Opening Addition during Closing
Year Capitalised
Balance the year Balance
2022-23 312.37 320.58 532.02 100.93
2021-22 200.86 639.61 528.10 312.37
iv. Capital work-in-progress aging schedule

As at March 31, 2023 (H in Crores)
Amount in Capital work-in progress for a period of
Particulars Less than 1 More than 3 Total
1-2 years 2-3 years
year years
Projects in progress 66.57 12.32 4.61 17.43 100.93
Projects temporarily - - - - -
suspended
Total 66.57 12.32 4.61 17.43 100.93

1-2 years 2-3 years
year years
Projects temporarily - - - - -
suspended
Total 274.79 18.78 4.78 14.02 312.37
Projects in capital work in progress whose completion is overdue or has exceeded its cost compared to its original
plan as at 31 March 2023 and 31 March 2022.

Amount in Capital work-in progress to be completed in
1-2 years 2-3 years
year years
110 KVA project 14.53 - - - 14.53
Total 14.53 - - - 14.53

Amount in Capital work-in progress to be completed in
1-2 years 2-3 years
year years
110 KVA project - 14.53 - - 14.53
Total - 14.53 - - 14.53
There are no projects in capital work in progress which has been temporarily suspended as at 31 March 2023 and
31 March 2022.
226

3 Investment Property
(H in Crores)
Particulars Land and Building
Cost
Balance as at April1, 2021 34.90
Balance as at March 31, 2022 34.90
Reclassification to property, plant and equipment 5.13
Disposals / deductions for the year 2022-23 29.77
Balance as at March 31, 2023 -
Accumulated depreciation
Balance as at April1, 2021 1.13
Depreciation for the year 2021-22 0.71
Reclassification to property, plant and equipment 0.46
Depreciation for the year 2022-23 0.56
Disposals / deductions for the year 2022-23 1.94
Fair value of the investment property as at March 31, 2022 34.75
Fair value of the investment property as at March 31, 2023 -
The above investment property pertained to land and building which had been leased to Exide Energy Pvt Ltd (EEPL), a
subsidiary company [formerly known as Exide Leclanche Energy Private Limited (ELEPL)]. This has been sold off during
the current financial year.
Fair value of the investment property is based on the valuation by a registered valuer as defined under rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017 based on depreciated replacement cost method.
4 Intangible Assets
(H in Crores)
Computer
Particulars Goodwill Trade Mark Total
Software
Cost or deemed cost (Gross carrying amount)
Balance as at April1, 2021 (Refer note 51) 3.89 3.12 86.70 93.71
Additions for the year 2021-22 - - 12.77 12.77
Additions on account of scheme of amalgamation 0.95 - - 0.95
Balance as at March 31, 2022 4.84 3.12 99.47 107.43
Additions for the year 2022-23 - - 2.68 2.68
Disposals / deductions for the year 2021-22 - - - -
Accumulated amortisation
Balance as at April1, 2021 (Refer note 51) 3.89 3.12 50.43 57.44
Amortisation for the year 2021-22 - - 13.28 13.28
227

4 Intangible Assets (Contd.)

(H in Crores)
Computer
Particulars Goodwill Trade Mark Total
Software
Amortisation for the year 2022-23 - - 12.70 12.70
Impairment for the year 2022-23 0.95 0.95
Balance as at March 31, 2022 0.95 - 35.76 36.71
Balance as at March 31, 2023 - - 25.74 25.74
FINANCIAL ASSETS
5 Non-Current Investments
(H in Crores)
Particulars March 31, 2023 March 31, 2022
Investments at cost (Unquoted)
EQUITY SHARES, FULLY PAID UP
IN SUBSIDIARY COMPANIES
Chloride International Limited of H 10 each 0.20 0.20
[4,50,000 shares (PY: 4,50,000 Shares)]
Chloride Metals Limited of H 10 each 249.03 192.03
[5,96,30,952 shares (PY: 5,25,05,952 shares)]
Chloride Batteries S.E.Asia Pte Limited of Singapore $ 1 each 10.35 10.35
[70,00,000 shares (PY: 70,00,000 shares)]
Espex Batteries Limited of GBP 1 each 0.78 0.78
[1,02,000 shares (PY: 1,02,000 shares)]
Associated Battery Manufacturers (Ceylon) Ltd of Sri Lankan 7.31 7.31
Rupees 10 each [38,96,640 shares (PY: 38,96,640 shares)]
Exide Energy Private Limited of H 10 each 277.23 277.23
[14,35,46,310 shares (PY: 14,35,46,310 shares)]
Exide Energy Solutions Limited of H 10 each 715.01 0.01
[28,60,10,000 shares (PY: 10,000 shares)]
IN ASSOCIATE COMPANIES
CSE Solar Sunpark Maharashtra Private Limited of H 10 each 12.39 12.39
[17,28,465 shares (PY: 17,28,465 shares)]
CSE Solar Sunpark Tamilnadu Private Limited of H 10 each 13.11 13.11
[14,30,138 shares (PY: 14,30,138 shares)]
CUMULATIVE CONVERTIBLE PREFERENCE SHARES, FULLY
PAID UP IN SUBSIDIARY COMPANIES
Exide Energy Private Limited of H 10 each 25.00 -
[2,50,00,000 shares (PY: NIL)]
Investments at amortised cost
Government Securities 0.01 0.01
(lodged as security deposits with various authorities )
228

5 Non-Current Investments(Contd.)
(H in Crores)
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 6,000 each (1 - -
debenture (PY: 1 debenture)
Units (Unquoted)
Faering Capital India Evolving Fund of H 1,000 each 125.36 124.75
[5,05,334 units (PY: 5,34,426 units)]
Equity shares (Unquoted)
Haldia Integrated Development Agency Ltd of H 10 each 1.20 1.55
(5,00,000 shares [PY: 5,00,000 shares)]
Equity shares (Quoted)
LIC Housing Finance Limited of H 2 each 0.03 0.03
[1,000 shares (PY: 1,000 shares)]
Hathway Cable and Datacom Limited of H 2 each 7.07 9.42
[54,62,830 shares (PY: 54,62,830 shares)]
HDFC Life Insurance Company Limited of H 10 each [8,70,22,222 4,344.15 4,683.54
shares (PY: 8,70,22,222 shares)]
5,788.23 5,332.71
(i) Aggregate book value of unquoted investments 1,436.98 639.72
(ii) Aggregate value of quoted investments and market value thereof 4,351.25 4,692.99
(iii) Refer Note 43 for information about fair value measurement and Note
44 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 and
HDFC Life Insurance Company Ltd aggregates to H 15.06 crs
(PY: H 0.23 crs)
(vi) Investments at fair value through OCI (fully paid) reflect investment
in quoted and unquoted equity securities. These equity shares are
designated as FVTOCI as they are not held for trading purpose.
6 Non-Current Trade Receivables (at amortised cost)

(H in Crores)
Unsecured, Considered good
Trade receivables, considered good - unsecured 0.32 0.05
0.32 0.05
Refer note no. 11 for aging of trade receivables.
229

7 Other Non-Current Financial Assets (at amortised cost)

(H in Crores)
Security Deposits 19.96 22.78
19.96 22.78
8 Other Non-Current Assets

(H in Crores)
(i) Unsecured, considered good
a) Capital advances 29.81 11.78
b) Prepaid expenses 17.74 23.35
c) Balances and deposit with Government Authorities 13.24 17.98
(ii) Unsecured, considered doubtful
a) Balances and deposit with Government Authorities 4.33 15.10
65.12 68.21
Less: Provision for doubtful advances 4.33 15.10
60.79 53.11
9 Inventories
(H in Crores)
(At lower of cost and net realisable value)
(a) Stores and spares 63.82 63.39
(b) Raw materials [Including in transit/ lying in bonded warehouse 894.62 674.41
H 261.15 crs (PY: H 235.18 crs)]
(c) Work-in-progress 684.77 702.65
(d) Finished goods 1,337.03 1,017.07
(e) Stock-in-trade 8.84 7.16
2,989.08 2,464.68
The cost of inventories recognised as an expense includes H 5.69 crs (PY: H 8.41 crs) in respect of write downs of inventory.
10 Current Investments
March 31, 2023 March 31, 2022
Particulars No. of (J in No. of (J in
units Crores) units Crores)
Investments at fair value through Profit & Loss
UNITS OF MUTUAL FUND (Unquoted)
Aditya Birla Sun Life Liquid Fund - Growth Direct Plan 30,48,302 110.68 35,12,019 120.51
H 100 each
HDFC Liquid Fund - Growth Direct Plan of H 1,000 each 3,18,226 140.76 3,59,881 150.60
ICICI Prudential Liquid Fund - Growth Direct Plan of 18,09,568 60.29 41,38,414 130.47
H 100 each
SBI Liquid Fund - Direct Growth of H 1,000 each 2,85,404 100.56 3,31,483 110.48
Kotak Liquid Fund - Growth Direct Plan of H 1,000 each 88,461 40.24 1,16,694 50.21
230

10 Current Investments (Contd.)

March 31, 2023 March 31, 2022
Particulars No. of (J in No. of (J in
units Crores) units Crores)
DSP Liquid Fund - Growth Direct Plan of H 1,000 each 1,56,299 50.28 1,97,937 60.23
Axis Liquid Fund - Direct Growth of H 1,000 each 2,01,174 50.31 3,39,635 80.29
553.12 702.79
Aggregate amount of quoted investment and market - -
value thereof
Aggregate amount of unquoted investment 553.12 702.79
(i) Refer Note 43 for information about fair value measurement and Note 44 for credit risk and market risk of investment.
11 Trade Receivables (Unsecured) (at amortised cost)

(H in Crores)
Trade Receivables, considered good 1,287.56 1,202.96
Trade Receivables, credit impaired - 1.50
1,287.56 1,204.46
Less: Loss allowance 13.42 9.97
Total 1,274.14 1,194.49
Refer Note no 41 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 44.
Trade Receivables aging schedule as at 31 March 2023

(H in Crores)
Outstanding for following periods from due
date of payment
Unbilled Not
Particulars Less 6 More Total
dues Due 1-2 2-3
than 6 months than 3
years years
months -1 year years
(i) Undisputed Trade Receivables - 842.32 408.25 18.65 4.58 4.24 9.84 1,287.88
– considered good
(ii) Undisputed Trade Receivables - - - - - - - -
– which have significant
increase in credit risk
(iii) Undisputed Trade Receivables - - - - - - - -
– credit impaired
(iv) Disputed Trade Receivables– - - - - - - - -
considered good
(v) Disputed Trade Receivables – - - - - - - - -
which have significant increase
in credit risk
(vi) Disputed Trade Receivables – - - - - - - - -
credit impaired
Total - 842.32 408.25 18.65 4.58 4.24 9.84 1,287.88
231

11. Trade Receivables (Unsecured) (at amortised cost) (Contd.)

(H in Crores)
Outstanding for following periods from
due date of payment
Unbilled Not
dues Due 1-2 2-3
years years
(i) Undisputed Trade Receivables - 809.31 351.91 8.84 6.49 5.39 20.52 1,202.46
– considered good
(iii) Undisputed Trade Receivables - - - - - - 1.50 1.50
– credit impaired
(iv) Disputed Trade Receivables– - - - - - - 0.55 0.55
considered good
in credit risk
(vi) Disputed Trade Receivables – - - - - - - - -
credit impaired
Total - 809.31 351.91 8.84 6.49 5.39 22.57 1,204.51
12 Cash and Cash Equivalents

(H in Crores)
a) Balances with banks on
- Current Account 63.65 21.25
- Deposits Account 0.03 0.04
b) Cheques, drafts in hand 4.21 132.17
c) Cash in hand 0.23 0.16
68.12 153.62
13 Bank Balances other than Cash and Cash Equivalents

(H in Crores)
Unclaimed Dividend Account 6.36 7.81
6.36 7.81
14 Loans (at amortised cost)

(H in Crores)
Unsecured, considered good
Loans to employees - 0.01
- 0.01
232

15 Other Financial Assets (at amortised cost)

(H in Crores)
a) Rebates and discounts receivables 24.16 23.37
b) Security Deposits 18.07 15.49
c) Recoverable from related party - 25.73
42.23 64.59
16 Other Current Assets

(H in Crores)
a) Advance to suppliers 13.03 18.12
b) Other recoverables and advances* 70.50 65.76
d) Prepaid expenses 12.10 13.03
151.97 149.46
*includes export incentive receivables aggregating to H 56.33 crs (PY: H 48.61 crs)
17 Share Capital
(H in Crores)
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

Number of Shares
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
Number of Shares
Name of Shareholder
Chloride Eastern Limited, UK (considered to be Holding company 39,09,54,666 39,09,54,666
by virtue of de-facto control) 45.99% (PY: 45.99%)
233

17 Share Capital (Contd.)

(H in Crores)
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 4.29% (PY: 5.50%) 3,64,64,892 4,67,17,388
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.
g) Shares held by promoters at the end of the year
Chloride Eastern Limited 45.99% (PY: 45.99%) 39,09,54,666 39,09,54,666
There has been no change in the promoter’s shareholding during
the current and previous year.
18 Other Equity
(H in Crores)
a) Securities Premium 737.88 737.88
Premium received on equity shares issued is recognised in the
securities premium
b) Retained earnings 11,471.04 10,566.28
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
- Remeasurements of defined benefit plans
Remeasurement gains/losses recorded in other comprehensive
income
- Fair value of Equity instruments through OCI (1,084.17) (791.06)
Changes in fair value of equity instruments recorded in other
comprehensive income
11,124.75 10,513.10
After the reporting dates the dividend on equity shares of H 2 per share were proposed by the directors subject to the
approval at the annual general meeting; the dividends have not been recognised as liabilities. Total cash outflow on
account of the aforesaid proposed dividend would be H 170 Crs.
19 Non-Current Trade Payables (at amortised cost)

(H in Crores)
Trade payable for goods & services
Total outstanding dues of micro and small enterprises (refer note no. 40) - -
Total outstanding dues of creditors other than micro and small enterprises 10.06 7.87
10.06 7.87
Refer note no. 24 for aging of trade payables.
234

20 Other Non-Current Financial Liabilities (at amortised cost)

(H in Crores)
Payable for capital goods 3.10 2.92
3.10 2.92
21 Non Current Provisions

(H in Crores)
Provision for employee benefits (refer note 38)
Post retirement medical benefits 4.98 4.77
Gratuity 9.58 7.88
Compensated absences 41.53 41.32
Others
Provision for site restoration liabilities 2.06 1.87
58.15 55.84
Provision for site restoration liabilities (H in Crores)

A provision is recognised for site restoration liabilities on leasehold
lands taken by the Company:
Opening Balance 1.87 1.69
Add: Interest accrued on the provision during the year 0.19 0.18
Closing Balance 2.06 1.87
22 Deferred Tax Assets/ (Liabilities) (Net)

(H in Crores)
Deferred tax assets 206.34 172.56
Less: Deferred tax liabilities 90.36 107.18
115.98 65.38
Movement in deferred tax liabilities / assets balances:

(H in Crores)
Movement Movement
through through
2022-23 April March
Statement Other
01, 2022 31, 2023
of Profit Comprehensive
and Loss Income
Deferred tax liabilities:
Arising out of temporary difference in depreciable assets (103.16) 15.61 - (87.55)
Expenses claimed as deduction as per Income Tax Act, (4.02) 1.21 - (2.81)
1961 but not booked in current year
Deferred tax assets:
On expenses allowable against taxable income in future years 28.64 2.52 - 31.16
On lease liabilities (net of right-of-use assets) 2.64 (0.52) - 2.12
Unrealised loss on fair valuation of investment 134.66 - 38.40 173.06
235

22 Deferred Tax Assets/ (Liabilities) (Net) (Contd.)

(H in Crores)
Movement Movement
through through
2022-23 April March
Statement Other
01, 2022 31, 2023
and Loss Income
Others 6.62 (6.62) - -
65.38 12.20 38.40 115.98
(H in Crores)
Movement Movement
through through
April March
2021-22 Statement Other
01, 2021 31, 2022
and Loss Income
Deferred tax liabilities:
Arising out of temporary difference in depreciable assets (116.74) 13.58 - (103.16)
Expenses claimed as deduction as per Income Tax Act, (1.71) (2.31) - (4.02)
1961 but not booked in current year
On expenses allowable against taxable income in future years 38.42 (9.78) - 28.64
On lease liabilities (net of right-of-use assets) 1.78 0.86 - 2.64
Unrealised loss on fair valuation of investment 1.45 35.29 97.92 134.66
Others 7.24 (0.62) - 6.62
(69.56) 37.02 97.92 65.38
2022-23 2021-22
Particulars (J in (J in
Rate Rate
Crores) 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%) 25.17% 305.81 25.17% 1,439.27
Adjustments:
Non-deductible expenses for tax purposes 0.42% 5.12 0.14% 8.26
Indexation benefit on sale of capital asset as per Income tax Act - - -6.45% (368.81)
Impact of lower tax rate on certain items - - -0.71% (40.43)
Others including Tax impact of earlier years 0.04% 0.53 -0.05% (2.70)
Total tax expense 25.63% 311.46 18.10% 1,035.59
236

22 Deferred Tax Assets/ (Liabilities) (Net) (Contd..)

(H in Crores)
Breakup of tax expense is as follows:
Current tax
Current period 323.84 1,084.18
Prior period (0.18) (11.57)
Deferred tax
Origination and reversal of temporary differences (12.20) (37.02)
Total tax expenses 311.46 1,035.59
Income tax pertaining to items recognised in Other Comprehensive Income is as follows:

For the year 31 March 2023:
(H in Crores)
Sl Tax (expense)
Nature of item Before tax Net of tax
No /benefit
a Re-Measurement gains/(losses) on defined benefit plans 1.51 (0.38) 1.13
b Gain / (loss) of fair value of investment (331.51) 38.40 (293.11)
(330.00) 38.02 (291.98)
For the year 31 March 2022:

(H in Crores)
Sl Tax (expense)
Nature of item Before tax Net of tax
No /benefit
(898.65) 97.36 (801.29)
23 Borrowings (at amortised cost)

(H in Crores)
Cash Credit from ICICI Bank * - 7.06
Inter Corpoarte Loan (Unsecured) ** - 3.00
- 10.06
* The Cash Credit facility was utilized for meeting working capital requirement, bearing interest @ 9.05% and secured by hypothecation of Raw Materials,
Finished Stock, Work-in-Progress, Book Debts & other receivables.
** The loan is repayable on demand and is carrying an interest rate of 7%
237

24 Trade Payables (at amortised cost)

(H in Crores)
(a) Trade payable for goods & services
Total outstanding dues of micro and small enterprises (refer 94.26 151.06
note no. 40)
Total outstanding dues of creditors other than micro and small 884.67 865.26
enterprises
(b) Acceptances 547.01 602.64
1,525.94 1,618.96
Trade Payables aging schedule as at 31 March 2023

(H in Crores)
Outstanding for following periods
from due date of payment
Unbilled
Particulars Not Due Less More Total
dues 1-2 2-3
than 1 than 3
years years
year years
(i) MSME - 94.02 0.24 - - - 94.26
(ii) Others - 1,203.73 62.99 2.47 0.12 0.07 1,269.38
(iii) Disputed dues – MSME - - - - - - -
(iv) Disputed dues - Others - - - - - 0.01 0.01
- 1,297.75 63.23 2.47 0.12 0.08 1,363.65
Add:- Accrued liabilities 172.35
1,536.00

(H in Crores)
Unbilled
dues 1-2 2-3
than 1 than 3
years years
year years
(i) MSME - 149.99 0.77 - - - 150.76
(ii) Others - 1,162.45 148.58 4.81 0.30 0.16 1,316.30
(iii) Disputed dues – MSME - - - 0.05 0.20 0.05 0.30
(iv) Disputed dues - Others - - - - 0.26 - 0.26
- 1,312.44 149.35 4.86 0.76 0.21 1,467.62
1,626.83
Refer note 44 for information about liquidity risk and market risk related to trade payables.
For terms and conditions with related parties, refer to Note 41.
238

25 Other Current Financial Liabilities (At amortised cost)

(H in Crores)
(a)
Unclaimed dividends (to be credited to Investor Education and 6.36 7.81
Protection Fund as and when due)
(b) Other payables -
For Selling and distribution costs 243.05 99.27
For Capital goods 47.45 77.95
For Other Expenses * 69.61 91.20
366.47 276.23
* other liabilities includes employee related liabilities aggregating to H 65.62 crs (PY: H 76.05 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 at 31 March 2023 and 31 March 2022.
ii. Other payables for selling and distribution costs represents outstanding liabilities for incentives and trade schemes, etc.
26 Other Current Liabilities

(H in Crores)
a) Taxes and duties payable 144.48 181.76
b) Advances from customers 150.43 33.58
c) Deferred revenue * 24.94 34.81
319.85 250.15
*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.
27 Current Provisions
(H in Crores)
a) Provision for employee benefits
b) Others
Provision for Warranty Claims 222.74 207.65
Provision for litigations and tax disputes 53.55 53.55
280.10 264.00
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:
Add: Provision created during the year 302.01 217.04
Less: Utilised against warranty claims during the year 286.92 223.60
239

27 Current Provisions (Contd.)

Provisions for litigations and tax disputes
(H in Crores)
Particulars 2022-23 2021-22
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:
Add: Provision written back during the year - -
28 Revenue from Operations

(H in Crores)
Sale of products 14,525.66 12,361.35
Other operating income
Export incentive 41.95 28.61
Scrap sales 9.79 7.94
Income from Service / Installation 14.53 12.23
14,591.93 12,410.13
(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 consumer profiles
(H in Crores)
Institutional sales 3,920.24 3,098.33
Non-institutional sales 10,629.73 9,283.19
14,549.98 12,381.52
Disaggregation based on geography

(H in Crores)
India 13,422.78 11,232.48
Outside India 1,127.20 1,149.04
14,549.98 12,381.52
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, 2023 and
March 31, 2022.
240

28 Revenue from Operations (Contd.)

Changes in deferred revenue are as follows:
(H in Crores)
Balance at the beginning of the year 34.81 34.20
Revenue recognised that was included in the unearned and deferred (19.53) (27.44)
revenue at the beginning of the year
Other adjustments - settlement through credit notes (15.28) (6.76)
Increase due to invoicing during the year, excluding amounts recognised 24.94 34.81
as revenue during the year
Balance at the end of the year 24.94 34.81
Reconciliation of revenue recognized with the contracted price is as follows:

(H in Crores)
Contracted revenue 15,318.48 12,887.62
Reduction towards variable consideration components (768.50) (506.10)
Revenue recognised 14,549.98 12,381.52
The reduction towards variable consideration comprises of discounts, incentive etc.

Contract balances
(H in Crores)
Trade receivables 1,274.46 1,194.54
Contract liabilities 24.94 34.81
1,249.52 1,159.73
29 Other Income
(H in Crores)
Interest Income on :
Bank deposits - 0.01
Income Tax refunds - 6.74
Financial assets carried at amortised cost 0.66 0.76
Dividend Income on
Long Term Investments in subsidiaries 4.76 11.91
Investment designated at FVOCI * 15.06 0.23
Changes in fair value of investments designated at FVTPL 10.43 7.52
Gain on sale of investments (net) 37.31 22.82
Other non-operating income
Net foreign exchange Gain 46.12 24.88
Rental income from investment property 2.80 2.83
Profit on sale of property, plant and equipments (net) 9.46 0.12
Others 5.79 2.64
132.39 80.46
* All dividends from equity instruments designated at FVOCI relates to investments held at the end of the reporting period.
241

30 Cost of Materials Consumed

(H in Crores)
Opening Stock 674.41 768.98
Add: Purchases 10,707.66 8,667.13
11,382.07 9,436.11
Less: Closing Stock 894.62 674.41
10,487.45 8,761.70
Cost of material consumed includes net proceeds from scrap battery.
31 Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade

(H in Crores)
Opening Stock
Work-in-progress 702.65 732.62
Finished goods 1,017.07 789.84
Stock-in-trade 7.16 10.73
1,726.88 1,533.19
Closing Stock
Finished goods 1,337.03 1,017.07
2,030.64 1,726.88
(303.76) (193.69)
32 Employee Benefit Expenses

(H in Crores)
Salaries, wages and bonus 755.00 689.97
Contribution to provident and other funds (refer note 38) 42.84 40.80
Staff welfare expenses 74.12 70.84
871.96 801.61
33 Finance Costs
(H in Crores)
Interest expenses 5.34 14.71
Other borrowings cost 0.16 0.22
Interest on lease liabilities 24.03 24.49
29.53 39.42
242

34 Depreciation and Amortisation

(H in Crores)
Depreciation of Property, Plant and Equipments 427.69 385.36
Amortisation of intangible assets 12.70 13.28
Impairment of Goodwill 0.95 -
Depreciation of investment property 0.56 0.71
Depreciation of right-of-use asset 13.88 13.79
455.78 413.14
35 Other Expenses
(H in Crores)
Stores and spare parts consumed 96.92 81.53
Power and fuel 427.69 351.86
Battery Charging / Battery assembly expenses 81.10 71.77
Repairs and maintenance
Buildings 11.23 9.09
Plant & machinery 31.08 25.49
Others 2.82 2.31
Software expenses 50.06 50.96
Rent & Hire Charges 50.49 47.64
Rates and taxes 6.47 5.55
Insurance 14.04 11.50
Commission 1.74 1.34
Royalty and Technical Aid Fees 52.43 46.57
Warranty expenses 302.01 217.04
Publicity and Sales Promotion 46.53 44.62
Freight & Forwarding (net) 451.77 356.96
After Sales Services 69.71 75.91
Clearing and forwarding Expenses 53.03 43.16
Travelling & Conveyance 41.79 24.95
Bank Charges 0.89 0.91
Communication Costs 3.53 3.66
Donations - 0.01
Directors’ Sitting Fees 0.31 0.36
Auditors’ Remuneration:
As Auditors
- For Statutory audit 0.64 0.67
- For Limited Reviews 0.39 0.39
- For Group Reporting 0.20 0.40
- For Others (including certifications) 0.04 0.05
As Tax Auditors 0.07 0.08
Other Services 0.34 0.02
Out of pocket expenses 0.14 0.09
Miscellaneous expenses (refer Note 35.1) 155.83 155.02
1,953.29 1,629.91
243

35.1 Miscellaneous Expenses

(H in Crores)
Motor Vehicle Running Expenses 6.76 6.57
Consultancy & Services outsourced 82.15 83.70
Security Service Charges 10.73 9.60
General Expenses 4.06 4.61
Legal Expenses 2.70 2.44
Printing & Stationery 4.83 4.78
Total Quality Management Expenses 0.21 0.22
Corporate Social Responsibility expenses 20.35 21.09
Pollution Control Expenses 7.90 6.29
Testing Charges 1.32 1.25
Liquidated Damages 2.99 1.38
Battery Erection / Installation Costs 11.83 13.09
155.83 155.02
The Company has incurred H 20.35 crs (PY: H 21.09 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 20.33 crs (PY: H 21.06 crs).
II. Break-up of amount incurred during the year on:
(H in Crores)
Amount spent during the year:
a) Construction/Acquisition of any asset 8.09 5.69
b) For purposes other than (a) above 12.26 12.60
20.35 18.29
c) Amount unspent during the year (refer note III below) - 2.80
20.35 21.09
III. Provision has been made for shortfall amount at the end of the year of H NIL (PY: H 2.80 crores). Such shortfall
is because of an ongoing project. The shortfall amount of H NIL (PY: H 2.80 crores) has been duly transferred to
unspent CSR account.
244

35.1 Miscellaneous Expenses (Contd.)

IV. The nature of CSR Activities undertaken during the year by the company is detailed below:
(H in Crores)
Sl.
Name of project on which expenses incurred 2022-23 2021-22
no.
1 Promoting health care including preventive health care 2.21 7.11
2 Promoting education 8.50 2.48
3 Skills Development 6.35 7.50
4 Empowerment * 1.24 3.40
5 Environment 1.41 0.11
6 Rural Development - 0.15
7 Heritage Structure 0.17 -
8 Impact Assessment 0.09 0.13
9 Administrative expenses 0.38 0.21
Total** 20.35 21.09
* Including H NIL (PY: H 2.80 crs) transferred to unspent CSR account against ongoing project.
** Total spent on CSR is net of refund aggregating to H 1 cr (PY: NIL) from National Apprenticeship Promotion Scheme
36 Earnings Per Share (EPS)

(H in Crores)
Details for calculation of basic and diluted earning per share:
Profit after tax as per Statement of Profit and Loss 903.63 4,684.33
Weighted average number of equity share (Numbers) 85,00,00,000 85,00,00,000
Basic and diluted earning per share (H) 10.63 55.11
37 Significant Accounting Judgements, Estimates and Assumptions

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 Company 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
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 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 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.
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.
245

37 Significant Accounting Judgements, Estimates and Assumptions (Contd.)

(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 38.
(c) Fair value measurement of investments

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 43.
(d) Customer’s 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.
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 notes 25 and 26 for further details.
(e) Warranty provisioning

The Company estimates the provision for warranty based on past trend of actual issues of batteries under warranty.
As at 31 March 2023, the estimated liability towards warranty amounted to approximately H 222.74 crs (PY: H 207.65
crs). For further details refer note 27.
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.
(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 27.
38 Gratuity and Other Post Employment Benefit Plans

The Company provides for gratuity, a defined benefit retirement plan (‘the Gratuity Plan’) covering eligible employees of
Company. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective employee’s salary and the tenure of employment with
the Company. Gratuity is funded through a Group managed trust. Trustees administer contributions made to the Trust
and contributions are invested in a scheme with the Life Insurance Corporation of India.
The Company operates defined benefit pension plan for certain categories of employees. These plans are managed
through a group managed trust. The Company also operates post retirement medical benefit plan, a defined benefit plan
which is unfunded.
Other retirement benefit plans include contribution to provident fund and pension fund (for certain categories of employees).
The trustees of the trust fund are responsible for the overall governance of the plan and to act in accordance with the provisions
of the trust deed and rules in the best interests of the plan participants. Each year, the Board of Trustees reviews the level of
funding in the respective plans. Such a review includes the asset-liability matching strategy and investment risk management
policy. The Board of Trustees decides its contribution based on the results of this annual review.
246

38 Gratuity and Other Post employment Benefit Plans (Contd.)

(H in Crores)
2022-23 2021-22
Particulars GRATUITY PENSION PRMB GRATUITY PENSION PRMB
(Funded) (Funded) (Unfunded) (Funded) (Funded) (Unfunded)
I. Expenses recognised in the
Statement of Profit & Loss
1. Current Service Cost 9.43 - 0.13 9.13 - 0.03
2. Interest Cost 8.32 0.22 0.35 8.01 0.25 0.33
3. Expected Return on plan assets (8.01) (0.28) - (7.40) (0.26) -
4. Total 9.74 (0.06) 0.48 9.74 (0.01) 0.36
Expenses recognised in OCI
5. Actuarial ( Gains ) / Losses (1.39) (0.15) 0.03 (1.65) (0.63) 0.06
6. Total Expense 8.35 (0.21) 0.51 8.09 (0.64) 0.42
II. Net Asset / ( Liability ) recognised
in the Balance Sheet
1. Present Value of Defined Benefit 133.13 3.20 5.36 126.14 3.17 5.14
Obligation
2. Fair Value of Plan Assets 123.55 4.32 - 118.26 4.08 -
3. Net Asset / ( Liability ) (9.58) 1.12 (5.36) (7.88) 0.91 (5.14)
III. Change in Obligation during the
year
Obligation at the beginning of the
year
3. Interest Cost 8.32 0.22 0.35 8.01 0.25 0.33
4. Benefits Paid (9.90) (0.05) (0.29) (9.17) (0.43) (0.24)
Arising from changes in 2.31 (0.05) 0.17 (2.01) (0.60) -
experience
Arising from changes in - - - - - 0.15
demographic assumptions
Arising from changes in (3.17) (0.09) (0.14) (2.08) (0.01) (0.09)
financial assumptions
Total (0.86) (0.14) 0.03 (4.09) (0.61) 0.06
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 118.26 4.08 - 112.76 3.79 -
year
2. Expected return on plan assets 8.01 0.28 - 7.68 0.26 -
3. Contribution by employer 6.65 - - 9.43 0.44 -
4. Actual Benefits Paid (9.90) (0.05) - (9.17) (0.43) -
5. Actuarial Gains / ( Losses) 0.53 0.01 - (2.44) 0.02 -
6. Plan assets at the end of the year 123.55 4.32 - 118.26 4.08 -
7. Actual return on Plan Assets 8.54 0.29 - 5.24 0.28 -
247


(H in Crores)
2022-23 2021-22
Particulars GRATUITY PENSION PRMB GRATUITY PENSION PRMB
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 6 & 9 years 3 years 9 years 7 & 9 years 3 years 9 years
defined benefit obligation
Expected benefit payments for the
year ending
Not later than 1 year 10.03 0.96 0.38 6.67 0.66 0.37
Later than 1 year and not later than 51.47 2.17 1.97 49.24 2.40 1.79
5 years
More than 5 years 86.65 0.57 2.52 79.24 0.69 2.40
VII Actuarial Assumptions
1 Discount Rate 7.3% p.a (March 31, 2022: 7% p.a.)
2 Mortality pre retirement Indian Assured Lives Mortality (2006-08) (modified) Ult.
3 Mortality post retirement LIC (1996-98) Ultimate
4 Expected increase in salary
- executive staff 10 % p.a (March 31, 2022: 10% p.a.)
- other management staff 8 % p.a (March 31, 2022: 8% p.a.)
- non-management staff 5 % p.a (March 31, 2022: 5% p.a.)
VIII In 2023-24 the Company expects to contribute H 10 crs (2022-23: H 8.09 crs) to gratuity and H NIL (2022-23: NIL) 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.
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 32.68
crs (2021-22 - H 30.71 crs).
248


XII Net asset/(liability) recognised in the Balance Sheet and experience actuarial (gain)/loss on plan assets and liabilities:
(H in Crores)
1. Gratuity
Defined Benefit Obligation 133.13 126.14
Plan Assets 123.55 118.26
Surplus / ( deficit ) (9.58) (7.88)
Experience (Gain) / loss adjustments on plan liabilities 2.31 (2.01)
Experience Gain / ( loss) adjustments on plan assets 0.53 (2.44)
2. Pension
Plan Assets 4.32 4.08
Surplus / ( deficit ) 1.12 0.91
Experience (Gain) / loss adjustments on plan liabilities (0.05) (0.60)
Experience Gain / ( loss) adjustments on plan assets 0.01 0.02
3. Post Retirement Medical Benefit
Experience Gain / ( loss) adjustments on plan liabilities 0.17 -
XIII The basis of various assumptions used in actuarial valuations and their quantitative sensitivity analysis is as shown below:
(H in Crores)
Assumptions Discount rate (a) Discount rate (a)
Sensitivity level 1% increase 1% decrease 1% increase 1% decrease
Impact on Retiral Benefit (10.22) 9.98 (10.09) 11.54
Assumptions Future salary increases (b) Future salary increases (b)
Impact on Retiral Benefit 10.55 (9.58) 10.50 (9.48)
(a) Based on interest rates of government bonds
(b) Based on managements estimate

(H in Crores)
(i) Capital and other commitments
Commitment for acquisition of fixed assets 217.54 507.48
Commitment for investment 20.70 20.70
238.24 528.18
249

39 Commitments and Contingencies (Contd.)

(H in Crores)
(ii) Contingent Liabilities
Guarantees excluding financial guarantees
Outstanding Bank Guarantees / Indemnity Bonds 55.92 55.99
Claims against the company not acknowledged as debt
Sales Tax demands 6.55 6.52
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
70.34 70.38
The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
provisions are required and disclosed as contingent liabilities where applicable, in its standalone financial statements.
The Company does not expect the outcome of these proceedings to have a materially adverse effect on its standalone
financial statements. The company does not expect the impact to be material.
40 Details of dues to Micro and Small Enterprises as defined under Micro, Small and
Medium Enterprises Development Act, 2006 (MSMED Act)
(H in Crores)
Principal and interest amount remaining unpaid
- Principal 94.26 151.06
- 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 beyond the appointed date during the year.
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.
250

41 Related Party Disclosure:

i ) Particulars of related parties :
A. Where control exists

1. Subsidiaries Chloride Batteries S.E. Asia Pte. Limited, Singapore (CBSEA)
Chloride International Limited (CIL)
Espex Batteries Limited, UK (Espex)
Associated Battery Manufacturers (Ceylon) Ltd , Sri Lanka (ABML)
Chloride Metals Limited (CML)
Exide Life Insurance Company Limited (ELI) (upto December 31, 2021)
Exide Energy Private Limited (EEPL)
[formerly known as Exide Leclanche Energy Private Limited (ELEPL)]
Exide Energy Solutions Limited (EESL) (w.e.f. March 24, 2022)
2. Enterprise / Individuals having Chloride Eastern Limited, UK. (CEL)
a direct or indirect control over Chloride Eastern Industries Pte Limited, Singapore (CEIL)
the Company 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) (upto December 29, 2021)
C. Others
1. Key Management Personnel Mr. Bharat D. Shah, Director
Mr. R. B. Raheja, Director
Mr. G Chatterjee, Whole Time Director (upto April 30, 2021)
Mr. Subir Chakraborty, Whole Time Director
Mr. Sudhir Chand, Director (upto July 22, 2022)
Ms. Mona N. Desai, Director
Mr. Surin S. Kapadia, Director
Mr. Sridhar Gorthi, Director (w.e.f. July 29, 2022)
Mr. A K Mukherjee, Whole Time Director
Mr. Arun Mittal, Whole Time Director
Mr. Avik Kr. Roy, Whole Time Director (w.e.f. May 1, 2021)
Mr. Jitendra Kumar, Company Secretary
2. Name of the Companies / Shalini Construction Company Private Limited (Shalini Construction)
firms / in which individuals with Matsyagandha Investments and Finance Private Limited (Matsyagandha)
direct / indirect control over the [formerly known as Peninsula Estates Private Limited (Peninsula Estates)]
company have a significant Raheja QBE General Insurance Company Limited (Raheja QBE)
influence
3. Employees Trusts where there The Chloride Officer’s Provident Fund (COPF)
is significant influence: The Chloride Employees’ Gratuity Fund (CEGF)
The Chloride Executive Gratuity Fund (CExGF)
The Chloride Pension Fund (CPF)
251
252
41 Related Party Disclosure: (Contd.)

ii) Details of transactions entered into with the related parties:
(H in Crores)
Entities in which
individuals with
Enterprise/
direct/indirect
Individuals
control over the Key
having Associate Employees
Subsidiaries Company have a Management Total
direct or Company Trust
Particulars significant influence Personnel
indirect
or is a member of
control
Key Managerial
Personnel
Transaction Transaction Transaction Transaction Transaction Transaction
Transaction Value
Value Value Value Value Value Value
Purchases of goods/services
CML 4,487.20 - - - - - 4,487.20
(3,334.51) - - - - - (3,334.51)
ABML 4.64 - - - - - 4.64
(1.11) - - - - - (1.11)
EEPL 10.75 - - - - - 10.75
(0.50) - - - - - (0.50)
Total 4,502.59 - - - - - 4,502.59
(3,336.12) - - - - - (3,336.12)
Purchase of Electricity
CSSMPL - - - 17.28 - - 17.28
- - - (11.27) - - (11.27)
CSSTPL - - - 18.69 - - 18.69
- - - (16.84) - - (16.84)
Total - - - 35.97 - - 35.97
- - - (28.11) - - (28.11)
Sale of goods
CBSEA 32.15 - - - - - 32.15
(28.69) - - - - - (28.69)
ESPEX 80.95 - - - - - 80.95
(91.13) - - - - - (91.13)
CML 1,331.36 - - - - - 1,331.36
(914.51) - - - - - (914.51)
ABML 5.06 - - - - - 5.06
(6.81) - - - - - (6.81)
EEPL 0.02 - - - - - 0.02
(0.01) - - - - - (0.01)
Total 1,449.54 - - - - - 1,449.54
(1,041.15) - - - - - (1,041.15)
Overview
Corporate
(H in Crores)
Entities in which
individuals with
Enterprise/
direct/indirect
Individuals
Reports
Statutory
indirect
or is a member of
control
Key Managerial
Personnel
Transaction Value
Services rendered
EESL 0.32 - - - - - 0.32
- - - - - - -
EEPL 0.01 - - - - - 0.01
- - - - - - -
Total 0.33 - - - - - 0.33
Financial
Statements
- - - - - - -
Sale of Assets
EESL 45.13 - - - - - 45.13
- - - - - - -
EEPL - - - - - - -
(0.09) - - - - - (0.09)
Total 45.13 - - - - - 45.13
(0.09) - - - - - (0.09)
Rent and Maintenance Costs
CIL 0.58 - - - - - 0.58
(0.65) - - - - - (0.65)
Shalini Construction - - 0.79 - - - 0.79
- - (0.77) - - - (0.77)
Matsyagandha - - 0.20 - - - 0.20
- - (0.19) - - - (0.19)
Total 0.58 - 0.99 - - - 1.57
(0.65) - (0.96) - - - (1.61)
Employee Welfare Expenses
ELI - - - - - - -
(1.23) - - - - - (1.23)
Investments during the year
CML 57.00 - - - - - 57.00
(13.00) - - - - - (13.00)
EEPL 25.00 - - - - - 25.00
253
(85.00) - - - - - (85.00)
254

(H in Crores)
Entities in which
individuals with
Enterprise/
direct/indirect
Individuals
indirect
or is a member of
control
Key Managerial
Personnel
Transaction Value
EESL 715.00 - - - - - 715.00
(0.01) - - - - - (0.01)
CSSMPL - - - - - - -
(5.16) - - - - - (5.16)
CSSTPL - - - - - - -
(2.24) - - - - - (2.24)
Total 797.00 - - - - - 797.00
(105.41) - - - - - (105.41)
Dividend Income
ESPEX 1.01 - - - - - 1.01
(1.00) - - - - - (1.00)
CML - - - - - - -
(10.50) - - - - - (10.50)
CIL 3.75 - - - - - 3.75
(0.41) - - - - - (0.41)
Total 4.76 - - - - - 4.76
(11.91) - - - - - (11.91)
Technical Assistance Expenses
CEIL - 0.15 - - - - 0.15
- (0.12) - - - - (0.12)
Technical Assistance Income
ABML 0.51 - - - - - 0.51
(0.49) - - - - - (0.49)
Marketing Expenses
CBSEA 1.90 - - - - - 1.90
(1.76) - - - - - (1.76)
ESPEX 0.34 - - - 0.34
(0.15) - - - (0.15)
Total 2.24 - - - - - 2.24
(1.91) - - - - - (1.91)
Overview
Corporate

(H in Crores)
Entities in which
individuals with
Enterprise/
direct/indirect
Individuals
indirect
or is a member of
control
Reports
Statutory
Key Managerial
Personnel
Transaction Value
Lease Rental
EEPL 3.31 - - - - - 3.31
(3.34) - - - - - (3.34)
Repayment of borrowings **
CIL 3.00 - - - - - 3.00
- - - - - - -
Interest paid **
Financial
CIL 0.16 - - - - - 0.16

Statements
(0.21) - - - - - (0.21)
Reimbursement of Expenses
received
EESL 150.13 - - - - - 150.13
(25.73) - - - - - (25.73)
Contributions to employees
benefit plans
COPF - - - - - 26.69 26.69
- - - - - (24.94) (24.94)
Remuneration *
Short term employee - - - - 17.09 - 17.09
benefits (including - - - - (15.48) - (15.48)
commission and sitting
fees)
Post retirement - - - - 1.68 - 1.68
benefits - - - - (1.55) - (1.55)
Total - - - - 18.77 - 18.77
- - - - (17.03) - (17.03)
* 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.
255


iii) Details of amounts due to or due from related parties as at March 31, 2023 and March 31, 2022 are
as follows:
(H in Crores)
As at As at
Particulars
March 31, 2023 March 31, 2022
Trade Payables
CML 50.20 63.81
EEPL - 0.38
Trade Receivables
CBSEA 7.09 9.20
CML 121.22 131.10
EEPL - 0.01
ESPEX 43.15 44.02
ABML 1.22 2.40
Advances recoverable
EEPL 4.44 -
ABML 0.66 -
Dividend Receivable
ESPEX 0.51 0.50
ABML 0.98 0.98
Technical Assistance Income Receivables
ABML 0.51 0.49
Reimbursement of expenses recoverable
EESL - 25.73
Short-term Borrowings
CIL - 3.00
Marketing Expenses Payables
CBSEA 0.49 -
ESPEX 0.05 0.12
Electricity Charges Payables
CSSMPL 2.09 1.07
CSSTPL 1.84 1.71
Contributions to employees benefit plans payables
COPF 2.25 2.05
Amounts due to Key Managerial Personnel
Remuneration to Directors (Short term employee benefits) 11.34 10.59
Notes : (1) Interim dividend for the year 2021-22 amounting to H 78.18 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.
For the year ended March 31, 2023, 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.
256


The Company has provided guarantee in relation to loan sanctioned to its wholly-owned subsidiary, Exide Energy
Solutions Limited. Disclosure in accordance with Section 186(4) of the Companies Act, 2013, for the aforesaid
guarantee is as follows:
Date of
Name of the Company Purpose 31-Mar-23 31-Mar-22
undertaking
Exide Energy Solutions Ltd 10-Feb-23 Credit facilities to be availed H 2000 Crs NIL
42 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)
2022-23
Particulars
India Overseas Total
Revenue from operations 13,422.78 1,169.15 14,591.93
Non-current assets other than financial assets and Income tax assets 3,011.97 - 3,011.97
(H in Crores)
2021-22
Particulars
India Overseas Total
Revenue from operations 11,232.48 1,177.65 12,410.13
Non-current assets other than financial assets and Income tax assets 3,173.06 - 3,173.06
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 customer.
257

43 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.
258
Overview
Corporate
43 Financial Instruments - Fair Values and Risk Management (Contd.)

B. Accounting classifications and fair values
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 2023:
(H in Crores)
Carrying amount Fair value
Reports
Statutory
Other
Particulars Note financial Other Total
FVTPL assets - FVOCI financial carrying Level 1 Level 2 Level 3 Total
amortised liabilities* amount
cost*
Financial assets measured at
fair value
Investments - in mutual funds 10 553.12 - - - 553.12 - 553.12 - 553.12
Investments - in equity instruments 4 - 0.01 4,477.81 - 4,477.82 4,351.25 125.36 1.21 4,477.82
Financial
Statements
553.12 0.01 4,477.81 - 5,030.94

Financial assets not measured
at fair value
Trade receivables 5 & 11 - 1,274.46 - - 1,274.46
Cash and cash equivalents (a) 12 - 68.12 - - 68.12
Bank Balances other than (a) above 13 - 6.36 - - 6.36
Other financial assets 7 & 15 - 62.19 - - 62.19
- 1,411.13 - - 1,411.13
Financial liabilities not measured
at fair value
Trade payables 19 & 24 - - - 1,536.00 1,536.00
Other financial liabilities 20, 23 - - - 369.57 369.57
& 25
Lease liabilities - - - 277.62 277.62
- - - 2,183.19 2,183.19
* The carrying amount of the Company’s financial assets and financial liabilities are reasonable approximation of their fair value.
259
260
43 Financial instruments - Fair values and risk management (Contd.)

(H in Crores)
Other
financial Other Total
Particulars Note
amortised liabilities* amount
cost*
Financial assets measured at
fair value
702.79 0.01 4,819.29 - 5,522.09
at fair value
Cash and cash equivalents (a) 12 - 153.62 - - 153.62
Bank Balances other than (a) above 13 - 7.81 - - 7.81
Loans 6 & 14 - 0.01 - - 0.01
- 1,443.35 - - 1,443.35
at fair value
Borrowings 23 - - - 10.06 10.06 - 10.06 - 10.06
Trade payables 19 & 24 - - - 1,626.83 1,626.83
Other financial liabilities 20, 23 - - - 279.15 279.15
& 25
Lease liabilities - - - 279.69 279.69
- - - 2,195.73 2,195.73
* 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.

44 Financial Risk Management Objectives and Policies

The Company’s financial liabilities comprise 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 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.
(H in Crores)
Foreign currency
Changes in rate Effect on profit
receivable/
% (before tax)
(payable) (net)
March 31, 2023 5% 189.49 9.47
-5% (9.47)
March 31, 2022 5% 227.95 11.40
-5% (11.40)
(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.
261

44 Financial Risk Management Objectives and Policies (Contd..)

Securities price sensitivity
The following table shows the effect of price changes in securities measured at FVTPL
(H in Crores)
Changes in price / Effect on profit
Particulars Investment
NAV(%) (before tax)
March 31, 2023 5% 553.12 27.66
-5% (27.66)
March 31, 2022 5% 702.79 35.14
-5% (35.14)
The following table shows the effect of price changes in quoted securities measured at FVOCI
(H in Crores)
NAV (%) (before tax)
March 31, 2023 5% 4,351.25 217.56
-5% (217.56)
March 31, 2022 5% 4,692.99 234.65
-5% (234.65)
(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.
Further, the Company also uses recycled lead which is not directly exposed to LME price movement, thereby
reduces the risk of lead price volatility to some extent.
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
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 11 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.
262

44 Financial Risk Management Objectives and Policies (Contd.)

The Company’s exposure to credit risk for trade receivables by geographic region is as follows:
(H in Crores)
Carrying Amount
Particulars
March 31, 2023 March 31, 2022
India 1,023.24 888.55
Outside India 251.22 305.99
1,274.46 1,194.54
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)
Expected credit loss
Particulars
March 31, 2023 March 31, 2022
Add: Provisions 3.45 3.23
Less: Utilisation - 5.48
Less: Reversals - 8.00
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 2023 and 31 March 2022. 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.
263


March 31, 2023
(H in Crores)
Contractual
Total Carrying
Particulars cash flows More than 1 year
Amount
1 year or less
Liabilities
Trade payables 1,525.94 10.06 1,536.00
Other financial liabilities 366.47 3.10 369.57
1,892.41 13.16 1,905.57
The maturity analysis of the Company’s lease liabilities based on contractually agreed undiscounted cash flows is
given in Note 46.
March 31, 2022

(H in Crores)
Contractual
Total Carrying
Amount
1 year or less
Liabilities
Short-term Borrowings 10.06 - 10.06
Trade payables 1,618.96 7.87 1,626.83
1,905.25 10.79 1,916.04
45 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.
46 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 3 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 paid after the reporting date.
264

46 Leases (Contd.)
(H in Crores)
Period March 31, 2023 March 31, 2022
Less than one year - 2.83
One to two years - 2.83
Two to three years - 2.83
Three to four years - 2.83
Four to five years - 2.83
More than five years - 2.83
- 16.98
The above lease of assets has been terminated during the year and therefore, no liability for future contractual cash
flows exists.
B. Leases as lessee
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 and
Loss is as follows:
(H in Crores)
Expenses relating to short-term leases 50.49 47.64
Expenses relating to leases of low-value assets excluding 0.86 0.87
short-term leases of low value
51.35 48.51
Total cash outflow for leases 81.86 78.18
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 electricity 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
265

46 Leases (Contd.)
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.
(H in Crores)
Less than one year 30.55 30.39
Between one year and five years 119.08 118.49
More than 5 years 448.45 469.39
598.08 618.27
iii.
There are no future cash outflows for leases not yet commenced to which the lessee is committed and
potentially exposed.
iv. Reconciliation of liabilities from financing activities
(H in Crores)
Lease liability recognised during the year 4.42 2.98
Interest expenses recognised during the year 29.53 39.42
Repayment of borrowings (10.06) (6.69)
Lease payments reflected in the Statement of Cash Flow (30.51) (33.30)
47 Details of differences between quarterly returns of current assets filed with banks in
comparison with the books of accounts
(H in Crores)
Amount as Amount as reported in
Particulars of Amount of
Quarters FY21/22 per Books of the quarterly return/
Securities Provided Difference **
Accounts statement *
June 2021 Trade Receivables 839.13 856.03 (16.90)
Other Assets 263.09 260.29 2.80
Trade Payables 1,200.82 1,085.15 115.67
September 2021 Trade Receivables 959.68 960.02 (0.34)
Other Assets 312.68 309.64 3.04
Trade Payables 1,773.19 1,630.98 142.21
December 2021 Trade Receivables 932.72 987.85 (55.13)
Other Assets 319.11 316.03 3.08
Trade Payables 1,778.76 1,731.92 46.84
* The quarterly return/statement has been submitted to Axis Bank, HDFC Bank, HSBC Bank, ICICI Bank, IndusInd Bank, State Bank of India, Standard
Chartered Bank and Yes Bank. For the financial year 2021-22, these have been subsequently rectified.
** Descripancies are mainly due to provisions/accruals and reclassifications with trade receivables not considered while submitting details to banks.
266

48 Analytical Ratios
Reason for change

March 31, March 31, %
Particulars Reference if change more
2023 2022 Variance
than 25%
A. Current Ratio (a/b) 2.03 1.95 4.19%
Current Assets (a)
Current Liabilities (b)
B. Return on Equity Ratio (a/b) 8.29% 53.59% -84.53% Variance is mainly
Profit for the year (a) on account of profit
Average shareholder’s equity (b) b= from sale of stake in
(c+d)/2 Exide Life Insurance
Opening Total equity (c) Company Limited in
Closing Total equity (d) the previous year
C. Inventory turnover ratio (a/b) 4.44 4.23 4.86%
Cost of goods sold (a)
Average Inventory (b) b=
(c+d)/2
Opening inventory (c)
Closing inventory (d)
Trade Receivables turnover
D. (a/b) 11.79 11.85 -0.50%
ratio
Revenue (a)
Average Trade Receivables (b) b=
(c+d)/2
Opening Trade Receivables (c)
Closing Trade Receivables (d)
E. Trade payables turnover ratio (a/b) 6.84 5.33 28.37% Increase is due to
Total Purchases (Net) (a) significant business
Average Trade Payables (b) b= growth and increased
(c+d)/2 cash flows
Opening Trade Payables (c)
Closing Trade Payables (d)
F. Net capital turnover ratio (a/b) 5.63 5.36 5.05%
Revenue (a)
Working Capital (b) (c-d)
Current Assets (c)
Current Liabilities (d)
G. Net profit ratio (a/b) 0.06 0.38 -83.58% Variance is mainly
Profit for the year after taxes (a) on account of profit
Revenue (b) from sale of stake in
Exide Life Insurance
Company Limited in
the previous year
267

48 Analytical Ratios (Contd.)
Reason for change

March 31, March 31, %
Particulars Reference if change more
2023 2022 Variance
than 25%
H. Return on Capital employed (a/b) 11.22% 11.79% -4.85%
Earnings Before Interest, Tax and
Exceptional Item (a)
Average Capital Employed (b) b=
(c+d)/2
Opening Capital Employed (c)
Closing Capital Employed (d) d=
e+f+g-h
Net Worth (e)
Total debt and lease liabilities (f)
Deferred Tax Liability (g)
Deferred Tax Asset (h)
I. Debt-Equity Ratio (a/b) 2.48% 2.73% -9.41% Variance is mainly
Total Debt representing lease on account of profit
liabilities (a) from sale of stake in
Shareholder’s Equity (b) Exide Life Insurance
Company Limited in
the previous year
J. Debt Service Coverage Ratio (a/f) 38.48 106.99 -64.04% Variance is mainly
Earnings available for debt a= on account of profit
Service (a) b+c+d+e from sale of stake in
Net Profit after Taxes (b) Exide Life Insurance
Non cash expenses (c ) Company Limited in
the previous year
Finance cost (d)
Profit / loss on sale of property,
plant & equipments (e)
Debt Service (f) f = g+h+i
Interest Payments (g)
Lease Payments (h)
Principal Repayments (i)
K. Return on investment * (a/b) 5.46% 3.41% 60.28% Variance is mainly
Net Gain on Investments (a) on account of market
volatility

Average cost of Investments
based on time weighing factor (b)
* For the above disclosure, the Company has considered return on current investments only, as non-current investments are held for long-term strategic
purpose and not hence not considered for evaluating return on investment.
268

49 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:
% of ownership
Principal place of
Name interest as on
business
March 31, 2023
Subsidiaries
Chloride International Limited (CIL) India 100.00
Chloride Batteries S. E. Asia Pte. Limited (CBSEA) & its wholly owned Singapore 100.00
subsidiary (Exide Batteries Pvt. Ltd.)
Espex Batteries Limited (ESPEX) UK 100.00
Associated Battery Manufacturers (Ceylon) Limited (ABML) Srilanka 61.50
Chloride Metals Limited (CML) India 100.00
Exide Energy Private Limited (EEPL) India 100.00
[formerly known as Exide Leclanche Energy Private Limited (ELEPL)]
Exide Energy Solutions Limited (EESL) India 100.00
Associates
CSE Solar Sunpark Maharashtra Private Limited India 27.20
CSE Solar Sunpark Tamilnadu Private Limited India 27.20
50 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party
identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any
party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest
in other persons or entities identified by or on behalf of the funding party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
51 Scheme of Amalgamation
Amalgamation of Chloride Power Systems & Solutions Limited (CPSSL) with Exide Industries Limited (EIL):
The National Company Law Tribunal at Kolkata Bench has, vide order dated February 17, 2023 read with subsequent
corrigendum order dated February 22, 2023, sanctioned a Scheme of Arrangement (“the Scheme”) with respect to
merger of Chloride Power Systems & Solutions Limited (CPSSL) (wholly owned subsidiary of the Company) with the
Company w.e.f. the appointed date i.e. April 01, 2022. The aforesaid order was filed with the Registrar of Companies,
Kolkata on March 29, 2023. In accordance with the requirements of Para 9(iii) of Appendix C of IND AS 103, the audited
standalone financial results of the Company in respect of prior periods have been restated.
269

51 Scheme of Amalgamation (Contd.)

Impact on the Standalone Balance Sheet and Standalone Statement of Profit and Loss:
The impact of amalgamation on the Balance Sheet and Statement of Profit and Loss due to the above amalgamations
are summarised as below:
Impact on the Standalone Balance Sheet:

(H in Crores)
Particulars March 31, 2022
Increase in Total Assets 28.15
Increase in Total Liabilities 20.67
7.48
Impact on the Standalone Statement of Profit and Loss:

(H in Crores)
Particulars March 31, 2022
Increase in Total Income 28.56
Increase in Profit before tax for the year 1.28
Increase in Profit after tax for the year 0.80
52 The Board of Directors of the Company in their meeting held on September 3, 2021, and the members of the Company, in
the Extraordinary General Meeting held on September 29, 2021, had approved divestment of entire equity shareholding
held by the Company in Exide Life Insurance Company Limited (ELIC), a material wholly-owned subsidiary of the
Company, in favour of HDFC Life Insurance Company Limited (HLIC), subject to necessary approvals from relevant
regulatory/governmental authorities.
The Board of Directors of HLIC, in its meeting held on September 3, 2021, and the members of the HLIC, in the
Extraordinary General Meeting held on September 29, 2021, had accorded their approval for acquisition of entire equity
shareholding of ELIC, subject to requisite regulatory approvals.
Post receipt of such requisite regulatory approvals, the aforesaid transaction was completed on January 1, 2022, and
the Company divested its entire equity shareholding in ELIC in favour of HLIC on that date for the agreed consideration.
Resulting net gain on disposal of investments in ELIC has been disclosed as exceptional item in these standalone
financial statements.

Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
270
Consolidated
Independent Auditors’ Report

To the Members of Exide Industries Limited
Report on the Audit of the Consolidated Basis for Opinion

We conducted our audit in accordance with the Standards
Opinion on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs are further described
We have audited the consolidated financial statements
in the Auditor’s Responsibilities for the Audit of the
of Exide Industries Limited (hereinafter referred to as
Consolidated Financial Statements section of our report.
the “Holding Company”) and its subsidiaries (Holding
We are independent of the Group, its associates in accordance
Company and its subsidiaries together referred to as “the
with the ethical requirements that are relevant to our audit of
Group”), its associates, which comprise the consolidated
balance sheet as at 31 March 2023, and the consolidated the consolidated financial statements in terms of the Code of
statement of profit and loss (including other comprehensive Ethics issued by the Institute of Chartered Accountants of India
income), consolidated statement of changes in equity and and the relevant provisions of the Act, and we have fulfilled
consolidated statement of cash flows for the year then our other ethical responsibilities in accordance with these
ended, and notes to the consolidated financial statements, requirements. We believe that the audit evidence obtained by
including a summary of significant accounting policies and us along with the consideration of reports of the other auditors
other explanatory information (hereinafter referred to as “the referred to in paragraph (a) of the “Other Matters” section
consolidated financial statements”). below, is sufficient and appropriate to provide a basis for our
opinion on the consolidated financial statements.
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 the other auditors on separate Key Audit Matters
financial statements of such subsidiaries and associates
as were audited by the other auditors, the aforesaid Key audit matters are those matters that, in our professional
consolidated financial statements give the information judgment and based on the consideration of reports of other
required by the Companies Act, 2013 (“Act”) in the manner auditors on separate financial statements of components
so required and give a true and fair view in conformity with audited by them, were of most significance in our audit of
the accounting principles generally accepted in India, of the the consolidated financial statements of the current period.
consolidated state of affairs of the Group, its associates These matters were addressed in the context of our audit
as at 31 March 2023, of its consolidated profit and other of the consolidated financial statements as a whole, and
comprehensive loss, consolidated changes in equity and in forming our opinion thereon, and we do not provide a
consolidated cash flows for the year then ended. separate opinion on these matters.
Provision for warranties

See Note 30 to consolidated financial statements
The Group provides warranty for sale of its products. The In view of the significance of the matter we applied the
calculation of costs (of repairing and replacing the product following audit procedures in this area, among others, to
which is ascertained to be faulty) in respect of future warranty obtain sufficient appropriate audit evidence:
claims requires application of estimation techniques.
• Assessed the appropriateness of accounting policy for
The provision for warranty is computed based on sales provision of warranties as per relevant accounting standard;
volume and historical information about product failures
(and consequential repairs and returns), adjusted for the key • Tested the design, implementation and operating
developments occurring during the year which may affect effectiveness of key controls associated with the process
the liability. of computation of the provision for warranties;
272
The estimation of warranty provision involves management • Evaluated the warranty provision model. This included,
judgments and estimates as described above. The amount inter alia, evaluation of the reasonableness of the relevant
and the disclosures are significant to the standalone financial assumptions, testing of completeness and accuracy of
statements and hence, we determined this matter to be a key underlying data (including cost of repairs and returns)
audit matter. and verifying the mathematical accuracy;
•
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 that would significantly affect the estimates of the
year end warranty provision.
Incentives under customer loyalty programmes

See Note 28 and 29(b) to consolidated financial statements
The Group gives incentives to its dealers through customer In view of the significance of the matter, we applied the
loyalty programmes. 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 Group, the • Evaluated the appropriateness of the Group’s accounting
calculation of these incentives is considered to be complex. policy relating to the incentives provided under the
The amount of such incentive is also significant. customer loyalty programme;
In view of the above, we determined thismatter to be a key •

Tested the design, implementation and operating
audit matter. effectiveness of the Group’s controls over computation of
incentives and accrual of the corresponding liability;
• Performed substantive testing over incentives recorded

and paid during the year. We selected samples of
incentive payouts made during the year and verified the
computation from the underlying data and terms and
conditions of the applicable incentive scheme;
•
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 that would
significantly affect the measurement of the year end
incentive liability.
273
Other Information have been used for the purpose of preparation of the
consolidated financial statements by the Management and
The Holding Company’s Management and Board of Board of Directors of the Holding Company, as aforesaid.
Directors are responsible for the other information. The
other information comprises the information included in the In preparing the consolidated financial statements, the
Holding Company’s annual report, but does not include the respective Management and Board of Directors of the
financial statements and auditor’s report thereon. companies included in the Group and of its associates
are responsible for assessing the ability of each company
Our opinion on the consolidated financial statements does to continue as a going concern, disclosing, as applicable,
not cover the other information and we do not express any matters related to going concern and using the going
form of assurance conclusion thereon. concern basis of accounting unless the respective Board
of Directors either intends to liquidate the Company or to
In connection with our audit of the consolidated financial
cease operations, or has no realistic alternative but to do so.
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information The respective Board of Directors of the companies included in
is materially inconsistent with the consolidated financial the Group and of its associates are responsible for overseeing
statements or our knowledge obtained in the audit or the financial reporting process of each company.
otherwise appears to be materially misstated. If, based on the
work we have performed and based on the work done/audit
reports of other auditors, we conclude that there is a material
Auditor’s Responsibilities for the Audit of
misstatement of this other information, we are required to the Consolidated Financial Statements
report that fact. We have nothing to report in this regard.
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
Management’s and Board of Directors’ are free from material misstatement, whether due to fraud
Responsibilities for the Consolidated or error, and to issue an auditor’s report that includes our
Financial Statements opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
The Holding Company’s Management and Board with SAs will always detect a material misstatement when it
of Directors are responsible for the preparation and exists. Misstatements can arise from fraud or error and are
presentation of these consolidated financial statements considered material if, individually or in the aggregate, they
in term of the requirements of the Act that give a true and could reasonably be expected to influence the economic
fair view of the consolidated state of affairs, consolidated decisions of users taken on the basis of these consolidated
profit/ loss and other comprehensive income, consolidated financial statements.
statement of changes in equity and consolidated cash flows
of the Group including its associates in accordance with the As part of an audit in accordance with SAs, we exercise
accounting principles generally accepted in India, including professional judgment and maintain professional skepticism
the Indian Accounting Standards (Ind AS) specified under throughout the audit. We also:
Section 133 of the Act. The respective Management and • Identify and assess the risks of material misstatement
Board of Directors of the companies included in the Group of the consolidated financial statements, whether due
and of its associates are responsible for maintenance to fraud or error, design and perform audit procedures
of adequate accounting records in accordance with the responsive to those risks, and obtain audit evidence
provisions of the Act for safeguarding the assets of each that is sufficient and appropriate to provide a basis
company and for preventing and detecting frauds and other for our opinion. The risk of not detecting a material
irregularities; the selection and application of appropriate misstatement resulting from fraud is higher than for
accounting policies; making judgments and estimates that one resulting from error, as fraud may involve collusion,
are reasonable and prudent; and the design, implementation forgery, intentional omissions, misrepresentations, or
and maintenance of adequate internal financial controls, the override of internal control.
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the • Obtain an understanding of internal control relevant to
preparation and presentation of the consolidated financial the audit in order to design audit procedures that are
statements that give a true and fair view and are free from appropriate in the circumstances. Under Section 143(3)
material misstatement, whether due to fraud or error, which (i) of the Act, we are also responsible for expressing
274
our opinion on whether the company has adequate planned scope and timing of the audit and significant audit
internal financial controls with reference to financial findings, including any significant deficiencies in internal
statements in place and the operating effectiveness of control that we identify during our audit.
such controls.
We also provide those charged with governance with a
• Evaluate the appropriateness of accounting policies statement that we have complied with relevant ethical
used and the reasonableness of accounting estimates requirements regarding independence, and to communicate
and related disclosures made by the Management and with them all relationships and other matters that may
Board of Directors. reasonably be thought to bear on our independence, and
where applicable, related safeguards.
• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis From the matters communicated with those charged with
of accounting in preparation of consolidated financial governance, we determine those matters that were of
statements and, based on the audit evidence obtained, most significance in the audit of the consolidated financial
whether a material uncertainty exists related to events statements of the current period and are therefore the key
or conditions that may cast significant doubt on the audit matters. We describe these matters in our auditor’s
appropriateness of this assumption. If we conclude report unless law or regulation precludes public disclosure
that a material uncertainty exists, we are required to about the matter or when, in extremely rare circumstances,
draw attention in our auditor’s report to the related we determine that a matter should not be communicated
disclosures in the consolidated financial statements in our report because the adverse consequences of doing
or, if such disclosures are inadequate, to modify our so would reasonably be expected to outweigh the public
opinion. Our conclusions are based on the audit interest benefits of such communication.
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause
Other Matters
the Group and its associates to cease to continue as a
going concern. a. We did not audit the financial statements of 5
subsidiaries, whose financial statements reflect total
• Evaluate the overall presentation, structure and content
assets (before consolidation adjustments) of H 1,178.20
of the consolidated financial statements, including the
crores as at 31 March 2023, total revenues (before
disclosures, and whether the consolidated financial
consolidation adjustments) of H 4,330.95 crores and
statements represent the underlying transactions and
net cash inflows (before consolidation adjustments)
events in a manner that achieves fair presentation.
amounting to H 2.97 crores for the year ended on
• Obtain sufficient appropriate audit evidence regarding that date, as considered in the consolidated financial
the financial statements of such entities or business statements. The consolidated financial statements
activities within the Group and its associates to express also include the Group’s share of net profit (and other
an opinion on the consolidated financial statements. comprehensive income) of H 0.28 crore for the year
We are responsible for the direction, supervision and ended 31 March 2023, in respect of 2 associates,
performance of the audit of the financial statements whose financial statements have not been audited
of such entities included in the consolidated financial by us. These financial statements have been audited
statements of which we are the independent auditors. by other auditors whose reports have been furnished
For the other entities included in the consolidated to us by the Management and our opinion on the
financial statements, which have been audited by other consolidated financial statements, in so far as it relates
auditors, such other auditors remain responsible for the to the amounts and disclosures included in respect of
direction, supervision and performance of the audits these subsidiaries, and associates, and our report in
carried out by them. We remain solely responsible for terms of sub-section (3) of Section 143 of the Act, in
our audit opinion. Our responsibilities in this regard are so far as it relates to the aforesaid subsidiaries, and
further described in paragraph (a) of the section titled associates is based solely on the reports of the other
“Other Matters” in this audit report. auditors.
We communicate with those charged with governance of b. Certain of these subsidiaries located outside India
the Holding Company and such other entities included in whose financial statements and other financial
the consolidated financial statements of which we are the information have been prepared in accordance with
independent auditors regarding, among other matters, the accounting principles generally accepted in their
275
respective countries and which have been audited c. The consolidated balance sheet, the
by other auditors under generally accepted auditing consolidated statement of profit and loss
standards applicable in their respective countries. (including other comprehensive income), the
The Holding Company’s management has converted consolidated statement of changes in equity
the financial statements of such subsidiaries located and the consolidated statement of cash flows
outside India from accounting principles generally dealt with by this Report are in agreement with
accepted in their respective countries to accounting the relevant books of account maintained for
principles generally accepted in India. We have audited the purpose of preparation of the consolidated
these conversion adjustments made by the Holding financial statements.
Company’s management. Our opinion in so far as it
relates to the balances and affairs of such subsidiaries d. In our opinion, the aforesaid consolidated
located outside India is based on the reports of other financial statements comply with the Ind AS
auditors and the conversion adjustments prepared by specified under Section 133 of the Act.
the management of the Holding Company and audited
e. On the basis of the written representations
by us.
received from the directors of the Holding
Our opinion on the consolidated financial statements, Company as on 31 March 2023 taken on
and our report on Other Legal and Regulatory record by the Board of Directors of the Holding
Requirements below, is not modified in respect of the Company and the reports of the statutory
above matters with respect to our reliance on the work auditors of its subsidiary companies and
done and the reports of the other auditors. associate companies incorporated in India,
none of the directors of the Group companies
and its associate companies incorporated
Report on Other Legal and Regulatory in India is disqualified as on 31 March 2023
Requirements from being appointed as a director in terms
of Section 164(2) of the Act.
1. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”) issued by the Central Government f. With respect to the adequacy of the internal
of India in terms of Section 143(11) of the Act, we financial controls with reference to financial
give in the “Annexure A” a statement on the matters statements of the Holding Company, its
specified in paragraphs 3 and 4 of the Order, to the subsidiary companies and associate
extent applicable. companies incorporated in India and the
operating effectiveness of such controls, refer
2 A. As required by Section 143(3) of the Act, based on to our separate Report in “Annexure B”.
our audit and on the consideration of reports of the
other auditors on separate financial statements of B. With respect to the other matters to be included in
such subsidiaries and associates as were audited the Auditor’s Report in accordance with Rule 11 of
by other auditors, as noted in the “Other Matters” the Companies (Audit and Auditors) Rules, 2014,
paragraph, we report, to the extent applicable, that: in our opinion and to the best of our information
and according to the explanations given to us and
a. We have sought and obtained all the based on the consideration of the reports of the
information and explanations which to the other auditors on separate financial statements of
best of our knowledge and belief were the subsidiaries and associates, as noted in the
necessary for the purposes of our audit of the “Other Matters” paragraph:
aforesaid consolidated financial statements.
a. The consolidated financial statements disclose
b. In our opinion, proper books of account as the impact of pending litigations as at 31 March
required by law relating to preparation of the 2023 on the consolidated financial position of
aforesaid consolidated financial statements the Group, its associates. Refer Note 42 to the
have been kept so far as it appears from our consolidated financial statements.
examination of those books and the reports
of the other auditors.
276
b. The Group, its associates did not have any associate companies that, to the best of
material foreseeable losses on long-term its knowledge and belief, as disclosed
contracts including derivative contracts in the Note 53 to the consolidated
during the year ended 31 March 2023. financial statements, no funds have
been received by the Holding Company
c. There has been no delay in transferring or any of such subsidiary companies,
amounts to the Investor Education and and associate companies from any
Protection Fund by the Holding Company person(s) or entity(ies), including foreign
or its subsidiary companies and associate entities (“Funding Parties”), with the
companies incorporated in India during the understanding, whether recorded in
year ended 31 March 2023. writing or otherwise, that the Holding
Company or any of such subsidiary
d (i) The management of the Holding
companies, and associate companies
Company and its subsidiary companies,
shall directly or indirectly, lend or invest
associate companies incorporated
in other persons or entities identified
in India whose financial statements
in any manner whatsoever by or on
have been audited under the Act have
behalf of the Funding Parties (“Ultimate
represented to us and the other auditors
Beneficiaries”) or provide any guarantee,
of such subsidiary companies and
security or the like on behalf of the
associate companies that, to the best of
Ultimate Beneficiaries.
its knowledge and belief, as disclosed
in the Note 53 to the consolidated (iii) Based on the audit procedures performed
financial statements, no funds have that have been considered reasonable and
been advanced or loaned or invested appropriate in the circumstances, nothing
(either from borrowed funds or share has come to our notice that has caused us
premium or any other sources or kind to believe that the representations under
of funds) by the Holding Company or sub-clause (i) and (ii) of Rule 11(e), as
any of such subsidiary companies, provided under (i) and (ii) above, contain
and associate companies to or in any any material misstatement.
other person(s) or entity(ies), including
foreign entities (“Intermediaries”), with e. As stated in Note 19 to the consolidated
the understanding, whether recorded in financial statements, the Board of Directors
writing or otherwise, that the Intermediary of the Holding Company has proposed final
shall directly or indirectly lend or invest dividend for the year which is subject to the
in other persons or entities identified in approval of the members at the ensuing
any manner whatsoever by or on behalf Annual General Meeting. The dividend
of the Holding Company or any of such declared is in accordance with Section 123 of
subsidiary companies, and associate the Act to the extent it applies to declaration
companies (“Ultimate Beneficiaries”) of dividend. The interim dividend declared
or provide any guarantee, security and paid by a subsidiary company during the
or the like on behalf of the Ultimate year and until the date of this audit report is in
Beneficiaries. accordance with Section 123 of the Act.
(ii) The management of the Holding f. As proviso to rule 3(1) of the Companies
Company and its subsidiary companies, (Accounts) Rules, 2014 is applicable for the
associate companies incorporated Holding Company or any of such subsidiary
in India whose financial statements companies, and associate companies only with
have been audited under the Act have effect from 1 April 2023, reporting under Rule
represented to us and the other auditors 11(g) of the Companies (Audit and Auditors)
of such subsidiary companies and Rules, 2014 is not applicable.
277
C. With respect to the matter to be included in the Ministry of Corporate Affairs has not prescribed
Auditor’s Report under Section 197(16) of the Act: other details under Section 197(16) of the Act
which are required to be commented upon by us.
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 For B S R & Co. LLP
remuneration paid during the current year by the Chartered Accountants
Holding Company and its subsidiary companies Firm’s Registration No.:101248W/W-100022
and associate companies incorporated in India to
its directors is in accordance with the provisions Sd/-
of Section 197 of the Act. The remuneration paid Jayanta Mukhopadhyay
to any director by the Holding Company and its Partner
subsidiary companies and associate companies
incorporated in India is not in excess of the limit Place: Mumbai Membership No.: 055757
laid down under Section 197 of the Act. The Date: 08 May 2023 ICAI UDIN:23055757BGYIHG9193
278
Annexure A to the Independent Auditor’s Report on the Consolidated Financial Statements

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(xxi) In our opinion and according to the information and explanations given to us, following companies incorporated in India
and included in the consolidated financial statements, have unfavourable remarks, qualification or adverse remarks
given by the respective auditors in their reports under the Companies (Auditor’s Report) Order, 2020 (CARO):
Clause number
Holding Company/ of the CARO
Sr.
Name of the entities CIN Subsidiary report which is
No.
Associate unfavourable or
qualified or adverse
1. Exide Industries Limited L31402WB1947PLC014919 Holding Company (i)(c)
2. Exide Energy Private Limited U74999WB2018PTC259348 Subsidiary Company (ii)(b) and (xvii)
3. Exide Energy Solutions Limited U31100WB202 2PLC252459 Subsidiary Company (xvii)
For B S R & Co. LLP

Sd/-
Partner
Place : Mumbai Membership No.: 055757

Date : 08 May 2023 ICAI UDIN:23055757BGYIHG9193
279
Annexure B to the Independent Auditor’s Report on the consolidated financial statements

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 Act
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Opinion adherence to the respective company's policies, the

safeguarding of its assets, the prevention and detection of
In conjunction with our audit of the consolidated financial frauds and errors, the accuracy and completeness of the
statements of Exide Industries Limited (hereinafter referred accounting records, and the timely preparation of reliable
to as “the Holding Company”) as of and for the year ended financial information, as required under the Act.
31 March 2023, we have audited the internal financial
controls with reference to financial statements of the Holding
Auditor’s Responsibility
Company and such companies incorporated in India under
the Act which are its subsidiary companies and its associate Our responsibility is to express an opinion on the internal
companies, as of that date. financial controls with reference to financial statements
based on our audit. We conducted our audit in accordance
In our opinion and based on the consideration of report of the with the Guidance Note and the Standards on Auditing,
other auditors on internal financial controls with reference to prescribed under Section 143(10) of the Act, to the extent
financial statements of subsidiary companies and associate applicable to an audit of internal financial controls with
companies, as were audited by the other auditors, the reference to financial statements. Those Standards and
Holding Company and such companies incorporated in the Guidance Note require that we comply with ethical
India which are its subsidiary companies and its associate requirements and plan and perform the audit to obtain
companies, have, in all material respects, adequate internal reasonable assurance about whether adequate internal
financial controls with reference to financial statements and financial controls with reference to financial statements were
such internal financial controls were operating effectively as established and maintained and if such controls operated
at 31 March 2023, based on the internal financial controls effectively in all material respects.
with reference to financial statements criteria established
by such companies considering the essential components Our audit involves performing procedures to obtain audit
of such internal controls stated in the Guidance Note on evidence about the adequacy of the internal financial
Audit of Internal Financial Controls Over Financial Reporting controls with reference to financial statements and their
issued by the Institute of Chartered Accountants of India operating effectiveness. Our audit of internal financial
(the “Guidance Note”). controls with reference to financial statements included
obtaining an understanding of internal financial controls with
reference to financial statements, assessing the risk that a
Management’s and Board of Directors’ material weakness exists, and testing and evaluating the
Responsibilities for Internal Financial design and operating effectiveness of internal control based
Controls on the assessed risk. The procedures selected depend on
the auditor’s judgement, including the assessment of the
The respective Company's Management and the Board of
risks of material misstatement of the consolidated financial
Directors are responsible for establishing and maintaining
statements, whether due to fraud or error.
internal financial controls based on the internal financial
controls with reference to financial statements criteria We believe that the audit evidence we have obtained and the
established by the respective company considering the audit evidence obtained by the other auditors of the relevant
essential components of internal control stated in the subsidiary companies and associate companies in terms
Guidance Note. These responsibilities include the design, of their reports referred to in the Other Matters paragraph
implementation and maintenance of adequate internal below, is sufficient and appropriate to provide a basis for our
financial controls that were operating effectively for ensuring audit opinion on the internal financial controls with reference
the orderly and efficient conduct of its business, including to financial statements.
280
Meaning of Internal Financial Controls with may occur and not be detected. Also, projections of any
Reference to Financial Statements evaluation of the internal financial controls with reference to
financial statements to future periods are subject to the risk
A company's internal financial controls with reference to that the internal financial controls with reference to financial
financial statements is a process designed to provide statements may become inadequate because of changes
reasonable assurance regarding the reliability of financial in conditions, or that the degree of compliance with the
reporting and the preparation of consolidated financial policies or procedures may deteriorate.
statements for external purposes in accordance with
generally accepted accounting principles. A company's
Other Matter
statements include those policies and procedures that (1) Our aforesaid report under Section 143(3)(i) of the Act on
pertain to the maintenance of records that, in reasonable the adequacy and operating effectiveness of the internal
detail, accurately and fairly reflect the transactions and financial controls with reference to financial statements
dispositions of the assets of the company; (2) provide insofar as it relates to 2 subsidiary companies and 2
reasonable assurance that transactions are recorded as associate companies, which are companies incorporated in
necessary to permit preparation of consolidated financial India, is based on the corresponding reports of the auditors
statements in accordance with generally accepted of such companies incorporated in India.
accounting principles, and that receipts and expenditures
of the company are being made only in accordance Our opinion is not modified in respect of above matters.
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 consolidated financial statements. For B S R & Co. LLP
Inherent Limitations of Internal Financial
Controls with Reference to Financial
Statements Sd/-
Because of the inherent limitations of internal financial
Partner
controls with reference to financial statements, including the
possibility of collusion or improper management override Place : Mumbai Membership No.: 055757
of controls, material misstatements due to error or fraud Date : 08 May 2023 ICAI UDIN:23055757BGYIHG9193
281
Consolidated Balance Sheet

as at 31 March 2023
(H in Crores)
Particulars Note March 31, 2023 March 31, 2022
I) ASSETS
1) NON CURRENT ASSETS
a) Property, plant and equipment 2(a) 3,582.06 3,240.18
b) Capital work-in-progress 2(a) 335.38 322.42
c) Goodwill 4 45.82 46.77
d) Other intangible assets 3(a) 56.94 74.28
e) Intangible assets under development 3(b) 189.67 18.52
f) Investment in associates 5(a) 24.84 24.56
g) Financial assets
(i) Investments 5(b) 4,477.82 4,822.34
(ii) Trade receivables 6 0.32 0.05
(iii) Loans 7 0.07 0.09
(iv) Other financial assets 8 23.19 25.59
h) Current tax assets (net) 41.20 37.90
i) Deferred tax assets (net) 25 115.98 65.38
j) Other non-current assets 9 183.40 111.28
9,076.69 8,789.36
2) CURRENT ASSETS
a) Inventories 10 3,436.40 2,855.29
b) Financial assets
(i) Investments 11 603.25 711.54
(ii) Trade receivables 12 1,229.55 1,097.85
(iii) Cash and cash equivalents 13 131.78 189.11
(iv) Bank balances other than (iii) above 14 8.53 9.88
(v) Loans 15 0.26 0.28
(vi) Other financial assets 16 58.07 53.14
c) Other current assets 17 223.15 204.16
5,690.99 5,121.25
TOTAL ASSETS 14,767.68 13,910.61
II) EQUITY AND LIABILITIES
1) EQUITY
a) Equity share capital 18 85.00 85.00
b) Other equity 19 11,047.28 10,498.74
Equity attributable to owners of the Company 11,132.28 10,583.74
2) NON-CONTROLLING INTEREST 20 9.02 40.21

TOTAL EQUITY 11,141.30 10,623.95
3) LIABILITIES
A) NON-CURRENT LIABILITIES
(i) Borrowings 21 141.29 82.36
Total outstanding dues of micro and small enterprises - -
Total outstanding dues of creditors other than micro and small enterprises 10.06 7.87
b) Other non-current liabilities 29a 2.17 -
c) Provisions 24 65.20 61.60
d) Deferred tax liabilities (net) 25 7.73 8.20
601.99 468.82
B) CURRENT LIABILITIES
(i) Borrowings 26 138.09 126.87
Total outstanding dues of micro and small enterprises 262.99 247.96
Total outstanding dues of creditors other than micro and small enterprises 1,592.62 1,598.37
b) Other current liabilities 29b 335.47 263.46
c) Provisions 30 288.21 268.64
d) Current tax liabilities (net) 1.54 -
3,024.39 2,817.84
TOTAL EQUITY AND LIABILITIES 14,767.68 13,910.61
The accompanying notes are an integral part of the Consolidated Financial Statements.
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ACS No.: 11159
282
Consolidated Statement of Profit and Loss

(H in Crores)
Particulars Note 2022-23 2021-22
CONTINUING OPERATIONS
I) INCOME:
Revenue from operations 31 15,078.16 12,789.22
Other income 32 124.74 62.07
Total income (I) 15,202.90 12,851.29
II) EXPENSES:
Cost of materials consumed 33 10,585.52 8,882.49
Purchase of stock-in-trade 77.77 63.92
Changes in inventories of finished goods, work-in-progress and stock-in-trade 34 (310.00) (269.63)
Employee benefit expenses 35 1,002.62 906.36
Other expenses 38 2,133.72 1,806.15
Total expenses (II) 13,489.63 11,389.29
III) Earnings before interest, tax, depreciation and amortisation expenses (I-II) 1,713.27 1,462.00
Finance costs 36 73.84 60.93
Depreciation and amortisation expenses 37 502.12 439.52
IV) Interest, depreciation and amortisation expenses 575.96 500.45
V) Share of profit/(loss) of equity accounted investees, net of tax 0.28 (0.94)

VI) Profit before tax from continuing operations (III-IV+V) 1,137.59 960.61
VII) Tax expenses: 25
Current tax [net of reversal of provision for earlier years H 0.18 crs 327.99 265.86
(PY: net of provision for earlier years: H 11.57 crs)]
Deferred tax (13.17) 0.44
314.82 266.30
VIII) Profit from Continuing Operations (VI-VII) 822.77 694.31
DISCONTINUED OPERATIONS
IX) Loss from Discontinued Operations before tax 54 - 4,437.09
X) Tax expenses of Discontinued Operations 54 - 774.56
XI) Loss from Discontinued Operations (after tax) (IX-X) - 3,662.53
XII) Profit for the year (VIII+XI) 822.77 4,356.84
XIII) 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 1.77 (0.18)
Income tax effect (0.39) (0.54)
b) Fair value changes on equity instrument through OCI (331.51) (762.49)
Income tax effect 38.40 97.92
(ii) Other comprehensive income to be reclassified subsequently to profit or loss:
a) Fair value changes on debt instrument through OCI - (73.22)
Income tax effect - -
b) Exchange difference on translation of foreign operations 7.88 0.25
Income tax effect - -
Other comprehensive income/(loss) for the year (283.85) (738.26)
XIV) Total comprehensive income for the year (XII+XIII) 538.92 3,618.58
Profit/(loss) for the year attributable to:
Owners of the company 822.70 4,366.93
Non-controlling interests 0.07 (10.09)
Other comprehensive income/(loss) attributable to:
Owners of the company (283.85) (738.26)
Non-controlling interests - -
Total comprehensive income/(loss) attributable to:
Owners of the company 538.85 3,628.67
Non-controlling interests 0.07 (10.09)
Earnings per share - Basic and Diluted (Nominal value H 1 per share 39
(PY: H 1 per share)
- for continuing operations 9.68 8.29
- for discontinued operations - 43.09
- for continuing and discontinued operations 9.68 51.38
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ACS No.: 11159
283
Consolidated Statement of Cash Flows

(H in Crores)
CONTINUING OPERATIONS
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net profit before tax 1,137.59 960.61
Adjustment for :
Depreciation and amortisation 502.12 439.52
Gain on disposal of investment (38.20) (23.61)
(Profit)/loss on property, plant and equipment sold / (6.48) 0.02
discarded (net)
Income from investment including dividend and interest (16.37) (8.31)
Gain on fair valuation of investment (10.47) (7.68)
Finance costs 73.84 60.93
Provision for expected credit loss on trade receivables (0.51) (13.42)
Income from deferred government grant (0.21) -
Share of (profit)/loss of Equity Accounted Investees, net of tax (0.28) 0.94
503.44 448.39
Operating cash flow before working capital changes 1,641.03 1,409.00
(Increase) in trade receivables (131.46) (159.18)
(Increase) in inventories (581.11) (218.43)
(Increase) in other financial assets, loans and other assets (74.78) (33.06)
Increase in other financial liabilities, other liabilities and provisions 244.70 (542.65) 11.79 (398.88)
Cash generated from operations 1,098.38 1,010.12
Direct taxes paid (net of refunds and interest thereon) (330.14) (246.12)
Net cash from operating activities 768.24 764.00
(B) CASH FLOW FROM INVESTING ACTIVITIES:

Purchase and construction of property, plant and equipment (995.85) (665.89)
(including intangible assets)
Proceeds from sale of property, plant and equipment 8.24 1.65
Acquisition of interest in associates - (7.39)
Disposal of interest in associates - 5.25
Net movement in bank deposits (0.10) (0.09)
Government grant received 2.55 -
Purchase of investment (2,601.00) (2,038.34)
Proceeds from sale of investment 2,770.97 2,268.72
Investment income (including dividends and interest) 16.37 1.57
Net cash used in investing activities (798.82) (434.52)
(C) CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from borrowings 175.61 134.08
Repayment of borrowings (101.62) (44.69)
Transaction with non-controlling interest (21.57) -
Dividends paid - (170.00)
Payment towards lease liabilities (34.83) (33.69)
Net cash used in financing activities (30.10) (149.62)
Net increase/(decrease) in cash and cash equivalents (A+B+C) (60.68) 179.86
284
Consolidated Statement of Cash Flows (Contd.)

(H in Crores)
DISCONTINUED OPERATIONS
(D) CASH FLOW FROM OPERATING ACTIVITIES - (702.75)
(E) CASH FLOW FROM INVESTING ACTIVITIES - 500.85
(F) CASH FLOW FROM FINANCING ACTIVITIES - (22.70)
Net Increase/(decrease) in cash and cash equivalents - (224.60)
(D+E+F)
Net Increase/(decrease) in cash and cash equivalents of (60.68) (44.74)
Continuing and Discontinued Operations
Cash and cash equivalents - opening balance 189.11 342.43
Cash and cash equivalents - closing balance 128.43 297.69
Effect of exchange rate changes 3.35 (12.11)
Cash and cash equivalents pertaining to disposal of discontinued - 96.47
operations
Cash and cash equivalents - closing balance (as disclosed 131.78 189.11
in Note 13)
The aforesaid Consolidated Statement of Cash Flows has been prepared under the indirect method as set out in IND AS
7- Statement of Cash Flows.
Refer note 51 for reconciliation of liabilities from financing activities.
Significant accounting policies: Note 1

Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
285
286
Consolidated Statement of Changes in Equity
A) Equity Share Capital

(H in Crores)
Particulars Number Amount
Equity Shares of H 1 each issued, subscribed and fully paid
Balance as at April 1, 2021 85,00,00,000 85.00
(H in Crores)
Attributable to the owners of the company
Reserves and Surplus OCI
Total
Investments Non-
Foreign Attributable Total
Particulars Capital in equity controlling
Capital Securities Retained currency Debt to the Equity
Redemption shares / interest
reserve Premium earnings translation instruments owners
Reserve units at fair
reserve of the
value
Company
Balance as at April 1, 2021 2.89 737.88 0.80 6,017.55 0.13 211.68 216.34 7,187.27 46.22 7,233.49
Profit from continuing operations for the year 2021-22 - - - 704.40 - - - 704.40 (10.09) 694.31
Profit from Discontinued Operations for the year 2021-22 - - - 3,662.53 - - - 3,662.53 - 3,662.53
Adjustment for increase in share of EIL in EEPL - - - (4.08) - - - (4.08) 4.08 -
Re-Measurement gains/(losses) on defined benefit plans, - - - (0.72) - - - (0.72) - (0.72)
net of tax
Net (loss)/gain on investment in equity shares/units - - - - - (664.57) - (664.57) - (664.57)
accounted at Fair Value, net of tax
Net (loss)/gain on investment in debt securities accounted - - - - - - (73.22) (73.22) - (73.22)
at Fair Value, net of tax
Accumulated gain recognised in OCI transferred to - - - 338.17 - (338.17) (143.12) (143.12) - (143.12)
retained earnings/ profit & loss on disposal of discontinued
operations
Exchange difference on translation of foreign operations - - - - 0.25 - - 0.25 - 0.25
2.89 737.88 0.80 10,717.85 0.38 (791.06) - 10,668.74 40.21 10,708.95
Adjustments
Payment of Interim dividend for the year 2021-22 - - - (170.00) - - - (170.00) - (170.00)
(H 2 per share)
Balance as at March 31, 2022 2.89 737.88 0.80 10,547.85 0.38 (791.06) - 10,498.74 40.21 10,538.95
Profit for the year 2022-23 - - - 822.70 - - - 822.70 0.07 822.77
Re-Measurement gains/(losses) on defined benefit plans, - - - 1.38 - - - 1.38 - 1.38
net of tax
Net (loss)/gain on investment in equity shares/units - - - - - (293.11) - (293.11) - (293.11)
accounted at Fair Value, net of tax
Transfer to Capital Redemption Reserve - - 25.52 (25.52) - - - - - -
Buy back of Minority shareholding of EEPL 3.95 - - 5.73 - - - 9.68 (31.26) (21.58)
Exchange difference on translation of foreign operations - - - - 7.88 - - 7.88 - 7.88
Balance as at March 31, 2023 6.84 737.88 26.32 11,352.14 8.26 (1,084.17) - 11,047.28 9.02 11,056.30
Consolidated Statement of Changes in Equity (Contd.)

Description of the components of the other equity

Capital reserve
Capital Reserves created on consolidation and also represents gain on share buy back by EEPL.
Securities premium
Premium received on equity shares issued are recognised in the securities premium.
Capital redemption reserve

The Group has created the reserve on account of buy back of shares from minority shareholders of a Component.
Retained earnings
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.
Foreign currency translation reserve (FCTR)

Exchange differences on translating the financial statements of foreign operations.
Other comprehensive income (OCI)

Changes in fair value of equity and debt instruments designated at FVOCI are recorded in other comprehensive income.
Significant accounting policies: note 1

Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
287
Notes to the Consolidated Financial Statements

Corporate Information Cost of an item of property, plant and equipment

comprises its purchase price, including import
The Consolidated financial statements comprise financial duties and non-refundable purchase taxes, after
statements of Exide Industries Limited (the Holding deducting trade discounts and rebates, any
company) and its subsidiaries (collectively, the Group) and directly attributable cost of bringing the item to
its associates as at and for the year ended 31 March 2023. its working condition for its intended use and
The Company is a public company domiciled in India and estimated costs of dismantling and removing the
is incorporated under the provisions of the Companies item and restoring the site on which it is located.
Act, 2013. Its shares are listed on three recognised stock
exchanges in India. The registered office of the company is The cost of a self-constructed item of property,
located at Exide House, 59E Chowringhee Road, Kolkata, plant and equipment comprises the cost of
700020. The Holding Company is primarily engaged in the materials and direct labor, any other costs directly
manufacturing of Storage Batteries and allied products in attributable to bringing the item to working
India. 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
If significant parts of an item of property, plant
These consolidated financial statements have been prepared and equipment have different useful lives, then
in accordance with Indian Accounting Standards (Ind AS) as they are accounted for as separate items (major
per the Companies (Indian Accounting Standards) Rules, components) of property, plant and equipment.
2015 notified under Section 133 of Companies Act, 2013,
(the ‘Act’) and other relevant provisions of the Act. Subsequent expenditure is capitalised only if it
is probable that the future economic benefits
The consolidated financial statements were authorised for associated with the expenditure will flow to the
issue by the Holding Company’s Board of Directors on 08 Group and the cost can be measured reliably. The
May 2023. carrying amount of any component accounted
These consolidated financial statements are presented in for as a separate asset is derecognised when
Indian Rupees (INR), which is also the Group’s functional replaced.
currency. All amounts have been rounded-off to the nearest Any gain or loss on disposal of an item of property,
crore, unless otherwise indicated. plant and equipment is recognised in statement of
The consolidated financial statements have been prepared profit and loss.
on the historical cost basis except for: Refer Note 2(a) to the Consolidated Financial
- Certain financial assets and liabilities, which are Statements
measured at fair value. b. Depreciation
- Net defined employee benefit asset / (liability), which Depreciation is calculated on cost of items of
are measured at Fair Value of plan assets less present property, plant and equipment less their estimated
value of defined benefit obligations. residual values over their estimated useful lives
1. Significant Accounting Policies using the straight-line method and is generally
a. Property, plant and equipment Assets acquired under finance leases are
depreciated over the shorter of the lease term and
Property, Plant and Equipment is stated at cost, their useful lives unless it is reasonably certain that
net of accumulated depreciation and accumulated the Group will obtain ownership by the end of the
impairment losses, if any. lease term.
288

The estimated useful lives of items of property, and Loss as it arises and is not reversed. For
plant and equipment are as follows: impairment testing, goodwill is allocated to
Cash Generating Unit (CGU) or group of CGUs
Useful
Particular to which it relates, which is not larger than an
economic life
operating segment, and is monitored for internal
Buildings 28.5 / 58.5 years
Plant and machinery 10/15 years management purposes
(including electrical installation)
Other acquired intangible assets are initially
Moulds 8.5 years
Furniture and fittings 10 years measured at cost and subsequently at cost less
Office equipment 5 years accumulated amortisation and accumulated
Vehicles 6 years impairment loss, if any. Subsequent expenditure
Computers 3 to 6 years is capitalised only when it increases the future
economic benefits embodied in the specific asset
Based on technical assessment done by experts to which it relates. All other expenditures are
and management’s estimate, recognised in profit or loss as incurred.
(i) the useful life of factory buildings, other Research costs are expensed as incurred.
buildings, moulds and vehicles are different
than those indicated in Schedule II to the Development expenditure is capitalized as part of
Companies Act, 2013, the cost of the resulting intangible asset only if the
expenditure can be measured reliably, the product
(ii) residual value of plant & machinery including or process is technically end commercially
electrical installation, moulds and computers feasible, future economic benefits ere probable.
has been considered to be 2% of the cost. end the Group intends to and has sufficient
For buildings, office equipment, furniture & resources to complete development and to use or
fittings and vehicles, residual value has been cell the asset. Otherwise. it is recognised in the
estimated at 5% of the cost. Statement of profit and loss as incurred.
Depreciation method, useful lives and residual The amortisation of an intangible asset with a finite
values are reviewed at each financial year-end useful life begins when the asset is available for
and adjusted if appropriate. Based on technical use - i.e. when it is in the location and condition
evaluation, the management believes that its necessary for it to be capable of operating in the
estimates of useful lives as given above best manner intended by management. Amortisation
represent the period over which management of intangible assets that is to be used in
expects to use these assets. conjunction with other assets commences, once
the asset group as a whole is ready to commence
Depreciation on additions (disposals) is provided
operations. Such Intangible assets are recorded
on a pro-rate basis i.e. from (upto) the date on
as “intangible assets under development” till the
which asset is ready for use (disposed of).
time they are not available for use.
Refer Note 37 to the Consolidated Financial
Subsequent to the initial recognition, the intangible
Statements
asset is measured at cost, less any accumulated
c. Goodwill, Other Intangible assets and amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated to write off the cost of
Goodwill is stated at cost less impairment losses, intangible assets less their estimated residual
where applicable. Impairment loss, if any, to the values over their estimated useful lives using
extent the carrying amount exceed the recoverable the straight-line method and is included in
amount is charged off to the Statement of Profit depreciation and amortisation in the Statement of
Profit and Loss.
289

The estimated useful lives are as follows: (ii) Finished goods and work in progress: These
are valued at lower of cost and net realisable
Useful value. Cost includes an appropriate share of
Particular
economic life production overheads based on the normal
Computer Software / 5 years operating capacity.
Trademark/ Technical
Knowhow (iii) Stock-in-trade: These are valued at lower of
cost and net realisable value. Cost includes
Amortisation method, useful lives and residual cost of purchase and other costs incurred
values are reviewed at each financial year-end and in bringing the inventories to their present
adjusted if appropriate. location and condition. Cost is determined on
weighted average basis.
Refer Note 3, 4 and 37 to the Consolidated
Financial Statements Net realisable value is the estimated selling price
d. Borrowing costs in the ordinary course of business, less estimated
costs to completion and the estimated costs
Borrowing costs are interest and other costs necessary to sell them.
(including exchange differences relating to foreign
currency borrowings to the extent that they are Refer Note 10 to the Consolidated Financial
regarded as an adjustment to interest costs) Statements.
incurred in connection with the borrowing of f. Provisions
funds. Borrowing costs directly attributable to the
acquisition, construction or production of an asset A provision is recognised if, as a result of a past
that necessarily takes a substantial period of time to event, the Group has a present legal or constructive
get ready for its intended use are capitalised as part obligation that can be estimated reliably, and it is
of the cost of the asset. All other borrowing costs probable that an outflow of economic benefits will
are expensed in the period in which they occur. be required to settle the obligation. If the effect
of the time value of money is material, provisions
e. Inventories
are determined by discounting the expected
Inventories are valued at the lower of cost and net future cash flows (representing the best estimate
realisable value. of the expenditure required to settle the present
obligation at the balance sheet date) at a pre-
Costs incurred in bringing each product to its tax rate that reflects current market assessments
present location and condition are accounted for of the time value of money and the risks specific
as follows: to the liability. The unwinding of the discount
is recognised as finance cost. Expected future
(i) Raw materials and Components, Stores, operating losses are not provided for.
Spares parts, loose tools etc: These are
valued at weighted average cost. Cost Refer Notes 24 and 30 to the Consolidated
includes cost of purchase and other costs Financial Statements.
incurred in bringing the inventories to
g. Employee benefits
their present location and condition. Raw
materials, components and other supplies (i) Short term employee benefits
held for use in the production of finished
products are not written down below cost Short-term employee benefit obligations are
except in cases where material prices have measured on an undiscounted basis and are
declined and it is estimated that the cost of expensed as the related service is provided.
the finished products will exceed their net A liability is recognised for the amount
realisable value. expected to be paid e.g., under short-term
290

cash bonus, if the Group has a present legal liability (asset) for the period by applying
or constructive obligation to pay this amount the discount rate used to measure the
as a result of past service provided by the defined benefit obligation at the beginning
employee, and the amount of obligation can of the annual period to the then-net defined
be estimated reliably. benefit liability (asset), taking into account
any changes in the net defined benefit
(ii)
Post-retirement benefits
liability (asset) during the period as a result
Post-retirement benefits to employees can of contributions and benefit payments. Net
either be through defined contribution plans interest expense and other expenses related
or defined benefit plans. to defined benefit plans are recognised in the
statement of profit and loss.
A defined contribution plan is a post-
employment benefit plan under which an When the benefits of a plan are changed
entity pays fixed contributions into a separate or when a plan is curtailed, the resulting
entity and will have no legal or constructive change in benefit that relates to past
obligation to pay further amounts. The Group service (‘past service cost’ or ‘past service
makes specified monthly contributions gain’) or the gain or loss on curtailment is
towards Government administered provident recognised immediately in profit or loss. The
fund and pension schemes. Group recognises gains and losses on the
settlement of a defined benefit plan when the
The Group recognizes contribution payable settlement occurs.
to the provident fund scheme as an expense,
when an employee renders the related Pension liability is split into a defined benefit
service. portion and a defined contribution portion.
The part of the liability towards pension plan
A defined benefit plan is a post-employment upto 31st March 2003 for employees as on
benefit plan other than a defined contribution that date is in the nature of defined benefit
plan. plan. From 1st April 2003, the pension
remains as a defined contribution liability. The
The Group operates the following defined Defined benefit portion is provided for on the
benefit plans: basis of an actuarial valuation done at the
end of each financial year. The contributions
(a) Defined benefit gratuity plan, which
towards defined contribution are charged to
requires contributions to be made to a
Statement of Profit and Loss of the year when
separately administered fund and
the employee renders the service.
(b) Post-retirement medical benefit plan
The current and non-current bifurcation is
which is unfunded.
done as per Actuarial report.
The calculation of defined benefit obligation
(iii) Other long-term employee benefits
is performed annually by a qualified actuary
using the projected unit credit method. The Group’s net obligation in respect of
long-term employee benefits other than
Re-measurements of the net defined benefit
post-employment benefits is the amount of
liability, which comprise actuarial gains and
future benefit that employees have earned
losses, the return on plan assets (excluding
in return for their service in the current and
interest) and the effect of the asset ceiling
prior periods; that benefit is discounted to
(if any, excluding interest), are recognised in
determine its present value, and the fair
OCI. The Group determines the net interest
value of any related assets is deducted.
expense (income) on the net defined benefit
The obligation is measured on the basis of
291

an annual Independent actuarial valuation third parties (for example, taxes) and excluding
using the projected unit credit method. discounts and incentives, as specified in the
Re-measurements gains or losses are contract with customer.
recognised in profit or loss in the period in
which they arise. With respect to sale of products and rendering
of certain services revenue is recognised at a
Refer Notes 24, 29b, 35 and 41 to the Consolidated point in time when the performance obligation is
Financial Statements. satisfied and the customer obtains the control of
goods or services. There is no significant financing
h. Foreign Currency
components involved on contract with customers.
Transactions in foreign currencies are translated Invoices are usually payable within the credit
into the functional currency of the Group at the period as agreed with respective customers.
exchange rates at the dates of the transactions or
Revenue from certain services are generated
an average rate if the average rate approximates
over a period of time, during which services
the actual rate at the date of the transaction.
are rendered based on contractual milestones.
Monetary assets and liabilities denominated in Revenue recognition takes place when a milestone
foreign currencies are translated into the functional is completed.
currency at the exchange rate at the reporting
The Group recognises revenue only when it is
date. Non-monetary assets and liabilities that are
probable that it will collect the consideration to
measured based on historical cost in a foreign
which it will be entitled in exchange for the goods
currency are translated at the exchange rate at the
or services that will be transferred to the customer.
date of the transaction. Exchange differences are
recognised in the statement of profit and loss. Customer Loyalty programme
i. Revenue Recognition The Group has a customer loyalty programme

for selected customers. The Group grants credit
The Group’s non-insurance segment earns
points to those customers as part of a sales
revenue primarily from sale of batteries and HUPS.
transaction which allows them to accumulate and
Sale of products and rendering of services redeem those credit points.
At contract inception, Group assess the goods or The Group allocates a portion of the consideration
services promised in a contract with a customer received to loyalty points. This allocation is based
and identify as a performance obligation each on the relative stand-alone selling prices. The
promise to transfer to the customer. Revenue is amount allocated to the loyalty programme is
recognised upon transfer of control of promised deferred, and is recognised as revenue when
products or services to customers in an amount loyalty points are redeemed or the likelihood of the
of the transaction price that is allocated to that customer redeeming the loyalty points becomes
performance obligation and that reflects the remote.
consideration which the Group expects to receive
The deferred revenue is included in contract
in exchange for those products or services.
liability.
The Group considers the terms of the contract Warranty
and its customary business practices to determine
the transaction price. The transaction price is The Group provides only assurance types warranty
the amount of consideration to which an entity in conjunction with sale of product and hence
expects to be entitled in exchange for transferring same is not considered as separate performance
promised goods or services to a customer net of obligation.
returns, excluding amounts collected on behalf of
292

Refer Note 28, 29b, 30, 31 and 38 to the Liabilities and assets, and they relate to income
Consolidated Financial Statements. taxes levied by the same tax authority on the same.
Taxable entity, or on different tax entities, but they
j. Income Taxes
intend to settle current tax liabilities and assets on
Income tax comprises current and deferred tax. It a Net basis or their tax assets and liabilities will be
is recognised in profit or loss except to the extent realised simultaneously.
that it relates to a business combination or to
For items recognised in OCI or equity, deferred /
an item recognised directly in equity or in other
current tax is also recognised in OCI or equity.
comprehensive income.
Refer Notes 25 to the Consolidated Financial
Current tax comprises the expected tax payable
Statements.
or receivable on the taxable income or loss for
the year and any adjustment to the tax payable k. Leases
or receivable in respect of previous years. The
The Group as a lessee
amount of current tax reflects the best estimate of
the tax amount expected to be paid or received The Group assesses whether a contract contains
after considering the uncertainty, if any, related to a lease as per the requirements of Ind AS 116
income taxes. It is measured using tax rates (and “Leases” at inception of a contract. A contract is,
tax laws) enacted or substantively enacted by the or contains, a lease if the contract conveys the
reporting date. right to control the use of an identified asset for a
period in exchange for consideration. To assess
Current tax assets and current-tax liabilities are
whether a contract conveys the right to control the
offset only if there is a legally enforceable right to
use of an identified asset, the Group assesses
set off the recognised amounts, and it is intended
whether: (i) the contract involves the use of an
to realise the asset and settle the liability on a net
identified asset (ii) the Group has substantially all
basis or simultaneously.
of the economic benefits from use of the asset
Deferred tax is recognised on temporary through the period of the lease and (iii) the Group
differences between the tax bases and accounting has the right to direct the use of the asset.
bases of assets and liabilities at the tax rates and
The Group recognizes a right-of-use asset (“ROU”)
laws that have been enacted or substantively
and a lease liability at the lease commencement
enacted at the Balance Sheet date.
date, except for leases with a term of twelve
Deferred tax assets are recognised to the extent months or less (short-term leases) and low value
that it is probable that taxable profit will be leases. For these short-term and low value leases,
available against which the deductible temporary the Group recognizes the lease payments as an
differences can be utilised. The carrying amount operating expense on a straight-line basis over the
of deferred tax assets is reviewed at each Balance term of the lease.
Sheet date and reduced to the extent that it is no
Certain lease arrangements include the options
longer probable that sufficient taxable profit will
to extend or terminate the lease before the end
be available to allow all or part of the deferred tax
of the lease term. ROU assets and lease liabilities
asset to be utilised. Unrecognised deferred tax
includes these options when it is reasonably
assets are re-assessed at each reporting date and
certain that they will be exercised.
are recognised to the extent that it has become
probable that future taxable profits will allow the The right-of-use asset is initially measured at cost,
deferred tax asset to be recovered. which comprises the initial amount of the lease
liability adjusted for any lease payments made
Deferred tax assets and liabilities are offset if there
at or before the commencement date, plus any
is a legally enforceable right to offset current tax
initial direct costs incurred and an estimate of
293

costs to dismantle and remove the underlying profit or loss before OCI for the period attributable
asset or to restore the underlying asset or the site to equity shareholders and the weighted average
on which it is located, less any lease incentives number of shares outstanding during the period
received. The right-of-use asset is subsequently are adjusted for the effects of all dilutive potential
depreciated using the straight-line method from equity shares.
the commencement date to the end of the lease
term, unless the lease transfers ownership of the Refer Note 39 to the Consolidated Financial
underlying asset to the Group by the end of the Statements.
lease term or the cost of the right-of-use asset m. Contingent Liabilities
reflects that the Group will exercise a purchase
option. In that case the right-of-use asset will be A contingent liability is a possible obligation that
depreciated over the useful life of the underlying arises from past events whose existence will be
asset, which is determined on the same basis confirmed by the occurrence or non-occurrence of
as those of property and equipment. In addition, one or more uncertain future events beyond the
the right-of-use asset is periodically reduced by control of the Group or a present obligation that
impairment losses, if any, and adjusted for certain is not recognized because it is not probable that
remeasurements of the lease liability. an outflow of resources will be required to settle
the obligation. The Group does not recognize a
The lease liability is initially measured at the present contingent liability but discloses its existence in
value of the lease payments that are not paid at the financial statements.
the commencement date, discounted using the
incremental borrowing rate of the Group. Lease Refer Note 42 to the Consolidated Financial
liabilities are remeasured with a corresponding Statements.
adjustment to the related right of use asset if the
Group changes its assessment if whether it will n. Financial instruments
exercise an extension or a termination option. Recognition and initial measurement
The Group as a lessor Trade receivables and debt securities issued are
initially recognised when they are originated. All
When the Group acts as a lessor, it determines at
other financial assets and financial liabilities are
lease inception whether each lease is a finance
initially recognised when the Group becomes
lease or an operating lease. Whenever the terms
a party to the contractual provisions of the
of the lease transfer substantially all the risks and
instrument.
rewards of ownership to the lessee, the contract is
classified as a finance lease. All other leases are A financial asset or financial liability is initially
classified as operating leases. measured at fair value plus, for an item not at fair
value through profit and loss (FVTPL), transaction
For operating leases, rental income is recognized
costs that are directly attributable to its acquisition
on a straight basis over the term of the relevant
or issue.
lease.
Classification and subsequent measurement
Refer Note 2(a), 36, 37 and 49 to the Consolidated
financial statements. On initial recognition, a financial asset is classified
as measured at amortised cost; Fair value through
l. Earnings per share
other comprehensive income (FVOCI) – equity
Earnings per share is calculated by dividing investment; or FVTPL. Financial assets are not
the net profit or loss before OCI for the year by reclassified subsequent to their initial recognition,
the weighted average number of equity shares except if and in the period the Group changes its
outstanding during the year. For the purpose of business model for managing financial assets.
calculating diluted earnings per share, the net
294

A financial asset is measured at amortised cost if Financial liabilities are classified as measured at
it meets both the conditions and is not designated amortised cost or FVTPL. A financial liability is
as at FVTPL: (i) The asset is held within a business classified as at FVTPL if it is classified as held‑ for‑
model whose objective is to hold assets to collect trading, or it is a derivative or it is designated as
contractual cash flows; and (ii) the contractual terms such on initial recognition. Financial liabilities at
of the financial asset give rise on specified dates to FVTPL are measured at fair value and net gains
cash flows that are solely payments of principal and and Losses, including any interest expense,
interest on the principal amount outstanding. are recognised in profit or loss. Other financial
liabilities are subsequently measured at amortised
On initial recognition of an equity investment cost using the effective interest method. Interest
that is not held for trading, the Group may expense and foreign exchange gains and losses
irrevocably elect to present subsequent changes are recognised in profit or loss. Any gain or loss on
in the investment’s fair value in OCI (designated as derecognition is also recognised in profit or loss.
FVOCI – equity investment). This election is made
on an investment by investment basis. Derecognition
All financial assets not classified as measured at Financial assets: The Group derecognises a
amortised cost or FVOCI as described above are financial asset when the contractual rights to the
measured at FVTPL. This includes all derivative cash flows from the financial asset expire, or it
financial assets. On initial recognition, the Group transfers the rights to receive the contractual cash
may irrevocably designate a financial asset that flows in a transaction in which substantially all of
otherwise meets the requirements to be measured the risks and rewards of ownership of the financial
at amortised cost or at FVOCI as at FVTPL if asset are transferred or in which the Group neither
doing so eliminates or significantly reduces an transfers nor retains substantially all of the risks
accounting mismatch that would otherwise arise. and rewards of ownership and does not retain
control of the financial asset. If the Group enters
The subsequent measurement of gains and losses into transactions whereby it transfers assets
of various categories of financial instruments recognised on its balance sheet, but retains either
are as follows: (i) Financial assets at amortised all or substantially all of the risks and rewards of
cost: these assets are subsequently measured at the transferred assets, the transferred assets are
amortised cost using the effective interest method. not derecognised.
The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains Financial liabilities: The Group derecognises a
and losses and impairment are recognised in financial liability when its contractual obligations
profit or loss. Any gain or loss on derecognition is are discharged or cancelled, or expire. The Group
recognised in profit or loss. also derecognises a financial liability when its
terms are modified and the cash flows under the
(ii) Equity investments at FVOCI: these assets modified terms are substantially different. In this
are subsequently measured at fair value. case, a new financial liability based on the modified
Dividends are recognised as income in profit terms is recognised at fair value. The difference
or loss unless the dividend clearly represents between the carrying amount of the financial
a recovery of part of the cost of the investment. liability extinguished and the new financial liability
Other net gains and losses are recognised in with modified terms is recognised in profit or loss.
OCI and are not reclassified to profit or loss.
Offsetting
(iii) Financial assets at FVTPL: these assets are
subsequently measured at fair value. Net Financial assets and financial liabilities are offset
gains and losses, including any interest or and the net amount presented in the balance
dividend income, are recognised in profit or sheet when, and only when, the Group currently
loss. has a legally enforceable right to set off the
295

amounts and it intends either to settle them on An impairment loss is recognised if the carrying
a net basis or to realise the asset and settle the amount of an asset or CGU exceeds its estimated
liability simultaneously. recoverable amount. Impairment losses are
Impairment
Impairment loss recognised in respect of a CGU
The Group recognizes loss allowances using the is allocated first to reduce the carrying amount of
expected credit loss (ECL) model for the financial any goodwill allocated to the CGU, and then to
assets which are not fair valued through profit or reduce the carrying amounts of the other assets of
loss. Loss allowance for trade receivables with no the CGU (or Group of CGUs) on a pro rata basis.
significant financing component is measured at an
In respect of other assets for which impairment
amount equal to lifetime ECL. For all other financial
loss has been recognised in prior periods, the
assets, expected credit losses are measured at an
Group reviews at each reporting date whether
amount equal to the 12-month ECL, unless there
there is any indication that the loss has decreased
has been a significant increase in credit risk from
or no longer exists. An impairment loss is reversed
initial recognition in which case those are measured
if there has been a change in the estimates used
at lifetime ECL. The amount of expected credit
to determine the recoverable amount. Such a
losses (or reversal) that is required to adjust the
reversal is made only to the extent that the asset’s
loss allowance at the reporting date to the amount
carrying amount does not exceed the carrying
that is required to be recognised is recognized as
amount that would have been determined, net of
an impairment gain or loss in profit or loss.
depreciation or amortisation, if no impairment loss
Refer Note 5(a), 5(b) , 6, 7, 8, 11, 12,13, 14, 15, had been recognised.
16, 21, 22, 23, 26, 27, 28, 32, 46 and 47 to the p. Government grants
Consolidated Financial Statements.
Government grants are recognised where there
o. Impairment of non-financial assets
is reasonable assurance that the grant will be
The Group’s non-financial assets, other than received and all attached conditions will be
inventories and deferred tax assets, are reviewed complied with. When the grant relates to revenue,
at each reporting date to determine whether it is recognised in the statement of profit and loss
there is any indication of impairment. If any such on a systematic basis over the periods to which
indication exists, then the asset’s recoverable they relate. When the grant relates to an asset, it is
amount is estimated. treated as deferred income and recognised in the
statement of profit and loss on a systematic basis
For impairment testing, assets that do not over the useful life of the asset.
generate independent cash inflows are combined
together into cash-generating units (CGUs). Each Refer Note 16 and 29(a) to the Consolidated
CGU represents the smallest Group of assets Financial Statements.
that generates cash inflows that are largely q. Recognition of dividend income, interest
independent of the cash inflows of other assets or income or expense
CGUs.
Dividend income is recognised in profit or loss
The recoverable amount of a CGU (or an individual on the date on which the Group’s right to receive
asset) is the higher of its value in use and its fair payment is established.
value less costs to sell. Value in use is based on
the estimated future cash flows, discounted to Interest income or expense is recognised using
their present value using a pre-tax discount rate the effective interest method.
that reflects current market assessments of the
The ‘effective interest rate’ is the rate that exactly
time value of money and the risks specific to the
discounts estimated future cash payments or
CGU (or the asset).
296

receipts through the expected life of the financial Classification as a discontinued operation occurs
instrument to: upon disposal or when the operation meets the
criteria to be classified as held for sale, if earlier.
- the gross carrying amount of the financial
asset; or When an operation is classified as a discontinued
operation, the comparative statement of profit and
- the amortised cost of the financial liability. loss is re-presented as if the operation had been
discontinued from the start of the comparative
In calculating interest income and expense,
period.
the effective interest rate is applied to the gross
carrying amount of the asset (when the asset is t. Current versus non-current classification
not credit-impaired) or to the amortised cost of
the liability. However, for financial assets that The Group presents assets and liabilities in the
have become credit-impaired subsequent to balance sheet based on current/non-current
initial recognition, interest income is calculated by classification.
applying the effective interest rate to the amortised
An asset is treated as current when it is:
cost of the financial asset. If the asset is no longer
credit-impaired, then the calculation of interest • Expected to be realised or intended to be
income reverts to the gross basis. sold or consumed in normal operating cycle
Refer Note 32 and 36 to the Consolidated Financial • Held primarily for the purpose of trading
Statements.
• Expected to be realised within twelve months
r. Operating Segment after the reporting period, or
The Group’s operating business are organized • Cash or cash equivalent unless restricted
and managed separately according to the nature from being exchanged or used to settle a
of products and services provided, with each liability for at least twelve months after the
segment representing a strategic business unit reporting period
that offers different products and serves different
markets. The analysis of geographical segments • All other assets are classified as non-current.
is based on the areas in which customers of the
Group are located. A liability is current when:
Refer Note 45 to the Consolidated Financial • It is expected to be settled in normal operating

Statements. cycle
s. Discontinued operations • It is held primarily for the purpose of trading
A discontinued operation is a component of the • It is due to be settled within twelve months

Group’s business, the operations and cash flows after the reporting period, or
of which can be clearly distinguished from those
• There is no unconditional right to defer the
of the rest of the Group and which represents a
settlement of the liability for at least twelve
separate major line of business or geographical
months after the reporting period.
area of operations and
• The Group classifies all other liabilities as
- is a part of a single co-ordinated plan to
non-current.
dispose of a separate major line of business
or geographic area of operations; or Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
- is a subsidiary acquired exclusively with a
view to re-sale
297

The operating cycle is the time between the benefits, additional benefits that meet the following
acquisition of assets for processing and their conditions:
realisation in cash and cash equivalents. The
Group has identified twelve months as its operating - Likely to be a significant portion of the total
cycle. contractual benefits
u. Earnings before interest, tax, depreciation and - The amount or timing of which is contractually
amortisation (EBITDA) at the discretion of the issuer
The Group presents EBITDA in the statement of That are contractually based on:
profit or loss; this is not specifically required by Ind
- The performance of a specified pool of
AS 1. The term EBITDA are not defined in Ind AS.
contracts or a specified type of contract
Ind AS compliant schedule III allows companies to
present Line items, sub-line items and sub-totals - Realized and/or unrealized investment
shall be presented as an addition or substitution returns on a specified pool of assets held by
on the face of the financial statement when such the issuer
presentation is relevant to an understanding of
the Group’s financial position or performance - The profit or loss of the Group, fund or other
or to cater to industry/sector-specific disclosure entity that issues the contract
requirements or when required for compliance
b. Life insurance contract liabilities
with the amendments to the Companies Act or
under the Indian Accounting Standard. Life insurance liabilities are recognized when
Measurement of EBITDA contracts are entered into and premiums are
charged. These liabilities are measured using
Accordingly, the Group has elected to present the gross premium method. The liability is
earnings before interest, tax, depreciation and determined as the sum of the discounted value
amortisation (EBITDA) as a separate line item on of the expected future benefits, claims handling
the face of statement of profit or loss. The Group and policy administration expenses, policyholder
measures EBITDA on the basis of profit / (loss) options and guarantees and investment income
from continuing operations. In its measurement, from assets backing such liabilities, which are
the Group does not include depreciation and directly related to the contract, less the discounted
amortisation expense, finance cost and tax value of the expected premiums that would be
expenses. required to meet the future cash outflows based
on the actuarial valuation assumptions used.
1.1 Significant accounting policies related to life
insurance business (discontinued operations c. Investment contract liabilities
w.e.f 1 January 2022)
Investment contracts are classified between
The accounting policies related to life insurance contracts with and without DPF. The accounting
business only pertains to discontinued operations policies for investment contract liabilities with DPF
presented in the comparative financial information for are the same as those for life insurance contract
the year ended 31 March 2022. liabilities. Investment contract liabilities without
DPF are recognized when contracts are entered
a. Product classification
into and premiums are charged. These liabilities
Insurance and investment contracts are classified are initially recognized at fair value, this being the
as being either with or without discretionary transaction price excluding any transaction costs
participation feature (DPF). DPF is a contractual directly attributable to the issue of the contract.
right to receive, as a supplement to guaranteed Subsequent to initial recognition, the investment
contract liabilities are measured at fair value
through profit or loss.
298

Deposits and withdrawals are recorded directly as f. Revenue recognition

an adjustment to the liability in the Balance sheet
and are not recognized as gross premium in the Revenue includes revenue from insurance
Statement of profit and loss. contracts that are covered in the scope of Ind AS
104, ‘Insurance Contracts’. Any amount (excluding
Fair values are determined at each reporting date the fee) received with respect to contracts
and fair value adjustments are recognized in the classified as investment contracts form part of
Statement of profit and loss in “Gross change in investment contract liability in the Balance sheet.
contract liabilities. Therefore, all amounts received or receivable
from insurance and investment contracts do not
Non-unitized contracts are subsequently also fall within the purview of Ind AS 115, ‘Revenue
carried at fair value. The liability is derecognized from contracts with customers’. Further, the fee
when the contract expires, discharged or charged to the investment contract policyholders
cancelled. For a contract that can be cancelled for policy administration, investment management,
by the policyholder, the fair value of the contract surrenders etc. is covered under the scope of Ind
cannot be less than the surrender value. AS 115 and is recognised as revenue over time,
as and when the performance obligations are
When contracts contain both a financial risk
satisfied. In all the cases, this revenue is recognised
component and a significant insurance risk
in the same period in which the fee is charged to
component and the cash flows from the two
the policyholders and therefore, no revenue is
components are distinct and can be measured
deferred. Consequently, the Group does not have
reliably, the underlying amounts are unbundled.
any contract asset or contract liability with respect
Any premiums relating to the insurance risk
to unsatisfied performance obligations as at the
component are accounted for on the same basis
Balance sheet date.
as insurance contracts and the remaining element
is accounted for as a deposit through the Balance i. Premium Income
sheet as described above.
Premium for non-linked policies is recognized
d. Reinsurance assets as income when due. Premium on lapsed
policies is recognized as income when such
Reinsurance assets represent balances due from
policies are reinstated.
reinsurance companies. Amounts recoverable
from reinsurers are estimated in a manner Products having regular premium paying
consistent with the outstanding claims provision plans with limited premium payment term
or settled claims associated with the reinsurer’s and/or pre-determined policy term are treated
policies and are in accordance with the related as regular business with due classification of
reinsurance contract. premium into first year and renewal. Premium
income on products other than aforesaid is
Reinsurance assets are reviewed for impairment
classified as single premium.
at each reporting date, or more frequently, when
an indication of impairment arises during the Top up premiums paid by unit linked
reporting period. Policyholders’ are considered as single
premium and recognized as income when
e. Liability adequacy test
the associated units are created.
The Group performs adequacy testing on its
Premium income pertaining to investment
insurance liabilities to ensure that the carrying
contracts are accounted as investment liabilities.
amounts (net of related deferred acquisition costs)
and, where relevant, present value of acquired ii. Investment contract fee
in-force business is sufficient to cover current
estimates of future cash flows. Any deficiency is Investment contract policyholders are charged
immediately charged to the Statement of profit fees for policy administration, investment
and loss. management, surrenders or other contract
299

services. The fees may be for fixed amounts in accordance with the treaty or in principle
or vary with the amounts being managed, and arrangement/agreement with the reinsurers.
will generally be charged as an adjustment
to the policyholder’s balance. Fees related v. Income from linked policies
to investment management services are
For linked business, premium income is
recognised as revenue over time, as performance
recognized as income when the associated
obligations are satisfied. In most cases this
units are created. Income from unit linked funds
revenue is recognised in the same period in
which include policy administration charges,
which the fees are charged to the policyholder.
mortality charges, etc. and are recovered
Fees that are related to services to be in accordance with terms and conditions of
provided in future periods are deferred and policy and is recognized when due. Fund
recognised when the performance obligation management charges are adjusted in the unit
is fulfilled. Variable consideration, such as price computed on each business date.
performance fees and commission subject to
vi. Interest on policy loans
claw back arrangements, is not recognised
as revenue until it is reasonably certain that Interest on loans against policies is
no significant reversal of amounts recognised recognized on effective interest basis.
would occur. Initiation and other ‘front-end’
fees (fees that are assessed against the vii. Amortization of premium /discount on
policyholder balance as consideration for securities Income/Cost
origination of the contract) are charged on
some non-participating investment and Premium or discount on acquisition, as the
investment fund management contracts. case may be, in respect of debt securities /
fixed income securities, pertaining to non-
Where the investment contract is recorded at linked investments is amortized on effective
amortised cost, these fees are deferred and interest rate basis over the expected life of the
recognised over the expected term of the financial instrument.
policy by an adjustment to the effective yield.
Where the investment contract is measured viii. Realized Gain/ (Loss) on Debt Securities
at fair value, the front-end fees that relate for Linked Business
to the provision of investment management
Realized gain/(loss) on debt securities for
services are deferred and recognised as the
linked business is the difference between the
services are provided.
sale consideration net of expenses and the
iii. Income from investments book cost, which is computed on weighted
average basis, as on the date of sale.
Interest/dividend income on investments is
recognized on accrual basis. Amortization of ix. Realized Gain/ (Loss) on Debt Securities
discount/ premium relating to debt securities for Non-Linked Business
is recognized over the remaining maturity
Realized gain/(loss) on debt securities for
period on effective interest basis.
other than linked business is the difference
Dividend income is recognized when the right between the sale consideration net of
to receive dividend is established. Bonus expenses and the amortized cost, which is
entitlements are recognized as investments computed on a weighted average basis, as
on the ‘ex- bonus date’. on the date of sale.
iv. Reinsurance Premium x. Realized Gain/ (Loss) on sale of Equity

Shares/ Equity ETF/ Mutual Fund
Cost of reinsurance ceded is accounted at
the time of recognition of premium income Realized gain/ (Loss) on sale of equity
shares/ equity ETF/ mutual fund units is the
300

difference between the sale consideration net feature are recorded as reductions of the
of expenses and the book cost computed investment contract liabilities. Amounts received
on weighted average basis as on the date of under investment contracts, are not recorded
sale (mutual fund sale considerations would through Statement of profit and loss, except for
be based on the latest available NAV). fee income and investment income attributable
to those contracts, but are accounted for directly
xi. Unrealized Gain/ (Loss) for Linked through the Balance sheet as an adjustment to
Business investment contract liabilities.
Unrealized gains and losses for Linked h. Actuarial liability valuation
Business are recognized in the Statement of
profit and loss. The estimation of liability for life policies is
determined by the Appointed Actuary in
xii. Fees and Charges accordance with accepted actuarial practice,
requirements of Insurance Act 1938, amended by
Fees and charges including policy
the Insurance Laws (Amendment) Act, 2015, IRDAI
reinstatement fee (if any) are recognised as
regulations and the actuarial practice standards
follows:
issued by The Institute of Actuaries of India.
a) relating to Insurance contracts - on
i. Acquisition and maintenance costs
receipt basis
Acquisition and maintenance costs are costs that
b) relating to Investment contracts - over
vary with and are primarily related to the acquisition
time, as the services are provided.
of new and renewal insurance contracts. Such
Initial and other front-end fees received for costs are expensed in the year in which they are
rendering future investment management incurred.
services relating to investment contracts
j. Liability for Life Policies
without DPF, are deferred and recognised
as revenue when the related services are The estimation of liability for life policies is
rendered. determined by the Appointed Actuary in
accordance with accepted actuarial practice,
g. Benefits paid (including claims)
requirements of Insurance Act 1938, amended by
Benefits paid comprise policy benefit amount the Insurance Laws (Amendment) Act, 2015, IRDAI
and bonus declared to policyholders. Death and regulations and the actuarial practice standards
surrender claims are accounted for on receipt of issued by The Institute of Actuaries of India.
intimation based on the terms of policy. Maturity
The valuation exercise is done to protect the
benefits, survival benefits and declared bonuses
interests of the existing policyholders. For
are accounted for on the respective due dates.
policies with profit, the reasonable expectations
Withdrawals and benefits under linked policies are
of policyholders (PRE) are also considered. The
accounted in the respective schemes when the
reserves should be adequate to provide for all the
associated units are cancelled.
policyholders benefits in various future scenarios.
Repudiated claims disputed before judicial Adequate use of Margin for Adverse Deviation
authorities are provided for based on management (MAD) is made to ensure that policyholders’
prudence and considering the fact and evidences benefits are protected even in some plausible
available in respect of such claims. Reinsurance adverse scenarios.
recoveries on claims are accounted for, in the
Actuarial liability for life policies in force and for
same period as the related claims.
policies in respect of which premium has been
Amounts paid under investment contracts other discontinued but a liability exists, is determined
than those with a discretionary participating using the gross premium method and in case of
301

group business (except for Credit Life Business Participating business

and Reverse Mortgage Loan Enabled Annuity
where gross premium method is used), the At each balance sheet date, the management with
actuarial liabilities have been calculated on the the approval of the Board decides to distribute the
basis of Unearned Premium Reserve method. surplus among policyholders, shareholders and
Linked liabilities comprise unit liability representing funds for appropriation at a future date. Surplus
the fund value of policies and non-unit liability for arising in the participating business after allowing
meeting insurance claims, expenses etc. The main for current year cost of bonus to policyholder is held
governing guidelines considered for valuation as funds for future appropriation, which includes
are Insurance Act 1938, IRDA Act 1999, IRDAI the surplus not appropriated during the year either
(Actuarial Report and Abstract) Regulations 2016, to the policyholders or to the shareholders.
IRDAI (Assets, Liabilities and Solvency Margin
n. Discretionary Participation Features (DPF)
of Life Insurance Business) Regulations 2016,
Actuarial Practice Standards and Guidance notes A DPF gives holders of these contracts the right to
issued by Institute of Actuaries of India, Circulars receive, as a supplement to guaranteed benefits,
issued by IRDAI from time to time. significant additional benefits which are based on
the performance of the assets held within the DPF
k. Loans against policies
portfolio. The amount or timing of the additional
Loans against policies are valued at the aggregate benefits is contractually at the discretion of the
of book values (net of repayments) plus capitalized Group. Under the terms of the contracts, surpluses
interest and are subject to impairment, if any. in the DPF funds to be distributed to policyholders
Loans are classified as short term in case the and shareholders on a 90/10 basis. The Group has
maturity is less than 12 months. Loans other than the discretion over the amount and timing of the
short term are classified as long term. distribution of these surpluses to policyholders.
All DPF liabilities including unallocated surpluses
l. Transfer of investments between Shareholders at the end of the reporting period are held within
and Policyholders insurance or investment contract liabilities, as
appropriate.
Transfer of investments from Shareholders’ fund
to the Policyholders’ fund to meet the deficit in 1.2 Standards Issued but not yet Effective
the Policyholders’ account is made at amortized /
book cost or market price, whichever is lower. The Ministry of Corporate Affairs (MCA), on March 31, 2023,
transfer of investments between unit linked funds through the Companies (Indian Accounting Standards
is done at the prevailing market price. (Ind AS)) Amendment Rules, 2023 amended certain
existing Ind ASs on miscellaneous issues with effect
Any contribution made by the shareholder to the from 1st April 2023. Following are few key amendments
policyholders’ account is irreversible in nature and relevant to the Company:
shall not be recouped to the shareholders at any
point of time in future. • Ind AS 1 – Presentation of Financial Statements &
Ind AS 34 – Interim Financial Reporting – Material
No transfer of investments is carried out between accounting policy information (including focus on
non-linked Policyholders’ funds. how an entity applied the requirements of Ind AS)
shall be disclosed instead of significant accounting
m. Funds for future appropriation policies as part of financial statements.
Linked business • Ind AS 107 – Financial Instruments: Disclosures
– Information about the measurement basis for
Amounts estimated by Appointed Actuary as
financial instruments shall be disclosed as part of
Funds for Future Appropriation – Linked are
material accounting policy information.
required to be set aside in the Balance sheet and
are not available for distribution to shareholders
until the expiry of the revival period.
302

• Ind AS 8 – Accounting policies, changes in iv. When the Group loses the control over a subsidiary,
accounting estimate and errors-Clarification on it derecognises the assets and liabilities of
what constitutes an accounting estimate provided. the subsidiary, and any related NCI and other
components of equity. Any resulting resulting gain
• Ind AS 12 – Income Taxes – This amendment or loss is recognised in profit or loss.
has narrowed the scope of the initial recognition
exemption so that it does not apply to transactions v. With respect to subsidiaries domiciled out of
that give rise to equal and offsetting temporary India, assets and liabilities of such entities,
differences. together with goodwill and fair value adjustments
assumed on acquisition thereof, are translated to
The Company does not expect the effect of this on Indian Rupees at exchange rates prevailing at the
the financial statements to be material, based on reporting period end. Income and expense items
preliminary evaluation. are translated at the average exchange rates
prevailing during the period; when exchange rates
1.3 Principles of consolidation
fluctuate significantly the rates prevailing on the
The consolidated financial statements which relate to transaction date are used instead.
Exide Industries Ltd. (EIL), its subsidiary companies
Differences arising on such translation are
and associate companies, have been prepared on the
accumulated in foreign currency translation
following basis –
reserve and attributed to non-controlling interests
i. The financial statements of the company and its proportionately.
subsidiaries are consolidated by combining like
vi. The Group’s interests in equity accounted investees
items of assets, liabilities, income and expenditure,
comprise interest in associates. An associate is an
after fully eliminating intra group balances, intra
entity in which the Group has significant influence,
group transactions and any unrealised profit/ loss
but not control or joint control, over the financial
included therein. Deferred tax has been created on
and operating policies.
temporary differences that arise from the elimination
of profits and losses resulting from intragroup Under the equity method of accounting, the
transactions as per Ind AS12: Income Taxes. investments are initially recognised at cost and
adjusted thereafter to recognise the group’s share
ii. Consolidated financial statements are
of the post-acquisition profits or losses of the
prepared using uniform accounting policies
investee in profit and loss, and the group’s share
for like transactions and other events in similar
of other comprehensive income of the investee in
circumstances. If a member of the group uses
other comprehensive income. Dividends received
accounting policies other than those adopted
or receivable from associates and joint ventures
in the consolidated financial statements for like
are recognised as a reduction in the carrying
transactions and events in similar circumstances,
amount of the investment.
appropriate adjustments are made to that group
member’s financial statements in preparing the Unrealised gains on transactions between the
consolidated financial statements to ensure group and its associates are eliminated to the
conformity with the group’s accounting policies. extent of the group’s interest in these entities.
The financial statements of all entities used for the Unrealised losses are also eliminated unless the
purpose of consolidation are drawn up to the same transaction provides evidence of an impairment
reporting date as that of the parent company, i.e., of the asset transferred. Accounting policies of
year ended on 31 March. equity accounted investees are changed where
necessary to ensure consistency with the policies
iii. The excess / shortfall of cost to the company of
adopted by the group.
its investments in the subsidiary companies is
recognized in the financial statements as goodwill
/ capital reserve, as the case may be.
303

vii. The subsidiary and associate companies considered in the financial statements are as follows:
% of ownership % of ownership
Country of
Name interest as on interest as on
Incorporation
March 31, 2023 March 31, 2022
Chloride International Limited (CIL) India 100 100
Chloride Metals Ltd. (CML) India 100 100
Exide Energy Private Limited (EEPL) India 100 84.90
Chloride Batteries S.E. Asia Pte Ltd. Singapore 100 100
(CBSEA) & its wholly owned subsidiary
(Exide Batteries Pvt. Ltd.)
Espex Batteries Limited (ESPEX) UK 100 100
Associated Battery Manufacturers (Ceylon) Srilanka 61.50 61.50
Ltd. (ABML)
Exide Energy Solutions Limited (EESL) India 100 100
(w.e.f 24 March 2022)
CSE Solar Sunpark Maharashtra Private India 27.20 27.20
Limited (CSSMPL)
CSE Solar Sunpark Tamilnadu Private India 27.20 27.20
Limited (CSSTPL)
Exide Life Insurance Co. Ltd. (Subsidiary till India Nil Nil
31 December 2021)
Greenyana Solar Private Limited (GSPL) India Nil Nil
(Associate till 29 December 2021)
viii. 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.
304
Overview

Corporate
2 (a) Property, Plant and Equipment

(H in Crores)
Owned Assets
Plant and
Particulars equipment Furniture Total
Freehold Office
Buildings (including Moulds & Vehicles Computers
land Equipment
electrical fixtures
Reports
installation)
Statutory
Cost or deemed cost

(Gross carrying amount)
Balance as at April 1, 2021 66.74 726.62 2,848.37 361.86 32.90 19.56 7.63 72.34 4,136.02
Additions for the year 2021-22 - 48.33 622.97 56.99 4.41 3.41 4.07 16.98 757.16
Disposals / deductions - 0.16 3.79 0.08 0.44 0.09 0.77 0.11 5.44
pertaining to continuing
operations for the year 2021-22
Disposals / deductions - 21.16 - - 9.22 5.74 0.88 29.55 66.55
of assets pertaining to
Financial
discontinued operations
Statements
Exchange differences for the (0.67) (1.31) (9.90) (0.49) - (0.29) (0.04) (0.09) (12.79)
year 2021-22
Balance as at March 31, 2022 66.07 752.32 3,457.65 418.28 27.65 16.85 10.01 59.57 4,808.40
Additions for the year 2022-23 - 98.54 399.58 42.04 1.43 2.01 1.55 10.25 555.40
Disposals / deductions for the 11.43 1.89 6.15 0.22 0.34 0.28 1.17 1.86 23.34
year 2022-23
Exchange differences for the (0.02) 1.72 0.19 (0.01) - 0.24 0.18 - 2.30
year 2022-23
Balance as at April 1, 2021 - 121.99 1,294.27 164.58 20.39 10.79 4.24 52.12 1,668.37
Depreciation pertaining to - 28.65 324.05 39.26 3.35 1.55 1.54 7.48 405.88
continuing operations for the
year 2021-22
Depreciation pertaining to - 2.28 - - 0.88 0.48 - 3.63 7.27
discontinued operations for
the year 2021-22
Disposals / deductions - 0.02 2.56 0.04 0.35 0.03 0.67 0.11 3.78
pertaining to continuing
305
306
2 (a) Property, Plant and Equipment (Contd.)

(H in Crores)
Owned Assets
Plant and
Particulars equipment Furniture Total
Freehold Office
Buildings (including Moulds & Vehicles Computers
land Equipment
electrical fixtures
installation)
Disposals / deductions - 11.87 - - 7.31 4.54 0.88 22.11 46.71
of assets pertaining to
Exchange differences for the - (0.15) (4.75) (0.25) - (0.23) (0.03) (0.06) (5.47)
year 2021-22
Balance as at March 31, 2022 - 140.88 1,611.01 203.55 16.96 8.02 4.20 40.95 2,025.56
Depreciation for the year - 31.17 372.77 43.80 3.17 1.52 1.73 7.71 461.87
2022-23
Disposals / deductions for the - 1.13 5.59 0.18 0.26 0.19 1.15 1.64 10.14
year 2022-23
Exchange differences for the - 1.13 0.32 - - 0.18 0.12 0.01 1.76
year 2022-23
Balance as at March 31, 2023 - 172.05 1,978.51 247.17 19.87 9.53 4.90 47.03 2,479.05
Carrying Amount (net)
i. Buildings Includes H 0.10 crs (PY: H 0.10 crs) being the cost of shares in respective Co-operative Housing Societies.
ii. Buildings includes leasehold improvements H 6.02 crs (PY: H 3.63 crs).
iii. As at March 31, 2023, property, plant and equipment with a carrying amount of H 269.25 crs (PY: H 283.03 crs) are subject to charge to secured borrowings
from banks. Refer note 21 and 26.
iv. Movement of capital work-in-progress:
(H in Crores)
Addition During Capitalised / Effect of Foreign
Particulars Opening Balance Closing Balance
the year Adjustments * Exchange
2022-23 # 322.42 561.35 548.38 (0.01) 335.38
2021-22 # 379.47 689.18 746.17 (0.06) 322.42
* includes amount derecognised pertaining to discontinued operations of H 0.83 crs in 2021-22
# CWIP includes borrowing cost capitalised aggregating to H 3.50 crs (PY: H 2.63 crs) at the rate of 7.44% (PY: 6%)


v. Capital work-in-progress aging schedule
As at March 31, 2023
(H in Crores)
1-2 years 2-3 years
year years
Total 296.02 17.30 4.63 17.43 335.38

(H in Crores)
1-2 years 2-3 years
year years
Total 284.82 18.80 4.78 14.02 322.42
CWIP completion schedule for capital-work-in progress, whose completion is overdue or has
vi.
exceeded its cost compared to its original plan
Projects in capital work in progress as at 31 March 2023 whose completion is overdue or has exceeded its cost
compared to its original plan as at the year end is given below:

(H in Crores)
To be completed in
1-2 years 2-3 years
year years
Projects in progress
New Greenfield project at 129.21 - - - 129.21
Supa
110KVA project 14.53 - - - 14.53
Other various projects 0.09 - - - 0.09
Total 143.83 - - - 143.83

To be completed in
1-2 years 2-3 years
year years
Projects in progress
110KVA project - 14.53 - - 14.53
Total - 14.53 - - 14.53
307


vii. There are no projects in capital work in progress which has been temporarily suspended as at
March 31, 2022 and March 31, 2023.
(H in Crores)
Leased Assets
Plant Information
Particulars Total
Leasehold Buildings & Technology
Vehicles
Land * equipments Equipment
Gross carrying amount
Balance as at April 1, 2021 157.44 116.52 293.30 4.17 5.49 576.92
Additions for the year 2021-22 16.74 16.48 26.54 0.15 0.71 60.62
Disposals / deductions pertaining 0.58 - - - - 0.58
to continuing operations for the
year 2021-22
Disposals / deductions of assets - 133.00 - 4.32 2.28 139.60
pertaining to discontinued operations
Exchange differences for the year 0.12 - - - 0.10 0.22
2021-22
Balance as at March 31, 2022 173.72 - 319.84 - 4.02 497.58
Additions for the year 2022-23 259.90 - 4.42 - 2.99 267.31
Disposals / deductions for the (11.43) - - - - (11.43)
year 2022-23
2022-23
Balance as at April 1, 2021 10.88 48.39 10.92 2.00 2.19 74.38
Depreciation pertaining to continuing 3.39 - 12.68 - 1.51 17.58
Depreciation pertaining to - 16.32 - 0.75 0.40 17.47
discontinued operations for the
year 2021-22
Disposals / deductions pertaining 0.09 - - - - 0.09
to continuing operations for the
year 2021-22
Disposals / deductions of assets - 64.71 - 2.75 1.72 69.18
pertaining to discontinued operations
2021-22
Depreciation for the year 2022-23 3.58 - 13.41 - 1.40 18.39
2022-23
* includes land taken on lease by EESL aggregating to H 255.69 crs with an option to purchase the land subject to fulfillment of few conditions as
stated in the sale cum lease deed.
As at March 31, 2023, property, plant and equipment with a carrying amount of H 116.02 crs (PY: H 114.38 crs) are subject to charge to secured
borrowings from banks. Refer note 21 and 26.
308

3 (a) Other Intangible Assets

(H in Crores)
Technical Computer
Particulars Trade Mark Total
Knowhow Software
Cost or deemed cost (Gross carrying amount)
Balance as at April 1, 2021 3.12 - 120.28 123.40
Additions for the year 2021-22 - 39.07 17.32 56.39
Disposals / deductions of assets pertaining to - - 35.34 35.34
Exchange differences for the year 2021-22 - - (0.15) (0.15)
Additions for the year 2022-23 - 0.13 3.44 3.57
Accumulated amortisation
Balance as at April 1, 2021 3.12 - 73.62 76.74
Amortisation pertaining to continuing operations - 2.46 13.60 16.06
for the year 2021-22
Amortisation pertaining to discontinued operations - - 4.10 4.10
Disposals / deductions of assets pertaining to - - 26.75 26.75
Exchange differences for the year 2021-22 - - (0.13) (0.13)
Amortisation for the year 2022-23 - 7.66 13.25 20.91
Balance as at March 31, 2022 - 36.61 37.67 74.28
Balance as at March 31, 2023 - 29.08 27.86 56.94
3 (b) Intangible Assets Under Development

i. Aging of intangible assets under development (IAUD) is as follows:
Amount in intangible asset under development
for a period of
Particulars Total
Less than 1 More than 3
1-2 years 2-3 years
year years
Projects in progress 189.16 0.51 - - 189.67
Total 189.16 0.51 - - 189.67

Amount in intangible asset under development
for a period of
Particulars Total
Less than 1 More than 3
1-2 years 2-3 years
year years
Projects in progress 12.06 5.83 0.63 - 18.52
Total 12.06 5.83 0.63 - 18.52
ii. There is no IAUD as at 31 March 2023 and 31 March 2022 whose completion is overdue or has exceeded its cost
compared to its original plan.
iii. There are no projects in intangible assets under development which has been temporarily suspended as at the year end.
309

4 Goodwill
(H in Crores)
Gross carrying amount
Opening balance 50.66 585.79
Deduction on account of discontinued operations during the year - 535.13
Accumulated impairment losses
Opening balance (3.89) (3.89)
Impairment for the year 2022-23 (0.95) -
Closing balance (4.84) (3.89)
Carrying amount (net) 45.82 46.77
The Goodwill represents goodwill arising out of consolidation for various subsidiaries.
The Goodwill is tested for impairment annually. During the year 2022-23, goodwill amounting to H 0.95 crs was impaired.
There was no impairment in 2021-22.
5 (a) Investment in Associates

(H in Crores)
CSE Solar Sunpark Maharashtra Private Limited of H 10 each 12.50 12.23
[17,28,465 shares (PY: 17,28,465 shares)]
CSE Solar Sunpark Tamilnadu Private Limited of H 10 each 12.34 12.33
[14,30,138 shares (PY: 14,30,138 shares)]
24.84 24.56
Aggregate carrying value of investments of individually immaterial associate is H 24.84 crs (PY: H 24.56 crs) net of
share of loss/OCI of H 0.66 crs (PY: H 0.94 crs).
(b) Other Non-Current Investments

(H in Crores)
Investments at amortised cost (unquoted)
Government securities
Government securities (lodged as security deposits with various 0.01 0.01
authorities)
Investments in bond - 3.04
Investments at FVOCI (unquoted)
Investment In debentures / bonds^ - -
Units (unquoted)
Faering Capital India Evolving Fund of H 1,000 each 125.36 124.75
[5,05,334 units (PY: 5,34,426 units)]
Equity shares (unquoted)
Haldia Integrated Development Agency Ltd of H 10 each 1.20 1.55
[5,00,000 shares (PY: 5,00,000 shares)]
310

5 (b) Other Non-Current Investments (Contd.)

(H in Crores)
Equity shares (quoted)
LIC Housing Finance Limited of H 2 each [1,000 shares (PY: 0.03 0.03
1,000 shares)]
Hathway Cable and Datacom Limited of H 2 each [54,62,830 7.07 9.42
shares (PY: 54,62,830 shares)]
HDFC Life Insurance Company Limited of H 10 each [8,70,22,222 4,344.15 4,683.54
shares (PY: 8,70,22,222 shares)]
4,477.82 4,822.34
(i) Aggregate book value of unquoted investments 126.57 129.34
(ii) Aggregate of quoted investments and market value thereof 4,351.25 4,693.00
(iii) Refer Note 46 for information about fair value measurement and
Note 47 for credit risk and market risk of investment
(iv) Investments at fair value through OCI (fully paid) reflect
investment in quoted and unquoted equity securities. These
equity shares are designated as FVTOCI as they are not held
for trading purpose.
(v) Dividend income from Faering Capital India Evolving Fund and
HDFC Life Insurance Company Ltd aggregates to H 15.06 crs
(PY: H 0.23 crs)
^ Figures being less than H 50,000 in each case has not been disclosed
6 Non-Current Trade Receivables (at amortised cost)

(H in Crores)
Trade receivables, considered good - unsecured 0.32 0.05
0.32 0.05
Refer note 12 for aging of trade receivables.
7 Non-Current Loans (at amortised cost)

(H in Crores)
Loans to employees 0.07 0.09
0.07 0.09
8 Other Non-Current Financial Assets (at amortised cost)

(H in Crores)
a) Security Deposits 23.19 25.59
23.19 25.59
311

9 Other Non-Current Assets

(H in Crores)
a) Capital advances 43.50 24.69
b) Prepaid expenses 31.68 23.73
d) Prepaid Gratuity 0.15 -
(ii) Unsecured, considered doubtful
a) Balances and deposit with Government Authorities 4.33 15.10
187.73 126.38
Less: Provision for doubtful advances 4.33 15.10
183.40 111.28
10 Inventories
(H in Crores)
Paticulars March 31, 2023 March 31, 2022
(At lower of cost and net realisable value)
a) Stores and spares 73.13 71.35
b) Raw materials 1,099.57 830.24
[Including in transit H 268.39 crs (PY: H 250.59 crs)]
c) Work-in-progress 790.30 802.11
d) Finished goods 1,385.67 1,079.08
e) Stock-in-trade 87.73 72.51
3,436.40 2,855.29
I. The cost of inventories recognised as an expense includes H 9.92 crs (PY: H 10.16 crs) in respect of write
downs of inventory.
II. Carrying amount of inventories pledged as borrowings H 136.54 crs (PY: H 345.78 crs). Refer note 21 and 26.
11 Other Investments
(H in Crores)
Investments at FVTPL
Units of mutual funds (unquoted) 603.25 711.54
603.25 711.54
(i) Aggregate amount of unquoted investments 603.25 711.54
(ii) Refer Note 46 for information about fair value measurement and
Note 47 for credit risk and market risk of investment.
312

12 Trade Receivables (unsecured) (at amortised cost)

(H in Crores)
Trade receivables, considered good - unsecured 1,242.85 1,106.32
Trade receivables, which have significant increase in credit risk 0.16 1.91
Trade receivables, credit impaired 2.72 6.31
1,245.73 1,114.54
Less: Loss allowance 16.18 16.69
1,229.55 1,097.85
Carrying amount of trade receivables pledged against borrowings are H 72.58 crs (PY: H 142.50 crs). Refer note 21 and 26.
The Company’s exposure to credit and currencies risks, and loss allowances related to trade receivables are disclosed
in note 47.

(H in Crores)
due date of payment
Unbilled Not
dues Due 1-2 2-3
years years
(i) Undisputed Trade receivables – - 772.82 429.27 20.36 4.68 4.24 9.84 1,241.21
considered good
(ii) Undisputed Trade Receivables - 1.39 0.57 - - - - 1.96
(iii) Undisputed Trade Receivables - - - - - - 0.39 0.39
– credit impaired
(iv) Disputed Trade Receivables – - - - - - - - -
considered good
(v) Disputed Trade Receivables – - - - - - 0.07 0.09 0.16
in credit risk
(vi) Disputed Trade Receivables – - - - - - - 2.33 2.33
credit impaired
Total - 774.21 429.84 20.36 4.68 4.31 12.65 1,246.05
313

12 Trade Receivables (unsecured) (at amortised cost) (Contd.)

(H in Crores)
due date of payment
Unbilled Not
dues Due 1-2 2-3
years years
(i) Undisputed Trade receivables – - 673.53 387.64 9.74 8.59 5.63 20.53 1,105.66
considered good
(iii) Undisputed Trade Receivables - - - - - 0.03 1.88 1.91
– credit impaired
(iv) Disputed Trade Receivables– - - - 0.03 0.07 0.07 0.54 0.71
considered good
in credit risk
(vi) Disputed Trade Receivables – - - - - - - 6.31 6.31
credit impaired
Total - 673.53 387.64 9.77 8.66 5.73 29.26 1,114.59
13 Cash and Cash Equivalents

(H in Crores)
a) Balances with banks on
Current account 111.65 56.72
Deposits 15.67 0.04
b) Cheques, drafts in hand 4.21 132.17
c) Cash in hand 0.25 0.18
131.78 189.11
14 Other Bank Balances

(H in Crores)
a) Unclaimed dividend account 6.36 7.81
b) Deposits ** 2.17 2.07
8.53 9.88
** Lien with bank against bank guarantee of H 1.19 crs (PY: H 1.09 crs) and customs authority of H 0.98 crs (PY: H 0.98 crs).
314

15 Current Loans (at amortised cost)

(H in Crores)
Loans to employees 0.26 0.28
0.26 0.28
16 Other Current Financial Assets (at amortised cost)

(H in Crores)
a) Rebates and discounts receivables 29.92 28.01
b) Other receivables 8.08 4.29
c) Security Deposits 19.76 20.80
d) Income accrued on deposits 0.05 0.04
e) Accrued Government Grant 0.26 -
58.07 53.14
17 Other Current Assets

(H in Crores)
a) Advances to suppliers 17.48 23.22
b) Other receivables and advances * 89.03 76.74
d) Prepaid expenses 21.26 15.02
223.15 204.16
* includes export incentive receivables aggregating to H 56.33 crs (PY: H 48.61 crs)
18 Share Capital
(H in Crores)
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
Number of Shares
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
315

18 Share Capital (Contd.)

(H in Crores)
d) Terms / rights attached to equity shares
The Holding company has only one class of equity shares having
a par value of H1 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
Chloride Eastern Limited, UK (considered to be Holding company 39,09,54,666 39,09,54,666
by virtue of de-facto control) 45.99% (PY: 45.99%)
f) Details of shareholders holding more than 5% shares in Company
Chloride Eastern Limited, UK holding 45.99 % (PY: 45.99 %) 39,09,54,666 39,09,54,666
Life Insurance Corporation of India 4.29% (PY: 5.50%) 3,64,64,892 4,67,17,388
As per records, including its register of shareholders / members
and other declaration received from shareholders, the above
shareholding represents legal ownership of shares.
g) Shares held by promoters at the end of the year Number of Shares
Chloride Eastern Limited 45.99% (PY: 45.99%) 39,09,54,666 39,09,54,666
There has been no change in the promoter’s shareholding during
the current and previous year
19 Other Equity
(H in Crores)
a) Securities premium 737.88 737.88
Premium received on equity shares issued are recognised in the
securities premium
b) Retained earnings 11,352.14 10,547.85
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) 8.26 0.38
Exchange differences on translating the financial statements of
foreign operations
d) Capital redemption reserve 26.32 0.80
The Group has created the reserve on account of buy back of
shares from minority shareholders of a Component.
e) Capital reserve 6.84 2.89
Capital Reserves created on consolidation and also represents
gain on share buy back by EEPL.
316

19 Other Equity (Contd.)

(H in Crores)
f) Items of other comprehensive income
- Fair value of equity instruments through OCI (1,084.17) (791.06)
Changes in fair value of equity instruments recorded in other
comprehensive income
11,047.27 10,498.74
After the reporting dates the dividend on equity shares of H 2 per share were proposed by the directors subject to the
approval at the annual general meeting; the dividends have not been recognised as liabilities. Total cash outflow on
account of the aforesaid proposed dividend would be H 170 Crs.
20 Non-Controlling Interest
(H in Crores)
Balance as at the commencement of the reporting year 40.21 46.22
Add: Share of profit/(loss) attributable to non-controlling interest 0.07 (10.09)
Add: Changes in ownership interest that do not result in loss of control- (31.26) 4.08
acquisition of NCI (refer note below)
Balance as at the end of the reporting year 9.02 40.21
Note:
In the current year, EEPL has bought back entire minority shareholding and has thereby become a 100% subsidiary of
EIL (parent company) w.e.f 20th October, 2022.
In the previous year, the Group has acquired an additional 4.75% equity interest in Exide Energy Pvt Limited (EEPL)
[formerly known as Exide Leclanche Energy Pvt Ltd (ELEPL)] through subscription of fresh issue of equity shares by
the subsidiary for a consideration of H 85 crs. Accordingly, an amount of H 4.08 crs has been adjusted against non-
controlling interest representing change in ownership interest of the Group in the subsidiary.
21 Non-Current Borrowings (at amortised cost)

(H in Crores)
Non-current portion
Term loan from bank (secured) 135.94 76.74
Bank loans (unsecured) 5.35 5.62
141.29 82.36
Current maturities
Term loan from banks (secured) 37.20 20.91
Less : Amount disclosed under the head "current borrowings" (refer 37.20 20.91
note 26)
- -
317

21 Non-Current Borrowings (at amortised cost) (Contd.)

Term loan:
(i) The below loans are secured by hypothecation plant & machinery, land & building, inventories and trade receivables
of ABML The loan from DFCC Bank PLC amounting to H 26.56 crs (PY: H 30.41 crs) carries an interest rate of 8.5%
p.a.(PY 8.5% p.a) and repayable in 84 months. The loan from HSBC Ltd amounting to H 1.10 crs (PY: H 4.11 crs)
carries an interest rate of LIBOR + 3% p.a. (PY: LIBOR + 3%) and repayable in 36 months.
(ii) Includes H 5.35 crs (PY: H 5.62 crs) unsecured loan of Espex.
(iii) Includes H 36.96 crs (PY: H 49.47 crs) of CML from Axis Bank, for which exclusive charge (security interest) on the
entire movable assets (excluding current assets) and immovable assets of Haldia Unit. Further mortgage of all
leasehold land situated at Mouza-Basudevpur and Kashbere. The interest rate is to be reset at 12 months intervals.
Interest rate is calculated at 12 month MCLR, presently at 7.44% (PY: 6% 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 4.17 crs each quarter from Aug’22
to May’24, H 4.16 crs each quarter from Aug’24 to Feb’25 and H 3.63 crs in May’25 quarter
(iv) Includes H 74.99 crs (PY: H 13.66 crs) of CML from HDFC Bank, for which exclusive charge is on the fixed assets of
Supa plant. The interest rate is linked to prevailing 3 month T Bill + Fixed Spread determined on loan disbursal date.
Reset of interest will happen 3 months @ prevailing 3 month T bill + fixed spread determined on loan disbursal
date. The loan is repayable in 6 years after moratorium period of 1 years from the date of first disbursement. After
moratorium, 2nd year repayment will be H 11 crs to be paid in 4 quarterly installments and thereafter H 16 crs
repayments of balance amount to be made in 16 equal quarterly installments
(v) Includes H 18.53 crs (PY: NIL) of EEPL from Axis Bank, for which First charge is on the entire movable assets of the
company, both present & future and Second pari-passu on entire current assets of the company, both Present and
Future with other bankers under multiple banking arrangements. The loans is repayable in quarterly instalments with the
last installment falling due in March 2029 and carries interest rates of 1YR MCLR payable at monthly intervals
(vi) Includes H 15 crs (PY: NIL ) of EEPL from ICICI Bank, for which exclusive First charge is on the entire movable
assets of the company, both present & future and Second pari-passu on entire current assets of the company, both
Present and Future with other bankers under multiple banking arrangements. The loans is repayable in quarterly
instalments with the last installment falling due in June 2026 and carries interest rates of 1YR MCLR + 0.35%.
22 Non-Current Trade Payables (at amortised cost)

(H in Crores)
Trade payable for goods & services
Total outstanding dues of micro and small enterprises (refer note - -
no. 43)
Total outstanding dues of creditors other than micro and small 10.06 7.87
enterprises
10.06 7.87
Refer note no. 27 for aging of trade payables.
318

23 Other Non-Current Financial Liabilities (at amortised cost)

(H in Crores)
Payables for capital goods 67.63 3.40
Other payables 8.80 4.12
76.43 7.52
24 Non Current Provisions

(H in Crores)
Provision for employee benefits (refer note 41)
Gratuity 13.40 10.87
Others
Provision for site restoration liabilities 3.82 3.40
65.20 61.60
Provisions for site restoration
A provision is recognised for site restoration liabilities on leasehold
lands taken by the Group:
Add: Interest accrued on the provision during the year 0.42 0.73
Closing balance 3.82 3.40
25 Deferred Tax Liability / (asset) (net)

(H in Crores)
a) Deferred tax assets 225.26 182.68
b) Deferred tax liability 117.01 125.50
108.25 57.18
Movement in deferred tax (liabilities) / assets balances:

(H in Crores)
Movement Movement Deferred
through through tax pertaining Effect of
April 01, March 31,
2022-23 Statement Other to disposal foreign
2022 2023
of Profit Comprehensive of discontinued exchange
and Loss Income operations
Deferred tax liability:
Arising out of temporary (121.48) 7.43 - - (0.50) (114.55)
difference in depreciable
assets
Expenses claimed as (4.02) 1.17 - - - (2.85)
deduction as per Income Tax
Act, 1961 but not booked in
current year
319

25 Deferred Tax Liability / (asset) (net) (Contd.)

(H in Crores)
Movement Movement Deferred
through through tax pertaining Effect of
April 01, March 31,
2022-23 Statement Other to disposal foreign
2022 2023
of Profit Comprehensive of discontinued exchange
and Loss Income operations
On expenses allowable 32.68 3.97 - - - 36.65
against taxable income in
future years
On lease liabilities (net of 3.23 (0.66) - - - 2.57
right-of-use assets)
Deferred Government grant - 0.61 - - - 0.61
On unabsorbed depreciation 12.11 0.65 - - - 12.76
and business loss
Unrealised loss on fair 134.66 - 38.40 - - 173.06
valuation of investment
57.18 13.17 38.40 - (0.50) 108.25
(H in Crores)
Deferred
Movement Movement
tax pertaining
through through Effect of
April 01, to disposal March
2021-22
2021
Statement Other foreign
of 31, 2022
of Profit Comprehensive exchange
discontinued
and Loss Income
operations
Deferred tax liability:
Arising out of temporary (127.51) 5.37 - - 0.66 (121.48)
difference in depreciable
assets
Expenses claimed as (1.71) (2.31) - - - (4.02)
deduction as per Income Tax
Act, 1961 but not booked in
current year
On expenses allowable 42.52 (9.31) - - (0.53) 32.68
against taxable income in
future years
On lease liabilities (net of 1.81 1.42 - - - 3.23
right-of-use assets)
On unabsorbed depreciation 10.34 4.33 - (2.40) (0.16) 12.11
and business loss
Unrealised loss on fair 1.39 35.35 97.92 - - 134.66
valuation of investment *
(73.16) 34.85 97.92 (2.40) (0.03) 57.18
*Includes H 35.29 crs as deferred tax assets created during the year pertaining to gain on disposal of discontinued operations of ELI.
320


Reconciliation of statutory rate of tax and effective rate of tax:
March 31, 2023 March 31, 2022

Particulars (J in (J in
Rate Rate
Crores) Crores)
At India’s statutory income tax rate of 25.17% 25.17% 286.31 25.17% 1,358.49
(PY: 25.17%)
Adjustments:
Non-deductible expenses for tax purposes 1.36% 15.50 0.18% 9.97
Various allowances claimed under Income Tax Act, 1961 -0.67% (7.60) -0.04% (1.95)
Allowances to be claimed in future for which no 0.52% 5.96 - -
deferred tax is recognised
Indexation benefit on sale of capital asset as per - - -5.64% (304.21)
Income tax Act
Impact of lower tax rate on certain items - - -0.75% (40.43)
Current year losses for which no deferred tax asset is 1.02% 11.55 0.32% 17.41
recognised
Impact of differential tax rate of Indian/Foreign -0.16% (1.74) 0.01% 0.60
jurisdiction
Others including tax impact of earlier years 0.43% 4.84 0.02% 0.98
Total tax expense 27.67% 314.82 19.28% 1,040.86
Breakup of tax expense is as follows:

(H in Crores)
March 31, 2023 March 31, 2022
Current tax
Current period 328.17 277.43
Prior period (0.18) (11.57)
Deferred tax
Origination and reversal of temporary differences (13.17) 0.44
Tax expenses pertaining to discontinuing operations
- Current Tax - 809.85
- Deferred Tax - (35.29)
Total tax expenses 314.82 1,040.86
Income tax pertaining to items recognised in Other Comprehensive Income is as follows:
For the year 2022-23:

(H in Crores)
Tax
Sl
Nature of item Before tax (expense) Net of tax
No
/benefit
(329.74) 38.01 (291.73)
321


For the year 2021-22:
(H in Crores)
Tax
Sl
Nature of item Before tax (expense) Net of tax
No
/benefit
a Re-Measurement gains/(losses) on defined benefit plans (0.18) (0.54) (0.72)
(835.89) 97.38 (738.51)
i)
EEPL has not recognised deferred tax asset of H 34.04 crs (PY: H 22.49 crs) on unabsorbed business
losses, unabsorbed depreciation and other temporary differences 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) EESL has not recognised deferred tax assets as at 31 March 2023 pertaining to allowance to be claimed in future
aggregating to H 11.41 crs
iii) Certain subsidiaries of the group have undistributed earnings of H 99.89 crs (PY: H 93.65 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.
26 Current Borrowings (at amortised cost)

(H in Crores)
Current maturities of long term debt 37.20 20.91
Cash credits / working capital demad loan (secured) 58.07 91.54
Import loan from banks (secured) 42.32 13.97
From Banks (Unsecured)
Bank loan (unsecured) 0.50 0.45
138.09 126.87
Cash credits / working capital demand loan
i. Includes H 4.45 crs (PY: H 1.28 crs) of ABML secured by hypothecation of inventory and trade receivables. Repayable
on demand.
ii. Includes Nil (PY: H 50.45 crs) of CML, secured by first pari passu charge on entire stocks and book debts of the
Company (both present and future). The loan carries an interest rate of 4.60% p.a. (PY: 4.60% p.a.) and repayable
on demand.
iii. Includes WCDL aggregating to H 50 crs (PY: H 10.98 crs) of EEPL from Axis Bank, secured by way of first pari passu
charge on entire stock and book debts of the Company (both present and future) with other WC bankers under
multiple banking arrangements and second pari passu charge over movable fixed assets of the company with
other WC bankers under multiple banking arrangement. The loans carries an interest rates of 3M MCLR + 0.20%
and repayable on demand.
322

26 Current Borrowings (at amortised cost) (Contd.)

iv. Includes Nil (PY: H 12.96 crs) of EEPL from ICICI Bank, 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 I-MCLR-6M + 1.35% and repayable on demand.
v. Includes cash credit aggregating to H 3.62 crs (PY: H 8.81 crs) of EEPL from Axis Bank, secured by way of first pari passu
charge on entire stock and book debts of the Company (both present and future) with other WC bankers under multiple
banking arrangements and second pari passu charge over movable fixed assets of the company under multiple banking
arrangement. The loans is repayable on demand and carries interest rates of 3M MCLR + 0.20%.
vi. Includes H 0.50 crs (PY: 0.45 crs) unsecured loan of Espex
Import Loan of H 42.32 crs (PY: H 13.97 crs) from DFCC Bank PLC, HSBC and HNB Secured by hypothecation of the
plant & machinery, land & building, inventories and trade receivables of ABML.
27 Trade Payables (at amortised cost)

(H in Crores)
a) Trade payable for goods & services
Total outstanding dues of Micro and small enterprises (refer note 262.99 247.96
no. 43)
Total outstanding dues of creditors other than Micro and small 1,045.61 995.73
enterprises
b) Acceptances 547.01 602.64
1,855.61 1,846.33
Refer note 47 for information about liquidity risk and market risk related to trade payables.
Trade payables and acceptances are non-interest bearing and are normally settled on 30 day terms.
For terms and conditions with related parties, refer to Note 44
(H in Crores)
Unbilled
dues 1-2 2-3
than 1 than 3
years years
year years
(i) MSME - 262.75 0.24 - - - 262.99
(ii) Others - 1,293.31 89.98 2.59 0.34 0.43 1,386.65
(iii) Disputed dues – MSME - - - - - - -
(iv) Disputed dues - Others - - - - - 0.01 0.01
- 1,556.06 90.22 2.59 0.34 0.44 1,649.65
1,865.67
323

27 Trade Payables (at amortised cost) (Contd.)

(H in Crores)
Unbilled
dues 1-2 2-3
than 1 than 3
years years
year years
(i) MSME - 246.79 0.86 - - - 247.65
(ii) Others - 1,284.20 109.48 3.96 0.43 0.44 1,398.51
(iii) Disputed dues – MSME - - - 0.05 0.20 0.06 0.31
(iv) Disputed dues - Others - - - - 0.26 - 0.26
- 1,530.99 110.34 4.01 0.89 0.50 1,646.73
1,854.20
28 Other Current Financial Liabilities (At amortised cost)

(H in Crores)
(a) Unclaimed dividends (to be credited to Investor Education and 6.36 7.81
Protection Fund as and when due)
(b) Other payables -
For selling and distribution costs 243.05 99.27
For capital goods 61.55 99.83
For other expenses [includes employee payables] # 84.61 96.62
395.57 303.53
# other liabilities includes employee related liabilities aggregating to H 75.75 crs (PY: H 78.48 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 at 31 March
2023 and 31 March 2022.
ii. Other payables for selling and distribution costs represents outstanding liabilities for incentives and trade schemes, etc.
29 (a) Other Non-Current Liabilities

(H in Crores)
Deferred Government Grant 2.17 -
2.17 -
29 (b) Other Current Liabilities

(H in Crores)
a) Taxes and duties payable 154.09 193.24
b) Advances from customers 156.27 35.41
c) Deferred revenue * 24.94 34.81
d) Deferred Government Grant 0.17 -
335.47 263.46
*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.
324

30 Current Provisions
(H in Crores)
a) Provision for employee benefits (refer note 41)
Gratuity 0.14 0.07
b) Others
Provision for warranty claims 229.63 211.17
Provision for litigations and tax disputes 53.56 53.56
288.21 268.64
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:
Add: Provision created during the year 302.28 217.36
Less: Utilised against warranty claims during the year 283.42 223.60
Effect of foreign exchange (0.40) (0.01)
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:
Add: Provision reversal during the year - -
31 Revenue from Operations

(H in Crores)
Sale of products 14,980.73 12,712.75
Other operating income
Export incentive 42.22 28.74
Sale of scrap 31.22 25.41
Income from service / installation 23.99 22.32
15,078.16 12,789.22
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 revenue based on industry vertical and customers profile

(H in Crores)
Institutional sales 4,406.21 3,477.29
Non-institutional sales 10,629.73 9,283.19
15,035.94 12,760.48
325

31 Revenue from Operations (Contd.)

Disaggregation based on geography
(H in Crores)
India 13,618.41 11,335.95
Outside India 1,417.53 1,424.53
15,035.94 12,760.48
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, 2023 and
March 31, 2022.
Changes in deferred revenue are as follows:

(H in Crores)
Balance at the beginning of the year 34.81 34.20
Revenue recognised that was included in the unearned and deferred (19.53) (27.44)
revenue at the beginning of the year
Other adjustments - settlement through credit notes (15.28) (6.76)
Increase due to invoicing during the year, excluding amounts recognised 24.94 34.81
as revenue during the year
Balance at the end of the year 24.94 34.81
Reconciliation of revenue recognised with the contracted price is as follows:

(H in Crores)
Contracted revenue 15,804.44 13,266.52
Reduction towards variable consideration components (768.50) (506.04)
Revenue recognised 15,035.94 12,760.48
The reduction towards variable consideration comprises of discounts, incentive etc.
Contract balances
(H in Crores)
Trade receivables 1,229.87 1,097.90
Contract liabilities 24.94 34.81
1,204.93 1,063.09
326

32 Other Income
(H in Crores)
Interest Income on :
Bank deposits 0.28 0.34
Income tax refunds - 6.74
Financial assets carried at amortised cost 1.03 1.00
Dividend Income on
Investment designated at FVOCI 15.06 0.23
Changes in fair value of investments designated at FVTPL 10.47 7.68
Gain on sale of investments (net) 38.20 23.61
Other non-operating income
Net foreign exchange gain 44.98 16.08
Profit on sale of property, plant and equipments (net) 6.48 -
Others 8.24 6.39
124.74 62.07
33 Cost of Materials Consumed

(H in Crores)
Opening stock 830.24 893.00
Add: Purchases 10,854.85 8,819.73
11,685.09 9,712.73
Less: Closing Stock 1,099.57 830.24
10,585.52 8,882.49
Cost of material consumed includes net proceeds from scrap batteries
34 Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade

(H in Crores)
Opening Stock
Finished goods 1,079.08 828.54
1,953.70 1,684.07
Closing Stock
Finished goods 1,385.67 1,079.08
2,263.70 1,953.70
Net changes in inventories of finished goods, work-in-progress (310.00) (269.63)
and stock-in-trade
327

35 Employee Benefit Expenses

(H in Crores)
Salaries, wages and bonus 868.96 780.38
Contribution to provident and other funds (Refer Note 41) 50.75 47.66
Staff welfare expenses 82.91 78.32
1,002.62 906.36
36 Finance Costs
(H in Crores)
Interest expenses on borrowings 47.67 35.32
Interest on lease liabilities 26.15 25.61
Other borrowings cost 0.02 -
73.84 60.93
37 Depreciation and Amortisation

(H in Crores)
Depreciation of property, plant and equipments 461.87 405.88
Amortisation of intangible assets 20.91 16.06
Impairment of Goodwill 0.95 -
Depreciation of right-of-use asset 18.39 17.58
502.12 439.52
38 Other Expenses
(H in Crores)
Stores and spare parts consumed 118.76 95.76
Power and fuel 549.15 424.17
Battery charging / battery assembly expenses 11.75 71.77
Repairs and maintenance
Buildings 12.90 9.93
Plant & machinery 40.79 30.29
Others 6.26 5.13
Software expenses 50.56 51.19
Rent and hire charges 56.18 51.10
Rates and taxes 7.87 6.54
Insurance 16.66 13.52
Commission 2.13 1.98
Royalty and technical aid fees 52.43 46.78
Warranty expenses 302.28 217.36
Publicity and sales promotion 47.66 48.89
Freight and forwarding (net) 477.17 377.44
After sales services 70.09 75.87
328

38 Other Expenses (Contd.)

(H in Crores)
Clearing and forwarding expenses 53.03 43.16
Travelling and conveyance 45.39 26.54
Bank charges 4.86 3.43
Communication costs 4.41 4.50
Donations - 0.01
Loss on of property, plant and equipments (net) sold/discarded (net) - 0.02
Miscellaneous expenses (refer note 38.1) 203.39 200.77
2,133.72 1,806.15
38.1 Miscellaneous Expenses

(H in Crores)
Motor vehicle running expenses 8.94 8.12
Consultancy and services outsourced 107.48 113.07
Security service charges 13.41 12.39
General expenses 7.07 8.30
Legal expenses 5.47 2.74
Printing and stationery 5.40 5.24
Total quality management expenses 0.20 0.20
Corporate social responsibility expenses 20.69 21.43
Pollution control expenses 18.05 13.19
Testing charges 1.80 1.55
Liquidated damages 3.05 1.45
Battery erection / installation costs 11.83 13.09
203.39 200.77
39 Earnings Per Share (EPS)

(H in Crores)
Details for calculation of basic and diluted earning per share:
Profit for the year attributable to owners of the Company for 822.70 704.40
continued operations
Profit for the year attributable to owners of the Company for - 3,662.53
Profit for the year attributable to owners of the Company for 822.70 4,366.93
continued and discontinued operations
Weighted average number of equity share (Numbers) 85,00,00,000 85,00,00,000
Earnings per share for continuing operations Basic and Diluted 9.68 8.29
Earnings per share for discontinued operations - Basic and Diluted - 43.09
Earnings per share for continued and discontinued operations - 9.68 51.38
Basic and Diluted
329

40 Significant Accounting Judgements, Estimates and Assumptions

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
The Group has considered the possible risk that may result from the pandemic relating to COVID-19 for
all the components 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.
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.
(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 41.
(c) Fair value measurement of investments
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 46. Further the
management makes various estimates with respect to impairment of investments. Refer note 47 for further details.
(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.
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 28 and 29(b) for further details.
(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 2023, the estimated liability towards warranty aggregated to H 229.63 crs (PY: H 211.17 crs). For further
details refer note 30.
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.
(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 30.
330

41 Gratuity and other Post employment Benefit Plans

The Group provides for gratuity, a defined benefit retirement plan (‘the Gratuity Plan’) covering eligible employees of Group.
The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination
of employment, of an amount based on the respective employee’s salary and the tenure of employment with the Group.
Gratuity is funded through a Group managed trust. Trustees administer contributions made to the Trusts and contributions are
invested in a scheme with the Life Insurance Corporation of India.
The Group operates defined benefit pension plan for certain categories of employees. For one of the components, the gratuity
plan is unfunded. These plans are managed through a group managed trust.
The Group also operates post retirement medical benefit plan, a defined benefit plan which is unfunded.
Other retirement benefit plans include contribution to provident fund and pension fund (for certain categories of employees).
The trustees of the trust fund are responsible for the overall governance of the plan and to act in accordance with the provisions
of the trust deed and rules in the best interests of the plan participants. Each year, the Board of Trustees reviews the level of
funding in the respective plans. Such a review includes the asset-liability matching strategy and investment risk management
policy. The Board of Trustees decides its contribution based on the results of this annual review.
(H in Crores)
2022-23 2021-22
Particulars Gratuity Pension PRMB Gratuity Pension PRMB
I. Expenses recognised in the
Statement of Profit & Loss
2. Interest Cost 8.47 0.22 0.35 8.83 0.25 0.33
3. Expected Return on plan assets (8.05) (0.28) - (8.31) (0.26) -
4. Total 11.10 (0.06) 0.48 11.03 (0.01) 0.36
Expenses recognised in OCI
6. Actuarial ( Gains ) / Losses (1.65) (0.15) 0.03 0.75 (0.63) 0.06
7. Total Expense 9.45 (0.21) 0.51 11.78 (0.64) 0.42
II. Net Asset / ( Liability ) recognised
in the Balance Sheet
Obligation
2. Fair Value of Plan Assets 124.24 4.32 - 118.69 4.08 -
3. Net Asset / ( Liability ) (13.39) 1.12 (5.36) (10.94) 0.91 (5.14)
III. Change in Obligation during the
year
Obligation at the beginning of the
year
2. Current service cost, past service 10.68 - 0.13 10.51 - 0.03
cost and plan amendments
3. Interest Cost 8.47 0.22 0.35 8.83 0.25 0.33
4. Benefits Paid (10.01) (0.05) (0.29) (11.61) (0.43) (0.24)
5. Actuarial (gains) / losses
Arising from changes in 2.11 (0.05) 0.17 (1.91) (0.60) -
experience
Arising from changes in - - - - - 0.15
demographic assumptions
Arising from changes in (3.25) (0.09) (0.14) 0.46 (0.01) (0.09)
financial assumptions
Total (1.14) (0.14) 0.03 (1.45) (0.61) 0.06
331

41 Gratuity and other Post employment Benefit Plans (Contd.)

(H in Crores)
2022-23 2021-22
Particulars Gratuity Pension PRMB Gratuity Pension PRMB
6. Less: Liability pertaining to - - - (20.65) - -
7. Plan assets at the end of 137.63 3.20 5.36 129.63 3.17 5.14
the year
IV. Change in the Fair Value of Plan
Assets during the year
1. Plan assets at the beginning of the 118.69 4.08 - 127.88 3.79 -
year
2. Expected return on plan assets 8.05 0.28 - 8.31 0.26 -
3. Contribution by employer 6.89 - - 9.57 0.44 -
4. Actual Benefits Paid (9.90) (0.05) - (11.52) (0.43) -
5. Actuarial Gains / ( Losses) 0.51 0.01 - (2.20) 0.02 -
6. Less: Plan assets pertaining to - - - (13.35) -
7. Plan assets at the end of the year 124.24 4.32 - 118.69 4.08
8. Actual return on plan assets 8.56 0.29 - 6.11 0.28
V. The major categories of plan assets -
as a percentage of the fair value of
total plan assets
Investments with insurer (except for few 100% 100% - 100% 100%
components which are unfunded)
VI. Maturity profile of the defined
benefit obligation
Weighted average duration of the 7-12 years 3 years 9 years 7-12 years 3 years 9 years
defined benefit obligation
Expected benefit payments for the year
ending
Not later than 1 year 10.18 0.96 0.38 6.76 0.66 0.37
Later than 1 year and not later than 5 52.86 2.17 1.97 50.15 2.40 1.79
years
More than 5 years 89.57 0.57 2.52 81.57 0.69 2.40
VII Actuarial Assumptions

1 Discount Rate 7% - 7.3% p.a (March 31, 2022: 5.43% - 7% p.a.)
2 Mortality pre retirement Indian Assured Lives Mortality (2006-08) (modified) Ult.
3 Expected increase in salary
- executive staff 10 % p.a (March 31, 2022: 10% p.a.)
- other management staff 5 - 8 % p.a (March 31, 2022: 5 - 8% p.a.)
- non-management staff 5 % p.a (March 31, 2022: 5% p.a.)
VIII In 2022-23 the Group expects to contribute H 13.50 crs (2021-22: H 8.09 crs) to gratuity and H NIL (2021-22: NIL) 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.
332

41 Gratuity and other Post employment Benefit Plans (Contd.)

XI The Group’s Contribution to Provident and Other Funds includes H 39.23 crs (2021-22: H 36.28 crs) paid towards
defined contribution plans.
XII Net asset / (liability) recognised in the Balance Sheet and experience actuarial (gain) / loss on plan assets
and liabilities:
(H in Crores)
1. Gratuity
Defined benefit obligation 137.63 129.63
Plan assets 124.24 118.69
Surplus / (deficit) (13.39) (10.94)
Experience (gain) / loss adjustments on plan liabilities 2.11 (1.91)
Experience gain / (loss) adjustments on plan assets 0.51 (2.20)
2. Pension
Plan assets 4.32 4.08
Surplus / (deficit) 1.12 0.91
Experience (gain) / loss adjustments on plan liabilities (0.05) (0.60)
Experience gain / (loss) adjustments on plan assets 0.01 0.02
3. Post Retirement Medical Benefit
Experience (gain) / loss adjustments on plan liabilities 0.17 -
XIII The basis of various assumptions used in actuarial valuations and their quantitative sensitivity analysis is as
shown below:
(H in Crores)
Assumptions Discount rate (a) Discount rate (a)
Impact on Retiral Benefit (10.48) 10.28 (10.31) 11.80
Assumptions Future salary increases (b) Future salary increases (b)
Impact on Retiral Benefit 10.85 (9.84) 10.76 (9.70)
(a) Based on interest rates of government bonds

(b) Based on managements estimate
333

42 Commitments and Contingencies

(H in Crores)
(i) Capital and other commitments
Commitment for acquisition of fixed assets 695.27 543.21
Commitment for investment 20.70 20.70
715.97 563.91
(ii) Contingent liabilities
Guarantees excluding financial guarantees
Outstanding bank guarantees / indemnity bonds 75.76 81.05
Claims against the Group not acknowledged as debt
Goods and service tax demands 4.25 4.25
Sales tax demands 7.54 7.77
Excise duty demands 4.82 4.82
Service tax demands - -
Income tax demands 3.87 3.79
Claim from a landlord, an appeal whereby is pending in Hon’ble Not Ascertainable Not Ascertainable
Bombay High Court
96.24 101.68
The Group has reviewed all its pending litigations and proceedings and has adequately provided for where provisions
are required and disclosed as contingent liabilities where applicable, in its standalone financial statements. The Group
does not expect the outcome of these proceedings to have a materially adverse effect on its standalone financial
statements. The Group does not expect the impact to be material.
43 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)
Principal and interest amount remaining unpaid
- Principal 262.99 247.96
- 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 beyond the appointed date during the year.
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.
334

44 Related Party Disclosure:

i ) Particulars of related parties :
A. Where control exists
Enterprise / Individuals having a direct or Chloride Eastern Limited, UK. (CEL)
indirect control over the Group 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) (till December 29, 2021)
C. Others
1 Key Management Personnel Mr. Bharat D. Shah, Director
Mr. R. B. Raheja, Director
Mr. G Chatterjee, Whole Time Director (upto April 30, 2021)
Mr. Subir Chakraborty, Whole Time Director
Mr. Sudhir Chand, Director (upto July 22, 2022)
Ms. Mona N. Desai, Director
Mr. Surin S. Kapadia, Director
Mr. Sridhar Gorthi, Director (w.e.f. July 29, 2022)
Mr. A K Mukherjee, Whole Time Director
Mr. Arun Mittal, Whole Time Director
Mr. Avik Kr. Roy, Whole Time Director (w.e.f. May 1, 2021)
Mr. Jitendra Kumar, Company Secretary
*Mr. Kshitij Jain, Managing Director & Chief Executive Officer (ELI)
*Mr. Vijay Agarwal, Director (ELI)
*Mr. Rajendra Prasad, Chief Financial Officer (ELI) (February 11, 2021 to June
9, 2021)
*Mr. Sandip Goenka, Chief Financial Officer (ELI) (w.e.f. June 22, 2021)
*Mr. Atanu Sen, Director (ELI)
*Mr. Vinayak Aggarwal, Director (ELI)
*Mr. Ankit Singhal, Company Secretary & CCO (ELI)
*Mr. Rangarajan B N, Appointed Actuary & CRO (ELI)
2 Name of the Companies / firms / in which Shalini Construction Company Private Limited (Shalini Construction)
individuals with direct / indirect control Matsyagandha Investments and Finance Private Limited (Matsyagandha)
over the company have a significant [formerly known as Peninsula Estates Private Limited (Peninsula Estates)]
influence Raheja QBE General Insurance Company Limited (Raheja QBE)
**Asianet Satellite Communication Private Limited
**Prism Johnson Ltd (earlier Prism Cement Ltd.)
**Juhu Beach Resort Limited
**Sonata Software Limited
**Outlook Publishing (India) Private Limited
**Hathway Investment Private Limited
3
Employees Trusts where there is The Chloride Officers’ Provident Fund (COPF)
significant influence ** Exide Life Insurance Employee Group Gratuity cum Life Assurance Scheme
(Trust) (ELI-EGGLAS)
The Chloride Employees’ Gratuity Fund (CEGF)
The Chloride Executive Gratuity Fund (CExGF)
The Chloride Pension Fund (CPF)
* Transaction with KMP of ELI considered till December 31, 2021, i.e. date of disposal of discontinued operations
** Transaction with related party of ELI considered till December 31, 2021, i.e. date of disposal of discontinued operations
335
336
44 Related Party Disclosure: (Contd..)

ii ) Details of transactions entered into with the related parties :
(H in Crores)
Enterprise Entities in which Individuals
Enterprise/
/ Individuals with direct/indirect control
Individuals Key
on which over the Group have Employees
Particulars having direct management Total
there is significant influence or is a Trust
or indirect personnel
significant member of Key Managerial
control
influence Personnel
value value value value value value
Technical Assistance Expenses
- Chloride Eastern Industries Pte Ltd. 0.15 - - - - 0.15
(0.12) - - - - (0.12)
Life insurance premium received
- Raheja QBE - - - - - -
- - - (0.01) - (0.01)
- Outlook Publishing (India) Private Limited - - - - - -
- - - (0.03) - (0.03)
- Prism Johnson Limited - - - - - -
- - - (4.68) - (4.68)
- Key Management Personnel - - - - - -
- - (0.24) - - (0.24)
Benefits paid
- ELI-EGGLAS - - - - - -
- - - - (2.40) (2.40)
- Sonata Software Limited - - - - - -
- - - (0.05) - (0.05)
- Prism Johnson Limited - - - - - -
- - - (3.46) - (3.46)
- Key Management Personnel - - - - - -
- - (0.01) - - (0.01)
Services provided
- ELI-EGGLAS - - - - - -
- - - - (0.14) (0.14)
Sale of investment
- Raheja QBE - - - - - -
- - - (5.57) - (5.57)
Overview
Corporate

(H in Crores)
Enterprise Entities in which Individuals
Enterprise/
/ Individuals with direct/indirect control
Individuals Key
on which over the Group have Employees
Particulars having direct management Total
there is significant influence or is a Trust
or indirect personnel
significant member of Key Managerial
control
influence Personnel
Reports
Statutory
value value value value value value

Contributions to employees benefit plans
- COPF - - - - 26.69 26.69
- - - - (24.94) (24.94)
Purchase of Electricity
- CSSMPL - 17.28 - - - 17.28
- (11.27) - - - (11.27)
- CSSTPL - 18.69 - - - 18.69
- (16.84) - - - (16.84)
Rent and Maintenance Costs
- Shalini Construction - - - 0.79 - 0.79
Financial
Statements
- - - (0.77) - (0.77)
- Matsyagandha - - - 0.20 - 0.20
- - - (0.19) - (0.19)
Investments during the year
- CSSMPL - - - - - -
- (5.16) - - - (5.16)
- CSSTPL - - - - - -
- (2.24) - - - (2.24)
Remuneration *
Short term employee benefits (including - - 17.09 - - 17.09
commission and sitting fees)
- - (39.13) - - (39.13)
Post retirement benefits - - 1.68 - - 1.68
- - (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
337


iii ) Details of amounts due to or due from related parties as at March 31, 2023 and March 31, 2022 are as follows:
(H in Crores)
Electricity Charges Payables
- CSSMPL 2.09 1.07
- CSSTPL 1.84 1.71
Contribution to Employees Benefit Plans payable
- COPF 2.25 2.05
Amounts due to Key Managerial Personnel Remuneration to 11.34 10.59
Directors (Short term employee benefits)
Notes : (1) Interim dividend for the year 2022-23 amounting to NIL was paid during the year (Interim dividend for the
year 2021-22 amounting to H 78.18 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, 2023, 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.
45 Segment Reporting
The Group’s business has two operating segments based on different products and services: ‘Storage Batteries & allied
products’ and ‘Solar Lantern & Homelights’. Storage batteries & allied products is the only reportable segments. Non
reportable segment is shown as ‘Others’. The Group had a reportable segment ‘Life Insurance Business’ which has
been disposed off in the previous year and classified as “Discontinued Operations”.
Operating Segments
March 31, 2023
(H in Crores)
Storage
Life Insurance business
Particulars batteries & Others Total
(discontinued operations)
allied products
Revenue from operations (Gross) 15,052.97 - 25.19 15,078.16
Segment results 1,086.62 - 0.07 1,086.69
Finance costs (73.84)
Other income 124.74
Profit before tax 1,137.59
Tax expenses (314.82)
Profit after tax 822.77
Depreciation and amortization 502.02 - 0.10 502.12
338

45 Segment Reporting (Contd.)

(H in Crores)
Life Insurance
Storage
business
(discontinued
allied products
operations)
Segment assets 9,306.06 - 12.40 9,318.46
Unallocated assets 5,449.22
Total assets 14,767.68
Segment liabilities 3,323.24 14.49 3,337.73
Unallocated liabilities 288.65
Total liabilities 3,626.38
Additions to non-current assets (other 1,082.51 - - 1,082.51
than financial instruments)
There are no material non-cash expenditure other than depreciation and amortisation incurred by the group.
March 31, 2022

(H in Crores)
Life Insurance
Storage
business
(discontinued
allied products
operations)
Revenue from operations (Gross) 12,770.74 3,450.67 18.48 16,239.89
Less: Revenue of discontinued - 3,450.67 - 3,450.67
operations
Revenue of continuing operations 12,770.74 - 18.48 12,789.22
(Gross)
Segment results 960.63 (149.80) (1.16) 809.67
Less: Result of discontinued - (149.80) - (149.80)
operations
Result of continuing operations 960.63 - (1.16) 959.47
Finance costs (60.93)
Other income 62.07
Profit before tax from continuing 960.61
operations
Tax expenses - - - (266.30)
Profit after tax from continuing 694.31
operations
Depreciation and amortization 439.43 28.82 0.09 468.34
Less: Depreciation of discontinued - 28.82 - 28.82
operations
Depreciation of continuing operations 439.43 - 0.09 439.52
339

45 Segment Reporting (Contd.)

(H in Crores)
Life Insurance
Storage
business
(discontinued
allied products
operations)
Segment assets 7,982.21 - 20.92 8,003.13
Unallocated assets 5,907.48
Total assets 13,910.61
Segment liabilities 3,058.76 10.47 3,069.23
Unallocated liabilities 217.43
Total liabilities 3,286.66
Additions to non-current assets (other 848.87 - - 848.87
than financial instruments)
There are no material non-cash expenditure other than depreciation and amortisation incurred by the group.
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, 2023

(H in Crores)
Particulars India Overseas Total
Revenue from operations (Gross) 13,618.41 1,459.75 15,078.16
Less: Revenue pertaining to discontinued operations - - -
Revenue pertaining to continuing operations 13,618.41 1,459.75 15,078.16
Non-current assets other than financial assets and tax assets 4,344.17 49.10 4,393.27
March 31, 2022

(H in Crores)
Particulars India Overseas Total
Revenue from operations (Gross) 14,786.62 1,453.27 16,239.89
Less: Revenue pertaining to discontinued operations 3,450.67 - 3,450.67
Revenue pertaining to continuing operations 11,335.95 1,453.27 12,789.22
Non-current assets other than financial assets and tax assets 3,770.43 43.02 3,813.45
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.
340

46 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.
341
342
46 Fair values (Contd.)

(H in Crores)
Other
Particulars Note financial Other Total
amortised liabilities amount
cost
Financial assets - Investments
603.25 0.01 4,477.81 - 5,081.07
at fair value *
Cash and cash equivalents 13 - 131.78 - - 131.78
Other bank balances 14 - 8.53 - - 8.53
Loans 7 & 15 - 0.33 - - 0.33
- 1,451.77 - - 1,451.77
at fair value
Borrowings 21 & 26 - - - 279.38 279.38 - 279.38 - 279.38
Trade payables* 22 & 27 - - - 1,865.67 1,865.67
Other financial liabilities * 23 & 28 - - - 472.00 472.00
Lease liabilities * - - - 309.01 309.01
- - - 2,926.06 2,926.06
* The Group has not disclosed the fair values of these financial instruments because their carrying amounts are a reasonable approximation of fair value.
Overview
Corporate
46 Fair values (Contd.)

(H in Crores)
Reports
Statutory
Other
financial Other Total
Particulars Note
amortised liabilities amount
cost
Financial assets - Investments
711.54 3.05 4,819.29 - 5,533.88
Financial

Statements
at fair value *
Cash and cash equivalents 13 - 189.11 - - 189.11
Other bank balances 14 - 9.88 - - 9.88
Loans 7 & 15 - 0.37 - - 0.37
- 1,375.99 - - 1,375.99
at fair value
Borrowings 21 & 26 - - - 209.23 209.23 - 209.23 - 209.23
Trade payables* 22 & 27 - - - 1,854.20 1,854.20
Other financial liabilities * 23 & 28 - - - 311.05 311.05
Lease liabilities * - - - 310.28 310.28
- - - 2,684.76 2,684.76
* 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.
343

47 Financial Risk Management Objectives and Policies

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.
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.
(H in Crores)
Foreign currency
Changes in Effect on profit
Receivable /
exchange rate% before tax
(Payable) (net)
March 31, 2023 5% 204.07 10.20
-5% (10.20)
March 31, 2022 5% 236.01 11.80
-5% (11.80)
(ii) Securities price risk
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.
344


Securities price sensitivity
The following table shows the effect of price changes in securities measured at FVTPL
(H in Crores)
NAV(%) before tax
March 31, 2023 5% 603.25 30.16
-5% (30.16)
March 31, 2022 5% 711.54 35.58
-5% (35.58)
The following table shows the effect of price changes in quoted securities measured at FVOCI
(H in Crores)
NAV (%) before tax
March 31, 2023 5% 4,351.25 217.56
-5% (217.56)
March 31, 2022 5% 4,692.99 234.65
-5% (234.65)
(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.
Further, the Company also uses recycled lead which is not directly exposed to LME price movement, thereby
reduces the risk of lead price volatility to some extent.
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 6 and 12 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.
345


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 movement of the allowance for impairment in trade receivables is as follows:

(H in Crores)
Expected credit loss
Particulars
March 31, 2023 March 31, 2022
Add: Provisions - 3.23
Less: Utilisation - 5.48
Less: Reversals (including adjustment on account of disposal of 0.51 11.17
discontinued operations in previous year)
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 2023 and 31 March 2022. 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, 2023

(H in Crores)
Contractual
Total Carrying
Amount
1 year or less
Liabilities
Borrowings 138.93 144.92 279.38
Trade and other payables 1,855.61 10.06 1,685.67
2,390.11 253.58 2,617.05
346


March 31, 2022
(H in Crores)
Contractual
Total Carrying
Amount
1 year or less
Liabilities
Short-term Borrowings 126.87 82.36 209.23
Trade payables 1,846.33 7.87 1,854.20
2,276.73 97.75 2,374.48
The maturity analysis of the Company’s lease liabilities based on contractually agreed undiscounted cash flows is
given in note 49.
48
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.
49 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 and Loss is
as follows:
(H in Crores)
Expenses relating to short-term leases 53.51 50.62
Expenses relating to leases of low-value assets excluding short- 3.53 1.34
term leases of low value
57.04 51.96
Total cash outflow for leases 91.87 85.65
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.
347

49 Leases (Contd.)
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’s also leases in the nature of lease/leave and license agreements with different lessors / licensors
for land, vehicles 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)
Less than one year 35.38 34.73
Between one year and five years 135.60 131.27
More than 5 years 475.75 501.79
646.73 667.79
iii. There are no future cash outflows for leases not yet commenced to which the lessee is committed and potentially exposed.
348
Overview
Corporate
50 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
As at March 31, 2023 2022-23 2022-23 2022-23
Net Assets, i.e. Total assets Share in Other Share in Total Comprehensive
Share in Profit or Loss
minus total liabilities Comprehensive Income Income
Name of the entity
As % of As % of As % of As % of
Amount Amount Amount Amount
Consolidated Consolidated Consolidated Consolidated
(J in Crores) (J in Crores) (J in Crores) (J in Crores)
Reports
net assets Profit OCI OCI

Statutory
Parent
Exide Industries Limited (EIL) 100.61% 11,209.75 109.83% 903.63 102.85% (291.98) 113.50% 611.65
Indian Subsidiaries
Chloride International Limited (CIL) 0.03% 3.42 0.07% 0.55 - - 0.10% 0.55
Chloride Metals Ltd. (CML) 2.24% 249.40 -0.52% (4.26) -0.01% 0.02 -0.79% (4.24)
Exide Energy Private Limited (EEPL) 1.71% 190.86 -5.29% (43.52) -0.08% 0.23 -8.03% (43.29)
Exide Energy Solutions Limited (EESL) 5.88% 655.20 -4.61% (37.92) - - -7.04% (37.92)
Foreign Subsidiaries
Chloride Batteries S. E. Asia Pte Ltd. (CBSEA) & its 0.55% 61.67 -0.02% (0.16) - - -0.03% (0.16)
wholly owned subsidiary (Exide Batteries Pvt. Ltd.)
Financial
Statements
Espex Batteries Limited (ESPEX) 0.17% 19.22 0.44% 3.59 - - 0.67% 3.59
Associated Battery Manufacturers (Ceylon) Ltd. (ABML) 0.05% 4.66 0.83% 6.83 - - 1.27% 6.83
Non-controlling interest in all subsidiaries 0.08% 9.02 0.01% 0.07 - - 0.01% 0.07
Adjustment arising out of consolidation -11.32% (1,261.90) -0.74% (6.04) -2.76% 7.88 0.34% 1.84
Total 100.00% 11,141.30 100.00% 822.77 100.00% (283.85) 100.00% 538.92
349

51 Reconciliation of Liabilities from Financing Activities

(H in Crores)
Opening Cash Non-cash Closing
Particulars Year
balance Changes changes balance
a) Borrowings** 2022-23 209.23 73.99 (3.84) 279.38
2021-22 138.41 89.39 (18.57) 209.23
b) Lease liability 2022-23 310.28 (34.83) 33.56 309.01

2021-22 370.30 (33.69) (26.33) 310.28
**Non-cash changes to borrowings represents foreign exchange fluctuations
Non-cash changes of lease liabilitiy contitutes of the following:

(H in Crores)
Lease liabilities recognised during the year 7.41 26.70
Lease liabilities derecognised during the year (including liability - (78.54)
pertaining to discontinued operations)
Interest expenses recognised during the year (includes H 7.82 crs 26.15 25.61
pertaining to discontinued operations in previous year)
Impact of Foreign Exchange - (0.10)
33.56 (26.33)
comparison with the books of accounts
The below details pertains to Exide Energy Private Limited:
(H in Crores)
Particulars Amount as Amount as reported in
Amount of
Quarters of Securities per Books of the quarterly return/
Difference #
Provided Accounts statement ^
March 2022 Trade Receivables 874.16 838.52 35.64
June 2022 Trade Receivables 1,967.58 1,728.18 239.40
December 2022 Trade Receivables 1,370.39 1,241.93 128.46
^ The quarterly return / statement has been submitted to Axis Bank and ICICI Bank
# Material discrepancies are mainly due to reclassification of advances and related party balances not considered with trade receivables while submitting
details to banks.
The below details pertains to Exide Industries Limited:

(H in Crores)
Amount as Amount as reported
Quarters per Books of in the quarterly
Accounts return/ statement *
June 2021 Trade Receivables 839.13 856.03 (16.90)
Other Assets 263.09 260.29 2.80
Trade Payables 1,200.82 1,085.15 115.67
September 2021 Trade Receivables 959.68 960.02 (0.34)
Other Assets 312.68 309.64 3.04
Trade Payables 1,773.19 1,630.98 142.21
350

comparison with the books of accounts (Contd.)
(H in Crores)
Amount as Amount as reported
Quarters per Books of in the quarterly
Accounts return/ statement *
December 2021 Trade Receivables 932.72 987.85 (55.13)
Other Assets 319.11 316.03 3.08
Trade Payables 1,778.76 1,731.92 46.84
* The quarterly return/statement has been submitted to Axis Bank, HDFC Bank, HSBC Bank, ICICI Bank, IndusInd Bank, State Bank of India, Standard
Chartered Bank and Yes Bank. For the financial year 2021-22, these have been subsequently rectified.
** Material descripancies are mainly due to provisions/accruals and reclassifications with trade receivables not considered while submitting details to banks.
53 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Holding Company or any of its subsidiaries and associates which are companies incorporated
in India to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf
of the Holding Company or any such subsidiaries and associates (Ultimate Beneficiaries). The Holding Company or
any of its subsidiaries and associates which are companies incorporated in India have not received any fund from any
party(s) (Funding Party) with the understanding that the Holding Company or any such subsidiaries and associates
shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
54 Discontinued Operations
The Board of Directors of the Holding Company, in their meeting held on September 3, 2021, and the members of the
Holding Company, in the Extraordinary General Meeting held on September 29, 2021, had approved divestment of entire
equity shareholding held by the Holding Company in Exide Life Insurance Company Limited (“ELIC” or “component”), a
material wholly owned subsidiary of the Holding Company, in favour of HDFC Life Insurance Company Limited (HLIC),
subject to necessary approvals from relevant regulatory/governmental authorities.
The Board of Directors of HLIC, in its meeting held on September 3, 2021, and the members of the HLIC, in the
Extraordinary General Meeting held on September 29, 2021, had accorded their approval for acquisition of entire equity
shareholding of ELIC, subject to requisite regulatory approvals.
Post receipt of such requisite regulatory approvals, the aforesaid transaction was completed on January 1, 2022, and
the Holding Company divested its entire equity shareholding in ELIC in favour of HLIC on that date for the agreed
consideration.
351

54 Discontinued Operations (Contd.)

In accordance with Ind AS 105 – “Non-Current Assets held for sale and Discontinued Operations”, the aforesaid
component had been classified as a discontinued operation. The summary of results of discontinued operations are as
follows:
a) Results of Discontinued Operations

(H in Crores)
Particulars 2021-22
Revenue 3,456.67
Expenses 3,606.47
Profit / (loss) before tax from discontinued operations (149.80)
Income tax of discontinued operations -
Profit / (loss) after tax from discontinued operations (149.80)
Gain on sale of discontinued operations 4,586.89
Income tax on sale of discontinued operations (774.56)
Profit from discontinued operations, net of tax 3,662.53
Basic and Diluted EPS 43.09
b) Computation of gain on disposal of discontinued operations

(H in Crores)
Particulars 2021-22
Cash consideration received 725.98
Consideration received in shares of HDFC Life Insurance Company Limited 5,652.53
Expenses (5.17)
Net Consideration 6,373.34
Add: Debt instruments through OCI reclassified to Statement of Profit and Loss on 143.12
disposal of discontinued operations
Less: Carrying value of Net Assets 1,394.44
Less: Goodwill 535.13
Gain on disposal 4,586.89
c) Effect of disposal on the financial position of the Group

(H in Crores)
Particulars 2021-22
Property, Plant and Equipment, Capital work-in-progress, Other Intangible Assets and 88.82
Intangible Assets under Development
Reinsurance Assets 361.73
Investments 18,546.36
Other Non-Current Assets 659.26
Deferred Tax Assets 2.40
Current Assets
Investments 837.10
Trade Receivables 162.14
Cash and Cash Equivalents 96.47
Other Current Assets 450.67
352

54 Discontinued Operations (Contd.)

(H in Crores)
Particulars 2021-22
Non-Current Liabilities
Insurance contract liabilities (16,118.13)
Investment contract liabilities (923.13)
Other Non-Current Liabilities (612.54)
Current Liabilities
Insurance contract liabilities (1,482.92)
Investment contract liabilities (48.40)
Trade and other payables (464.66)
Other Non-Current Liabilities (160.73)
Net Assets 1,394.44
Consideration received 720.81
Less: Cash and Cash Equivalents disposed off 96.47
Net Cash inflows from disposal of subsidiary 624.34
Sd/- Sd/- Sd/- Sd/-

ACS No.: 11159
353
FORM AOC-1
354
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 H Crores)
1 Sl. No. 1 2 3 4 5 6 7
2 Name of the subsidiary EXIDE ENERGY PVT
CHLORIDE ASSOCIATED EXIDE
CHLORIDE ESPEX LTD [FORMERLY
CHLORIDE BATTERIES BATTERY ENERGY
INTERNATIONAL BATTERIES KNOWN AS EXIDE
METALS S.E. ASIA MANUFACTURERS SOLUTIONS
LTD LTD LECLANCHE ENERGY
LTD PTE. LTD (CEYLON) LTD LIMITED
PRIVATE LIMITED]
3 Reporting period 31.03.2023 31.03.2023 31.03.2023 31.03.2023 31.03.2023 31.03.2023 31.03.2023
4 Reporting currency and Exchange - - 1 SGD = H 1 SLR = H 0.2505 1GBP = H - -
rate as on the last date of the relevant 61.80 101.74
financial year in the case of foreign
subsidiaries
5 Share capital 59.63 0.45 60.17 1.59 1.04 168.55 286.01
6 Reserves & surplus 189.77 2.97 1.50 12.10 18.18 22.31 369.19
7 Total assets 843.92 3.81 90.96 141.66 97.33 306.76 731.55
8 Total Liabilities 594.52 0.39 29.29 127.97 78.11 115.90 76.35
9 Investments - - - - - 0.10 50.03
10 Turnover / Income from Operations 3,918.77 0.77 99.10 194.68 118.40 112.05 -
11 Profit/(loss) before taxation (5.58) 0.70 (0.16) 13.65 5.02 (47.73) (37.72)
12 Provision for taxation (1.32) 0.15 - 2.55 1.43 - 0.20
13 Profit after taxation (4.26) 0.55 (0.16) 11.10 3.59 (47.73) (37.92)
14 Proposed Dividend - - - - - - -
15 % of shareholding 100 100 100 61.5 100 100 100
Additional Disclosure
1 Names of the subsidiaries which are
EXIDE ENERGY SOLUTIONS LIMITED (incorporated on March 24, 2022)
yet to commence operations
2 Names of subsidiaries which have
been liquidated or sold during the CHLORIDE POWER SYSTEMS AND SOLUTIONS LIMITED (liquidated on March 29, 2023)
year.
Part “B”: Associates and Joint Ventures

1 2
Name of the associate CSE SOLAR SUNPARK CSE SOLAR SUNPARK
MAHARASHTRA PRIVATE TAMILNADU PRIVATE
LIMITED LIMITED
1 Latest audited Balance Sheet Date 31.03.2023 31.03.2023
2 Shares of Associate/Joint Ventures held by the
company on the year end
Number of Shares 1,728,465 1,430,138
Amount of Investment 12.39 13.11
Extent of Holding % 27.20 27.20
3 Description of how there is Power Purchase Agreement and Share
significant influence Subscription and Shareholders’ Agreement
4 Reason why the associate/joint NA
venture is not consolidated
5 Networth attributable to Shareholding 12.50 12.34
as per latest audited Balance Sheet
6 Profit / (Loss) for the year/period 0.99 0.03
i. Considered in Consolidation 0.27 0.01
ii. Not Considered in Consolidation 0.72 0.02
Additional Disclosure
1 Names of the Associates and Joint Ventures which NA
are yet to commence operations
2 Names of Associates and Joint Ventures which NA
have been liquidated or sold during the year.
For and on behalf of Board of Directors of Exide Industries Limited

Sd/- Sd/- Sd/-

Jitendra Kumar A.K.Mukherjee Subir Chakraborty
Company Secretary & President Director- Finance & CFO Managing Director & CEO
Legal & Corporate Affairs DIN: 00131626 DIN: 00130864
ACS No.: 11159
Mumbai, May 08, 2023
355
DIVIDEND DISTRIBUTION POLICY
The Dividend Distribution Policy of Exide Industries Limited e. In accordance with Section 134(3)(k), Board of
(“the Company”) endeavors to maintain a consistent directors must state in the Directors’ Report the amount
approach towards dividend payment to its shareholders and of dividend, if any, which it recommends to be paid to
regulate the process of dividend declaration and its payout the shareholders.
by the Company in accordance with the applicable Sections
The following are some major conditions of the Companies
of the Companies Act, 2013, the rules made there under,
(Declaration and Payment of Dividend) Rules, 2014 (Rule
and the Securities and Exchange Board of India (Listing
3) regarding declaration of dividend out of surplus in the
Obligations & Disclosure Requirements) Regulations, 2015
absence of adequacy or absence of profits in any year:
(as amended) and any other law as applicable for the time
being in force. a. The rate of dividend declared shall not exceed the
average of the rates at which dividend was declared by
In order to help investors to get a clearer picture on returns
it in the three years immediately preceding that year.
from their investments in the Company and also identify the
stocks matching their investment objectives, the market b. The total amount to be drawn from such accumulated
regulator namely, the Securities and Exchange Board of profits shall not exceed 1/10th of the sum of its paid-up
India has made it mandatory for top 500 listed entities to share capital and free reserves.
have a dividend distribution policy.
c. The amount so drawn shall first be utilised to set off the
Legal Framework losses incurred in the financial year in which dividend
is declared before any dividend in respect of equity
The Companies Act, 2013 lays down certain provisions for
shares is declared.
declaration of dividend (both interim and final), which are
as follows: d. The balance of reserves after such withdrawal shall not
fall below 15% of its paid up share capital as appearing
a. Section 51 permits companies to pay dividends pro-
in the latest audited financial statement.
rata, in proportion to the amount paid-up on each share
when all shares are not uniformly paid up. Dividend Payment History
b. No dividend shall be declared or paid by the Company Since its incorporation in the year 1947, the Company
for any financial year except out of the profits of the has made profits in each single year and also has an
Company for that year arrived at after providing for unblemished track record of distributing dividends to its
depreciation in accordance with Section 123 (2) shareholders every single year. The dividend distributed
of the Act or out of profits of the Company for any by the Company consists of Interim dividend as well as
previous financial year/years arrived at after providing Final Dividend. The Company has been distributing Interim
for depreciation in accordance with the provisions of dividend regularly since the financial year 2008-09 along
above sub-Section and remaining undistributed or out with final dividend declared at the Annual General Meetings.
of both or out of moneys provided for by the Central
Government or State Government for payment of While the final dividend is recommended by Board of
dividend in pursuance of a guarantee given by the Directors at the beginning of a new financial year based on
concerned Government [Section 123(1)]. the financial performance of the immediately preceeding
financial year, the same is distributed amongst the
c. Section 123(6) prohibits a company violating provisions shareholders after its confirmation at the annual general
as regards acceptance or repayment of deposits from meeting. The Interim dividend is however declared by the
declaring dividend on its equity shares, as long as such Board of Directors based on the financial performance of
failure continues. the Company for part of the year along with few other criteria.
d. No dividend shall be declared or paid by a company
out of its reserves other than free reserves.
356
Dividend Distribution f) amount the Company wishes to transfer to General

Reserves before declaration of dividend; and
Subject to various parameters mentioned hereinafter, it is
the intention of the Board to maintain a reasonable dividend g) in case of interim dividend, the dividend track record
pay-out ratio. Such dividend will be paid annually within 30 of the Company for the previous financial years, future
days of the AGM declaring such dividend. However, the financial commitment of the Company including
Board may at its discretion pay interim dividend or special expansion plans, if any.
dividends on any special occasion or may pay both interim
and final dividend in the proportion as it may deem fit to Internal and External factors considered for
the Board, in the best interest of the Company and its declaration of dividend
shareholders. While deliberating on the recommendation
of dividend, the Board will seek to balance the benefit The major Internal factors to be considered before proposing
made available to the shareholders of the Company with dividend, interim or final includes the following:
the comparative advantages of retaining profits in the
a) Amount of profit earned during the financial year or
Company which would lead to greater value creation for all
the performance of the Company during part of the
stakeholders.
financial year while considering the payment of final/
interim dividend;
The circumstances under which the shareholder
may or may not expect dividend b) Requirement of ploughing back of profits including
the plans for capital expenditure towards new
The Company endeavors to continue payment of both
projects, capacity expansion at the existing facilities,
interim and final dividends to its shareholders based on
technological upgradation, renovation/modernisation
the financial and certain other criteria as mentioned herein
of factories and establishments and allied infrastructure
below in the Policy. The Company may however choose not
of the Company and major repairs and maintenance
to declare / distribute dividend in future in case of following
programme and expenditure on research and
events:
development;
a) Absence or inadequacy of profits during any particular
c) Cost of acquisition/ Proposed acquisition of technology
year;
from reputed organizations in India and abroad;
b) Buyback of equity shares; and
d) Impact of crystallization of contingent liabilities, if
c) To meet one or more criteria mentioned under the any, and requirement of setting aside funds for future
heading “Internal / External factors considered for contingencies and unforeseen events;
declaration of dividend”.
e) Likely change in business plan / model that might have
an adverse impact on the profitability for a particular
The financial parameters to be considered while
year;
declaring dividend
f) Strategic priorities and goal-setting including further
The financial parameters that may be considered while planning and resource mobilization in order to attain
payment of dividend, including interim dividend are: the Objectives of the Company and leverage internal
a) revenues and net profits earned during the financial and external resources in the best possible manner
year/ part of the financial year; for future business growth and value creation for the
shareholders;
b) possible current and future cash flow requirements;
g) Acquisition of brands/ businesses for future growth of
c) liquidity needs including working capital requirements; the Company including market expansion and product
expansion plans; and
d) any changes in accounting policy / guidelines that may
have an adverse impact on the future profitability of the h) Any other factors having an impact on the future
Company; profitability of the Company as it may deem fit to the
Board of Directors.
e) tax implications if any, on distribution of dividends
357
In addition to the above the following External programme or repayment of debts, if any, meeting increased
Factors may also be taken into consideration while working capital requirements in line with growth and market
declaration of dividend, namely: requirements. A separate policy may be formulated by the
Company as and when considered appropriate by the
a) Uncertain or recessionary economic and business Board of Directors of the Company.
conditions (both domestic and global);
Parameters that shall be adopted with regard to
b) Introduction / change in any laws, policies, guidelines various classes of shares
that is likely to have a substantial adverse impact on the
company; The Company does not have various classes of shares
excepting Equity Shares having uniform voting rights. In
c) The restrictions imposed by Companies Act, 2013, case the Company decides to issue in future shares with
Securities and Exchange Board of India (Listing differential rights as to dividend necessary amendments to
Obligations & Disclosure Requirements) Regulations, this policy would be carried out by the Board of Directors.
2015 and any other law as applicable for the time being
in force with regard to declaration of dividend; and Amendment
d) Any force majeure condition. In case of any amendment in the provisions of law, applicable
Rules and Regulations the same shall automatically apply to
Policy as to how retained earnings shall be utilised the Company and the policy shall stand amended to that
extent.
The amount of retained earnings shall be invested by the
Company for future plans of expansion, technological A dividend payout, in deviation of this policy shall be
upgradation, renovation/modernization of factories and reported in the Annual Report of the Company.
establishments of the Company, repairs/maintenance
358
Notes
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 House,
Kolkata - 700 020
www.exideindustries.com

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Annual Report 23

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Exide Industries Limited

Annual Report 2022-23

Know Us 02 Notice of the 76th Annual

opportunities technology, evolving customer

Achieving for sustainability.

Exide today presents a story of fabulous

We are strengthening our market share in

Keeping innovation at the heart of our

10 54 million 5.8 billion Ah

Exide has established a pan-India manufacturing presence that

Ahmednagar, Maharashtra Hosur, Tamil Nadu

Bawal, Haryana Prantij, Gujarat

Headquarter Chinchwad (Pune), Roorkee, Uttarakhand

Haldia, West Bengal Shamnagar, West Bengal

R&D centre, Kolkata Haridwar, Uttarakhand Taloja, Maharashtra

FY 2019-20 499 FY 2019-20 9,857

FY 2022-23 170** FY 2022-23 14,592

FY 2019-20 9.71 FY 2019-20 1,365

**Subject to approval of shareholders at the 76th Annual General Meeting

*Excluding exceptional gain of H 4683.53 crore and corresponding tax thereon

FY 2021-22 8.99* FY 2021-22 1,396

Earnings per share

FY 2019-20 74.07 FY 2019-20 826

FY 2020-21 81.11 FY 2020-21 758

FY 2022-23 85.77* FY 2022-23 904

R&D expenditure Asset turnover ratio Capital expenditure

By division By geographies By institutional and non-

70% 72% 92% 91% 73% 75%

FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22

Automotive Industrial India International Non-institutional Institutional

MESSAGE FROM CHAIRMAN

At Exide, we believe that our people

Strategically foraying we anticipate better prospects in both

MESSAGE FROM MANAGING DIRECTOR & CEO

Nurturing our quest

In 2022-23, we completed 75 years of

OUR STRATEGIC PRIORITIES

Embracing the path

S 01 Driving profitable growth in core lead-acid battery business

Our approach Progress in FY 2022-23

S 02 Taking leadership in new business

Our approach Progress in FY 2022-23

S 03 Driving excellence through innovation

Our approach Progress in FY 2022-23

S 04 Enabling digital transformation and driving cost efficiencies

Our approach Progress in FY 2022-23

S 05 Maximising potential with a robust financial foundation

Our approach Progress in FY 2022-23

S 06 Building a sustainable future

Our approach Progress in FY 2022-23

Unlocking value by harnessing opportunities

Vision Financial Human

Inspire Excellence model

*Includes factory and third party data, **Includes factory data

Outputs Outcomes SDGs

Financial Human Financial Capital

Recycling J 1,215 crore J 904 crore Manufactured Capital

manufacturing costs Energy Solar off-site

Four wheelers Three wheelers Two wheelers