Exide PDF

2017-18
ANNUAL REPORT I EXIDE INDUSTRIES LIMITED
Smart Strategies.
Smarter Solutions.
01-29
Inside The Exide Story
Corporate Overview 01
this Report Progressing Sustainably

Megatrends
Smart Strategies. Smarter Solutions.
06
08
10
Our Business Divisions 18
Growing with an Empowered Talent Pool 22
Our Contribution in Transforming Hopes 24
and Aspirations into Reality
Awards and Recognition 26
10-year Performance 27
Corporate Information 28
30-98
Governance
Notice 31
Directors’ Report, Corporate 38
Governance and Annexures
99-219
Financials
Standalone 99
Consolidated 147
Highlights of FY 2017-18
Rs. 9,186 crore Rs. 1,241 crore Rs. 1,048 crore Rs. 18,870 crore
Net Turnover Operating Profit (EBIDTA) Profit Before Tax* Market capitalisation
21% (Y-o-Y) 15% (Y-o-Y) 7% (Y-o-Y) as on 31st March, 2018
Y-o-Y: Growth in 2017-18 vis-a-vis 2016-17

*Before Exceptional Item
Equity Share Information

National Stock Exchange (NSE): Bombay Stock Exchange (BSE): Calcutta Stock Exchange (CSE): Promoters’ holding as on
EXIDEIND 500086 15060 & 10015060 31st March, 2018: 45.99%
Proposed Final dividend:

80% (Re. 0.80 per share on face value of Re. 1/- per share)
Forward-looking statement
In this Annual Report, we have disclosed forward-looking information to enable investors to comprehend our prospects and take investment
decisions. This Report and other statements–written and oral–that we periodically make, contain forward-looking statements that set out
anticipated results based on the management’s plans and assumptions. We have tried, wherever possible, to identify such statements by using
words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any
discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have
been prudent in our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should known
or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those
anticipated, estimated or projected. Readers should keep this in mind. We undertake no obligation to publicly update any forward-looking
statement, whether as a result of any new information, future events or otherwise.
As we look towards the future, we see that the opportunity landscape
around us is widening. With the mindset of a constant and agile learner,
we are transforming from a product manufacturer to a comprehensive
energy solutions provider by integrating advanced technologies
into our operations.
We are now focusing on bringing in the new-age technologies, both in

conventional as well as in digital space to provide our customers a whole
new spectrum of conveniences on a real-time basis. At the same time, we
have revamped our brand identity to connect better with the energetic,
ambitious and aspirational New India.
We are strengthening global technology collaborations for product

development and focusing on higher quality benchmarks and operational
efficiencies. We are also exploring new markets, expanding our
digital outreach, elevating our service excellence and embracing new
opportunities in India and other geographies.
Our strategies today are now more holistic, our solutions smarter and
business approach more futuristic. On the strength of our seven decades
of leadership and culture of innovation, we are shaping our way forward.
We are living
our vision and
loving the journey
2 Exide Industries Limited
Exide Powers
Possibilities THE NATION RELIES ON EXIDE AND ITS
DECADES-RICH LEGACY OF INNOVATION AND
TECHNOLOGICAL UPGRADATIONS. THE BRAND
POWERS THE ASPIRATIONS OF MILLIONS OF
PEOPLE ACROSS THE SOCIAL SPECTRUM.
Exide Industries Limited (Exide) is India’s
largest manufacturer of lead acid storage
batteries for both automotive and industrial
applications. It is also a comprehensive
power storage solutions provider in the
areas of equipment selection, battery sizing,
optimum room layout, installation and
operation and maintenance.
At Exide, we specialise in both

conventional flooded as well as the latest
VRLA batteries. We design, manufacture,
market and sell the widest range of lead
acid storage batteries. Our batteries
enjoy the widest application in industries,
including automotive, power, telecom,
infrastructure projects, computer
SUSTAINING LEADERSHIP industries and railways, as well as in the
India’s most reliable energy solutions brand mining and defence sectors.
Leadership position Our manufacturing strength includes

nine factories strategically located all
No. 1 over India, of which seven factories are
dedicated to batteries and the other two
Offers one of the widest manufacture Home UPS Systems. We are
battery storage range from the only company having multilocational
manufacturing units across India,
2.5 Ah to 20,200 Ah equipped with best-in-class technologies.
On the strength of our R&D capabilities,
Robust annual capacity of manufacturing excellence and distribution
outreach, we have steadily evolved as
42.7 mn units one of India’s largest manufacturers and
Automotive and MC battery and exporters of batteries in the sub-continent.
4,500 mn Ah Our international collaborations are

Industrial battery instrumental in keeping us ahead of
the competition curve. Our technology
Pan-India outreach through partners include Hitachi Chemical (Shin
Kobe) and Furukawa of Japan, Zhejiang
48,000+ outlets and Chaowei Chuangyuan Shiya of China, East
180+ sales and service Penn of the US and its subsidiary company
Ecoult of Australia and Advanced Battery
touch points Concepts LLC of USA (ABC).
Annual Report 2017-18

1 The Exide Story 2 Governance 3 Financials
3
OUR CAPEX OUTLAY

Since FY 2015-16, we have committed significant capital expenditure (capex), anticipating business needs. The capex
has helped us enhance our manufacturing capacity and upgrade technology base, resulting in improved performance of
automotive batteries and other energy storage applications. During FY 2017-18, our capex stood at more than Rs. 750 crores,
primarily in different manufacturing plants. Our key objective for undertaking this capex was to meet global standards for
different applications.
EXTENSIVE APPLICATIONS
Brand Exide is synonymous with batteries and portable energy solutions across
industries. We lead from the front in the areas of product innovation and technology
upgradation. Over the years, we have evolved by consistently catering to the
demands of customers and building a brand of trust and reliability.
VISION
To become a Global Power House
respected by customers and
preferred by investors, known for Automotive Batteries Two Wheelers
innovative products and solutions. Passenger vehicles MC conventional
Automotive Stop-Start Motorcycle MF
Commercial vehicles MC VRLA
Tractors E-Bike
MISSION
To outperform at market, exceeding
expectations of customers and Other Automotive Motive Power
shareholders through the accelerated Li-ion hybrid vehicles Traction
evolution of people, processes and Generator starting Electric vehicles
technologies in its journey towards Flat plate GEL Golf cart
excellence. Miner’s cap lamp
Submarine - Type I, II, III
CORE VALUES Standby Railways

Leadership Power Train lighting and
Integrity Telecom Air Conditioning
People Development and UPS Electric multiple units
Involvement Inverter Diesel loco starters
Agility Signalling and Telecom
Passion for Innovation and
Technology
Channel Partner Relationship
Striving for Excellence
Customer Orientation Non-Conventional
Management by Processes Energy
and Facts Solar
Responsible Corporate Citizenship

Growing Global Operations
MANUFACTURING CAPACITIES
ROORKEE PLANT
BAWAL PLANT
HARIDWAR PLANT
TALOJA PLANT
HALDIA PLANT
AHMEDNAGAR PLANT
SHAMNAGAR PLANT
CHINCHWAD PLANT HOSUR PLANT
Locational Advantage Legend

Multi-locational facilities evade supply risks, ensuring delivery ISO 9001:2015

Strategically located near markets ISO 14001:2015

Proximity to ports facilitate cost-efficient exports and imports IATF 16949-2016
OHSAS 18001:2007

5
GEOGRAPHIC PRESENCE
LEBANON ARMENIA QATAR
UGANDA UAE
BAHRAIN
GREECE TURKMENISTAN
POLAND KUWAIT AFGHANISTAN

NORWAY
NEPAL
UK
BHUTAN
GERMANY
CANADA THAILAND
ITALY PHILIPPINES
SPAIN JAPAN
USA
PORTUGAL SOUTH KOREA
SAUDI HONG KONG

NIGERIA GHANA ARABIA
TANZANIA
SENEGAL COLOMBIA OMAN
LIBERIA BRAZIL
ECUADOR ANGOLA AUSTRALIA
CHILE ZAMBIA INDONESIA
MALAWI BRUNEI
PARAGUAY SINGAPORE
ARGENTINA ZIMBABWE MALAYSIA

50+ countries
Global Presence SOUTH AFRICA KENYA BANGLADESH
MOZAMBIQUE MAURITIUS SRI LANKA

Progressing Sustainably
TURNOVER (NET) OPERATING PROFIT (EBIDTA)

RS. IN CRORE RS. IN CRORE
2017-18 9,186 2017-18 1,241

2016-17 7,583 2016-17 1,082
2015-16 6,848 2015-16 1,026
2014-15 6,866 2014-15 917
2013-14 5,964 2013-14 825
2012-13 6,071 2012-13 790
2011-12 5,107 2011-12 687
2010-11 4,554 2010-11 903
2009-10 3,794 2009-10 893
2008-09 3,393 2008-09 549
10-YEAR CAGR 12% Y- O - Y G R O W T H 21% 10-YEAR CAGR 10% Y- O - Y G R O W T H 15%
PROFIT BEFORE TAX (PBT)* PROFIT AFTER TAX (PAT)

2017-18 1,048 2017-18** 668

2016-17 976 2016-17 694
2015-16 908 2015-16 624
2014-15 798 2014-15 546
2013-14 723 2013-14 487
2012-13 742 2012-13 523
2011-12 645 2011-12 461
2010-11 893 2010-11 666
2009-10 811 2009-10 537
2008-09 435 2008-09 284
10-YEAR CAGR 10% Y- O - Y G R O W T H 7% 10-YEAR CAGR 10%
*Before Exceptional Item **Profit after tax for 2017-18 was lower, compared to previous year,
due to exceptional items and higher incidence of tax
DIVIDEND PAYOUT SHAREHOLDERS’ FUNDS

2017-18# 246 2017-18 5,389

2016-17 243 2016-17 4,964
2015-16 243 2015-16 4,511
2014-15 220 2014-15 4,032
2013-14 178 2013-14 3,708
2012-13 156 2012-13 3,399
2011-12 145 2011-12 3,032
2010-11 140 2010-11 2,715
2009-10 95 2009-10 2,190
2008-09 56 2008-09 1,218
#
Proposed

7
CONTRIBUTION TO THE EXCHEQUER EARNINGS PER SHARE

RS. IN CRORE RS.
2017-18 1,730 2017-18 7.86

2016-17 1,562 2016-17 8.16
2015-16 1,516 2015-16 7.35
2014-15 1,358 2014-15 6.42
2013-14 1,289 2013-14 5.73
2012-13 1,280 2012-13 6.15
2011-12 1,045 2011-12 5.43
2010-11 1,035 2010-11 7.84
2009-10 865 2009-10 6.32
2008-09 779 2008-09 3.55
SOURCES OF FUNDS APPLICATION OF FUNDS

IN % IN %
Shareholders’ Funds 73
Payable for goods supplied Fixed Assets 30
& services rendered 25 Investments 26
Deferred Tax Liability 2 Inventories 24
Borrowings Nil Customers and Others 20
REVENUE MIX (GEOGRAPHY-WISE) REVENUE MIX (BUSINESS-WISE)

IN % IN %
Automotive 74
Domestic 95 Industrial 25
Export 5 Others 1

Opportunity
landscape
for smarter solutions

9
MACRO-ECONOMIC TRENDS
Faster urbanisation, with rising
middle-class population
Growing disposable income, driving
higher aspirations
Higher employment rate across urban
and rural India
Wide-ranging reforms such as Make
in India, Digital India and Smart cities,
among others
Implementation of GST, accelerating
demand shift from unorganised to
organised players
Greater Government emphasis on
infrastructure
INDUSTRY DEVELOPMENTS
Surging scale of automobile
manufacturers across two-wheelers,
three-wheelers and four-wheelers
Widening growth of telecom towers,
driven by a robust growth plan of
telecom operators
Implementation of smart grid projects
Deployment of vehicle-charging
infrastructure
Increasing usage of hybrid and
electric vehicles
Growing installation of renewable
energy systems
NEW ADVANCEMENTS
Growing trend of consumer
preferences for extended battery life
Need for higher storage efficiencies
with recharge from empty to full in
minutes
Integration of electronics in storage
batteries, allowing performance
monitoring and remote-control access
Enhanced relevance of alternative
chemistries in battery (apart from
lead acid)

Smarter THE NEXT-GENERATION

Technologies to TECHNOLOGY IN ENERGY
STORAGE IS ALL ABOUT
Touch Tomorrow USHERING IN QUANTUM
CHANGE IN EFFICIENCY,
RELIABILITY, LIFE AND
COST. EXIDE IS AT THE
FOREFRONT OF EXPLORING
MULTIPLE OPTIONS TO
BRING IN THE ADVANCED
STORAGE TECHNOLOGIES,
CUTTING ACROSS
APPLICATIONS, AND
ELEVATE THE BUSINESS TO
A NEW TECHNOLOGY ERA.
Future-ready Battery
We collaborated with East Penn
Manufacturing (US) and its subsidiary
Ecoult, Australia for developing
energy storage system and solution
technologies, which complement the
breakthrough Ultra Battery technology.
This technology can have a major
potential in the automotive and
industrial portfolio by addressing the
requirements of high-performance
batteries with quick recharging
capability.
AUTOMOTIVE
Revolutionary Punched Grid
Technology: To revolutionise the
battery market, we introduced the
Punched Grid technology in India,
in collaboration with East Penn

11
Manufacturing Company (one of the

largest American lead acid battery
manufacturers). Punched Grid batteries
deliver top-notch performance
compared to batteries manufactured
with any other plate-making technology. Other Product Launches:
Changeover of 2V HR container to
We introduced the Exide EPIQ range of PP container–for railway signalling
The punching system not only highest warranty term batteries, Exide application
produces consistent grids at a very high CABBY range of app taxi batteries and

Improve opportunity charging of
production rate, but also increases Exide GOLD range of low-cost batteries.
motive power application
overall plant efficiencies. This technology
will, in the long run, help increase Future Priorities:
dvanced GEL in energy storage
A
the production rate. The battery grid Roll-out commercial production of
application: Lead acid batteries are very
punching system can also address the Ultra batteries
well-established industrial applications
demand of end customers and the
Introduce multi-tier solutions for and have been successfully applied for
needs of manufacturers. Besides, the
different application segments, utility energy storage. Lead batteries
Punched Grid technology has reported
within the scope of energy storage are capable of long cycle and calendar
an increase in the lifespan of batteries,
lives. We are working on advanced
compared to the present lifetime. Scale up Punched Grid-based product
GEL batteries with improved charge
roll out
acceptance under PSoC condition.
Maintenance-free Sealed Range:
Launch high-power-to-energy-ratio
We launched the ‘country’s first’,
battery for E-Rickshaw application GEL in train lighting: We are
completely sealed and maintenance-free
working on a maintenance-free
battery for the automotive aftermarket.
INDUSTRIAL solution for train lighting applications
The new battery, ‘Advanz’, is currently
Introduced new technology: Paste and have received an approval for the
the only one of its kind in the Indian
filling for traction batteries, resulting development of these batteries.
market that does not require any
in high life cycle, uniform capacity
topping up. Among other advanced
distribution and better adhesion/ Future Priorities:
features, this is the only battery
bonding of Positive Active Mass (PAM) Introduce new cell types as per Japanese
equipped with a magic eye that can
with spine Motive Power specification (JI)
accurately indicate the health of the
battery and determine its end-of-life.
Developed new capabilities in
existing battery products:
Enhanced Flooded Battery (EFB):

Special design tubular spine for
EFB battery to replace conventional
12V150Ah solar batteries to increase
batteries, both in OEM and replacement
utilisation
segments. Features such as high dynamic
charge acceptance and Programmable
Improvement of charge acceptance
System-on-Chip life cycle will for better ‘Partial State of Charge
meet the major market challenges in (PSoC)’ operation of 2V Gel batteries
near future. for solar application

Quality Assurance AT EXIDE, WE HAVE

Builds Future ALIGNED OUR QUALITY
PRACTICES WITH
Preparedness GLOBAL INDUSTRY
BENCHMARKS TO RAISE
THE COMPETENCE
OF OUR EMPLOYEES,
PARTNERS AND VENDORS.
DURING THE YEAR UNDER
REVIEW, WE UNDERTOOK
NUMEROUS INITIATIVES
TO STRENGTHEN OUR
QUALITY PARADIGM
AND ACHIEVE HIGHER
EFFICIENCY ACROSS ALL
OUR FACTORIES.
TOTAL PRODUCTIVE
MAINTENANCE (TPM)
TPM is implemented in all factories;
these are at different levels of maturity.
Manufacturing is now strategically
aligned with the pillars under TPM,
as well as the Company’s vision,
mission and goals.
QUALITY CIRCLE (QC)

The QC programme was implemented
across all Exide factories, subsidiaries and
suppliers. During FY 2017-18, 281 QC
projects were implemented, of which
212 were in factories, while 69 were in
subsidiaries, suppliers and partners. The
Company is working towards engaging
75% workmen in the QC initiative and
building a strong foundation for quality.

13
SIX SIGMA
To further align itself with global
practices and to hone problem-solving
and fact-based decision-making skills of
the management team, Exide launched
the Lean Six Sigma initiative in August
2017. A comprehensive Standard
Operating Procedure (SOP) outlining
the approach, methodology and
deployment system was circulated in the
Company. The initiative was positioned
in all factories, yielding the successful
completion of 32 projects.
TQM LEARNING
Our employees were regularly educated
on a range of topics, including
Environment, Health and Safety (EHS)
practices, TPM, Six Sigma, Quality
Circles, Kaizen and 5S methodology
through relevant training programmes.
In addition, focus was laid on physical,
mental and social wellbeing of every
employee, along with protection of
workers in hazardous occupations.
2017-18 MILESTONES
Transitioned from an ISO 9001:2008 Upgraded all factories to

certification to an ISO 9001:2015 International Automotive Task Force
certification Standard (IATF), IATF 16949:2016,
a quality management standard
explicitly for the automotive industry
COMPREHENSIVE QUALITY
ASSURANCE Reinforced Kaizen culture Received accreditation from the
throughout the Company, with the National Accreditation Board for
In order to fulfil the changing
implementation of 5114 initiatives Testing and Calibration Laboratories
expectations of customer, and align (NABL) for factories in Haldia and
the transformational drive within Hosur, as well as the Research and
organization and large supplier Development (R&D) centre, Kolkata
base, the company has adopted
comprehensive approach which cover
capability development of own as well Increased score on the quarterly audit system (devised to monitor and gauge system
standards, QC, TPM and internal and external assessments) from 39% to 58%
as supplier manufacturing facilities.
The comprehensive evaluation of
future needs of the OEM customers
have been assessed and development
plan has been out into place.

Refreshed AT EXIDE, WE HAVE

Brand Outreach CAREFULLY CRAFTED
A DISTINCTIVE
Reflecting COMMUNICATION
‘Tomorrow STRATEGY THAT

CAPTURES THE JOURNEY
Mindset’ OF EXIDE FROM INDIA’S

LARGEST BATTERY
MANUFACTURER TO A
WORLD-CLASS BRAND
#What
THAT DRIVES EVOLVING
CONSUMER EXPERIENCE
Drives
AND INSPIRES PRODUCT
INNOVATION.
You THE EXIDE DRIVE –

POWERED BY PASSION
#WhatDrivesYou is not just a
communication initiative, but a
philosophy that pushes the brand image,
riding on its values of self-drive and inner
passion. It is reflected not just in the
multi-media marketing campaigns, but
also in the slew of new and innovative
products launched over the last one year.

15
Launched across the country, garnering

huge number of eyeballs and high
recall, the unstoppable energy of
#WhatDrivesYou was led by a buzzing
social media presence comprising
interesting posts, shareworthy films,
celebrity bytes and various other digital
touchpoints. Strategically located
Out-of-Home (OOH) visibility gave the
brand an all-pervasive presence across
nearly 100 towns across the country.
EXIDE NEXT: STARTING THE

JOURNEY WITH OUR DEALERS
To celebrate the power and passion
of the Exide brand, as it races ahead
into exciting times, we took over
1,300 channel partners to Europe for a
conference. Appropriately titled ‘Exide
Next’, the conference held at World
Forum, The Hague, Netherlands, gave
our partners a glimpse of the exciting
future with Exide. New technologies,
innovative products and, above all, the
drive and infectious energy around
the Exide brand ensured an enthralled
audience.

DIGITALLY EMPOWERED The Exide Care website and call centre

In line with the evolving business have transformed into a complete
ecosystem in which brands are trying ecosystem, facilitating not just online
to reduce the lead time for providing battery purchase, but also customer
services and enhancing consumer registration and helping them avail
experiences, Exide has been constantly paperless warranty and service.
stepping up its offering across the entire
value chain. While our digital connect
initiatives with our channel partners
in the form of customised portals and
apps have gained huge momentum,
our real success story is the big leap we
have managed to take in terms of online
sales of Exide products through www.
exidecare.com. Reaching an average
monthly sale of over 10,000 units,
our unique online marketplace model has
opened up the huge potential that the
online channel offers for our
dealers. Today, over 2,500 unique
channel partners sell batteries through
this platform.
POWER PARTNERSHIPS
Our partnerships with leading sports
franchisees continue to attract eyeballs
and give our diverse brands reach and
salience in their respective segments.
Whether it’s the sponsorship of
Kolkata Knight Riders or the tie-up
between Dynex and Haryana Steelers,
one of the best teams in the popular
Pro-Kabaddi League, or even the
partnership between SF Sonic and
Bengaluru FC, the popular football
team, all our brands have leveraged
sponsorships to great effect in their
respective market segments.

17
REACHING OUT TO THE MARKET Even in the two-wheeler segment,

As the E-Rickshaw segment grows in our enhanced visibility and reach has
the heartlands of India, Exide continues worked in tandem with the launch of
its thrust on leveraging the early mover Exide Bikerz VRLA to ensure continued
advantage. The Company reaches out to leadership.
thousands of E-Rickshaw drivers directly
through unique on-ground initiatives
with the Exide E-Ride Plus range.
WOWING WITH UNIQUE RETAIL EXPERIENCE

Our flagship Exide Care retail outlets and SF Sonic Powerbay stores
provide customers personalised and delightful purchasing experience
through a combination of contemporary design, pleasant ambience,
cutting-edge service technology and customer focus.

Our Business Divisions

WE HAVE FOSTERED DEEP RELATIONSHIPS
WITH LEADERS ACROSS THE AUTOMOTIVE
AND INDUSTRIAL SEGMENTS.
Achievements in 2017-18
R
eported sustained growth across
OEM and aftermarket sales
L aunched nine new products in the
AUTOMOTIVE DIVISION
aftermarket segment across categories
Our automotive division primarily caters to the requirements of major
and price points
vehicle manufacturers and aftermarket sales. We offer an extensive
portfolio of batteries for four-wheelers, two-wheelers, three-wheelers, R
einforced presence through 1,600+
E-Rickshaws, inverters and Home-UPS. We primarily sell automotive Exide Care outlets, offering branded
batteries in the domestic market under Exide, SF Sonic and Dynex brand experience
names. We concentrate on Dynex, Index and Sonic brands for the
E
nhanced E-Rickshaw battery
export segment. We enjoy significant market share of automotive OEMs
business with proactive driver
and organised retail segment.
engagement programmes
A
chieved consistent growth in online
sales by leveraging the Exidecare.com
platform
S ustained brand visibility for the
Exide brand across outdoor and
digital media

Strengthened dealer support with
various trade marketing initiatives

19
Our Product Range

Four-wheeler batteries:
Three-wheeler batteries: Two-wheeler batteries:
Exide Epiq, Exide Advanz, Exide Eko Exide Xplore, Exide Bikerz-VRLA
Exide Matrix, Exide Mileage,
Exide EEZY, Exide Gold, Exide Cabby,
Exide Xpress, Exide Jai Kisan, Exide Jai
Kisan Shakti, Exide Little Champ
Home-UPS: Genset batteries: Inverter batteries: E-Rickshaw batteries:

Exide Pure Sine Wave, Exide Genplus Exide InvaGo, Exide Exide E-Ride Tubular Plus,
Exide Xtatic, Exide ECO, InvaTubular, Exide Exide E-Ride Plus
Exide HKVA Range InvaMaster, Exide InvaPlus
Tubular, Exide Gelmagic
Our OEM Partners Way Ahead

Key MNC Customers
Grow portfolio to cater to a wider
range of OEM requirements

Adapt a micro-marketing approach to
enhance our distribution reach

Enhance our product range of
high-efficiency batteries with smart
features

Develop a portfolio of Enhanced
Flooded Batteries (EFBs) and Ultra
batteries
Key Domestic Customers

Increase focus on improving footprint
in the international market

SUBMARINE DIVISION
We manufacture high-end submarine
batteries conforming to the most
stringent technical specifications and
quality control standards. These are
very high-capacity (around 20,000 Ah)
specialised batteries for all submarine
applications. We are one of the few
battery manufacturers who are capable
of manufacturing submarine batteries
for a wide range of submarines such as
Russian Kilo/636/ Romeo/Foxtrot class,
German 209 class, French Scorpene class
and indigenous nuclear submarines.
INDUSTRIAL DIVISION
Our industrial battery division caters to
the evolving needs of power, telecom,
infrastructure, railways, mining, defence
and IT industries. We offer a wide range
of lead acid storage batteries ranging
from 5 Ah to 20,200 Ah capacity
to cover the broadest spectrum of
applications. Our domestic industrial
battery brands are Exide, SF and CEIL.
Internationally, our major brands are
Exide, CEIL, Chloride and Index.

21
Achievements in 2017-18
Added new customers in the Our Product Range

Strengthened our footprints in traction segment Railways
the telecom segment with
VRLA batteries for train lighting

Expanded presence in existing
enhanced engagement with and air conditioning
geographies and forayed into newer
telecom tower companies
Flooded batteries for electric and
geographies
diesel locomotives

Developed front access terminal

Participated in several national
Stationery applications
batteries for telecom (export),
exhibitions showcasing our product
industrial and data centre
range to enhance brand prominence Telecom
applications

Advanced AGM – VRLA batteries

Introduced advanced VRLA batteries

Reinforced our position as a preferred
Tubular GEL VRLA batteries
for the telecom segment, enabling us
supplier for leading Indian and
to gain significant market share
multinational industrial UPS OEMs Solar

Solatron – Tubular GEL VRLA

Expanded our range in solar power
Executed microgrid order from Bihar

Solatubular – Premium tall tubular
storage solutions rural electrification projects
batteries

Collaborated with GE Transportation Solar Blitz – Tubular Flooded range
to supply battery for their diesel Solar Hybrid Inverters
locomotives Solar PV Modules
Solar Charge Controllers
Solar Power Pack – DC & AC Model
Power and Infrastructural Projects

Our OEM Partners

Exide HR Tubular Standby batteries
Key MNC Customers
(HDP and NDP)

Exide TBS Tubular Batteries

Exide Plante – A byword for reliability

Futuristic Exide GEL Tubular Batteries

Exide 2V range VRLA Batteries

Exide PP Tubular Standby Batteries
(HDP and NDP)

E-Rickshaw tubular batteries

GroE Products
Exide IUPS Range

Key Domestic Customers

SMF Small VRLA – Exide PowerSafe
Plus Range

SMF Medium VRLA – Exide
PowerSafe and NXT Range

Tubular GEL VRLA – Exide PowerSafe
XHD Range

Flooded Tubular – EL /EL+ Range
Chloride IUPS Range
Way Ahead SMF VRLA – Chloride SafePower CS7-12

Continue to grow our prominence in the telecom segment
Miners’ Caps Lamps

Develop new cell types according to the Japanese Motive Power specification
LED Miners Cap Lamps – Smartlite

Induct flat plate technology for (OGI) traction application Exide Oldham GT Miners Cap Lamps

Develop e-mobility solution with long battery life
Traction

Standardise products for exports across three categories based on performance Exide HSP and GenX range of traction
compliance levels and warranty platforms batteries and accessories

Growing with an Empowered

Talent Pool AT EXIDE, OUR PEOPLE STRATEGY FOCUSES ON
BUILDING THE RIGHT CULTURE THAT ENABLES
OUR TEAM TO PERFORM BETTER. WE EMPOWER
AND ENCOURAGE OUR PEOPLE TO EMBRACE
CHALLENGES AND DRIVE GROWTH.
Our objective is to strengthen During FY 2017-18, we implemented

our culture of meritocracy various new processes and technologies
through need-based to augment the capacities of our people.
training and development
programmes. NURTURING A TEAM
We revamped our talent acquisition
processes and emphasised on building
our brand as a preferred employer.
During FY 2017-18, we continued to
pursue unique strategies that enable
us to become an employer of choice
through the following initiatives:

Developing the new Exide Career site

Initiating Exide Innovation Challenge
5,384 — a business plan competition at
Tier I management institutes to
Driven by a talented team
attract dynamic individuals from
these establishments

23
STRENGTHENING CAPABILITIES SUSTAINING HARMONIOUS IMPLEMENTING NEW

We aim to build a strong team, with a INDUSTRIAL RELATIONS TECHNOLOGY AND PROCESSES
powerful middle management line-up. We recognise that harmonious industrial We put in place new technology and
Thus, we promote continuous learning relations enhance productivity and raise processes like Performance Management
and development with a focused talent employee morale. Thus, we consistently Systems (PMS) and centralised online
management programme. During work towards developing industrial attendance system to upgrade our
FY 2017-18, we concentrated on: relations at Exide. During FY 2017-18, HR modules.
we undertook relevant initiatives:
Creating leadership pipelines
ENGAGING WITH EMPLOYEES
across functions: We developed Partnering with Government
During FY 2017-18, we took the
robust talent pipelines across all of India for skill development:
following initiatives to encourage
functions through an enhanced As a responsible corporate citizen,
our people:
Management Trainee programme. we are participating in the National
Employability Enhancement Mission Refurbished bonus policy:
Identifying high-potential
(NEEM) scheme. We have initiated We completely revamped our
individuals: We conducted a large-
the scheme in most of our factories bonus policy to drive high
scale development centre exercise for
to enable manufacturing flexibility performance among our people.
400+ senior and middle management
and bolster the government’s skill
employees to identify future leaders Launched internal survey:
development agenda.
and high-potential individuals. We introduced a unique concept for
Currently, we are charting their Maintaining harmonious internal survey for staff functions to
future and development plan with relationship with worker promote customer-centric behaviour.
the organisation. unions: We continue to promote
Commenced organisational
congenial union-management
Introducing new training development initiative:
relations across the organisation
programmes: We launched two We launched the Exide 2020 strategy
through various initiatives that have
new programmes — Sales & Service roadmap through a four-step
led to increased productivity.
Academy and Manufacturing process that includes bottom-up
Excellence Academy — to build Conducting best practices Focus-Group Discussions (FGDs),
functional excellence at Exide. study, benchmarked across Excom prioritisation, Cross-Functional
The project will be spread over factories: We engaged with Training (CFT) projects groups,
three years and will cover 1,600 our people through an internal workshops and roadmap finalisation.
Exide employees. survey. It identified key parameters
Created a culture of rewarding
benchmarked for shared goals,
Focusing on process and and recognising employees:
structured communication processes,
technical skill development: We We introduced ‘You did it’, a
safety procedures, small group
helped our employees to consistently platform to appreciate and
activities/continuous improvement,
enhance their process and technical reward our people for their good
lean manufacturing and so on.
skills, as part of our Total Quality performance.
Management (TQM) procedure.

Our Contribution in Transforming

Hopes and Aspirations into Reality
IT’S BEEN A YEAR OF TRANSFORMATION
THAT HAS STOOD TESTIMONY TO EXIDE’S
CONTINUANCE OF VALUE CREATION THROUGH
ITS CSR CONTRIBUTIONS. THE FOUNDATION OF
THE CORPORATE SOCIAL RESPONSIBILITY (CSR)
ACTIVITIES WAS STRENGTHENED THROUGH
CONTINUOUS ENGAGEMENT WITH THE
COMMUNITIES, BY HONOURING, RESPECTING
AND LEVERAGING THEIR HOPES AND
ASPIRATIONS THAT CONJUNCT WITH
OUR CORE THEMATIC AREAS.
The projects that translated the

community aspirations into reality mainly
lie in the realms of basic education
in schools, healthcare, environment,
community development and women
empowerment across major operational
locations in different parts of the country.
In response to the community needs,
the CSR engagements further built on
our enduring commitment to contribute
towards a balanced, responsible society
by supporting inclusive and long-term
sustainable growth at local, regional and
national levels.
NATIONAL LEVEL
Healthcare and sanitation have
been our core focus areas for social
investment at the national level. Our
long-standing projects that have been
providing sustainable healthcare
benefits to numerous beneficiaries were
implemented through Marrow Donor
Registry (India), Diabetic Association of
India and Society for the Rehabilitation
of Paraplegics.
The WASH (Water, Sanitation & Health)
programme, effected in collaboration
with UNICEF for the student population
from primary to high-school levels, has
been one of Exide’s key interventions

25
that has established diligent drinking communities. Resource allocation for Haldia mainly concentrated on school
water, sanitation and related healthcare direct interventions was made basis infrastructural development projects.
models and procedures in the states community need assessment at Transformation and innovation were
of West Bengal, Bihar and Assam. each location. the two key elements that spearheaded
The intervention was instrumental in successful implementation of projects
developing the model for replication by NORTH ZONE on educational support, healthcare
UNICEF across schools at the national Support for basic education in schools and skill development for alternative
formed the key CSR interventions for
our manufacturing units at Haridwar
and Roorkee. The Bawal unit invested
in various projects related to basic
education, healthcare, women
empowerment and environment,
as well as for some niche community
development initiatives. Few model
projects initiated for the first time in
healthcare and basic education had
delivered successful outcomes. These
are now earmarked as replicable model livelihood in and around Kolkata. The
level. Our contributions to Prime
projects for deployment at other projects implemented in partnership
Minister’s Relief Fund and Swachh Bharat
locations in the forthcoming years. with organisations like Haltu Arya Balika
Kosh have continued to provide support
Vidyalaya, Calcutta Rescue, Young Men’s
for wider social development related
Welfare Society, Cheshire Homes India-
assignments and mediations at the
Kolkata unit and South Gurukul Society
national level.
delivered outstanding results to bring in
Our partnership with India Sponsorship transformational changes in the lives of
Committee enabled us to provide the the beneficiaries.
required integrated educational and
day-to-day life support systems for SOUTH ZONE
destitute children from across India, Our team at Hosur planned and engaged
especially Maharashtra. The school in raising the level of basic education and
projects developed in association with healthcare in schools. Other initiatives
YUVA Unstoppable saw the creation included construction of public sanitation
of replicable models for integrated WEST ZONE facilities and allied infrastructure for
development of Government schools At the manufacturing unit in Taloja, community development. Some of the
both at primary and high-school levels. the main thrust remained on women key projects were successfully delivered in
In addition, a unique battery related empowerment, healthcare and partnership with the local government.
training centre has been instituted in sanitation projects. The Chinchwad
We believe that our need-based
association with the Savitribai Phule Pune unit’s projects focused on creating
interventions sustainably empower
University to provide battery-related benefits for education in schools,
the larger society by opening up new
training programmes to students aspiring women empowerment through basic
possibilities. The whole trajectory of our
for a career path in the allied industry. healthcare and public sanitation facilities.
CSR investments works on this belief and
At Ahmednagar, the core element of
Our dedicated commitment to touches all aspects of multi-stakeholder
public sanitation facilities and health
biodiversity conservation was envisaged engagement and empowerment through
camps brought about significant
through an integrated conservation and myriad developmental initiatives. The
difference in the lives of the neighbouring
developmental project with the Wildlife transformational changes instituted have
communities.
Conservation Trust in Maharashtra and initiated a stimulating dimension not only
Madhya Pradesh. for our communities, but for us too. The
EAST ZONE
outcomes and impacts created inspire us
Guided by the Company’s overarching In the East, the core commitment
and make our responsibilities bigger and
CSR strategy, our committed cross revolved around projects on basic
commitments stronger to continue the
functional teams across locations education and healthcare at school
efforts with greater fervour in the future.
worked arduously in tandem with the level. The plants in Shamnagar and

Awards and
Recognition
AWARDS DESCRIPTION COMPANY/BODY PLANT/UNIT

Excellence in Consistent JIPM Chinchwad
TPM Commitment 2017
NCQC and CCQC Quality Circle Forum of Taloja, Ahmednagar,
Awards 2017 India (QCFI) Chinchwad, Haldia,
Shamnagar, R&D
Centre, Haridwar,
Roorkee, Bawal, Hosur
Quality Leadership Quality Circle Forum of Corporate office
Award 2017 India (QCFI)
Gold Award for Technology Indus Towers Corporate office
Support
Golden Peacock Award ‘Special Golden Peacock Corporate office
Commendation’ for Sustainability Awards
Golden Peacock Award Golden Peacock Corporate office
for Quality Awards
Annual GreenTech Gold and Silver GreenTech Hosur, Ahmednagar
Awards for Excellence 2017
Annual GreenTech Silver GreenTech Taloja
Award for Safety
Gold Healthy Work Place Arogya Hosur
Award 2017
CII Quality Circle Forum Confederation of Corporate office
Award 2018 Indian Industries
Gold Award for GrowCare India Chinchwad
Environment 2017

27
10-year
Performance
(Rs. in Crores)
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16#

2016-17# 2017-18#
Sales (Net) 3,393 3,794 4,554 5,107 6,071 5,964 6,866 6,848 7,583 9,186
Operating Profit 549 893 903 687 790 825 917 1,026 1,082 1,241
Profit Before Tax 435 811 940 645 742 723 798 908 976 1,006
Taxation 151 274 274 184 219 236 252 284 282 338
Net Profit 284 537 666 461 523 487 546 624 694 668
Cash Profit 352 618 750 562 636 613 685 782 900 914
Earnings Per Share (Rs.) 3.55 6.32 7.84 5.43 6.15 5.73 6.42 7.35 8.16 7.86
Dividend Payout* 56 95 140 145 156 178 220 234 243 246
BALANCE SHEET
Net Fixed Assets 653 685 874 967 1,028 1,025 1,168 1,451 1,687 2,192
Investments 668 1,335 1,378 1,555 1,640 1,967 1,896 2,698 2,674 1,969
Current Assets 742 912 1,329 1,547 1,856 1,941 2,317 1,989 2,414 3,236
Total Assets 2,063 2,932 3,581 4,069 4,524 4,933 5,381 6,107 6,775 7,397
Loans 317 90 2 - - - 18 103 170 -
Current Liabilities 487 593 796 954 1,027 1,120 1,205 1,397 1,486 1,867
SUB TOTAL 804 683 798 954 1,027 1,120 1,223 1,500 1,656 1,867
Deferred Tax Liability 41 59 68 83 98 105 126 127 155 141
Net Worth 1,218 2,190 2,715 3,032 3,399 3,708 4,032 4,511 4,964 5,389
Total Liabilities 2,063 2,932 3,581 4,069 4,524 4,933 5,381 6,107 6,775 7,397
Book Value Per Share (Rs.)** 15.22 25.76 31.94 35.67 39.99 43.62 47.44 53.07 58.40 63.40
Return on Net Worth (%) 28.7 44.1 30.4 17.0 17.2 14.3 14.7 15.5 15.4 13.5
* Including Dividend Distribution Tax

**At same per value of share
21% 10%
Growth in Market Growth in Operating Profit
# Figures mentioned against FY 2015-16 , FY 2016-17
and FY 2017-18 are in accordance with the provisions
Capitalisation (EBITDA)
under IND-AS.
12% 10%
Growth in Revenue Growth in Net Profit
10%
Growth in PBT
Growth Figures indicate CAGR

Corporate
Information
BOARD OF DIRECTORS SECRETARY CORPORATE SOCIAL

Mr. Bharat D. Shah Mr. Jitendra Kumar RESPONSIBILITY COMMITTEE
Chairman & Independent Director Mr. Bharat D. Shah, Chairman
Mr. R. B. Raheja Mr. Sudhir Chand
AUDIT COMMITTEE
Vice-Chairman &
Mr. Nawshir H. Mirza, Chairman Mr. G. Chatterjee
Non-Executive Director
Mr. Vijay Aggarwal Mr. Subir Chakraborty
Mr. G. Chatterjee
Managing Director & Ms. Mona N. Desai
Chief Executive Officer
Mr. Sudhir Chand BANKING OPERATIONS
Mr. Nawshir H. Mirza COMMITTEE
Mr. Surin Kapadia
Independent Director Mr. G. Chatterjee, Chairman
Mr. Vijay Aggarwal Mr. A. K. Mukherjee
Independent Director NOMINATION AND
Mr. Subir Chakraborty
REMUNERATION COMMITTEE
Mr. Sudhir Chand
Mr. Vijay Aggarwal, Chairman
Independent Director
Ms. Mona N. Desai EXECUTIVE COMMITTEE
Ms. Mona N. Desai
Mr. G Chatterjee
Independent Director Mr. Sudhir Chand
Mr. A K Mukherjee
Mr. Surin Kapadia
Independent Director Mr. Subir Chakraborty
STAKEHOLDERS’
(w.e.f. October 25, 2017)
RELATIONSHIP COMMITTEE Mr. Arun Mittal
Mr. A. K. Mukherjee Mr. Sudhir Chand, Chairman
Mr. Arnab Saha
Director- Finance &
Mr. G. Chatterjee
Chief Financial Officer Dr. Dipak Sen Choudhury
Mr. Subir Chakraborty Ms. Nupur Roy Choudhury
Director-Automotive
Mr. Ranjan Sarkar
Mr. Arun Mittal SHARE TRANSFER COMMITTEE
Mr. Jitendra Kumar
Director-Industrial Mr. G. Chatterjee, Chairman
Mr. A. K. Mukherjee

29
STATUTORY AUDITORS BANKERS REGISTRAR AND SHARE

B S R & Co. LLP State Bank of India TRANSFER AGENT
Chartered Accountants C B Management Services (P) Ltd.
Standard Chartered Bank
Godrej Waterside, Unit No. 603 P-22, Bondel Road, Kolkata- 700 019
6th Floor, Tower – 1, Plot No. 5 Citibank N.A. Phone: (033) 4011-6700/6729
Block - DP, Sector – V, Salt Lake Fax: (033) 4011 6739
The Hongkong and
Kolkata – 700091 CIN: U74140WB1994PTC062959
Shanghai Banking
E-mail: [email protected]
Corporation Limited
Website: www.cbmsl.com
COST AUDITORS BNP Paribas
M/s Shome & Banerjee
HDFC Bank Limited
Cost Accountants REGISTERED OFFICE
5A, Nurulla Doctor Lane, (West Range) Deutsche Bank AG EXIDE HOUSE,
2nd Floor, Kolkata – 700 017 59E, Chowringhee Road,
ICICI Bank Limited
Kolkata- 700 020
Axis Bank Limited Phone: (033) 23023400/2283-
SECRETARIAL AUDITOR 2118/2150/2171
Yes Bank Limited
M/s A. K. Labh & Co. Fax: (033) 22832637
Company Secretaries IDBI Bank Limited CIN: L31402WB1947PLC014919
40, Weston Street, 3rd Floor, E-mail: [email protected]
RBL Bank Limited
Kolkata – 700 013 Website: www.exideindustries.com
Bandhan Bank Limited

30-98
Governance Governance
Notice 31
and Financials Directors’ Report, Corporate

Governance and Annexures
38
99-219
Financials
Standalone 99
Consolidated 147
31
Notice of the 71st Annual General Meeting
NOTICE is hereby given that the 71st Annual General Meeting provisions of the Companies Act, 2013 and the Rules
of the Members of the Company will be held at Kala Mandir, 48, made there under, the Securities and Exchange Board of
Shakespeare Sarani, Kolkata – 700 017 on Thursday, 2nd day of India (Listing Obligations and Disclosure Requirements)
August 2018 at 10.30 A.M. to transact the following business:- Regulations, 2015 (including any statutory modification(s)
or re-enactment thereof for the time being in force), Mr.
ORDINARY BUSINESS
Surin Shailesh Kapadia (holding DIN 00770828) who was
1.
To receive, consider and adopt the audited financial
appointed as an Additional Director under Section 161(1)
statements (including audited consolidated financial
of the Companies Act, 2013 with effect from 25th October,
statements) for the financial year ended 31st March, 2018
2017 and who has submitted a declaration that he meets
and the Reports of the Directors and the Auditors thereon.
the criteria for independence as provided in Section 149(6)
2. To confirm the payment of interim dividend and to declare of the Companies Act, 2013, be and is hereby appointed
final dividend on equity shares for the financial year ended as an Independent Director of the Company to hold office
31st March, 2018. for five consecutive years, upto the conclusion of the
Annual General Meeting of the Company to be held in the
3. To appoint a director in place of Mr. A. K. Mukherjee
calendar year 2023.
(having DIN 00131626) who retires by rotation and, being
eligible, offers himself for re-appointment. 7. To consider and if thought fit, to pass with or without
modification(s), the following resolution as an Ordinary
4. To appoint a director in place of Mr. Arun Mittal (having
Resolution:
DIN 00412767) who retires by rotation and, being eligible,
offers himself for re-appointment. “RESOLVED THAT pursuant to the provisions of Sections
196 and 197 read with Schedule V and other applicable
SPECIAL BUSINESS
provisions of the Companies Act, 2013 and Rules
5. To consider and if thought fit, to pass with or without
there under, Articles of Association of the Company
modification(s), the following resolution as an Ordinary
and on the recommendations of the nomination and
Resolution:
remuneration committee and the Board of Directors,
“RESOLVED THAT pursuant to the provisions of Section consent of the Company be and is hereby accorded
148(3) and other applicable provisions, if any, of the to amend/modify/alter the terms of remuneration of
Companies Act, 2013 read with Rule 14(a) of the Companies Whole-time Directors by capping the overall limit of
(Audit and Auditors) Rules, 2014, remuneration of performance bonus to 24 month’s basic salary instead of
Rs. 9,00,000/- (Rupees Nine Lacs only) plus out of pocket 12 month’s basic salary based on the performance targets
expenses and applicable taxes, payable to M/s Shome & and criteria as may be laid down by the board/nomination
Banerjee, Cost Accountants (Registration No. 000001), for and remuneration committee from time to time w.e.f.
audit of the Cost Records of the products manufactured financial year 2018-19 upto the period of their respective
by the Company for the financial year ending 31st March, appointments.”
2019 as approved by the Board of Directors, be and is
hereby ratified.”
By Order of the Board
6. To consider and if thought fit, to pass with or without
modification(s), the following resolution as an Ordinary Sd/-
Resolution: Jitendra Kumar
Company Secretary and
“RESOLVED THAT pursuant to the provisions of Sections Place: Mumbai EVP – Legal & Admin
149, 150, 152 read with Schedule IV and other applicable Date: 7th May, 2018 ACS No. 11159

NOTES read with the Companies (Audit and Auditors) Rules,

a.
A Member entitled to attend and vote at the 2014, the Company at its 70th Annual General Meeting
meeting is entitled to appoint one or more proxies held on 27th July, 2017 appointed M/s. B S R & Co. LLP,
to attend and vote instead of himself and a proxy Chartered Accountants (ICAI Registration No.: 101248W/
need not be a member. A person can act as a Proxy W-100022) as the Statutory Auditors of the Company
on behalf of Members not exceeding fifty (50) for five consecutive years, i.e. till conclusion of the 75th
and holding in the aggregate not more than ten Annual General Meeting, subject to ratification at every
percent of the total share capital of the Company Annual General Meeting in between.
carrying voting rights. A Member holding more
The Ministry of Corporate Affairs (MCA) recently vide
than ten percent of the total share capital of the
notification no. S.O. 1833(E) effective from 7th May, 2018
Company carrying voting rights may appoint a
and pursuant to Companies (Amendment) Act, 2017 has
single person as proxy and such person shall not
dispensed the requirement of ratification of appointment
act as proxy for any other member. The instrument
of statutory auditors by the Members of the Company at
of Proxy, in order to be effective, should be duly
every Annual General Meeting.
completed and deposited at the registered office
of the Company not less than 48 hours before the In view of the above, the resolution relating to ratification
commencement of the Meeting. A Proxy Form of appointment of statutory auditors does not form
is annexed to this Report. Proxies submitted on part of this Notice and has not been placed before the
behalf of limited companies, societies, etc., must Members at this AGM.
be supported by an appropriate resolution /
Please note that pursuant to Section 124(5) of the
g.
authority, as applicable.
Companies Act, 2013, final dividend for the financial
year ended 31st March, 2011 which remains unpaid
b. The Explanatory Statement pursuant to Section 102 (1) of
or unclaimed, will be due for transfer to the Investors
the Companies Act, 2013 in respect of the Special Business
Education and Protection Fund of the Central Government
to be transacted at the Meeting is annexed hereto.
on 26th August, 2018. Particulars of shareholders who have
Route-map to the venue of the Meeting for the
c. not encashed their dividend warrants from the financial
convenience of the Members to attend the meeting is year ended 31st March, 2011 onwards are available on
provided at the inside back cover of the Annual Report. the Company’s website at http://www.exideindustries.
com/investors/unclaimed-dividends.aspx and also on the
d. The Register of Members and Share Transfer Books of
website of the Ministry of Corporate Affairs. Members are
the Company will remain closed from 27th July, 2018 to
requested to contact C B Management Services (P) Limited,
2nd August, 2018 (both days inclusive). Final Dividend as
Registrar and Share Transfer Agent of the Company for
recommended by the Board of Directors, if approved at
encashing the unclaimed dividends standing to the credit
the aforesaid Annual General Meeting, shall be paid to
of their account.
those shareholders whose names appear in the Register of
Members of the Company, after giving effect to all valid Pursuant to the provisions of Investor Education and
h.
share transfer(s) in physical form lodged with the Company Protection Fund Authority (Accounting, Audit, Transfer
on or before 26th July, 2018 and in respect of shares in and Refund) Rules 2016 (the “IEPF Rules”) as amended,
electronic form, to those (deemed members) whose all shares in respect of which dividend has not been paid
names appear on the statement of beneficial ownership or claimed for seven consecutive years shall have to be
furnished by National Securities Depository Limited (NSDL) transferred by the Company to the designated Demat
and Central Depository Services (India) Limited (CDSL) at account of the IEPF Authority (‘IEPF Account’) within a
the end of business hours on 26th July, 2018. The dividend period of thirty days of such shares becoming due to be
declared at the Annual General Meeting shall be paid transferred to the IEPF Account.
within thirty (30) days of declaration.
The Company had sent individual notices and also
e. Information relating to the Directors retiring by rotation advertised in the newspapers seeking action from the
and seeking re-appointment/appointment at this Meeting, Members who have not claimed their dividends for seven
as required under Regulation 36(3) of SEBI (Listing consecutive years or more. Accordingly, the Company
Obligations and Disclosure Requirements) Regulations, has transferred such unpaid or unclaimed dividends
2015, is annexed to this Notice. and corresponding shares upto the Interim Dividend for
the Financial Year ended 31st March 2011. Members/
f. Pursuant to the provisions of Sections 139, 142 and other
claimants whose shares, unclaimed dividend, have been
applicable provisions, if any, of the Companies Act, 2013
transferred to the IEPF Demat Account or the Fund, as the

33
case may be, may claim the shares or apply for refund by l. Members who have not registered their e-mail addresses
making an application to the IEPF Authority in Form IEPF-5 so far are requested to register their e-mail address for
(available on http://www.iepf.gov.in) along with requisite receiving all communications including Annual Report,
fee as decided by the IEPF Authority from time to time. Notices, Circulars, etc. from the Company electronically.
The Member/claimant can file only one consolidated claim Further, in case of any change in the e-mail address
in a Financial Year as per the IEPF Rules. registered with the Company, a fresh e-mail id may kindly
be sent to the Company. Members holding shares in
The Company will be transferring the Final Dividend and
demat form are requested to register/update their email
corresponding shares for the Financial Year ended 31st
address with their Depository Participant(s) only. Members
March 2011 and the Interim Dividend and corresponding
of the Company who have registered their e-mail address
shares for the Financial Year ended 31st March 2012 on
are also entitled to receive such communication in physical
26th August 2018 and 25th November, 2018 respectively.
form, upon request.
Members are requested to ensure that they claim the
dividends and shares referred above, before they are m. The Notice of AGM, Annual Report inter alia, indicating
transferred to the said Fund. Due dates for transfer of the process and manner of remote e-voting along with
Unclaimed Dividend to IEPF are provided in the Report on Attendance Slip and Proxy Form are being sent in electronic
Corporate Governance. mode to Members whose email address are registered
with the Company or the Depository Participant(s), unless
Details of shares/shareholders in respect of which dividend
the Members have registered their request for the hard
has not been claimed, are provided on our website at
copy of the same. Physical copy of the Notice of AGM,
http://www.exideindustries.com/investors/unclaimed-
Annual Report inter alia, indicating the process and
dividends.aspx. The shareholders are therefore encouraged
manner of remote e-voting along with Attendance Slip
to verify their records and claim their dividends of all the
and Proxy Form are being sent to those Members who
earlier seven years, if not claimed.
have not registered their e-mail address with the Company
i. Members holding shares in physical form are requested to or Depository Participant(s).
notify/send the following particulars to the Company or
Members, Proxies and Authorised Representatives are
n.
its Registrars to facilitate better service:-
requested to bring their Attendance Slips together with
i. Bank account details i.e. Name of the Bank, Branch their copies of the Annual Reports to the Meeting, if sent
address, Bank Account No., IFSC code, MICR no. and in physical form. Copies of the Annual Report will not be
Place with PIN code no., in case the same have not provided at the AGM venue.
been sent earlier;
o.
Members are requested to contact the Company’s
ii. Any change in their address/bank details; and Registrar & Share Transfer Agent, C B Management
Services (P) Limited, P-22 Bondel Road, Kolkata – 700
iii.
Details of share certificate(s), held in multiple
019 (Phone No. [033] 4011 6700/6725/6729/6742; Fax
accounts in identical names or joint accounts in
No. [033] 40116739; email id: [email protected]) for reply
the same order of names for consolidation of such
to their queries/redressal of complaints, if any, or contact
shareholdings into one account.
Ms. Seema Bajaj/Ms. Atreyee Mukherjee at the registered
j. Members holding shares in electronic form are advised office of the Company (Phone +91 3323023400, Email:
that address/bank details as furnished to the Company by [email protected]).
the respective depositories, viz., NSDL and CDSL, will be
p. Statutory Registers and relevant documents referred to
considered for payment of dividend through NECS, or any
in the Notice and the Explanatory Statement shall be
other electronic mode.
available for inspection by the members at the registered
k. The Securities and Exchange Board of India (SEBI) has office of the Company on all working days, except
mandated the submission of Permanent Account Number Saturdays, Sundays and public holidays, between 11.00
(PAN) by every participant in the securities market. a.m. and 1.00 p.m. upto the date of the Annual General
Members holding shares in electronic form are therefore Meeting.
requested to submit their PAN to their Depository
The Register of Directors and Key Managerial Personnel
Participants with whom they are maintaining their demat
(KMPs) and their shareholding maintained under Section
accounts. Members holding shares in physical form are
170 of Companies Act, 2013 and the Register of Contracts
requested to submit their PAN to the Company or to the
or arrangements in which directors are interested
Registrars and Share Transfer Agent.
maintained under Section 189 of the Companies Act, 2013

will be available for inspection by the Members at the II. Procedure for remote e-voting:
Annual General Meeting. (i) The shareholders should log on to the e-voting
website www.evotingindia.com during the voting
Members desirous of obtaining any relevant information
period.
with regard to the accounts of the Company at the Meeting
(ii) Click on “Shareholders” tab.
are requested to send their requests to the Company at
(iii) Now Enter your User ID
least (7) seven days before the date of the meeting, so as
a. For CDSL: 16 digits beneficiary ID;
to enable the Company to keep the information ready.
b. For NSDL: 8 Character DP ID followed by 8
Voting through electronic means
q. Digits Client ID;
c. Members holding shares in Physical Form
I.
In compliance with provisions of Section 108 of the
should enter Folio Number registered with the
Companies Act, 2013 and Rule 20 of the Companies
Company.
(Management and Administration) Rules, 2014, as
(iv) Next enter the Image Verification as displayed and
amended and Regulation 44 of SEBI (Listing Obligations
Click on Login.
and Disclosure Requirements) Regulations, 2015, the
Company is pleased to provide the members facility to cast (v) If you are holding shares in demat form and had
their vote through electronic means on all resolutions set logged on to www.evotingindia.com and voted on
forth in this Notice through e-voting services provided by an earlier voting of any company, then your existing
Central Depository Services (India) Limited (CDSL). password is to be used.
Mr. A K Labh, Practicing Company Secretary (FCS-4848/ (vi) If you are a first time user follow the steps given
CP-3238) of M/s A. K. Labh & Co. Company Secretaries below:
(email id: [email protected]) of 40, Weston Street, 3rd
For Members holding shares in Demat
Floor, Kolkata 700 013 has been appointed as Scrutinizer
form and Physical form
to scrutinize the remote e-voting and voting process to be
carried out at the AGM in a fair and transparent manner.
PAN Enter your 10 digit alpha-numeric *PAN
The remote e-voting period begins on Monday, 30th July, issued by Income Tax Department
2018 at 9.00 A.M. and ends on Wednesday, 1st August, (Applicable for both demat shareholders
2018 at 5.00 P.M. During this period, shareholders’ of as well as physical shareholders)
the Company, holding shares either in physical form or * Members who have not updated their
in dematerialized form, as on the cut-off date (i.e. 26th PAN with the Company/Depository
July, 2018) may cast their vote electronically. The remote Participant are requested to use the
e-voting module shall be disabled by CDSL for voting sequence number appearing on the
thereafter. Detailed instructions for availing of the remote enclosed Attendance Slip cum Electronic
Voting Particulars in the PAN field.
e-voting facility are given separately along with this Notice.
DOB Enter the Date of Birth as recorded in your
The facility for voting through polling paper/ electronic
demat account or in the Company records
voting system shall be made available at the AGM on 2nd for the said demat account or folio in dd/
August, 2018 and the members as on the “cut-off date” mm/yyyy format.
i.e. 26th July, 2018, attending the meeting who have not
DIVIDEND Enter the Dividend Bank Details as
cast their vote by remote e-voting shall be able to exercise
BANK recorded in your demat account or in
their right to vote at the meeting through polling paper/ DETAILS the company records for the said demat
electronic voting system. account or folio.
Please enter the DOB or Dividend
The results on the resolutions will be declared not later
Bank Details in order to login. If
than 24 hours of conclusion of the AGM i.e. 3rd August, the details are not recorded with
2018 or any adjournment thereof. The declared results the depository or Company please
along with the Scrutinizer’s Report will be available on enter the member id / folio number
the Company’s website at www.exideindustries.com and in the Dividend Bank details field as
on the website of CDSL at www.evotingindia.com and mentioned in instruction (vi).
will also be forwarded to the Stock Exchanges where the
Company’s shares are listed. Subject to receipt of requisite (vii) After entering these details appropriately, click on
number of votes, the resolutions set out in the Notice shall “SUBMIT” tab.
be deemed to be passed on the date of the AGM.

35
(viii) Members holding shares in physical form will After receiving the login details they have to
then directly reach the Company selection screen. create a compliance user, which should be
However, members holding shares in demat form created using the admin login and password.
will now reach ‘Password Creation’ menu wherein The Compliance user would be able to link the
they are required to mandatorily enter their login account(s) for which they wish to vote on.
password in the new password field. Kindly note that

The list of accounts should be mailed to
this password is to be also used by the demat holders
[email protected] and on
for voting for resolutions of any other company
approval of the accounts they would be able to
on which they are eligible to vote, provided that
cast their vote.
company opts for e-voting through CDSL platform. It
is strongly recommended not to share your password A scanned copy of the Board Resolution and
with any other person and take utmost care to keep Power of Attorney (POA) which they have
your password confidential. issued in favour of the Custodian, if any, should
be uploaded in PDF format in the system for
(ix)
For Members holding shares in physical form,
the scrutinizer to verify the same.
the details can be used only for e-voting on the
resolutions contained in this Notice. (xviii) In case you have any queries or issues regarding
remote e-voting, you may refer the Frequently Asked
(x) Click on the EVSN of Exide Industries Limited.
Questions (“FAQs”) and e-voting manual available
(xi)
On the voting page, you will see “RESOLUTION at www.evotingindia.com under help section or
DESCRIPTION” and against the same the option write an email to [email protected]
“YES/NO” for voting. Select the option YES or NO or [email protected].
as desired. The option YES implies that you assent
(xix) Shareholders can also cast their vote using CDSL’s
to the Resolution and option NO implies that you
mobile app m-voting available for android based
dissent to the Resolution.
mobiles. The m-voting app can be downloaded from
(xii) Click on the “RESOLUTIONS FILE LINK” if you wish to Google Play Store. Apple and Windows Phone users
view the entire Resolution details. can download the app from the App Store and the
Windows Phone Store, respectively. Please follow the
(xiii) After selecting the resolution you have decided to
instructions as prompted by the mobile app while
vote on, click on “SUBMIT”. A confirmation box will
voting on your mobile.
be displayed. If you wish to confirm your vote, click
on “OK”, else to change your vote, click on “CANCEL” III.
Any person who acquires shares and become Member
and accordingly modify your vote. after despatch of Notice of 71st AGM and holds shares
as of the cut-off date of 26th July, 2018 may obtain
(xiv) Once you “CONFIRM” your vote on the resolution,
the sequence number for remote e-voting by sending a
you will not be allowed to modify your vote.
request to the Company’s RTA at [email protected].
(xv) You can also take out print of the voting done by
IV. The voting rights of the Members shall be in proportion
you by clicking on “Click here to print” option on the
to their shares of the paid up equity share capital of the
Voting page.
Company as on the cut-off date. In case of joint holders,
(xvi)
If Demat account holder has forgotten the same only one of the joint holders may cast his/her vote.
password then Enter the User ID and the image
V. Members attending the meeting who have not already
verification code and click on Forgot Password &
cast their vote by remote e-voting shall be able to exercise
enter the details as prompted by the system.
their voting right at the meeting through polling paper/
Note for Corporate Shareholders
(xvii) electronic voting system. The Members who have already
Corporate shareholders (i.e. other than cast their vote by remote e-voting prior to the meeting
Individuals, HUF, NRI, etc.) are required to and attending the meeting shall not be entitled to cast
log on to https://www.evotingindia.com and their vote again.
register themselves as Corporates.
By Order of the Board

A scanned copy of the Registration Form Sd/-
bearing the stamp and sign of the entity should Jitendra Kumar
Company Secretary and
be emailed to [email protected]. Place: Mumbai EVP – Legal & Admin
Date: 7th May, 2018 ACS No. 11159

EXPLANATORY STATEMENT REQUIRED UNDER all working days except Saturdays, Sundays and public holidays
SECTION 102 (1) OF THE COMPANIES ACT, 2013. between 11.00 A.M. and 1.00 P.M. upto the date of the AGM.
The Board considers that his continued association would be of
ITEM NO.5 immense benefit to the Company and it is desirable to continue
The Board of Directors at its meeting held on 7th May, 2018 to avail his services as an Independent Director. Accordingly, the
appointed M/s Shome & Banerjee, Cost Accountants to audit Board recommends the resolution in relation to appointment
the cost records of the products manufactured by the Company of Mr. Surin S Kapadia as an Independent Director, for the
for the year ending 31st March, 2019. At the same meeting, approval by the Members of the Company.
the Board of Directors approved a remuneration of Rs.
Brief particulars of Mr. Surin S Kapadia as required under SEBI
9,00,000/- (Rupees Nine Lacs only) plus out of pocket expenses
(Listing Obligations and Disclosure Requirements) Regulations,
and applicable taxes payable to M/s. Shome & Banerjee, Cost
2015 is annexed to this Notice. Mr. Surin S Kapadia does not
Accountants for conducting such audit.
hold any Equity Shares in the Company and is not related to
Pursuant to Section 148 of the Companies Act, 2013 read with any Director or Key Managerial Personnel of the Company in
the Companies (Audit & Auditors) Rules, 2014, the remuneration any way.
payable to the cost auditors shall be approved by the Board
Except Mr. Surin S Kapadia being an appointee, none of the
of Directors and subsequently ratified by the Members of the
directors and key managerial personnel of the Company or
Company. Accordingly, the remuneration payable to M/s.
their relatives are concerned with or interested in, financial or
Shome & Banerjee, Cost Accountants, for conducting the
otherwise, in the resolution set out at Item No. 6 of the Notice.
cost audit for the year 2018-19, as approved by the Board of
This Explanatory Statement may also be regarded as a disclosure
Directors, is being placed before the Members for ratification.
under Regulation 36 of SEBI (Listing Obligations and Disclosure
The directors recommend adoption of the Resolution at Item Requirements) Regulations, 2015 and Secretarial Standard on
No.5 of the Notice by the Members. General Meetings (SS-2) of ICSI.
None of the directors, key managerial personnel of the ITEM NO.7
Company or their relatives are concerned with or interested in, The appointment and remuneration of Whole-time directors
financial or otherwise, in the Resolution set out at Item no.5 of (WTD) including Managing Director and CEO of the Company
the Notice. is determined by the Members at the general meeting of
your Company. Currently, the Company has four WTD viz.
ITEM NO.6
Mr. Gautam Chatterjee, Managing Director and CEO, Mr. A K
Pursuant to Section 161 of the Companies Act, 2013, the
Mukherjee, Director – Finance and CFO, Mr.Arun Mittal, Director
Board of Directors pursuant to the recommendations of the
– Industrial and Mr. Subir Chakraborty, Director – Automotive.
Nomination and Remuneration Committee, at its meeting held
At the time of their last appointment, it was approved by the
on 25th October, 2017 appointed Mr. Surin Shailesh Kapadia
Members that the maximum performance bonus payable to
(holding DIN 00770828) as an Additional Director (Independent
them would be subject to a maximum of their respective annual
and Non-Executive) of the Company to hold such office till
salary based on certain performance criteria to be laid down by
the conclusion of the ensuing Annual General Meeting of the
the nomination and remuneration committee of the Board of
Company. In terms of Section 149 of the Companies Act, 2013
Directors.
and any other applicable provisions of the Companies Act, 2013
and SEBI (Listing Obligations and Disclosure Requirements) In order to further motivate the WTDs who exhibit strong desire
Regulations, 2015, Mr. Surin S Kapadia being eligible, offers to overachieve the targets set for the year, the board on the
himself for appointment and is proposed to be appointed recommendation of nomination and remuneration committee,
as an Independent Director for five consecutive years, at the proposes to further reward them by enhancing the overall
ensuing Annual General Meeting. In the opinion of the Board, limit of the performance bonus from 12 month’s basic salary
Mr. Kapadia fulfils the conditions specified in the Companies to 24 month’s basic salary which shall be payable based on the
Act, 2013 read with relevant rules made thereunder and SEBI performance targets as may be laid down by the nomination
(Listing Obligations and Disclosure Requirements) Regulations, and remuneration committee from time to time.
2015, for his appointment as an Independent Director of
Since there is variation in the terms and condition of
the Company and is independent of the management. Copy
remuneration of the WTD, accordingly, a fresh approval of the
of the draft letter of appointment of Mr. Kapadia as an
Members is sought by way of an Ordinary Resolution under the
Independent Director setting out the terms and conditions of
applicable provisions of the Act, for payment of remuneration
appointment would be available for inspection without any fee
that may be received by the Whole-time directors for the period
by the members at the Registered Office of the Company on

37
commencing from financial year 2018-19 upto the period of or interested in, financial or otherwise, in the resolution set out
their respective appointments. at Item No. 7 of the Notice.
None of the directors and key managerial personnel of the By Order of the Board
Company or their relatives, except Mr. Gautam Chatterjee,
Sd/-
Managing Director and CEO, Mr. A K Mukherjee, Director – Jitendra Kumar
Finance and CFO, Mr. Arun Mittal, Director – Industrial and Mr. Company Secretary and
Subir Chakraborty, Director – Automotive, are concerned with Place: Mumbai EVP – Legal & Admin
Date: 7th May, 2018 ACS No. 11159
ANNEXURE
Information pursuant to Regulation 36(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 with regard
to the Director seeking appointment and re-appointment at the forthcoming Annual General Meeting (Refer Item No 3,4 & 6 of
the Notice)
Name of the Date of Brief resume and nature of expertise in No. of equity Other Directorships in listed entities
Director Birth specific functional area shares held in / Other Committee memberships*
the Company held
Mr. A.K.Mukherjee 14.05.1961 Mr. A. K. Mukherjee is a Chartered 1000 DIRECTORSHIPS:
(DIN: 00131626) Accountant and also a Cost Accountant NIL
and has a wide range of experience in COMMITTEE
financial and accounting matters. He joined
the Company in 1998 and has been on the MEMBERSHIPS
Company’s Board of Directors since 1st May, Member of the
2007. Audit Committee
He was nominated as the best performing Exide Life Insurance
CFO Auto and Auto Ancillaries Sector Company Limited (Member)
by CNBC – TV 18 in 2008-09. He was also Membership of
nominated as the Best Transformation
Agent (Large Companies) by Business Today Stakeholders’ Relationship
in association with Yes Bank in 2013-14 Committee
NIL
Mr.Arun Mittal 20.12.1966 Mr. Arun Mittal is a Fellow member of 1152 DIRECTORSHIPS:
(DIN 00412767) Institute of Chartered Accountant of India NIL
and an Associate member of Institute of COMMITTEE MEMBERSHIPS
Cost & Works Accountants of India and Member of the Audit Committee
Institute of Company Secretaries of India. NIL
He has experience across various functions
Membership of
with in-depth knowledge of best practices,
ability in formulating & implementing Stakeholders’ Relationship
successful strategies to effect high business Committee
growth. NIL
Mr. Surin Shailesh 19.10.1980 Mr. Surin Shailesh Kapadia is a fellow member NIL DIRECTORSHIPS:
Kapadia of the Institute of Chartered Accountants EIH Associated Hotels Limited
(DIN 00770828) of India and Partner of M/s G. M. Kapadia COMMITTEE
& Co., Chartered Accountants. He is the MEMBERSHIPS
head of the Firm’s Transaction Advisory and
Member of the Audit
Valuation practices. He is also an integral
part of the consultancy and corporate law Committee
practices of the Firm and is actively involved NIL
in rendering high value-added professional Membership of
services. He has over 15 years’ experience in Stakeholders’ Relationship
the field of taxation, exchange control laws, Committee
mergers and acquisition and valuation. NIL
* Includes Chairmanship/Membership in Audit Committee/Stakeholders’ Relationship Committee.
Note: None of the Directors of the Company are related to each other.

Directors’ Report to the Shareholders

(Including Management Discussion & Analysis)
Your Board of Directors are pleased to present the 71st Annual Automotive Battery business. A host of new product launches
Report of the Company together with Audited Accounts for the and new marketing initiatives in the four-wheeler and two-
year ended 31st March, 2018. wheeler aftermarket segments helped your Company register
a robust double-digit growth as compared to the previous year.
ECONOMIC ENVIRONMENT
The year 2017-18, was a watershed year in the field of indirect As the most preferred partner to almost all the vehicle
taxation in India. On 1st July 2017, the nation ushered in the manufacturers in the country, your Company continued growing
Goods and Services Tax (GST). With its introduction, a long- at a fast pace driven by the sustained growth of the automobile
cherished dream of many governments to transform India into OEMs. Exports and Institutional business also witnessed healthy
“one economic union, one market, one tax” was realised. This growth this year.
composite tax saw many levies being done away with. GST
Industrial Batteries
remains the most significant tax transformation in India since
Your Company registered a robust double digit growth in the
Independence, and the largest tax transformation exercise ever
industrial division. It has become the preferred choice of majority
implemented in the world.
of Telecom Tower companies and has gained significant market
The Indian economy demonstrated its resilience by absorbing share in the private telecom space by displacing competition.
dramatic change brought in by demonetisation and introduction Your Company’s Advanced VRLA products have been found to
of GST and has regained its status as the fastest growing major be superior in enhanced backup and charge acceptance and the
economy during the current calendar. The government has Company has been awarded the Gold Award in the Technology
demonstrated its commitment to fiscal prudence by sticking space by the largest Tower Company of the country.
to its revised fiscal deficit targets and in supporting strongly
Your Company has also done successful trials with the Ultra
RBI’s efforts to keep inflation in check. All growth drivers of the
range of batteries in technical collaboration with East Penn,
economy viz. public and private capital expenditure, domestic
USA and Ecoult, Australia, in the off-grid Telecom Tower sites
consumption, exports, and foreign direct investments continue
and the trials have demonstrated significant savings in diesel
to gain in strength. The government also demonstrated its
consumption as compared to Advanced VRLA products. The
responsiveness to business community by streamlining GST
Company plans to commercially deploy Ultra range of Batteries
glitches in a nimble fashion.
in the coming years for reducing the diesel consumption and
Going forward, economic activity is expected to gather further remains committed towards creating solutions for a fossil fuel
momentum in FY 2018-19, benefiting from a conducive free world.
Domestic and Global environment. With the implementation
Your company has also registered double digit growth in the
and stabilisation of GST, movement and transportation of
UPS segment and continues to be the preferred choice of
goods will also become a lot smoother and efficient.
almost all the OEM’s in the country.
INDUSTRY STRUCTURE & DEVELOPMENT
The Passenger Vehicle Industry domestic sales grew at 8% during
the year, as compared to 9% in the previous year. The rise in
fuel prices, inflation and an increase in interest rates dampened
slightly, the enthusiasm generated by the slew of new model
launches by leading OEMs. After a slow 4% growth last year,
Your Company recorded a Net
the Commercial Vehicle Segment bounced back strongly with Sales of Rs. 9,186 crores in
a 20% growth in domestic sales. In the 3/4 Wheeler market,
domestic sales grew at nearly 12% compared to 6% last year.
2017-18 as compared to Rs. 7,583
Two-Wheeler sales have seen a robust growth at 15% compared crores in the previous year with
to a modest 7% growth last year.
a corresponding operating profit
COMPANY PERFORMANCE
Automotive Batteries
(EBIDTA) of Rs. 1,241 crores as
Buoyed by significant growth in volumes over the previous compared to Rs. 1,082 crores.
year, your Company consolidated its leadership position in the

39
The other segments including Solar, Traction, Power & Projects advanced technology to meet the emerging expectations of
have also registered robust growth and Exide continues to be the customers. The in-house Research & Development (R&D)
the preferred brand for the customers. division is recognised by the Department of Scientific and
Industrial Research (DSIR), Government of India, as a fully
Submarine
accredited Research Centre in the field of energy storage. Import
During the year under review, your Company successfully
substitution of raw materials, reducing energy consumption
completed bulk production of the 1st set of indigenous
and manufacturing cycle time reduction are some of the areas
submarine batteries for French Scorpene class submarines
where the priorities are highest.
recently inducted into the Indian Navy. These batteries
completely passed all the most stringent quality control norms The in-house R&D also plays a major role in providing the
& tests set by the Ministry of Defence that was spread over interface between the Company priorities and the adoption
many months, before final acceptance by M/s Mazagon Dock of collaborators’ technology. Your Company has ongoing
Shipbuilders Limited. technical collaboration and assistance agreements with East
Penn Manufacturing Company Inc., USA (EPM), a leading
Your Company has acquired a new export customer viz.,
US manufacturer of lead acid batteries and related items.
Vietnam Navy beating international competition to expand
An advanced manufacturing facility has been installed and
the international submarine battery business and successfully
commissioned at Haldia Plant and new range of advanced
signed prestigious contracts for manufacture & supply of
products (with Punched Grids) has been launched in Exide
2 sets of submarine batteries for their new Russian 636 class
MGRID & Exide EGRID brands. The introduction of state-of-the-
submarines. These batteries are currently under production &
art Punched Grid Technology ensures enhanced battery life with
will be exported during the financial year 2018-19.
higher corrosion/float life than conventional battery and allows
Your Company has also received an important order to for high level of productivity with performance consistency.
manufacture and supply one set of submarine batteries for Also, higher power to weight ratio than present equivalent
the next indigenous nuclear submarine under construction. conventional products is another key feature of this technology.
This battery set also is under production and is expected to be
Your Company has also an ongoing technical assistance and
supplied during the next financial year 2018-19.
collaboration agreement with ‘Furukawa Battery Company
Exports Limited, Japan” for various automotive applications.
In the fiscal year 2017-18, automotive exports have registered Additionally, your Company has a long standing technical
substantial growth through new markets, new brands, cooperation agreement with Hitachi Chemicals Co. (formerly,
supporting promotional activities and increasing the market Shin Kobe Electric Machinery Co.), Japan, for a variety of
shares in the existing markets. automotive as well as VRLA industrial range of products. Based
on the research inputs received from Hitachi Chemicals, during
For automotive batteries, during the financial year, your
the course of the recently concluded financial year, a new ‘Zero
Company was able to increase its reach by extending four
Maintenance Sealed Flooded automotive battery’ has been
wheeler battery markets in majority of GCC (Gulf Co-operation
launched in replacement market.
Council) countries, South East Asian countries and select African
nations. As a result of such efforts made in exports, there was a In the Industrial Battery segment, the state-of-the-art ‘Ultra
total growth in export sales value over 31% as compared to the Battery’ with outstanding charge acceptance characteristics,
previous financial year. nearly at par with lithium technology has been introduced for
field trials in Telecom. It is also a proven technology globally,
For Industrial batteries, your Company increased its reach by
and is vigorously being pursued for MW scale renewable
entering into new traction markets in Saudi Arabia and Zambia
energy storage, grid stabilisation, diesel abatement and other
while consolidating its position in the major market in Europe
allied operating modes. New machinery has been installed
and South East Asia. For the standby segment, the Company
& commissioned for manufacturing of Ultra Battery. The
made inroads into new markets like Zambia, Angola, Gambia,
development has taken place in collaboration with East Penn
Saudi Arabia & Chile. The Company increased the capacity of
Manufacturing, USA and Ecoult Pty, Australia.
traction batteries and has been able to utilise the full capacity
resulting in high growth in exports of industrial batteries over Your Company has also been pursuing the development of
the previous financial year. appropriate lithium-ion technology for applications in the
country particularly for the emerging demands of electric
Technology Upgradation
vehicles. Prototypes have been assembled and are undergoing
In order to maintain its leadership position, your Company
laboratory and field tests to be followed by submission for
is continuously focused on upgrading its products and
certification by regulatory authorities. The work is closely being
manufacturing technology as well as acquiring new and

done under the technical collaboration and guidance of IIT for pricing. About 30% of your Company’s business with OEM’s
Madras and associated organisation. as well as institutional customers is having “Lead price variation
clause” and thus this portion of the business is protected from
Your Company has recently entered into a Technical License
lead price volatility. The balance 70% of the Company’s business
Agreement with ‘Advanced Battery Concepts, LLC, USA’ (ABC)
to retail customers is exposed to lead price volatility, the risk
for acquiring the Know-how and Technology in the field of Bi-
of which is reduced to an extent by increasing the usage of
Polar Lead Acid Storage Batteries.
recycled lead which is cheaper than pure lead and not directly
HIGHLIGHTS OF PERFORMANCE exposed to LME price movement.
Your Company recorded a Net Sales of Rs. 9186.32 crores in
The exposure to currency fluctuations and its impact on
2017-18 as compared to Rs. 7583.47 crores in the previous year
Company’s business is significant since about 30% of Lead and
with a corresponding profit before tax of Rs. 1006.16 crores as
Lead Alloys procurement is based on “import parity price”.
compared to Rs. 975.73 crores.
Further, your Company imports few other materials and capital
Financial Results goods. Exports made by your Company which constitutes about
5% of the Company’s business, acts as an automatic hedge
(Rs. in Crores) against risks resulting from currency fluctuation.
2017-18 2016-17
Profit before depreciation, finance cost 1299.17 1186.36 Your Company as a policy does not enter into commodity
& tax expenses hedging or currency hedging. In a few cases forward covers are
Depreciation and amortisation expenses 245.94 206.32 taken against import liabilities.
Finance cost 5.24 4.31 During FY 2017-2018 the average LME price of pure lead
Profit Before Exceptional item and Tax 1047.99 975.73 increased by 19% as compared to FY 2016-2017, while the
Exceptional item 41.83 - average landed cost of Lead and Lead Alloys, including recycled
Profit Before Tax 1006.16 975.73 lead, in 2017-2018 indicates a rise of 14% as compared to the
Tax expenses 337.81 282.09 previous financial year.
Profit After Tax 668.35 693.64
Other Comprehensive Income 2.90 1.90 Consolidated Financial Statements
Total Comprehensive Income for the year 671.25 695.54 As required under SEBI (Listing Obligations & Disclosure
Balance brought forward 4878.59 4426.43 Requirements) Regulations, 2015 and in accordance with
Making a total of 5549.84 5121.97 the Indian Accounting Standard (Ind-AS) 110, Consolidated
Out of this appropriations are : Financial Statements of the Company and its subsidiaries form
Final Dividend for 2015-16 (80%) - 68.00 part of the Annual Report and are reflected in the consolidated
Final Dividend for 2016-17 (80%) 68.00 - financial statements of the Company. These statements have
Tax on Final Dividend 13.84 11.69 been prepared on the basis of audited financial statements
Interim Dividend for 2016-17 (160%) - 136.00 received from the subsidiary companies as approved by their
Interim Dividend for 2017-18 (160%) 136.00 - respective Boards.
Tax on Interim Dividend 27.69 27.69 Dividend
(Aggregate Dividend amounts to 240% 245.53 243.38 Your Company has paid an interim dividend at the rate of 160%
(previous year - 240%)
i.e. @Rs 1.60 per equity share of Re.1 each on the equity shares
And leaving a balance of (which is 5304.31 4878.59 to the shareholders, whose names appeared on the Register
carried forward to next year)
of Members on 6th November, 2017. Your Directors are now
pleased to recommend a final dividend at the rate of 80%
Effect of Lead Price Movement
i.e. Re. 0.80 per equity share of Re.1 each for the year ended
Lead and Lead Alloys are the primary materials consumed in the
31st March, 2018, subject to approval of the shareholders at
manufacturing of batteries representing more than 70% of total
the ensuing Annual General Meeting. Consequently, the total
material consumption by value. Your Company procures about
dividend for the year ended 31st March, 2018 including the
30% of its Lead and Lead Alloys requirement through imports
interim dividend paid during the year, shall be 240% i.e. Rs. 2.40
or import parity pricing based on prices quoted on London
per equity share of Re.1/- each.
Metal Exchange (LME). The balance 70% is procured locally at
prices which are influenced by demand/supply situation as well Share Capital
as LME movement. The paid up equity share capital as on 31st March, 2018 was
Rs. 85 crores, divided into 85,00,00,000 equity shares of face
Your Company procures Lead and Lead Alloys mostly at current
value of Re. 1 each.
prices or on LME averages and there is no long-term contract

41
A) Issue of equity shares with differential rights AUDITORS

The Company did not issue equity shares with differential Statutory Auditors and their Report
rights during the financial year 2017-18. M/s B S R & Co. LLP, Chartered Accountants, were appointed as
Statutory Auditors of your Company at the Annual General Meeting
B) Issue of sweat equity shares
held on 27th July, 2017, for a term of five consecutive years till the
The Company did not issue sweat equity shares during the
conclusion of 75th Annual General Meeting of the Company.
financial year 2017-18.
The Report given by the Auditors on the financial statements of
C) Issue of employee stock options
the Company is part of the Annual Report. There has been no
The Company did not issue stock options during the
qualification, reservation, adverse remark or disclaimer given by
financial year 2017-18.
the Auditors in their Report.
D) Provision of money by Company for purchase of
The Statutory Auditors have not reported any incidence of
its own shares by employees or by trustees for the
fraud to the Audit Committee of the Company during the year
benefit of employees
under review.
The Company does not have a scheme for purchase of its
own shares by employees or by trustees for the benefit of Cost Auditors
employees. Pursuant to Section 148 of the Companies Act, 2013 read
with the Companies (Cost Records and Audit) Rules, 2014 (as
Deposits
amended), the cost records maintained by the Company in
During the year under review, the Company did not accept
respect of the products manufactured by the Company are
any deposits from the public within the ambit of Section 73 of
required to be audited. Your Directors, on the recommendation
the Companies Act, 2013 and the Companies (Acceptance of
of the Audit Committee has appointed M/s Shome & Banerjee,
Deposits) Rules, 2014.
Cost Accountants to audit the cost records of the Company for
Particulars of Loans, Guarantees or Investments the financial year 2018-19 at a remuneration of Rs. 9,00,000/-
Pursuant to Section 186 of the Companies Act, 2013, the details plus out-of pocket expenses and taxes as applicable.
of the loans given (Note nos. 6 and 13), guarantees on securities
A resolution regarding ratification of remuneration payable to
provided (Note no. 38(ii)) and investments made (Note nos. 4
M/s Shome & Banerjee, Cost Accountants, forms part of the
and 9) by the Company during the year under review, have
Notice convening the 71st Annual General Meeting of the
been disclosed in the financial statements.
Company.
Material Changes and Commitments
Secretarial Auditors & their Report
There have been no material changes which have occurred
Pursuant to the provisions of Section 204 of the Companies
subsequent to the close of the financial year of the Company
Act, 2013 read with the Companies (Appointment and
to which the financial statements relate and the date of the
Remuneration of Managerial Personnel) Rules, 2014, the
report, for example:
Company has appointed M/s A. K. Labh & Co., Practising
Settlement of tax liabilities; Company Secretaries to undertake audit of secretarial and
other related records of the Company for the financial year
Operation of patent rights;
2017-18. The Secretarial Audit Report is annexed herewith as
Depression in market value of investments; “Annexure – I”. The Secretarial Audit Report does not contain
any qualification, reservation or adverse remark.
Institution of cases by or against the Company;
BUSINESS RESPONSIBILITY REPORT
Destruction of any assets or disposal of a substantial part
The Ministry of Corporate Affairs, Government of India, in
of undertaking;
July 2011, came out with the ‘National Voluntary Guidelines
Changes in capital structure; on Social, Environmental and Economic Responsibilities of
Business’. These guidelines contain certain principles which are
Alteration in wage structure arising out of trade union
to be adopted by companies as part of its business practices
negotiation; and
and disclosures regarding the steps taken to implement these
Material changes concerning purchase of raw material principles through a structured reporting format, viz. Business
and sale of the product. Responsibility Report. Pursuant to Regulation 34(2)(f) of SEBI

(Listing Obligations and Disclosure Requirements), Regulations, the years ahead. The excellence in areas of operation, supply
2015, your Company has prepared the Business Responsibility chain sustainability, quality, innovation, corporate governance
Report and is annexed herewith as “Annexure - II” etc. were assessed by external professional bodies like JIPM, CII,
Institute of Directors, ACFI, Greentech, Arogya Health, GCI etc.
CORPORATE GOVERNANCE
119 Awards have been received by your Company in various
Transparency is the cornerstone of your Company’s philosophy
categories during the financial year.
and all requirements of corporate governance are adhered to
both in letter and spirit. All the committees of the Board of Quality Circle is an effective approach to voluntarily involve
Directors meet at regular intervals as required in terms of SEBI people in the continuous improvement journey. The QC projects
(Listing Obligations & Disclosure Requirements) Regulations, are aligned to the business strategy to achieve the business
2015. Your Board of Directors has taken necessary steps to goals and produce tangible and intangible benefits through
ensure compliance with all statutory requirements. The directors involvement of workmen. This initiative is deployed in all the
and key management personnel and senior executives of your factories and to extended supply chain.
Company have complied with the approved ‘Code of Conduct
TQM Ranking Assessment System has been introduced for
for Board of Directors and Senior Executives’ of the Company.
transparent rating and evaluating with an intensive focus to
The declaration to this effect pursuant to Schedule V of the SEBI
regularly monitor and measure the various TQM initiatives
(Listing Obligations & Disclosure Requirements) Regulations,
practiced in the factories. It helped in identifying the gaps and
2015 signed by Managing Director and CEO of the Company
improving the system and process along with cross functional
forms part of the Annual Report.
learning. This ranking system has been institutionalised for
The Report on Corporate Governance as required under building competitiveness among factories and flow of best
Regulation 34(3) read along with Schedule V of the SEBI practices from one factory to other. The audit is conducted at
(Listing Obligations & Disclosure Requirements) Regulations, quarterly intervals and factories are ranked as per the audit
2015 forms part of and is annexed herewith marked as outcome.
“Annexure – III”. The Auditors’ Certificate on compliance with
OCCUPATIONAL HEALTH, SAFETY & ENVIRONMENT
Corporate Governance norms is also attached to this Report.
Your Company has a well designed EHS (Environment,
Further as required under Regulation 17(8) of SEBI (Listing
Occupational Health & Safety) policy and it is effectively
Obligations & Disclosure Requirements) Regulations, 2015, a
deployed across all factories. All factories are certified for EMS
certificate from the Managing Director & CEO and Director-
14001 & OHSAS 18001 BY TUV NORD.
Finance & CFO is being annexed with this Report.
Your Company utilises natural and man-made resources in an
BUSINESS EXCELLENCE
optimal and responsible manner and ensures the sustainability
Your Company has a well-designed TQM Model to drive the
of resources by reducing, reusing, recycling and managing
organisation towards continuous improvement in order to
waste. It regularly monitors and prevents pollution through
deliver high-quality products and services to customers. The
waste minimisation at the source; recovery / treatment of
TQM model is aimed at developing TQM culture for long–
emissions and releases and conservation of energy. This
term success through customer satisfaction. All members of
progressively improves environment, occupational health and
the organisation participate in improving processes, products,
overall carbon footprint.
services aligned to the business needs.
Your Company has established, implemented and maintained a
The TQM initiatives deployed in your company are: TPM,
procedure for the ongoing identification of hazards, assessment
Six Sigma, 5S, Kaizen, Quality Circle, and Suggestions. Your
of their risk and determining the necessary controls. Safety
Company has implemented International Standards like ISO
Audits, Hazard Evaluation, Emergency Management Planning
9001 & IATF 16949 for Quality and ISO 14001 & OHSAS 18001
are conducted periodically in the factories.
for Environment, Health & Safety. The Organisational learning
and development was one of the key focus areas during the Your Company’s employees as well as the upstream partners
financial year. There is a structured framework for monitoring are being regularly trained and awareness programmes are
and measurement in your Company for all these TQM initiatives conducted to ensure health and safety risks are minimised for
that flashes the monthly report on various TQM performance the employees and contract workers.
metrics.
Occupational health and safety is given the utmost focus in
Implementation of best practices and promoting competitive your Company, through TQM ranking audit in every quarter
capability of the organisation is one of the important areas your the functioning of the following things is ensured on proactive
Company focused during the year and is committed to excel in basis to achieve zero accident which is our goal in TPM:

43
a) Emergency Response Plan The Board of Directors of your Company has approved a
b) Near miss capturing Corporate Social Responsibility (CSR) Policy namely “EIL CSR
c) Incidents Investigation & gaps closure Policy” in accordance with Section 135 of the Companies Act
d) Functioning of safety equipment like fire hydrants, Fire 2013 and the Companies (Corporate Social Responsibility
extinguishers etc. Policy) Rules, 2014 notified by the Ministry of Corporate Affairs,
e) Medical Surveillance plan of employees. Government of India, which is available on the organisational
website at http://www.exideindustries.com/investors/
The maturity level of Occupational Health & Safety and
governance-policies.aspx. The CSR policy underlines the
Environment system are assessed by separate external
guiding principles and mechanisms for undertaking various CSR
certification body. During the financial year 2017-18, your
activities/ programs by the Company.
Company has been awarded with
The disclosure as per Rule 9 of Companies (Corporate Social
Golden Peacock Awards- ‘Special Commendation’ for
Responsibility Policy) Rules, 2014 is annexed hereto as
Sustainability
“Annexure – IV”.
Grow Care India Environment Award 2017 for Chinchwad
factory A total amount of Rs. 1771.03 lacs was spent during financial
Annual Greentech Gold Award in Safety Category for year 2017–18 as against its 2% obligation amounting to Rs.
Hosur factory. 1764.20 lacs, thereby fulfilling its entire CSR obligation. The
Arogya Healthy Work Place Award 2017 (Gold Award) for main thrust for the year was to consolidate the efforts which
Hosur factory. had been made over the past few years. The year witnessed
establishment of certain model projects especially in basic
Your Company is transparent about the sustainability challenges.
education which created higher impact within the given
Identifying the economic, environmental and social issues that
resources and can be considered for further replication as and
are relevant for the business, environment and stakeholders is
where applicable in future projects.
most important. The sustainability efforts include reduction of
pollution, waste elimination, effective utilisation and recycling Your Company made significant strides in achieving over 100%
of existing natural resources (like as water, oil, gas, metal), and utilisation for the year to harness all its resources for successful
energy saving. Your Company complies with applicable legal, execution of CSR projects across all the manufacturing units at
statutory, regulatory, customer specific and other requirements West Bengal, Maharashtra, Tamil Nadu, Uttarakhand, Haryana
related to the environmental aspects, occupational health and and also for certain big-ticket projects at national level. Some
safety. Your Company has focused on the sustainability of its of the projects were undertaken through nationally renowned
upstream partners for business sustainability. Several vendor partner organisations like UNICEF, Wildlife Conservation Trust,
sustainability programs have been conducted in all the regions Diabetics Association of India, Society for the Rehabilitation
involving almost all the critical vendors. Periodic trainings on of Paraplegics, Marrow Donor Registry (India), YUVA
Risk Assessment, Environment, Health & Safety and Quality Unstoppable, India Sponsorship Committee, Cheshire Homes.
have been provided to them for sustainability of their business. Beside national level tie-ups, projects were undertaken with
local partnerships primarily for basic educational support and
CORPORATE SOCIAL RESPONSIBILITY
sanitation programmes. A significant amount was spent directly
Your Company always seeks ways to imbibe long-term
through the dedicated CSR teams across all manufacturing units
sustainability through inclusive growth and development
led by the Central team.
not only within the adjoining community around the main
operational locations but also with the society at large at The year continued to witness a thrust on projects at school level
regional or national level. The core thematic areas that continue mainly for promoting education, sanitation, making available
to remain the main pillars of your Company’s CSR philosophy safe drinking water. Along with the above the other significant
are: ones were for public healthcare, women empowerment
and promoting education including special education and
1. Basic Education
employment enhancing vocation skills, rural development,
2. Health
eradication of hunger, poverty and malnutrition.
3. Environment Management
4. Women Empowerment The social initiatives undertaken by the Company through
5. Community Development. the year essentially were a step closer to creating long term
sustainable development through possible transformation in
The above areas were an integral part of the Company’s CSR
the lives of the beneficiaries.
Philosophy well before the mandatory CSR provisions were
introduced in the Companies Act, 2013.

INTERNAL CONTROLS like Electric vehicles, solar and telecom are expected to catch
A strong internal control framework is an essential pre-requisite the penetration of lithium ion. Your Company has implemented
of growing business. In this context, to the best of their the lithium ion technology road map and strategies to tap the
knowledge and belief and according to the information and market potential. It has leveraged the strength of collaborators
explanations, obtained by them, your Directors state that your and technology transfer plan is in place. It has also established
Company’s internal control systems are commensurate with the lithium ion organisational structure.
its size and scale of operations that are designed to provide
In order to maintain its leadership position in Lead Acid
reasonable assurance that the Company’s financial statements
business, new products are being introduced to ensure the
are reliable and prepared in accordance with the law.
competitive differentiator in each of the segments. Product
OUTLOOK plans are in place to fulfill the Automotive OEMs expectation of
Two successive years of strong performance and recovery of reduced battery weight, satisfying BS VI norms. Some of these
new auto sales should be a huge boost for automotive battery new developments are ultra battery for automotive range,
business in the coming years. GST should also drive market AGM VRLA for E- Rickshaw, etc. It is leveraging the capabilities
share gains from the unorganised players in the aftermarket of collaborators to outperform in technology development
segment, as well. Emerging opportunities like the e-rickshaw program. Your Company’s technology development initiatives
segment would also add to growth in the medium term. are adequate for sustained leadership position.
Post de-monetisation and implementation of GST, the Indian Risk of environmental damage is also one of the top risks.
economy is expected to grow faster in FY 2018-19 compared to Mitigating actions are in place to ensure protection of
the Economic Survey estimated growth projection of 6.75% for environment. ETP, STP plants are installed in each & every
2017-18. Growth forecast by the International Monetary Fund factory of your Company so that water released on land does
(IMF) for FY 2018-19 is at 7.4%. not pollute it. Factories of your Company are zero discharge
factories. Water harvesting, Plantation, Hazardous Waste
Decrease in the Consumer Price Index (CPI) inflation rate and a
management, Environmental monitoring, Monitoring of the
buoyant economic outlook should offer a healthy and profitable
BLL of employees and Statutory Compliance Management are
growth opportunity for the industry.
carried out to minimise the damage to environment by your
OPPORTUNITIES AND THREATS Company. There is a road map to increase the usage of solar
Contrary to general perceptions, your Company believes that lead energy. Solar Panels are being installed in manufacturing units.
acid batteries will remain relevant even in the electric vehicle (EV) Your Company has end to end plan to minimise adverse impact
world. Most EVs have a 12V lead acid battery as auxiliary battery on environment due to activities across the Value Chain. As part
for SLI (starter, lighting and ignition) application. Unless there is of suppliers sustainability program, an initiative to promote
significant change of technology, lead acid batteries will continue the sustainability which significantly covers the environmental
to be the most reliable and affordable power source for vehicles. aspects and structured its requirement to protect the planet.
Newer lead acid battery technologies are also redefining the Plastic waste reduction program to reduce the consumption of
performance limits of the battery. plastic material, usages in material handling and manufacturing
disposals have been launched. Reduction of resource
The current growth in automobile sales translates into medium
consumption, yield of raw material (PPCP), energy efficiency,
and long-term opportunity for sale of replacement batteries. The
compliance to ISO 14001 standards are some of the focus areas
rapid growth in E-rickshaw population continues unabated and is
which are being driven across supplier fraternity. Initiative to
quickly becoming a huge source of business for aftermarket sales.
enhance the rate of battery scrap collection through dealer
The strong brand equity, the exceptional channel partnerships network is in place.
and the technology leadership that your Company enjoys, places
VIGIL MECHANISM/WHISTLE BLOWER POLICY
it in a unique position to leverage the emerging opportunities
Your Company has a Whistle Blower Policy establishing vigil
and translate them into profitable growth.
mechanism, to provide a formal mechanism to the directors,
Being dependent on several other industry segments like employees and stakeholders to report genuine concerns about
Automobile, Power and Manufacturing, makes your Company unethical behavior, actual or suspected, fraud or violation of
susceptible to the performance of these sectors. the Company’s Code of conduct or ethics policy in accordance
with the provisions of the Companies Act, 2013 read with the
RISKS AND CONCERN
Companies (Meeting of Board and its Powers) Rules, 2014
There is risk of new battery technology such as lithium ion
and SEBI (Listing Obligations & Disclosure Requirements)
technology which is penetrating into market, and reduction in its
Regulations, 2015. The Policy provides for adequate safeguards
price is making it viable in many segments. The emerging areas
against victimisation of persons who use such mechanism and

45
provides for direct access to the Chairperson of the Audit said Company achieved a turnover of Rs. 81.81 crores and
Committee in appropriate or exceptional cases. Your Company a profit before tax of Rs. 4.07 crores.
has provided a dedicated email address for reporting such
Chloride International Limited is presently not engaged in
concerns. It is affirmed that no personnel of the Company
any trading or manufacturing activity and has income from
has been denied access to the Audit Committee. The Policy
rent and interest/dividend on securities. The income of
is available on the web-site of the Company under the web-
Chloride International Limited during 2017-18 amounted
link ‘http://www.exideindustries.com/investors/governance-
to Rs. 68.04 lakhs with a profit before tax of Rs. 56.28
policies.aspx. The Audit Committee of Board is entrusted with
lakhs representing a decrease of 5% and 8% respectively
the responsibility to oversee the vigil mechanism.
over the previous financial year.
SUBSIDIARIES
Your Company also holds 100% of the share capital in
Your Company has four Indian subsidiaries viz, Chloride Metals
Chloride Batteries S.E Asia Pte. Ltd., Singapore. The said
Limited, Chloride Power Systems & Solutions Limited, Chloride
Company is engaged in production and distribution of
International Limited, Exide Life Insurance Company Limited
industrial battery chargers, rectifiers and parts thereof and
and three foreign subsidiaries, viz. Chloride Batteries S.E Asia
the distribution of industrial and automotive batteries. It
Pte. Ltd., Singapore, Espex Batteries Limited, UK and Associated
caters to the South East Asian and Australian markets.
Battery Manufacturers (Ceylon) Limited, Sri Lanka.
During the year 2017-18, the said Company achieved a
Exide Life Insurance Company Limited (‘ELI’), a 100% turnover of SGD 23.37 million and incurred a loss of SGD
subsidiary of your Company, is engaged in the business of 0.7 million.
life insurance and annuity, offering a range of individual

Espex Batteries Limited, UK, 100% subsidiary of your
and group life, pension and health products across
Company is engaged in marketing and selling of lead
traditional and unit-linked platforms. It reaches customers
acid batteries for industrial applications in UK and its
through technology enabled solutions and its network of
neighboring areas. During 2017-18, the Company achieved
200 plus offices to cater to the needs of customers.
a turnover of GBP 6.7 million and made a profit before tax
ELI manages assets (AUM) of over Rs. 12,500 crores as of GBP 0.25 million.
at 31st March, 2018. The total premium collected by ELI
Your Company also holds 61.5% of the share capital in
during the year ended 31st March, 2018 was Rs. 2,532
Associated Battery Manufacturers (Ceylon) Limited, Sri
crores as against Rs. 2,408 crores collected during the
Lanka. The said Company is engaged in the business of
previous year ended 31st March, 2017. It has also recorded
manufacturing and marketing of lead acid batteries.
a profit before tax of Rs. 60.02 crores during the year
During the year 2017-18, the said Company achieved a
ended 31st March, 2018 as against a profit of Rs. 112.51
turnover of SLR 3357.56 million and made a profit before
crores recorded during the previous year.
tax of SLR 271.88 million.
As at 31st March, 2018, market consistent embedded
he profit and loss accounts, balance sheet, auditors’ report
T
value (MCEV) of ELI was Rs. 2,137 crores against MCEV of
and directors’ report of the subsidiaries are not attached to the
Rs. 2,051 crores in the previous year.
annual accounts of your Company pursuant to general exemption
Chloride Metals Limited, another 100% subsidiary of your granted vide general circular number 2/2011 dated 08.02.2011
Company, having its plants situated at Markal, Taluka issued by the Government of India, Ministry of Corporate
– Khed, Pune and Malur, Kolar district, Karnataka is Affairs and in terms of section 136 of the Companies Act, 2013.
engaged in the business of running smelting plants having Pursuant to the provisions of Section 129(3) of the Companies
integrated facilities for extracting lead from exhausted Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014,
batteries and manufacturing and supplying recycled lead a statement containing salient features of financial statements of
and lead alloys. The net sales of Chloride Metals Limited subsidiaries in Form AOC-1 is attached to the financial statements.
was Rs. 2,013.56 crores and a profit before tax was Rs. However, the necessary details about the subsidiaries are given
29.65 crores representing an increase of 41% in net sales in the consolidated financial statements. The Company will
and a decrease of 13% in profit before tax compared to make available the said financial statements and related detailed
the previous financial year. information of the subsidiary companies upon request by any
member of the Company or its subsidiary companies. Copies of

Chloride Power Systems & Solutions Limited, a 100%
the financial statement of the subsidiaries would also be available
subsidiary of your Company having its factory at Sector V,
for inspection by any such person at the registered office of your
Salt Lake City, Kolkata is engaged in manufacture and sale
Company on any working day as specified in the Notice convening
of battery chargers, D.C Power Systems, solar installations
the 71st Annual General Meeting.
and associated equipment. During the year 2017-18, the

Pursuant to Section 136 of the Companies Act, 2013, the Chairman and the non-independent directors was carried out
financial statements of the Company, consolidated financial by the independent directors. This exercise was carried out
statements along with relevant documents and separate in accordance with the Remuneration Policy framed by the
audited accounts in respect of subsidiaries are available on the Company within the framework of applicable laws.
website of the Company.
The Board carried out an annual evaluation of its own performance,
EXTRACT OF THE ANNUAL RETURN as well as the evaluation of the working of its committees
The extract of the Annual Return in Form No. MGT – 9 attached as and individual directors, including Chairman of the Board. The
“Annexure-V” shall form part of the Board’s report. performance evaluation of all the directors was carried out by the
Nomination and Remuneration Committee. The questionnaire and
DIRECTORS
the evaluation process were reviewed in accordance with the SEBI
Mr. A K Mukherjee, Director-Finance and CFO and Mr. Arun
guidance note on Board evaluation dated 5th January, 2017 and
Mittal, Director - Industrial, retire by rotation at the ensuing
suitably aligned with the requirements.
Annual General Meeting and being eligible offer themselves for
re-appointment. While evaluating the performance and effectiveness of the board,
various aspects of the Board’s functioning such as adequacy
Mr. Surin Shailesh Kapadia, was appointed as additional
of the composition and quality of the Board, time devoted by
director (Independent) with effect from 25th October, 2017 on
the Board to Company’s long-term strategic issues, quality and
the recommendation of nomination & remuneration committee
transparency of Board discussions, execution and performance
and board of directors.
of specific duties, obligations and governance were taken into
Necessary information pursuant to SEBI (Listing Obligations consideration. Committee performance was evaluated on the
and Disclosure Requirements) Regulations, 2015 in respect of basis of their effectiveness in carrying out respective mandates,
directors to be appointed and re-appointed at the ensuing composition, effectiveness of the committees, structure of the
Annual General Meeting are given in the Annexure to the committees and meetings, independence of the committee
Notice convening the Annual General Meeting scheduled to be from the Board, contribution to decisions of the Board. A
held on 2nd August, 2018. separate exercise was carried out to evaluate the performance
of Independent Directors including the Chairman of the Board,
None of the Directors of your Company is disqualified for
who were evaluated on parameters such as level of engagement
being appointed as directors, as specified in Section 164(2) and
and contribution to Board deliberations, independence of
Rule 14(1) of Companies (Appointment and Qualification of
judgement, safeguarding the interest of the Company and focus
Directors) Rules, 2014.
on creation of shareholders value, ability to guide the Company
KEY MANAGERIAL PERSONNEL in key matters, attendance at meetings, etc.
During the year, the following directors/executives continued
The Directors expressed their satisfaction with the evaluation
as Key Managerial Personnel of the Company:
process.
Mr. Gautam Chatterjee, Managing Director & CEO
REMUNERATION POLICY
Mr. A K Mukherjee, Director – Finance & CFO In accordance with the provisions of Section 178(3) of the
Companies Act, 2013 and the SEBI (Listing Obligations and
Mr. Subir Chakraborty, Director – Automotive
Disclosure Requirements) Regulations, 2015, your Company has
Mr. Arun Mittal, Director – Industrial remuneration policy in place. The objectives and key features
of this Policy are:
Mr. Jitendra Kumar, Company Secretary & EVP - Legal
& Administration (a) Formulation of the criteria for determining qualifications,
positive attributes of directors, Key Managerial Personnel
DECLARATION OF INDEPENDENCE
(KMP) and senior management personnel and also
All independent directors have given declarations that they
independence of independent directors;
meet the criteria of independence as laid down under Section
149(6) of the Companies Act, 2013 and SEBI (Listing Obligations (b) Aligning the remuneration of directors, KMPs and senior
and Disclosure Requirements) Regulations, 2015. management personnel with the Company’s financial
position, remuneration paid by its industry peers etc.;
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (c) Performance evaluation of the board, its committees and
(Listing Obligations & Disclosure Requirements) Regulations, directors including independent directors;
2015, the performance evaluation of the Board as a whole,
(d) Ensuring board diversity;

47
(e) Identifying persons who are qualified to become directors identifies and addresses potential critical risks for the Company’s
and who may be appointed in senior management in business and is able to take measures for mitigation that are
accordance with the criteria laid down; considered most optimal.
(f) Directors’ induction and continued training. The risk management policy of your Company stresses on
exploring the new opportunities, strengthening corporate
The Remuneration Policy is available on the Company’s web-site
governance while achieving the business objectives. The
under the following web-link http://www.exideindustries.com/
Risk Management policy has been implemented through
investors/governance-policies.aspx
comprehensive framework. This has been implemented at
MEETINGS corporate functions and business sites ensuring Enterprise Risk
The Board meets at regular intervals to discuss and decide on Management Framework.
Company / business policy and strategy apart from other items
The corporate risk register of the organisation is reviewed by
of business. The Board exhibits strong operational oversight
the Audit Committee and the Board to ensure adequacy of risk
with regular presentation by business heads to the Board.
mitigation. Risk Management System involves the executives
The Board and committee meetings are pre-scheduled and a
across the organisation and promotes risk evaluation as an
tentative annual calendar of Board and committee meetings
integral part of decision making. Your Company in FY 2017-18
is circulated to the directors well in advance to help them plan
got the certification on Risk management system (ISO 31000)
their schedule and to ensure meaningful participation at the
by TUV – Nord for all corporate functions & Hosur Factory.
meetings.
The Risk Management Policy is available on the Company’s web-
During the year under review four (4) board meetings and six
site under the following web-link http://www.exideindustries.
(6) audit committee meetings were convened and held, the
com/investors/governance-policies.aspx
details of which are given in the Corporate Governance report.
The intervening gap between the meetings was within the LISTING
period prescribed under the Companies Act, 2013. The equity shares continue to be listed on the BSE Limited (BSE), the
National Stock Exchange of India Limited (NSE) and The Calcutta
The details of constitution of the board and its committees are
Stock Exchange Limited (CSE). The Company has paid annual listing
given in the Corporate Governance report.
fee for the financial year 2018-19 to BSE, NSE and CSE.
COMPLIANCE WITH CODE OF CONDUCT FOR BOARD
PARTICULARS OF CONTRACTS OR ARRANGEMENTS
OF DIRECTORS AND SENIOR EXECUTIVES
WITH RELATED PARTIES
All directors and senior management personnel have affirmed
All related party transactions which were entered during the
compliance with the code of conduct for board of directors and
financial year were in the ordinary course of business and on an
senior executives. A declaration to that effect is attached with
arm’s length basis. There were no materially significant related
the Corporate Governance report.
party transactions entered into by the Company with promoters,
COMPLIANCE WITH SECRETARIAL STANDARDS ON directors, key managerial personnel or other persons which may
BOARD AND ANNUAL GENERAL MEETINGS have a potential conflict with the interests of the Company.
The Company has complied with secretarial standards issued by
All related party transactions are placed before the audit
the Institute of Company Secretaries of India on Board Meetings
committee for review and approval. Prior omnibus approval is
and Annual General Meetings.
also obtained from the Audit Committee for the related party
RISK MANAGEMENT POLICY transactions which are of repetitive nature and which can be
In accordance with the SEBI (Listing Obligations & Disclosure foreseen and accordingly the required disclosures are made to
Requirements) Regulations, 2015, the Board of Directors of the audit committee on quarterly basis in terms of the omnibus
the Company are responsible for framing, implementing and approval of the committee.
monitoring the risk management plans of the Company. The
The policy on materiality of related party transactions and
Company has a “Risk Management Policy” to identify risks
also on dealing with related party transactions as approved by
associated with the Company, assess its impact and take
the audit committee and the board of directors is uploaded
appropriate corrective steps to minimise the risks which may
on the website under the following web-link http://www.
threaten the existence of the Company.
exideindustries.com/investors/governance-policies.aspx.
To improve the Company’s ability to address the increasingly
Since all related party transactions entered into by the Company
complex internal and external issues and potential business
were in the ordinary course of business and were on an arm’s
threats, your Company has devised Risk Management System.
length basis, there were no material related party transactions
Through the risk management, the Company proactively

during the year. Form AOC – 2 is therefore not applicable to like – flexible manufacturing, productivity enhancements, TQM
the Company. practices, workmen engagement, plant trainee schemes, quality
circles, etc.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR The total number of employees of the Company as on 31st
TRIBUNALS IMPACTING THE GOING CONCERN STATUS March, 2018 stood at 5384.
AND COMPANY’S OPERATIONS IN FUTURE
PARTICULARS OF EMPLOYEES
There are no significant material orders passed by the regulators/
The information required pursuant to Section 197 read with
courts/tribunals which would impact the going concern
Rule 5 of the Companies (Appointment and Remuneration
status of the Company and its future operations. However,
of Managerial Personnel) Rules, 2014 in respect of employees
member’s attention is drawn to the statement on contingent
of the Company, will be provided upon request. In terms of
liabilities and commitments in the notes forming part of the
Section 136 of the Act, the Report and financial statements
financial statements.
are being sent to Members and others entitled thereto,
CONSERVATION OF ENERGY, TECHNOLOGY excluding the information on employees particulars which
ABSORPTION AND FOREIGN EXCHANGE EARNINGS are available for inspection by the Members at the registered
AND OUTGO office of the Company during business hours on working days
Information pursuant to Clause (m) of Sub-Section (3) of of the Company up to the date of the ensuing Annual General
Section 134 of the Companies Act, 2013 read with Rule 8 of Meeting. Any Member interested in obtaining a copy thereof,
the Companies (Accounts) Rules, 2014, is annexed herewith as may write to the Company Secretary. Further, we confirm that
“Annexure - VI”. there was no employee employed throughout the financial
year or part thereof, who was in receipt of remuneration in
HUMAN RESOURCES
the financial year which, in the aggregate, is in excess of that
Your Company believes that human capital will be the key to
drawn by the Managing Director and Whole-time Directors
drive future progress and contribute in the overall success of
and holds by himself or along with his spouse and dependent
the organisation. To facilitate this, your Company has been
children, not less than two percent of the equity shares of
focusing on Employee Development and Talent Management.
the Company.
Large scale developmental centers have been set up to identify
and develop senior and middle management talent. High Particulars of employees pursuant to Section 197 of
quality leadership talent has been infused across all functions the Companies Act, 2013 read with Rule 5(1) of the
to build Talent Pipeline. Besides, your Company believes in Companies (Appointment and Remuneration of Managerial
creating a compelling employer brand thereby attracting and Personnel) Rules 2014 is annexed hereto and marked as
promoting young talent through B-school campus programmes “Annexure - VII”.
and engagement activities.
PREVENTION OF SEXUAL HARASSMENT AT
Sales and Manufacturing Training academies have been WORKPLACE
launched to augment the functional knowledge and technical Your Company has zero tolerance for sexual harassment at
skills of employees. Your Company aims to continue substantial workplace and has adopted a Policy on prevention, prohibition
investment of resources in skill development in all functional & redressal of sexual harassment at workplace in line with the
areas. It is committed towards bringing transparency and provisions of The Sexual Harassment of Women at Workplace
objectivity in processes by adoption of Technology like Online (Prevention, Prohibition & Redressal) Act, 2013 (‘Act’) and Rules
Performance Management System, Automated Attendance thereunder. It is committed to providing equal opportunities
System and Human Resource Information System. without regard to their race, caste, sex, religion, colour,
nationality, disability, etc. Your Company has constituted
Your Company continues to drive performance through a
Internal Complaints Committees (ICC). During the year, no
quarterly evaluation process and a competitive Performance
complaints relating to sexual harassment were filed with the
based Bonus process for all its employees. “You Did It” is a
Company.
platform to publicly recognise and reward good performance
every quarter in the presence of Senior Management. DIRECTOR’S RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
Your Company continues to have cordial and harmonious
information and explanations obtained by them, your Directors
industrial relations across all the manufacturing units. During
make the following statements in terms of Section 134(3)(c) of
the year under review, many best manufacturing practices
the Companies Act, 2013:
have been adopted through internal / external benchmarks

49
a. That in the preparation of the annual financial statements, expressions as they relate to the Company and/or its businesses
the applicable accounting standards have been followed are intended to identify such forward-looking statements.
along with proper explanation relating to material The Company undertakes no obligation to publicly update or
departures, if any; revise any forward-looking statements, whether as a result of
new information, future events, or otherwise. Actual results,
b. That the Directors have selected such accounting policies
performance or achievements could differ materially from
and applied them consistently and made judgments and
those expressed or implied in such forward-looking statements.
estimates that are reasonable and prudent so as to give a
Readers are cautioned not to place undue reliance on these
true and fair view of the state of affairs of the Company
forward-looking statements that speak only as of their dates.
at the end of the financial year and of the profit or loss of
This Report should be read in conjunction with the financial
the Company for that period;
statements included herein and the notes thereto.
c. That the Directors have taken proper and sufficient care
ACKNOWLEDGEMENT
for the maintenance of adequate accounting records in
Your Directors would like to record their appreciation for the
accordance with the provisions of this Act for safeguarding
enormous personal efforts as well as the collective contribution
the assets of the Company and for preventing and
of all the employees to the Company’s performance. The
detecting fraud and other irregularities;
directors would also like to thank its customers, employee
d. That the Directors have prepared the annual accounts on unions, shareholders, dealers, suppliers, bankers, government
a going concern basis; agencies and all stakeholders for their co-operation and
support to the Company and the confidence reposed on the
e.
That proper internal financial controls were in place
management.
and that the financial controls were adequate and were
operating effectively; and
f. That systems to ensure compliance with the provisions of
On behalf of the Board of Directors
all applicable laws were in place and were adequate and
operating effectively.
Sd/-
FORWARD LOOKING STATEMENTS (Bharat D Shah)
Place: Mumbai Chairman
This Report contains forward-looking statements that involve Date: 7th May, 2018 DIN: 00136969
risks and uncertainties.
When used in this Report, the words “anticipate”, “believe”,
“estimate”, “expect”, “intend”, “will”, and other similar

ANNEXURE - I
SECRETARIAL AUDIT REPORT
For the Financial Year Ended 31.03.2018
[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 Board and by various committees of the Company during

The Members the period under scrutiny. We have checked the Board process
EXIDE INDUSTRIES LIMITED and compliance management system to understand and to
Exide House form an opinion as to whether there is an adequate system
59 E Chowringhee Road of seeking approval of respective committees of the Board,
Kolkata – 700 020 of the Board, of the members of the Company and of other
West Bengal authorities as per the provisions of various statues as mentioned
hereinafter.
We have conducted the secretarial audit of the compliance of
applicable statutory provisions and the adherence to good Wherever required we have obtained the management
corporate practices by Exide Industries Limited having its representation about the compliance of the laws, rules and
Registered Office at Exide House, 59 E, Chowringhee Road, regulations and happening of events, etc.
Kolkata - 700020, West Bengal (hereinafter called the Company).
The Compliance of the provisions of Corporate and other
Secretarial Audit was conducted in a manner that provided us a
applicable laws, rules, regulations and standards is the
reasonable basis for evaluating the corporate conducts/statutory
responsibility of the management. Our examination was limited
compliances and expressing our opinion thereon.
to the verification of compliance procedures on test basis.
Based on our verification of the books, papers, minute books,
Our report is neither an assurance as to the future viability of
forms and returns filed and other records maintained by the
the Company nor of the efficacy or effectiveness or accuracy
Company and also the information provided by the Company,
with which the management has conducted the affairs of the
its officers, agents and authorised representatives during the
Company.
conduct of secretarial audit, we hereby report that in our
opinion, the Company has, during the audit period covering the We report that, we have examined the books, papers, minute
financial year ended 31.03.2018 complied with the statutory books, forms and returns filed and other records maintained by
provisions listed hereunder and also that the Company has the Company for the financial year ended 31.03.2018 according
proper Board processes and compliance mechanism in place to to the provisions of:
the extent, in the manner and subject to the reporting made
(i) The Companies Act, 2013 (the Act) and the rules made
hereinafter.
there under;
AUDITORS’ RESPONSIBILITY
(ii) Secretarial Standards as issued by The Institute of Company
Maintenance of Secretarial Records is the responsibility of the
Secretaries of India;
management of the Company. Our responsibility is to express
an opinion on existence of adequate Board process and (iii) The Securities Contracts (Regulation) Act, 1956 and the
compliance management system, commensurate to the size rules made there under;
of the Company, based on these secretarial records as shown
(iv) The Depositories Act, 1996 and the Regulations and Bye-
to us during the said audit and also based on the information
laws framed there under;
furnished to us by the officers’ and the agents of the Company
during the said audit. (v) Foreign Exchange Management Act, 1999 and the rules
and regulation made there under to the extent of Foreign
We have followed the audit practices and processes as were
Direct Investment, Overseas Direct Investment and
appropriate to the best of our understanding to obtain
External Commercial Borrowings;
reasonable assurance about the correctness of the contents of
the secretarial records. The verification was done on test basis (vi)
The following Regulations and Guidelines prescribed under
to ensure that correct facts are reflected in secretarial records. the Securities and Exchange Board of India Act, 1992:
We believe that the processes and practices, we followed,
(a)
The Securities and Exchange Board of India
provide a reasonable basis for our opinion.
(Substantial Acquisition of Shares and Takeovers)
We have not verified the correctness, appropriateness and bases Regulation, 2011;
of financial records, books of accounts and decisions taken by

51
(b)
The Securities and Exchange Board of India We further report that :
(Prohibition of Insider Trading) Regulations, 2015; (a) The Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-Executive
(c)
Directors and Independent Directors. The changes in the
(Registrars to an Issue and Share Transfer Agents)
composition of the Board of Directors that took place, if
Regulations, 1993 regarding the Companies Act and
any, during the period under review were carried out in
dealing with client;
compliance with the provisions of the Act.
(d)
(b) Adequate notice is given to all directors to schedule the
(Listing Obligations and Disclosure Requirements)
Board Meetings, agenda and detailed notes on agenda
Regulations, 2015.
were sent atleast seven days in advance, and a system
We further report that, having regard to the compliance exists for seeking and obtaining further information and
system prevailing in the Company and on examination of the clarifications on the agenda items before the meeting and
relevant documents and records in pursuance thereof, on test- for meaningful participation at the meeting.
check basis, the Company in general has complied with the
(c) Majority decision is carried through while the dissenting
provisions of the following Act / Rules as specifically applicable
members’ views are captured and recorded as part of the
to the Company :
minutes.
(a) Batteries (Management and Handling) Rules, 2001
(d)
There are adequate systems and processes in the
(b) Legal Metrology Act, 2009 Company commensurate with the size and operations
of the Company to monitor and ensure compliance with
(c) The Environment (Protection) Act, 1986 and Rules thereunder
applicable laws, rules, regulations and guidelines.
to the extent of their applicability to the Company during
We further report that:
the financial year ended 31.03.2018 and our examination
a) Pursuant to a settlement agreement dated 19th May 2017
and reporting is based on the documents, records and files as
entered with ‘Exide Technologies, a U.S. based Company
produced and shown to and the information and explanations
(‘Exide Technologies, US’), the long standing litigation in
as provided to us by the Company and its management and to
relation to the usage of the name or mark ‘EXIDE’ directly
the best of our judgment and understanding of the applicability
or indirectly, in any manner in India was fully settled
of the different enactments upon the Company. Further, to the
during the year. Accordingly, ‘Exide Technologies, US’ has
best of our knowledge and understanding there are adequate
forever waived its right or claim to the ownership and/or
systems and processes in the Company commensurate with its
use of ‘EXIDE’ mark in India.
size and operation to monitor and ensure compliances with
applicable laws including general laws, labour laws, competition b)
The Company has declared final dividend of 80%
law, pollution laws, etc. (Re. 0.80 per Equity share of Re. 1/- each fully paid up) for
the financial year ended 31st March, 2017 during the year
During the period under review the Company has complied
under report.
with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. as mentioned above. c) The Board of Directors of the Company at its meeting held
on 25th October, 2017, inter alia, has declared an interim
During the period under review, provisions of the following
dividend of Rs. 160% (Rs. 1.60 per Equity share of Re. 1/-
regulations/guidelines/standards were not applicable to the
each fully paid up) for the financial year 2017-18.
Company:
(i) The Securities and Exchange Board of India (Buyback of For A. K. LABH & Co.
Securities) Regulations, 1998; Company Secretaries
(ii) SEBI (Share Based Employee Benefits) Regulations, 2014 ;
Sd/-
(iii) The Securities and Exchange Board of India (Issue and (CS A. K. LABH)
Listing of Debt Securities) Regulations, 2008; Practicing Company Secretary Place : Kolkata
FCS – 4848 / CP No.- 3238 Dated : 7th May, 2018
(iv)
The Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulation, 2009;
(v) The Securities and Exchange Board of India (Delisting of
Equity Shares) Regulations, 2009.

ANNEXURE - II
BUSINESS RESPONSIBILITY REPORT 2017-18
About this Report Responsibilities of Business’. It summarizes our efforts to

Now, more than ever before, sustainability is becoming a core conduct business in a responsible manner.
component of mainstream business. Enterprise sustainability
About Exide Industries Limited
today is a strategic business aspect which is getting embedded
For more than seven decades, Exide has been one of India’s
within the corporate culture catering to the varied prerequisites
most reliable brands, enjoying unrivalled reputation and
of legal compliance to a myriad stakeholder engagement and
recall. A leader in packaged power technology, Exide today is
their wellbeing. In this world of increased instrumentation,
India’s largest storage battery Company with widest range of
interconnectedness and interdependency, Exide is consciously
both conventional flooded as well as latest VRLA batteries.
making efforts towards the adoption of a more sustainable
Our constant emphasis on innovation, extensive geographic
business strategy. In our journey towards excellence and to
footprint, strong relationship with marquee clients and steady
secure a sustainable future, Exide envisages to become a
technology upgradations with global business partners have
global power house respected by customers and preferred by
made us a distinct frontrunner in the lead-acid storage batteries
investors, known for innovative product and solutions.
space for both automotive and industrial applications. Exide
Business Responsibility, Corporate Social Responsibility (CSR) designs, manufactures, markets and sells the widest range of
and governance of Sustainability are all driven from the top lead acid storage batteries in the world to cover the broadest
at Exide. Our Board & CSR Committee are entrusted with spectrum of applications. With nine factories spread across the
formulating, revising and updating our CSR Policy which governs country, Exide’s range and scale of manufacturing operations
the implementation of all our CSR initiatives in compliance with can be matched by very few companies in the world. Exide’s
Section 135 of the Companies Act, 2013. Exide’s governance manufacturing facilities are equipped with world’s latest
philosophy embraces the tenets of trusteeship, transparency, and most advanced machineries. The Company is constantly
empowerment and accountability, control and ethical corporate upgrading its technology and also acquiring new technology to
citizenship. Trusteeship recognises that large corporations meet the ever increasing demands of its customers. In addition
have both an economic and a social purpose, thereby casting to the state-of-the-art in-house R&D Centre recognized by the
the responsibility on the Board of Directors to protect and Department of Scientific and Industrial Research, Government
enhance shareholder value, as well as fulfill obligations to other of India, Exide also acquires new technology through technical
stakeholders. collaboration agreements with leading international battery
manufacturers. Out of the nine factories, seven factories are
This Business Responsibility Report complies with our
dedicated to manufacturing batteries and the other two for
accountability towards all our stakeholders. The report
Home UPS Systems. Using the latest technological inputs, we
enumerates details as per SEBI’s guidelines along with
manufacture batteries for the automotive, power, telecom,
the nine principles of the Government of India’s ‘National
infrastructure projects, computer industries, as well as the
Voluntary Guidelines on Social, Environmental and Economic
railways, mining and defence sectors.

53
Section A: General Information about the Company

1. Corporate Identity Number (CIN) of the Company : L31402WB1947PLC014919
2. Name of the Company: Exide Industries Limited
3. Registered address: Exide House, 59E Chowringhee Road, Kolkata 700020, West Bengal, India
4. Website: www.exideindustries.com
5. Email id: [email protected]
6. Financial Year reported: 2017-18
7. Sectors that the Company is engaged in (industrial activity code-wise)
Industrial Activity Code* Product Category
272 Manufacture of batteries and accumulators

279 Manufacture of other electrical equipment
*As per National Industrial Classification- Ministry of Statistics and Programme Implementation
8. List of three key products that the Company manufactures (as in balance sheet):
a. Electric storage batteries used for starting piston engines
b. Other Lead-Acid Accumulators
c. Home UPS systems
9. Total number of locations where business activity is undertaken by the Company
i. Number of international locations Three
Sri Lanka
Singapore
UK
ii. Number of national locations: Nine Factories
Ahmednagar
Bawal
Chinchwad
Haridwar
Roorkee
Taloja
Haldia
Hosur
Shyamnagar
10. Markets served by the Company – Local/State/National/International

The Company has a pan India market presence through its extensive dealer network. Internationally in the fiscal year 2017-
18, both Automotive and Industrial have registered substantial growth – primarily through penetrating into new markets and
increasing the market shares in the existing business location serving markets in over 40 countries in the Middle East, South East
Asia, Africa, Europe and the Americas.

Section B: Financial Details of the Company

1. Paid up Capital (INR) Rs. 85 cr.
2. Total Net Turnover (INR) Rs. 9,186.32 cr.
3. Total profit after taxes (INR) Rs. 668.35 cr.
4. Total spending on Corporate Social Responsibility as percentage Rs. 17.71 cr.
of profit after tax
5. List of activities in which expenditure in 4 above has been incurred
At Exide, Corporate Social Responsibility has always been a source for creating positive and sustainable developmental impacts
on the society at large through various activities. The social investment projects revolve around the core thematic areas on
basic education, health, environment management, women empowerment and community development. These thematic
areas continue to remain the main pillars of Exide’s CSR philosophy.
A total of Rs. 1,771.03 Lac were invested in 2017 – 18, for successful execution of CSR projects across all the manufacturing
units at West Bengal, Maharashtra, Tamil Nadu, Uttarakhand, Haryana and also for certain big ticket projects at national level.
Some of the projects were undertaken through nationally renowned partner organisations like UNICEF, Wildlife Conservation
Trust, Diabetics Association of India, Society for the Rehabilitation of Paraplegics, Marrow Donor Registry (India), YUVA
Unstoppable, India Sponsorship Committee, Cheshire Homes. Beside national level tie-ups, projects were undertaken with
local partnerships primarily for basic educational support and sanitation programmes. A significant amount was spent directly
through the dedicated CSR teams across all manufacturing units led by the Central team.
The year continued to witness a thrust on projects at school level mainly for promoting education, sanitation, making available
safe drinking water. Along with the above the other significant ones were for public healthcare, women empowerment
and promoting education including special education and employment enhancing vocation skills, rural development, and
eradication of hunger, poverty and malnutrition.
Similar projects mainly in the arena of promoting education, sanitation and environment management were also meticulously
implemented through the subsidiary organisations, Chloride Metals Limited (CML) and Chloride Power System & Solutions
Limited (CPSSL), as both of these fell within the ambit of CSR investment mandates for the FY 2017 - 18. The details of all the
CSR engagements are provided within the Director’s Report.
Section C: Other Details

1. Does the Company have any subsidiary Company/ As on 31st March, 2018, your Company has seven (7) subsidiary
companies companies out of which four are registered in India and three abroad.
i. Exide Life Insurance Company Limited, (“ELI”), India
ii. Chloride Metals Ltd ("CML"), India
iii. Chloride Power Systems & Solutions Ltd ("CPSSL"), India
iv. Chloride International Limited ("CIL"), India
v. Chloride Batteries S.E. Asia Pte Limited ("CBSEA"), Singapore
vi. Espex Batteries Limited ("ESPEX"), UK
vii. Associated Battery Manufacturers (Ceylon) Limited ("ABML"), Sri
Lanka
2. Do the subsidiary Company/companies participate in the BR initiatives of the parent Company? If yes, then
indicate the number of such subsidiary companies.
Yes. The 2 subsidiary companies i.e. Chloride Metals Limited (CML) & Chloride Power System & Solutions Limited (CPSSL)
have their individual CSR activities and sustainability initiatives completely aligned with the overall parent organisational
framework for planning, execution, management and monitoring.
3. Do any other entity/entities (e.g. suppliers, distributors etc) that the Company does business with participate
in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than
30%, 30-60%, More than 60%]
A large number of the Company’s suppliers and other business associates are established entities in the organised sector.
Further, several of the Company’s customers are renowned OEMs. Most of such entities follow their own Business Responsibility
initiatives. However, 30-60 % suppliers participate in various business responsibility initiatives.

55
Section D: BR Information
1. Details of Director/Directors responsible for BR
a. Details of the Director/Directors responsible for implementation of the BR policy/policies
DIN Number 00012306
Name Mr. Gautam Chatterjee
Designation Managing Director & Chief Executive Officer
b. Details of the BR head
DIN Number
The Executive Committee, comprising of Key Managerial Personnel, oversees the
Name
implementation of the BR Policies
Designation
Telephone Number +91 33 2302 3400
Email id [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies

(a) Details of compliance (Reply in Y/N)
Business Ethics
Human Rights
Responsibility
Wellbeing of
Environment
Engagement
Public Policy
Stakeholder
Employees
Questions
Customer
Relations
Product
Sl. No
CSR
P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy for Y* Y* Y Y Y Y N Y Y*
2 Has the policy being formulated in consultation with the Y Y Y Y Y Y NA Y Y
relevant stakeholders
3 Does the policy conform to any national/international All policies conform to the various requirements of relevant
standards? If yes, specify? (50 words) regulatory authorities at the national and international level.
4 Has the policy been approved by the board? If yes, has it been Y N Y Y Y Y NA Y Y
signed by the MD/Owner/CEO/appropriated board director?
5 Does the Company have a specified committee of the Board/ Y Y Y Y Y Y NA Y Y
Director/Official to oversee the implementation of the policy?
6 Indicate the link for the policy to be viewed online (i) (i) (ii) (i) & (v) (iii) NA (iv) (i)
(iii)
7 Has the policy been formally communicated to all relevant Y Y Y Y Y Y NA Y Y
internal and external stakeholders?
8 Does the Company have an in-house structure to implement Y Y Y Y Y Y NA Y Y
the policy/policies
9 Does the Company have a grievance redressal mechanism The Company has various grievance redressal mechanisms
related to the policy/policies? for different stakeholders like employees, shareholders,
customers, regulatory authorities etc.
10 Has the Company carried out independent audit/revaluation N N N N N Y N N N
of the working of this policy by an internal or external agency?
*The essence of this principle is embedded in the Company’s vision, mission and core values statement
i) http://www.exideindustries.com/about/vision-mission.aspx
ii) http://docs.exideindustries.com/pdf/policies-certifications/human-resource-policy.pdf
iii) http://docs.exideindustries.com/pdf/policies-certifications/sustainability-policy.pdf
http://docs.exideindustries.com/pdf/policies-certifications/env-health-&-safety-policy.pdf
http://docs.exideindustries.com/pdf/policies-certifications/risk-management-policy.pdf
(iv) http://docs.exideindustries.com/pdf/CSR-Policy.pdf
(v) http://docs.exideindustries.com/pdf/policies-certifications/human-rights-policy.pdf

(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick upto
2 options)
No Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The Company has not understood the
principles
2 The Company is not at a stage where it
finds itself in a position to formulate and
implement the policies on specified principles
3 The Company does not have financial or

manpower resources available for the task
4 It is planned to be done with next six months
5 It is planned to be done within the next 1
year
6 Any other reason (please specify) Currently at
a draft stage
3. Governance related to BR Company is committed to conducting its business by

(a) Indicate the frequency with which the Board adopting the highest standards of professional integrity
of Directors, Committee of the Board or CEO and ethical behaviour. Towards this end, the Company
to assess the BR performance of the Company. has adopted “Code of Conduct” for Directors and Senior
Within 3 months, 3-6 months, Annually, More Executives which lays down the principles and standards
than one year which governs the actions of the leadership team.
The Executive Committee, comprising of the Key
The Company has a vigil mechanism which is being
Management Personnel, is responsible for the
governed by the “Whistle Blower Policy” for employees
strategic day to day management. This Committee
and stakeholders of Company to report genuine concerns
of the Company oversees the implementation and
about unethical behaviour, actual or suspected, fraud or
monitors the BR performance on a periodic basis.
violation of Company’s code of Conduct. Through this it
This Committee meets once every month.
has placed mechanism for ensuring confidentiality and
(b)
Does the Company publish a BR or a protecting the whistle blower from any harassment/
Sustainability Report? What is the hyperlink victimization, retaliation, threat of termination of
for viewing this report? How frequently is it service, appropriate action, transfer, demotion, refusal of
published? promotion, or the like including any direct or indirect use of
Yes, the Company has been publishing business authority to obstruct the whistle blowers right to continue
responsibility report as part of annual report and to perform his/her duties/functions including making
the report has been aligned with National Voluntary further protected disclosure. The policy is monitored by
Guidelines on Social, Environmental and Economic the Chairman of Audit Committee and the whistle officer
responsibilities of business, released by Ministry of of the Company.
Corporate Affairs and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. This (2)
Does it extend to the Group/Joint Ventures/
was published on a yearly basis. Suppliers/ Contractors/NGOs/Others?
es, they extend to vendors, suppliers and also subsidiaries
Y
Section E: Principle-wise Performance of the Company. Vendors, suppliers and contractors as
well as their employees are covered by the written Code
of Business Conduct that all vendors have to accept before
Principle 1
supplying anything to the Company and comply with
BUSINESSES SHOULD CONDUCT AND GOVERN during the lifecycle of the business association.
THEMSELVES WITH ETHICS, TRANSPARENCY AND
ACCOUNTABILITY (3)
How many stakeholder complaints have been
received in the past financial year and what
(1) Does the policy relating to ethics, bribery and
percentage was satisfactorily resolved by the
corruption cover only the Company?
management? If so, provide details thereof in
The policies governing this subject cover employees,
about 50 words.
vendors and also subsidiaries of the Company. The

57
During the financial year 2017-18, no complaint was received met through recycled lead. The vendors are assessed
relating to ethics, bribery or corruption from any stakeholder. through stringent on boarding system through the
E-sourcing mechanism and have to comply with
Principle 2 regular audits for maintaining the sustainability
perspectives as per the Vendor Policy.
BUSINESSES SHOULD PROVIDE GOODS AND
SERVICES THAT ARE SAFE AND CONTRIBUTE TO 4.
Has the Company taken any steps to procure
SUSTAINABILITY THROUGHOUT THEIR LIFECYCLE goods and services from local and small
1. List up to 3 of your products or services whose producers, including communities surrounding
design has incorporated social or environmental their place of work?
concerns, risks and or opportunities (a) If yes what steps have been taken to improve
I. East Penn Punch technology – Reduction of lead as their capacity and capability of local and small
natural resource and hazardous material; vendors?
Companies manufacturing facilities are spread at 9
II.
Advanced Valve Regulated Lead Acid (VRLA)
locations pan India. In each of locations Company
technology for Telecom – Reduce water loss / do
has taken special measure to make small vendors as
not require water top up by consumer; save energy
integral part of supply chain. The key service inputs
as required recharge energy is significantly lower as
to manufacturing are sourced locally in almost all
with conventional flooded type cells/batteries;
locations. The manpower suppliers/ contractors
III.
Products for Solar Energy Storage- Promote / maintenance etc. are some of key services taken
harvesting of environmentally friendly solar energy locally from small vendors. The Company encourages
and support sustainability efforts in society. and develops local manufacturers and small
enterprises for supply of various locally procurable
2.
For each such product provide the following goods, e.g Boxing, Charging and small parts
details in respect of resource use (energy, water, manufacturing. Regular technical assistance is given
raw material etc.) per unit of product (optional): by the Company to upgrade and maintain the quality
and sustainability of the products manufactured by
i.
Reduction during sourcing/production/
such enterprises. 5 new vendor were added last year
distribution achieved since the previous
across India for supplying the plastic parts.
year throughout the value chain?
ii.
Reduction during usage by consumers 5.
Does the Company have a mechanism to
(energy, water) has been achieved since the recycle products and waste? If yes what is the
previous year? percentage of recycling of products and waste?
These data are yet to be tracked on a regular basis (Separately as < 5%, 5-10%, >10%). Also provide
therefore, not applicable for this report. details thereof in about 50 words or so.
Company has structured process to ensure recycling of
3. Does the Company have procedures in place for products and waste generated during the process. The
sustainable sourcing (including transportation)? Battery as a product at the end of the life is exchanged
(a)
If yes what percentage of your inputs was by dealers and old battery is collected from customer. The
sourced sustainably? Also, provide details Company also has subsidiary to process these batteries, and
thereof, in about 50 words or so. extract lead in environment friendly way. The extracted
Lead, the main raw material for the products of the lead is key input for battery. During the process as well,
Company is sourced either through mining or by wastes are generated in the form of rejects or process
recycling of lead/lead based products. The Company waste like rejected plate, lead dust which are collected
has taken up a programme for gradually increasing through robust system and recycled. The Company
the quantity of recycled lead for use in its products. ensures optimal usage of raw materials and emphasises
For this purpose an elaborate system for collection of on recycling the waste generated during manufacturing
used batteries in the country has been put in place process and also promotes use of recycled materials.
mainly through the extensive network of dealers of ‘Chloride Metals Limited’, the wholly owned subsidiary
the Company. Towards this end, the Company has has two captive smelting plants for recycling of lead.
also acquired two Lead Smelting Units for captive Apart from the above, the packaging material used by
consumption. Presently close to 40 per cent of the the Company also contains recycled paper to a significant
lead and lead alloy requirements of the Company are extent. Also, most of the Plants of the Company use

recycled grey water for cleaning and gardening purposes. 2. Please indicate the total number of employees hired on
All the manufacturing and one of the smelting units temporary/contractual/casual basis – 7,406
are certified under ISO 14000: EMS. As a result all these
Please indicate the number of permanent women
3.
locations have a robust waste management system which
employees – 112
ensures plastic recycling accruing to regular utilisation of
recycled plastics for battery manufacturing. Bio-gas is also 4. Please indicate the number of permanent employees with
generated from canteen waste in one of the plants. disabilities – 2
5. Do you have an employee association that is recognised by
Principle 3 the management – Yes
BUSINESSES SHOULD PROMOTE THE WELLBEING OF 6.
What percentage of your permanent employees is
ALL EMPLOYEES members of this recognised employee association? – 55%
1. Please indicate the total number of employees – 5,384
7. Please indicate the number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the
last financial year and pending as on the end of the financial year.
Sr. Category No of complaints filed during the No of complaints pending as on end of

No. financial year the financial year
1 Child labour/forced labour/ Nil Nil
involuntary labour
2. Sexual harassment Nil Nil
3. Discriminatory employment Nil Nil
8.
What percentage of your under mentioned 2. Out of the above, has the Company identified
employees were given safety and skill the disadvantaged, vulnerable and marginalised
upgradation training in the last year? stakeholders?
Yes. The Company’s factories are located in semi-urban or
Permanent employees – 40 per cent
rural areas where many basic amenities for the inhabitants
Permanent women employees – 3 per cent are absent or minimal. The Company has identified the
inhabitants of several neighbouring villages in the vicinity
Casual/temporary/contractual employees – 10 per cent
of its factories as the disadvantaged, vulnerable and
Employees with disabilities – 100 per cent marginalised stakeholders.
Principle 4 3.
Are there any special initiatives taken by the
Company to engage with the disadvantaged,
BUSINESSES SHOULD RESPECT THE INTERESTS OF vulnerable and marginalised stakeholders. If so,
AND BE RESPONSIVE TOWARDS ALL STAKEHOLDERS, provide details thereof, in about 50 words or so.
ESPECIALLY THOSE WHO ARE DISADVANTAGED, Special initiatives had been taken up consciously by the
VULNERABLE AND MARGINALISED organisation based on need assessment especially for the
disadvantaged, vulnerable and marginalised stakeholders.
1.
Has the Company mapped its internal and
Such initiatives were taken up by partnering with relevant
external stakeholders? Yes/No
organisations like Cheshire Homes Kolkata, Loreto
Yes. The Company has mapped its internal and external
Rainbow Project and India Sponsorship Committee. These
stakeholders as follows: Internal Stakeholders: All
initiatives revolved around appropriate nutrition, and
Employees
health support for women with special abilities, children

External Stakeholders: Customers, Dealers, Vendors, with disabilities for inclusive education and complete
Technical Collaborators, Suppliers, Shareholders, rehabilitation programmes for destitute children. Similarly,
Regulatory Authorities, NGOs, Social Institutions, parallel initiatives were also implemented directly by some
communities around our operations and members of the of the manufacturing units for health care, sanitation
society at large who are directly or indirectly impacted by and livelihood enhancement programmes especially for
the Company’s operations. destitute senior citizens, women and senior citizens from

59
vulnerable backgrounds around the plant locations to emissions by our activities. The Company has a well laid
alleviate their quality of life. down Environment and Sustainability policy and is always
striving to implement measures to reduce GHG emissions.
Principle 5 The Environmental Policy of the Company may be viewed
at www.exideindustries.com.
BUSINESSES SHOULD RESPECT AND PROMOTE

Energy efficiency initiatives throughout all our
HUMAN RIGHTS
manufacturing units by enhancing usage of renewable
1. Does the policy of the Company on human rights
energy like solar power, low energy consuming
cover only the Company or extend to the Group/
electrification system. Also we recycle the water and use
Joint Ventures/Suppliers/Contractors/NGOs/
the water in gardening to reduce the water consumption
others?
across all factories.
Human right policy has been defined and communicated
to all stakeholders. The areas specially covered are
3. Does the Company identify and assess potential
child labour, work hours, wages, forced labour, human
environmental risks? Y/N
trafficking, safe and healthy work place, valuing diversity
Yes. There is risk management process for Company and
and community and stakeholders engagement. The policy
its subsidiaries which actively identifies, assess and address
is communicated to suppliers and it is governed by the
potential environmental risks and take pre-emptive
business code of conduct. All suppliers have signed the
actions to mitigate such risks in a suitable manner. Risk
business code of conduct.
Management framework at manufacturing units and
subsidiaries are in operation. The vendors are also
2.
How many stakeholder complaints have been
covered within the vendor sustainability model. Major
received in the past financial year and what
vendors are already engaged for training and information
percent was satisfactorily resolved by the
dissemination on risk management. The engagement
management?
sessions with smaller vendors are in process. We have
None.
implemented the ISO 14001 system in all our factories
and compliance to this standard with all regulatory
Principle 6 requirements is ensured. Aspect and Impact of our
operations/activities are identified and measures are
BUSINESS SHOULD RESPECT, PROTECT AND MAKE
ensured to reduce the impact on Environment through
EFFORTS TO RESTORE THE ENVIRONMENT
our operations/activities. Under corporate control
1. Does the policy related to Principle 6 cover only
environmental incidents and the improvements done are
the Company or extends to the Group/Joint
being monitored.
Ventures/Suppliers/Contractors/NGOs/others
The Company’s environment policy is communicated to
4. Does the Company have any project related to
all Company employees, subsidiaries, suppliers and all its
Clean Development Mechanism? If so, provide
stakeholders.
details thereof in about 50 words or so. Also,
if yes, whether any environmental compliance
2.
Does the Company have strategies/initiatives
report is filed?
to address global environmental issues such as
In order to move forward in clean development, Company
climate change, global warming etc? Y/N. If yes,
is optimising the SCM to reduce the carbon emissions in
please give hyperlink for webpage etc.
distribution network by shipment distances and making
The Company recognises that climate change is a real
warehouses near to supply location. This will reduce the
threat facing not just the Company but the entire global
unnecessary vehicle movement pan India and reduce
community, of which it is just a part. Green Supply
the carbon emissions. All manufacturing units and the
Chain through E-sourcing, Lithium Ion Technology, East
smelting unit of our subsidiary Company CML at Malur
Penn Punch, Solar Power related projects and Solar
along with the industrial regional offices are ISO 14001
Battery manufacturing technology are some of the key
certified. Clean Development Mechanism (CDM) is
strategies. Our products are being designed as per the
eventually stringently followed as part of the compliance
BS-VI standards. Company has large product pipeline to
system of the certification. Therefore air, water, noise
support the demand and usage of solar energy initiatives.
emissions are monitored on a regular basis and regulated
Plastic waste act is being complied by the Company and
as per the prescribed norms for monthly reporting to the
we are ensuring the re-usage of plastic components. Also
SPCBs at each location. Many of the Company’s products
we have started the usage of PNG to reduce the CO2
are meant to provide clean energy or replacing polluting

technologies. The Company is also engaged in renewable 7.

Number of show cause/legal notices received
energy and solar power business whereby it manufactures from CPCB/SPCB which are pending (i.e. not
batteries for the solar power systems. The Company also resolved to satisfaction) as on end of the financial
manufactures batteries for electric vehicles and hybrid year.
vehicles thereby contributing to the movement towards No showcause or legal notices from the pollution control
less dependence on fossil fuel. authorities are pending as at the end of the financial year
2017-18.
The Company has also undertaken various projects for
use of renewable energy e.g. solar and wind power, in
its various plants which leads to reduction in carbon Principle 7
footprint. As stated earlier, proactive steps are taken to
BUSINESSES, WHEN ENGAGED IN INFLUENCING
reduce GHG emissions on a continual basis.
PUBLIC AND REGULATORY POLICY SHOULD DO SO IN
A RESPONSIBLE MANNER
5.
Has the Company undertaken any other
1. Is your Company a member of any trade and
initiatives on – clean technology, energy
chamber or association? If yes name only those
efficiency, renewable energy etc. Y/N. If yes,
major ones that your business deals with:
please give hyperlink for web page etc.
The major industry association of which the Company is a
es. Solar energy panels have been installed in number of
Y
member includes:
factories, energy audit is conducted and recommendations
are acted on. The Company has been progressively Bengal Chamber of Commerce and Industry
reducing its energy and raw material consumption per
Confederation of Indian Industry
unit of battery manufactured. There is also a constant
effort to conserve energy and improve energy efficiency Engineering Export Promotion Council of India
at all locations. Substantial investments are made by the
Society of Indian Automobile Manufacturers
Company towards this end in all plants and the results
achieved are regularly monitored. The Annexure to the
Indian Electrical and Electronics Manufacturers
Director’s Report contains details of the steps taken to Association
conserve energy during the financial year 2017-18. We do
Bombay Chamber of Commerce and Industry and
VA/VE in our products to reduce the lead consumption in
the product so that we can reduce the consumption of Indian Battery Manufacturers’ Association.
natural resources and as our product is hazardous in nature
so this will also result is reducing the hazardous waste. 2.
Have you advocated/lobbied through
above associations for the advancement or
6.
Are the Emissions/Waste generated by the improvement of public good? Yes/No; If yes
Company within the permissible limits given by specify the broad areas (drop box: Governance
CPCB/SPCB for the financial year being reported? and Administration, Economic Reforms, Inclusive
Yes. All factories comply with CPCB/SPCB requirements Development Policies, Energy Security, Water,
with the prescribed emission norms. Legal register and Food Security, Sustainable Business Principles,
compliance evaluation process are in place at all the Others)
manufacturing and smelting units. All the factories of the Through joint actions with various pollution control
Company comply with various norms of State or Central authorities and other associations, public awareness
Pollution Control Boards. The Company’s factories have campaigns have been organised regarding the responsible
also obtained international certifications for environmental use of lead and proper disposal thereof. The Company
management and cleanliness. These all reports are verified also took an active role in formulating the legislation for
by Government official and by the third party Auditors responsible handling and management of used lead acid
of the certification bodies every year during their visit batteries. Apart from this, the Company is represented on
to factories. the governing bodies and several committees – both at the

61
state and national levels, of CII and the Bengal Chamber 3. Have you done any impact assessment of your
of Commerce and Industry and through these forums the initiative?
Company actively participates in various issues concerning Yes. Some of the projects have been analysed for their
business and society. The Company is a member of RM impact on the target beneficiaries by the internal teams
Next lobby for promoting risk management system within both at the unit and Head Office level.
the Indian corporate & CII Kolkata Mentor Group for
Operational Excellence. 4. What is your Company’s direct contribution to
community development projects – amount in
Principle 8 INR and the details of the projects undertaken
Overall the Company has spent Rs. 1771.03 lacs on CSR
BUSINESSES SHOULD SUPPORT INCLUSIVE GROWTH projects during 2017-18 mainly for promoting education,
AND EQUITABLE DEVELOPMENT sanitation, making available safe drinking water. Along
1. Does the Company have specified programmes/ with the above the other significant ones were for
initiatives/projects in pursuit of the policy related public healthcare, women empowerment and promoting
to Principle 8? If yes details thereof. education including special education and employment
During FY 2017–18, the Company engaged in several enhancing vocation skills, rural development, and
socially inclusive and developmental projects. These eradication of hunger, poverty and malnutrition. Certain
were implemented not only at national level but around associated projects were undertaken for orphanages,
the adjoining areas of all its major plants and subsidiary measures for reducing inequalities faced by socially and
units. Company considers sustainable development as an economically backward groups, enduring environmental
important aspect for its social investment for inclusive sustainability and conservation of natural resources,
growth and equitable development. Promoting basic animal welfare, protection of flora and fauna, setting up
education, skill development programmes especially for old age homes, day care centers and such other facilities
women, public sanitation facilities, water conservation for senior citizens. Amongst these significant investments
projects for making safe drinking water available at all were made directly for rural infrastructure development
levels especially at schools and public places, diverse health projects adjoining plant locations in Haryana, Maharashtra
care programme across all locations both locally and and Tamil Nadu.
nationally, substantial investment for inclusive education,
rehabilitation of vulnerable communities including 5.
Have you taken steps to ensure that this
children with disability, women and senior citizens from community development initiative is successfully
vulnerable and marginalised backgrounds, strategic rural adopted by the community? Please explain in 50
development projects all provides testimony of the entire words or so.
gamut of inclusive growth and equitable development in
Community development initiatives at Exide are
pursuit of the policy related to Principle 8. undertaken with a view to make the community self
sufficient and self reliant. Such initiatives are undertaken
2.
Are the programmes/projects undertaken in consultation with the communities through appropriate
through in-house team/own foundation/ need assessment engagement sessions. Development of
external NGO/government structures/any other physical infrastructural projects has definitely helped the
organisation? community to a great extent since these were developed
As mentioned in section: B Question No. 5 nearly 68% of in tandem with the community needs. Hence, the
the total CSR investments were executed through reputed communities were aligned to adopt and adept accordingly.
national and international aid agencies/NGOs/government Further through impact analysis studies it has been found
structures/local NGOs or in association with local elected that some of the interventions have substantially achieved
bodies like panchayats and government schools. While the intended objectives where the communities have
about 32% of the investments for relevant projects were started taking ownership especially for water related
implemented through in-house and dedicated CSR teams projects where a nominal amount are charged from
at each plant and subsidiary units led by the central the beneficiaries for collecting purified water from the
CSR team. community RO plants provided. This aspect helps to self-

sustain the RO plants and also takes care of its regular 4.

Did your Company carry out any consumer
maintenance from the funds collected by selling purified survey/consumer satisfaction trends?
water to the villagers. We have process of taking the customer feedback and
Customer satisfaction. It is taken periodically from all the
Principle 9 OEMs. The overall score for the customer satisfaction in
MC OE is 85%. In trade segment the feedback is taken
BUSINESSES SHOULD ENGAGE WITH AND PROVIDE from the customers through portals and one of the vital
VALUE TO THEIR CUSTOMERS AND CONSUMERS IN A parameter, Turn Around Time (TAT) is monitored for all
RESPONSIBLE MANNER the complaints raised by the customers. The overall Pan
1. What percentage of customer complaints/ India TAT is 2 days and is improving every year. In our
consumer cases are pending as on the end of Industrial segment the feedback from our customers is
financial year taken regularly and the improvements in products and
Company promptly resolves the customer complaint and services are done based on these feedbacks. In addition
has taken drive to close calls within 24 hours. There is to the above customer care is an integral part of the
escalation matrix in case complaints are not resolved organisational system for which Exide Industries Limited
promptly. has set up more than 1500 exclusive outlets promising
an out-of-the-world experience to customers. Familiar
2. Does the Company display product information as Exide Care, these flagship outlets are the pride of
on the product label, over and above what is Exide and reinforce the Company’s commitment to
mandated as per local laws? Answer with Yes/ superior customer care and service. These offer complete
No/NA/Remarks (additional information) auto power solutions through the Company’s wide
Yes the Company has displayed all mandatory information range of products. Exide Care outlets are designed to
on the product labels as per local laws. Over and above the maintain specified service standards and offer complete
same, the product labels are designed to make customers customer delight and experience of the brand through a
aware about the safe usage, handling and disposal of the combination of state-of-the-art design, pleasant ambience,
products. cutting edge service technology and customer focus.
Exide Care is an on-demand battery service app that aims
3.
Is there any case filed by any stakeholder
to put an end to all battery related woes whether it’s an
against the Company regarding unfair trade
automobile or inverter.
practices, irresponsible advertising and/or anti-
competitive behaviour during the last five years Exide Batmobile, started in the year 2000 is an emergency
and pending as on end of financial year? If so, on-road service for cars and SUVs with a battery problem.
provide details thereof in about 50 words or so. Millions of customers have benefited from this service over
None. There have been no cases relating to unfair trade the last 16 years.
practices, irresponsible advertising and/or anti-competitive
We have created an ecosystem at our dealer outlets where
behaviour against Exide Industries in the last five (5) years.
a consumer can get his/her batteries checked and get a
report card on its health within 10 minutes.

63
ANNEXURE - III
REPORT ON CORPORATE GOVERNANCE 2017-2018
GOVERNANCE PHILOSOPHY Empowerment makes it possible for the Company to remain

The Company’s approach and commitment to ethical Corporate innovative across the levels. It makes every individual employee
Governance remains unchanged in its 71 years of existence. The within the organisation free to determine his or her destiny
underlying principles and core values still guide the Company in in tune with that of the organisation. Empowerment means
all its executive decision making processes. delegation and decentralisation so that decision making process
is fast and transparent to everyone.
Corporate Governance is an internalised process which drives
your Company to remain in its path as a sustainable wealth However, this freedom of action that empowerment allows is
creator for all its stakeholders – shareholders, customers, counter balanced by control which ensures that management
employees and the overall society at large within which it exists. decision making remains within the framework of rules. Checks
Your Company believes that while substantial societal resources and balances are devised in a way that prevents malpractices and
are being utilised by large corporates to generate wealth and removes opacity in decision making so that risk management
add value, it is the principles of Corporate Governance that becomes more effective.
should keep them in the right track so that the process of
The corporate governance principles and processes makes it
wealth creation is sustainable over an extended period of time.
possible for the Company to remain steadfast in its path of
Your Company’s principles of corporate governance are based ethical corporate behaviour and citizenship. The principles are
on the philosophy of empowerment and responsibility. It feels also manifest in its high standards of ethical behaviour, both
the management must be empowered to drive the organisation internally and externally.
forward in the best interest of all the stakeholders. This
THE GOVERNANCE STRUCTURE
empowerment, however, also thrusts upon it the responsibility
The following three interlinked levels within which Exide
to stay within the framework of accountability and transparency
practice Corporate Governance:
so that its actions are sustainable over a long time and benefit
the larger society. 1. Strategic supervision – by the board of directors
Your Company’s believes that if proper checks and balances 2. Strategic management – by the executive committee
are worked into the system of functioning, then its executive
3.
Executive management – by the divisional heads of
decision making becomes more process driven than individual
businesses
driven and there are minimal chances of abuse of authority.
The structure ensures that at the ground level the executive
In its quest to inculcate an ethical corporate culture and
management of the divisions are focused on embellishing the
citizenship within the organisation, the Company’s governance
quality, efficiency and effectiveness of each business vertical.
philosophy depends heavily on a few tenets. These are
This level functions under the strategic day to day management
trusteeship, transparency, empowerment and accountability,
of the executive committee that has under its ambit the overall
control and ethical corporate citizenship. Your Company is
vision of the entire organisation. Above both these is the board
of the view that by inculcating these tenets, the appropriate
of directors that provides the strategic supervision on behalf of
corporate culture can be created whereby the Company is
the shareholders. The Board is free from the task of strategic
managed in a way that reflects ethical corporate citizenship.
management but has the larger role of guiding the executive
The tenet of trusteeship dictates that the board of directors management with objectivity so that accountability is ensured
will protect and enhance shareholder value as well as discharge at all levels.
the Company’s obligations to all the other stakeholders. The
The central role of these three entities is dependent on the
Company’s role in the economic and social spheres will be
structure. Their role, in turn determines the responsibilities that
fulfilled under this tenet.
is vested in them. Each entity is formally empowered with the
Under the tenet of transparency the Company makes necessary requisite powers so that there is no hindrance to its discharge
disclosures and explains the rationale behind its policies and of responsibilities for the overall growth of the organisation.
decisions to all those who are affected by them.

BOARD OF DIRECTORS experience in business, finance, law and corporate management

In terms of the Company’s corporate governance policy, all which enables the board to discharge its responsibilities and
statutory and other significant and material information provide effective leadership to the business. The positions of the
are placed before the board to enable it to discharge its Chairman of the Board and the Chief Executive Officer of the
responsibilities of strategic supervision of the Company and as Company are held by separate individuals, where the Chairman
trustees of stakeholders. of the board is a non-executive independent director. None of
the directors of your Company are related to each other.
Composition
As on the date of this report, the board of directors of the The details of each member of the board along with the number
Company consists of four (4) executive directors and seven of directorship(s)/committee membership(s)/chairmanship(s)
(7) non-executive directors. The composition of the board are provided herein below:
represents an optimal mix of professionalism, knowledge and
Composition and directorship(s)/committee membership(s)/chairmanship(s) as on 31st March, 2018
Name of Director Category of Directors No. of other Committee memberships held in

Directorships held(*) other companies (**)
As Member As Chairman
Mr. Bharat Dhirajlal Shah Independent Non-Executive Chairman 9 8 1
Mr. R B Raheja Non-Executive Vice Chairman 5 1 Nil
Mr. G Chatterjee Executive Director 3 Nil Nil
Mr. A K Mukherjee Executive Director 3 1 Nil
Mr. Subir Chakraborty Executive Director 3 Nil Nil
Mr. Arun Mittal Executive Director 2 Nil Nil
Mr. Vijay Aggarwal Independent Non-Executive Director 5 3 2
Ms. Mona N Desai Independent Non-Executive Director 1 Nil Nil
Mr. Sudhir Chand Independent Non-Executive Director 1 2 Nil
Mr. Nawshir H Mirza Independent Non-Executive Director 6 1 5
Mr. Surin Shailesh Kapadia*** Independent Non-Executive Director 1 Nil Nil
* Excludes directorships in Indian private limited companies, foreign companies, Companies u/s 8 of the Companies Act, 2013 and memberships of managing
committees of various chambers/bodies and alternate directorships.
** Committees include only audit committee and stakeholder’s relationship committee.
*** Mr. Surin Shailesh Kapadia appointed as an additional director at the board meeting of the Company held on 25th October, 2017.
Appointment/Re-appointment of Directors them, has been appended to the notice for the Annual General
Mr. Surin Shailesh Kapadia has been appointed as an Additional Meeting which is being circulated to the members along with
Director of the Company on 25th October, 2017 on the this report.
recommendation of nomination and remuneration committee
Mr. A. K. Mukherjee holds 1,000 equity shares and Mr. Arun
and board of directors.
Mittal holds 1,152 equity shares in the Company. Mr. Surin S
Mr. A. K. Mukherjee – Whole-time director (designated as Kapadia does not hold any equity shares in the Company.
Director – Finance & CFO) and Mr. Arun Mittal – Whole-time
Meetings and Attendance
director (designated as Director-Industrial), retire by rotation in
During the financial year ended 31st March, 2018, four (4)
accordance with the provisions of the Companies Act, 2013 and
board meetings were held on 4th May, 2017, 27th July, 2017,
being eligible offers himself for re-appointment at the ensuing
25th October, 2017 and 31st January, 2018 respectively. The
Annual General Meeting.
previous Annual General Meeting was held on 27th July, 2017.
A brief resume of the directors proposed to be appointed and
re-appointed, along with the particulars of directorships held by

65
Directors’ attendance at Board Meetings and at Board Portal – Meetings Management System
Annual General Meeting (AGM): With a view to leverage advancement in technology and
reducing paper consumption, the Company has adopted a
Name of Director No. of Board Attendance web-based application for transmitting board/committee
Meetings at last AGM agenda. The directors of the Company receive the agenda in
Attended
electronic form through this application, which can be accessed
Mr. Bharat Dhirajlal Shah 3 - through browsers and iPads/tablets. The application meets
Mr. R B Raheja 3 - high standards of integrity and ensures confidentiality that
Mr. G Chatterjee 4 Yes is required for storage and transmission of board/committee
Mr. A K Mukherjee 4 Yes agenda in electronic form.
Mr. Subir Chakraborty 4 Yes
Mr. Arun Mittal 4 Yes Code of Conduct for Directors and Senior Executives
Mr. Vijay Aggarwal 4 Yes All directors and members of the senior management have
Ms. Mona N Desai 4 Yes affirmed their compliance with the Code of Conduct for board
Mr. Sudhir Chand 4 Yes of directors and senior executives as on 31st March, 2018 and
Mr. Nawshir H Mirza 4 Yes a declaration to that effect, signed by the Managing Director
Mr. Surin S Kapadia* 2 N.A. & CEO is enclosed and forms part of this report. The Code of
Conduct for board of directors and senior executives has also
*Mr. Surin S Kapadia appointed as an additional director at the board meeting been posted on the website of the Company.
of the Company held on 25th October, 2017
COMMITTEES OF THE BOARD
A. Audit Committee
Directors’ Induction, Training and Familiarisation
The role / terms of reference of the Audit Committee is to–
The board is responsible for the selection of new directors
on the recommendations received from the Nomination (a) Assist the board of directors of the Company in fulfilling its
and Remuneration committee. After getting appointed, the responsibilities to oversee the:
directors receive a formal letter of appointment which inter alia
i. Company’s financial reporting process;
explains the role, functions, duties and responsibilities expected
from him/her as a director of the Company. The director is also ii. the integrity of the Company’s financial statements
explained in detail the compliances required to be made under as per authority and responsibilities provided in the
the Companies Act and the SEBI (Listing Obligations & Disclosure Charter;
requirements) Regulations, 2015 (hereinafter referred to as
iii.
Auditors’ appointment, qualifications and
“SEBI Regulations, 2015”) and other relevant regulations.
independence;
By way of an introduction to the Company, the director is
iv.
the performance of the Company’s internal audit
presented with the Company profile, annual reports and an
function and that of statutory auditors.
overview of the Company’s manufacturing facilities. All non-
executive directors newly inducted in the board are introduced (b) Overseeing the reporting requirements for inclusion in the
to the Company through appropriate orientation sessions. Company’s annual report.
Presentations are made by various executive directors and senior
(c) Laying down the criteria for granting the omnibus approval
management personnel and site visits to various plant locations
in line with Policy on Related Party Transactions and such
are organised for them to provide a complete oversight into
approval shall be applicable in respect of transactions
the Company’s operations and business. Detailed presentations
which are repetitive in nature.
on Company’s business segments, if any, performance updates,
global business environment, business strategy and risks (d) Review of adequacy and effectiveness of Internal Financial
involved are periodically made at the board meetings during Control, risk management system and vigil mechanism
the year.
Review with management the quarterly and annual
(e)
The details of such familiarisation programmes for independent financial statements
directors along with the familiarisation policy are available on
The role / terms of reference of the Audit Committee are in
the company’s website at http://www.exideindustries.com/
conformity with the SEBI Regulations, 2015 read in conjunction
investors/governance-policies.aspx.
with Section 177 of the Companies Act, 2013.

Composition and Attendance i. To identify persons who are qualified to become directors
The audit committee presently comprises of five (5) non- and who may be appointed in the senior management
executive independent directors. Mr. Nawshir H Mirza, and to lay down the criteria thereof;
Chairman of the committee is a non-executive independent
ii. To recommend to the board appointment of directors and
director and a Chartered Accountant, acknowledged as a
senior management personnel and their removal;
financial expert in his own right. All the other members are well
versed in corporate finance and related areas. iii. To evaluate the individual directors performance;
During the financial year ended 31st March, 2018, six (6) iv. Formulate the criteria for determining the qualification,
meetings of the audit committee were held on 3rd May, 2017, positive attribute and independence of the directors;
26th July, 2017, 25th October, 2017, 18th December, 2017,
v. Recommend to the board policy relating to remuneration
31st January, 2018 and 6th March, 2018 respectively. The
for directors, key managerial personnel and other
composition and attendance of the committee meetings are as
employees; and
follows:
vi. Devising a policy on board diversity.
Name of Director Category Designation Number of
meetings For the performance evaluation criteria for Independent
attended Directors, please refer Board’s Report.
Mr. Nawshir H. Mirza Independent Chairman 6 Composition and Attendance
Non-executive
The Nomination and Remuneration committee presently
Mr. Vijay Aggarwal Independent Member 6 comprises of three (3) non-executive directors. Mr. Vijay
Non-executive
Aggarwal is the Chairman of the Committee who is also a non-
Ms. Mona N Desai Independent Member 6 executive independent director. The Company Secretary acts as
Non-executive
the secretary to the Committee.
Mr. Sudhir Chand Independent Member 6
Non-executive During the financial year ended 31st March, 2018, four (4)
Mr. Surin S Kapadia* Independent Member 2 meetings of the Nomination & Remuneration committee were
Non-executive held on 4th May, 2017, 26th July, 2017, 25th October, 2017
and 31st January, 2018 respectively. The composition and
*Mr. Surin S Kapadia appointed as an additional director at the board meeting attendance details of the committee meetings are as follows:
of the Company held on 25th October, 2017
The Managing Director & CEO, Director- Finance & CFO and meetings
attended
Chief- Internal Audit are permanent invitees to the audit
committee meetings. The representative(s) of the statutory Mr. Vijay Aggarwal Independent Chairman 4
Non-Executive
auditors also attend the audit committee meetings. The
Company Secretary acts as the secretary to the committee. Ms. Mona N Desai Independent Member 4
Non-Executive
Other directors and members of the management are also
invited as may be required from time to time. Mr. Sudhir Chand Independent Member 4
Non-Executive
B. Nomination & Remuneration Committee

The terms of reference of the Nomination and
Remuneration committee inter alia includes the following:

67
Remuneration of Directors
Details of Remuneration paid/payable to the Directors for the year ended 31st March, 2018 are as follows:
(in Rs.)
Name of Director Salary & Contributions Perquisites & Commission1 Sitting Fees2 Total
Performance to retiral funds Other
Bonus benefits
Executive directors
Mr. G Chatterjee 2,34,48,400 54,85,567 13,39,985 1,08,99,200 - 4,11,73,152
Mr. A K Mukherjee 1,25,53,992 31,59,213 14,05,237 62,76,996 - 2,33,95,438
Mr. Subir Chakraborty 87,32,732 21,22,097 11,44,623 42,16,366 - 1,62,15,818
Mr. Arun Mittal 68,01,004 16,48,308 11,95,135 32,75,000 - 1,29,19,447
Non-executive directors
Mr. R B Raheja - - - - 2,25,000 2,25,000
Mr. Vijay Aggarwal - - - 12,50,000 6,00,000 18,50,000
Ms. Mona N Desai - - - 12,50,000 6,00,000 18,50,000
Mr. Sudhir Chand - - - 12,50,000 6,00,000 18,50,000
Mr. Bharat Dhirajlal Shah - - - 35,00,000 2,25,000 37,25,000
Mr. Nawshir H Mirza - - - 35,00,000 6,00,000 41,00,000
Mr. Surin Kapadia3 - - - 12,50,000 2,50,000 15,00,000
1. The commission for the year ended 31st March, 2018 will be paid, subject to deduction of tax, after adoption of accounts by the members at the ensuing
Annual General Meeting
2. The sitting fees paid to the non executive directors is towards attending the Board and Audit Committee meetings held during the year.
3. Mr. Surin S Kapadia appointed as an additional director at the board meeting of the Company held on 25th October, 2017
Notes:
All the Executive Directors of the Company have been appointed on contractual basis. As per the contract, the notice period is
3 months.
Payment of remuneration to the executive/Whole-time directors of the Company is governed by the terms and conditions of
their appointment as recommended by the Nomination and Remuneration Committee and approved by the Board subject to the
approval of the Shareholders and the Central Government, where applicable.
Non-executive/independent directors of the Company receive remuneration by way of fees for attending meetings of the Board or
Committee thereof as approved by the Board from time to time within the prescribed limits. Non-executive independent directors
may also be paid commission as approved by the shareholders subject to a limit of 1% of the net profits of the Company computed
under the applicable provisions of the Companies Act, 2013. The commission payable to the independent directors is determined
by the Board within the aforesaid limit of 1% of the net profits after taking into account their attendance roles and responsibilities
in various Committees of the Board, their operational and functional expertise and contribution made by them.
In accordance with the approval of the Shareholders in the Annual General Meeting held on 19th July 2016, the payment of
commission to non-executive directors has been determined by the Board, which is well within the ceiling of 1% of net profits
of the Company for the year ended 31st March, 2018 as computed under applicable provisions of the Companies Act, 2013. The
allocation of the commission amongst the eligible Non-executive independent directors has been decided by the Board with each
interested director present not participating in the deliberations in respect of his own commission.

Shareholding of Non-Executive directors Number of complaints received and resolved during the year
and pending share transfers as on 31st March, 2018:
Name of Director No. of shares held
as on 31st March, 2018 Number of complaints pending at the beginning of Nil
Ms Mona N Desai 78,666 the financial year 2017-18
Mr. S Chand 18,872 Number of complaints received during the financial 18
year 2017-18
Apart from the above, there was no pecuniary relationship or Number of complaints redressed during the financial 18
transactions between the Company and non-executive directors. year 2017-18
The performance criteria for the purpose of payment of Number of complaints pending redressal at the end Nil
of the financial year 2017-18
remuneration to the directors are in accordance with the
Nomination and Remuneration policy of the Company. Number of pending share transfers as at Nil
31st March, 2018
C. Stakeholders’ Relationship Committee
he Committee oversees redressal of shareholders’ grievances
T D. Share Transfer Committee
pertaining to transfer of shares, non-receipt of dividend and he Share Transfer committee approves the transfer/
T
non-receipt of annual reports. The Committee also oversees the transmission of shares, sub-division or consolidation of shares
performance of registrar and transfer agent and recommend and issue of new/duplicate share certificates and related
the measures for overall improvement in the quality of investor matters. The Share Transfer committee presently comprises of
services. three (3) executive directors.
Composition and Attendance Composition and Attendance
The Stakeholders’ Relationship Committee of the Company During the financial year ended 31st March, 2018, 8 meetings
comprises of three (3) Directors. Mr. Sudhir Chand, non- of Share Transfer committee were held on 17th April, 2017,
executive independent director is the Chairman of the 2nd June, 2017, 1st August, 2017, 1st September, 2017, 7th
Stakeholders Relationship committee. Mr. Jitendra Kumar, November, 2017, 8th December, 2017, 29th January, 2018, and
Company Secretary and EVP - Legal & Administration, is the 5th March, 2018 respectively. The composition and attendance
compliance officer and acts as the secretary to the committee. details of the committee meetings are as follows:
During the financial year 2017-18, the Committee met once on Name of Director Category Designation Number of
19th March, 2018. The composition and attendance details of meetings
the committee meeting are as follows: attended
Mr. G Chatterjee Executive Chairman 8
Mr. A K Mukherjee Executive Member 8
meetings
attended Mr. Subir Chakraborty Executive Member 8
Mr. Sudhir Chand Independent Chairman 1 All routine matters including inter alia formalities pertaining
Non-Executive
to transfer, transmission, etc. within specified threshold limits
Mr. Subir Chakraborty Executive Member Nil as delegated by the Board are being dealt by “Share Transfer
Mr. G. Chatterjee Executive Member 1 Committee of Executives” comprising of a representative from
the registrar & share transfer agent, the compliance officer and
Investor Grievance Redressal Mechanism
an officer from the secretarial team which meets at least once
During the financial year ended 31st March, 2018, 18 complaints
in a fortnight.
were received from shareholders. All complaints have been
redressed to the satisfaction of the shareholders and none of E. Corporate Social Responsibility Committee
them were pending as on 31st March, 2018. The Corporate Social Responsibility Committee is responsible
for -
1. formulating the CSR policy and proposing revisions as and
when required subject to the approval of the board of
directors;

69
2. proposing budget allocation for the CSR activities, subject Choudhury, Ms. Nupur Roy Choudhury, Mr. Ranjan Sarkar and
to the approval of the board of directors; Mr. Jitendra Kumar. Mr. Achim Leulsdorf resigned from the
Company w.e.f. 30th September, 2017 and hence ceased to
3. identifying modalities of implementing the CSR activities;
be member of the Committee. The Committee focuses on the
4. formulation of an effective monitoring system; strategic management issues of the Company, subject to the
overall supervision of the board of directors.
5. monitoring the progress of the CSR programs on a regular
basis; H. Independent Directors Meeting
During the year under review, the Independent Directors met twice
6. review the impact assessment; and
on 4th May, 2017 and on 31st January 2018 inter alia, to discuss:
7. annually report to the board, the status of CSR activities
i.
Evaluation of the performance of non independent
and contributions made.
directors and the Board of Directors as a whole;
The Committee has formulated a Corporate Social Responsibility ii. Evaluation of the performance of the Chairman of the
policy indicating the activities to be undertaken by the Company Company, taking into account the views of the executive
and recommend the expenditure on the specified CSR activities and non executive directors
pursuant to Schedule VII of the Companies Act, 2013 and also
monitor the policy from time to time. The said policy is available iii. Evaluation of the quality, content and timelines of flow of
on the website of the Company at http://www.exideindustries. information between the management and the board to
com/investors/governance-policies.aspx effectively and reasonably perform its duties.
All the independent directors were present at the said meeting.
Composition & Attendance
The Corporate Social Responsibility Committee comprises MAJOR POLICIES ADOPTED BY THE COMPANY
of four (4) members with Mr. Bharat D Shah, non executive I. Whistle Blower Policy/Vigil Mechanism
independent director acting as Chairman. In accordance with the provisions of the Companies Act, 2013
read with the Companies (Meeting of Board and its Powers)
Four (4) meetings of the Corporate Social Responsibility
Rules, 2014 and SEBI Regulations 2015, every listed Company
Committee were held during the year on 4th May, 2017,
is required to have a vigil mechanism for the directors,
26th July, 2017, 25th October, 2017 and 31st January, 2018
employees and stakeholders to report their genuine concerns
respectively. The composition and attendance details of the
and grievances. The Company has a whistle blower policy in
Committee are given below:
place and the same is also available on the website of the
Name of Director Category Designation Number of Company. The audit committee of directors is entrusted with
meetings the responsibility to oversee the vigil mechanism. During the
attended year, no personnel were denied access to audit committee.
Mr. Bharat Dhirajlal Independent Chairman 4 The Whistle Blower Policy is uploaded on the Company’s website
Shah Non-Executive
under the following web-link http://www.exideindustries.com/
Mr. Sudhir Chand Independent Member 4 investors/governance-policies.aspx
Non-Executive
II. Policy on Material Subsidiaries
Mr. G Chatterjee Executive Member 4
In accordance with the requirements of Regulation 16(1)
Mr. Subir Chakraborty Executive Member 4
(c) of SEBI Regulations, 2015 the Company has a policy on
F. Banking Operations Committee material subsidiaries. A subsidiary shall be considered a material
The Banking Operations Committee has been constituted subsidiary if any of the following conditions is satisfied:
to approve opening and closing of bank accounts, change in a. if the net-worth (i.e. paid-up capital and free reserves) of
signatories and carrying on other routine banking operations. the subsidiary exceeds 20% of the consolidated net worth
The Committee presently comprises of three (3) executive of the Company and its subsidiaries in the immediately
directors, viz. Mr. G. Chatterjee, Mr. A K Mukherjee and Mr. preceding accounting year; or
Subir Chakraborty. b.
if the income of the subsidiary exceeds 20% of the
G. Executive Committee consolidated income of the Company and its subsidiaries
The Executive Committee comprises of the executive directors, in the immediately preceding accounting year.
key management personnel and senior management The policy on material subsidiaries have been uploaded on the
personnel viz. Mr. G Chatterjee, Mr. A K Mukherjee, Mr. Subir Company’s website under the following web-link http://www.
Chakraborty, Mr. Arun Mittal, Mr. Arnab Saha, Dr. Dipak Sen exideindustries.com/investors/governance-policies.aspx.

III. Policy on Related Party Transactions V. Policy on Preservation of Documents

All transactions entered into with the related parties during In accordance with Regulation 9 of SEBI Regulations, 2015, the
the financial year ended 31st March, 2018 were in the ordinary Company has framed a policy on preservation of documents
course of business and on an arm’s length basis and without approved by the Board of Directors of the Company. The
any conflict of interest in accordance with the provisions of the policy is intended to define preservation of documents and to
Companies Act, 2013 and SEBI Regulations, 2015. Moreover, provide guidance to the executives and employees working in
there were no materially significant related party transactions the Company to make decisions that may have an impact on
during the financial year which were in conflict with the interest the operations of the Company. It not only covers the various
of the Company. Suitable disclosures as prescribed under the aspects on preservation of the documents, but also the safe
applicable Accounting Standard have been made in the notes disposal/destruction of the documents. The Policy has been
to the Financial Statements. uploaded on the Company’s website. The web-link is http://
www.exideindustries.com/investors/governance-policies.aspx.
The policy for related party transactions has been uploaded
on the Company’s website. The web-link is http://www. VI. Dividend Distribution Policy
exideindustries.com/investors/governance-policies.aspx In accordance with Regulation 43A of SEBI Regulations, 2015,
the Company has framed the Dividend Distribution Policy
IV. Policy on Determination of Materiality for
approved by the Board of Directors of the Company. The
Disclosures and Archival Policy
Dividend Distribution Policy of the Company endeavors to
In accordance with Regulation 30 of SEBI Regulations, 2015, the
maintain a consistent approach towards dividend payment to its
Company has framed a policy on determination of materiality
shareholders and regulate the process of dividend declaration
for disclosures to disclose events or information which, in the
and its payout by the Company as per the laws in force. The
opinion of the board of directors of the Company, are material.
Policy inter alia covers the financial parameters that will be
Further the Company has an archival policy in line with the
considered when declaring dividends, internal and external
requirements of SEBI Regulations to ensure that information
factors that would be considered for declaring dividends and the
relating to the Company is adequately disclosed on its website
circumstances under which shareholders can or cannot expect
as required by law. The policies have been uploaded on the
dividend. The Policy has been uploaded on the Company’s
Company’s website. The web-link is http://www.exideindustries.
website. The web-link is http://www.exideindustries.com/
com/investors/governance-policies.aspx.
investors/governancepolicies.aspx.
GENERAL BODY MEETINGS

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

68th 31.03.2015 Kala Kunj, 48 Shakespeare Sarani, Kolkata – 700 017 31.07.2015 11.00 AM
69th 31.03.2016 Kala Mandir, 48 Shakespeare Sarani, Kolkata – 700 017 19.07.2016 11.00 AM
70th 31.03.2017 Kala Mandir, 48 Shakespeare Sarani, Kolkata – 700 017 27.07.2017 11.30 AM
SPECIAL RESOLUTIONS
The details of the special resolutions passed by the Company at the last three Annual General Meetings (AGMs) are given herein
below:
Date of AGM Subject matter of the resolution Triggering Section of the Companies Act
31st July, 2015 Payment of Commission to Non-Executive Chairman & Non executive 149, 197 and 198 of the Companies Act,
Independent Director 2013
Adoption of new set Articles of Association 14 of the Companies Act, 2013
19th July, 2016 - -
27th July, 2017 - -

71
POSTAL BALLOT Exposure to currency fluctuations and its impact on Company’s

No resolution requiring postal ballot was placed before the last business is significant since about 30% of Lead and Lead Alloys
Annual General Meeting. No resolution requiring postal ballot is procurement is based on “import parity price.” Moreover, there
being proposed at the ensuing Annual General Meeting. are imports of few other materials as well as most of the capital
goods (machineries).
DISCLOSURES
a.
There were no materially significant related party While exposure to currency fluctuation on Lead and Lead alloy
transactions entered into by the Company with promoters, cost is to some extent mitigated as stated above, exposure
directors, key managerial personnel or other persons on account of other imports remains. However, Exports,
which may have a potential conflict with the interest of which constitutes about 5% of Company’s business, acts as
the Company. an automatic hedge against risks resulting from currency
fluctuation.
b.
Details of non-compliance by the Company, penalties,
strictures imposed on the Company by the stock exchanges As a policy, the Company does not enter into Commodity
or SEBI or any statutory authority on any matter related to hedging. Accordingly, as on the date of reporting, there was
capital markets during the last three years. no open position held by the Company on Commodity futures
or options. Same principle applies in case of currency also.
There was no such instance of non-compliance during the
Very few “forward covers” are taken, at times, against import
last three years.
liabilities when situation warrants. As at end of March’18 there
c.
All mandatory requirements have been appropriately was no “forward cover contract” which remained open, for
complied with and the non-mandatory requirements are foreign currency liability.
dealt with at the end of the report.
e.
The disclosures on corporate governance as required
d.
Disclosure of commodity price risk and commodity hedging under Regulation 17 to 27 and Clause (b) to (i) of sub
activities regulation (2) of Regulation 46 have been adhered and
complied with.
L ead and Lead Alloys are the primary materials consumed in the
manufacture of batteries representing more than 70% of total MEANS OF COMMUNICATION
material consumption by value. A.
Quarterly results and Audited Financial Results are
generally published in following Newspapers:
The Company procures about 30% of its Lead and Lead Alloys
requirement through imports or import parity pricing based on Business Standard
prices quoted on London Metal Exchange (LME). Balance 70% The Economic Times
of its Lead and Lead Alloys are procured from Local Smelters, The Telegraph
including its own Smelters, prices of which are influenced by The Times of India
demand/supply situation as well as LME price movement. Hindu Business Line
Ananda Bazar Patrika
At times, prices of Lead and Lead Alloys become volatile due
The Mint
to sudden changes in demand/supply situation as well as LME
Eishamay
price movement due to international forces. The Company
procures Lead and Lead Alloys mostly at current pricing or on B.
The Company’s website at www.exideindustries.com is
LME averages and there is no long-term contract for pricing. regularly updated with financial results.
About 30% of Company’s business with OEMs as well as C. Whether MD & A is a part of Annual Report : Yes
institutional customers are having “Lead price variation clause”
D. Whether Official news Releases and Presentations made
(Lead price denominated pricing). Hence, this portion of the
to Institutional Investors/Analysts are posted on the web-
business is protected from Lead price volatility. Balance 70% of
site of the Company : Yes
Company’s business to retail customers are exposed to lead price
volatility as prices are determined by market forces. However, GENERAL SHAREHOLDER INFORMATION
increasing usage of recycled lead, replacing consumption of 1. The 71st Annual General Meeting is proposed to be held
pure lead, which is cheaper than pure lead and not directly for the financial year: 1st April 2017 to 31st March 2018.
exposed to LME price movement, to some extent reduces the
2. The Company has furnished information, as required under
risk of Lead price volatility.
Regulation 36 of SEBI (Listing Obligations & Disclosure

Requirements) Regulations, 2015, relating to appointment 4. Tentative financial calendar for 2018-2019
of new directors and re-appointment of retiring directors.
Shareholders may kindly refer to the Notice convening the First Quarterly Results August, 2018
71st Annual General Meeting of the Company. The name Second Quarterly/Half Yearly Results November, 2018
of other companies in which the directors appointed/ Third Quarterly Results January, 2019
re-appointed holds directorship and the membership of Annual Results for the year ending on April 2019
31st March, 2019
committees of the board are also given in the annexure to
the Notice convening the 71st Annual General Meeting. Annual General Meeting for the year July/August 2019
ending on 31st March, 2019
3. Annual General Meeting for the financial year
2017-18
5. Dividend Payment Date
Date 2nd August, 2018 During the financial year 2017-18, the Company paid
Venue Kala Mandir, 48 Shakespeare an interim dividend @ Rs 1.60 per equity share to its
Sarani, Kolkata – 700 017 shareholders.
Time 10.30 AM he final dividend @ Re. 0.80 per equity share as
T
Dates of Book Closure for 27.07.2018 to 02.08.2018 recommended by the board at its meeting held on 7th May,
Final Dividend
2018 for the year ended 31st March, 2018, if approved by
Last Date of receipt of 31st July, 2018 (10.30 AM) the shareholders at the ensuing Annual General Meeting to
Proxy Forms
be held on 2nd August, 2018, 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 and Protection Fund (IEPF). In accordance with
the following schedule, the dividend for the years mentioned as follows, if unclaimed within a period of seven years, will be
transferred to IEPF:
Details of Unclaimed Dividend as on 31.03.2018
Year Type Account No Date of Declaration Due Date for transfer to IEPF
2011 Final 704718 21-Jul-11 26-Aug-18
2012 Interim 00142220002179 20-Oct-11 25-Nov-18
2012 Final 704784 17-Jul-12 27-Aug-19
2013 Interim 00142220002464 19-Oct-12 24-Nov-19
2013 Final 704862 16-Jul-13 21-Aug-20
2014 Interim 33105176380 23-Oct-13 29-Nov-20
2014 Final 50200006512872 22-Jul-14 28-Aug-21
2015 Interim 704922 21-Jul-14 21-Aug-21
2015 Final 50200013542151 31-Jul-15 06-Sept-22
2016 Interim 50200015464528 28-Oct-15 04-Dec-22
2016 Final 50200020247750 19-Jul-16 25-Aug-23
2017 Interim 705017 26-Oct-16 02-Dec-23
2017 Final 50200025616737 27-Jul-17 01-Sept-24
2018 Interim 50200027732367 25-Oct-17 30-Nov-24
Pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016, the Company has uploaded the details of unpaid and unclaimed amounts lying with the Company as on 27th
July, 2017 (date of last Annual General Meeting) on the Company’s website http://www.exideindustries.com/investors/
unclaimed-dividends.aspx and on the website of Ministry of Corporate Affairs.

73
Transfer of Unclaimed Dividend and Shares to Investor Education and Protection Fund
During the year, pursuant to Section 124 of Companies Act, 2013 read with Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, the Company has transferred 34,58,598 equity shares to
the DEMAT Account of IEPF authority maintained with NSDL in respect of which dividend had remained unclaimed/unpaid
for a consecutive period of seven years. The process of claiming unpaid/unclaimed dividend and/or shares transferred by the
Company to IEPF is provided in the notes of the Notice of 71st Annual General Meeting of the Company and is also available
at http://www.exideindustries.com/investors/unclaimed-dividends.aspx
6. Listing of Equity Shares on Stock Exchanges and Stock Code/Symbol
ISIN: INE302A01020
The Equity Shares of the Company are presently 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 2018-19 has been paid to the above Stock Exchanges.
7. Stock Market price date for the year on BSE, NSE & CSE
Month BSE(#) NSE(#) CSE*

High (Rs.) Low (Rs.) High (Rs.) Low (Rs.) High (Rs.) Low (Rs.)
April 2017 240.55 223.80 240.55 223.50 * *
May 2017 249.70 219.90 250.00 219.20 * *
June 2017 231.95 208.85 232.40 208.75 * *
July 2017 231.95 213.00 232.00 212.50 * *
August 2017 225.95 194.85 225.95 194.70 * *
September 2017 229.00 197.00 228.40 197.00 * *
October 2017 213.20 198.25 213.25 197.80 * *
November 2017 214.65 195.30 214.80 195.10 * *
December 2017 224.40 200.25 224.65 200.10 * *
January 2018 237.05 214.20 237.20 214.15 * *
February 2018 224.20 192.85 225.75 192.40 * *
March 2018 226.80 202.50 225.75 202.45 * *
(#) Source BSE and NSE web-site

* No trading on the exchange

8.(a) Performance of Exide Share Price in comparison (b) Performance of Exide Share Price in comparison
to BSE Sensex to NIFTY
260.00 40000 260.00 12000

250.00 35000 250.00
10000
30000
EXIDE BSE HIGH
240.00 240.00
8000
BSE SENSEX
EXIDE NSE HIGH
NIFTY
25000
230.00 230.00
20000 6000
220.00 220.00
15000
210.00 210.00 4000
10000
200.00 200.00 2000
5000
190.00 0 190.00 0
Mar-2018
Apr-2017
May-2017
Jun-2017
Jul-2017
Aug-2017
Sept-2017
Oct-2017
Nov-2017
Dec-2017
Jan-2018
Feb-2018
Mar-2018
Apr-2017
May-2017
Jun-2017
Jul-2017
Aug-2017
Sept-2017
Oct-2017
Nov-2017
Dec-2017
Jan-2018
Feb-2018
BSE SENSEX EXIDE BSE HIGH NIFTY EXIDE NSE HIGH
9. Registrar and Transfer Agent

The Company has engaged the services of C B Management transfer processed and share certificate duly endorsed are
Services (P) Ltd, P-22 Bondel Road, Kolkata- 700 019, a issued within 30 days of the date of lodgment subject to
SEBI registered body as its Registrar and Share Transfer documents being valid and complete in all respects. The
Agent for processing transfers, sub-division, consolidation, decisions of the committee are placed at the next board
etc. Since trading in Company’s shares can now be done meeting. The Company obtains from a Company Secretary
only in the dematerialised form, request for demat and in practice, a half-yearly certificate of compliance with the
remat should be sent directly to the Registrar through share transfer formalities as required under Regulation
concerned depository participants. The Company has 40(9) of SEBI (Listing Obligations and Disclosure
made arrangements for dematerialisation of its share Requirements) Regulations, 2015 and files a copy of the
currently held in physical form with National Securities said certificate with stock exchanges.
Depository Limited (NSDL) and Central Depository Service
11. Nomination Facility
(India) Limited (CDSL).
Pursuant to Section 72 of the Companies Act, 2013
10. Share Transfer System read with Rule 19(1) of the Companies (Share Capital &
As stated above, the Company’s shares are compulsorily Debentures) Rules, 2014, nomination facility is available
traded in demat mode on the stock exchanges. The to the shareholders. This facility is mainly useful for
shareholders are therefore requested to kindly note that shareholders holding the shares in single name. In cases
physical documents, viz. Demat Request Forms (DRF) and where the shares are held in joint names, the nomination
share certificates, etc. should be sent by their Depository will be effective only in the event of death of all the joint
Participants (DP’s) directly to the Share Transfer Agents. holders.
Any delay on the part of the DP’s to send the DRF and
Investors are advised to avail of this facility, especially
the share certificates beyond 15 days from the date of
those holding securities in single name, to avoid the
generation of the DRN by the DP will be rejected/cancelled.
expensive and long drawn process of transmission by law.
This is being done to ensure that no demat requests remain
pending with the Share Transfer Agent beyond a period of Investors holding shares in physical form may obtain
15 days. Shareholders should, therefore, ensure that their nomination form (Form SH-13) from the Registrar and
DP’s do not delay in sending the DRF and share certificates Share Transfer Agent of the Company. However, if the
to the Share Transfer Agent after generating the DRN. shares are held in dematerialised form, the nomination has
to be intimated to your depository participants directly, as
Request for transfer of shares held in physical form can
per the format prescribed by them.
be lodged with C B Management Services (P) Ltd. Share

75
12. Share Transfer Record
Month No. of Transfer No. of shares

processed
April, 2017 3 5,143
May, 2017 1 4,040
June, 2017 5 8,772
July, 2017 3 920
August, 2017 NIL NIL
September, 2017 1 11,860
October, 2017 2 5,240
November, 2017 1 500
December, 2017 3 407
January, 2018 2 2,041
February, 2018 6 3,169
March, 2018 3 878
13. Distribution of Shareholding as on 31.03.2018

Range Shares Shareholders
No. of shares of face % of total Total no. of % of Total
value Re.1/- each shares holders holders
1-5000 3,67,72,806 4.33 1,25,606 97.22
5001-10000 1,33,65,843 1.57 1,888 1.46
10001-20000 1,20,99,844 1.42 869 0.67
20001-30000 67,07,476 0.79 278 0.21
30001-40000 45,18,676 0.53 129 0.10
40001-50000 35,27,797 0.42 78 0.06
50001-100000 80,60,752 0.95 113 0.09
100001 & above 76,49,46,806 89.99 232 0.19
Total 85,00,00,000 100.00 1,29,193 100.00
14.
Shareholding pattern of the Company as on 15. Dematerialisation of Shares and Liquidity
31.03.2018: Exide shares are tradable compulsorily in the electronic
form. We have established connectivity with both
Category No. of shares % of total depositories i.e. National Securities Depository Limited
issued shares (NSDL) and Central Depository Services (India) Limited
Promoter Holding 39,09,54,666 45.99 (CDSL).The International Securities Identification Number
Foreign Institutional 12,12,60,914 14.27 (ISIN) allotted to our shares under the Depository system
Investors is INE302A01020.
Non Resident 38,36,184 0.45
As on 31st March, 2018, 98.61% of the Company’s total
Individual
shares representing 83,82,19,455 shares are held in
Mutual Funds 12,15,00,291 14.29
dematerialised form and 1.39% representing 1,17,80,545
Financial Institutions, 4,38,38,930 5.16
shares are in physical form.
Insurance Companies
& Banks Category Number % to total
Public 9,64,66,050 11.35 Shareholders Shares equity
Bodies Corporate 6,81,66,173 8.02 Demat Mode
Directors & their 5,18,194 0.06 NSDL 78,400 81,67,51,764 96.09
relatives CDSL 46,005 2,14,67,691 2.52
Investor Education 34,58,598 0.41 Total 1,24,405 83,82,19,455 98.61
and Protection Fund Physical Mode 4,788 1,17,80,545 1.39
Total 85,00,00,000 100.00 Grand Total 1,29,193 85,00,00,000 100.00

16.
Outstanding GDRs/ADRs/Warrants or any Contact Person:
convertible instruments, conversion date and Mr. Jitendra Kumar
likely impact on equity Company Secretary and Compliance Officer
The Company has not issued any GDRs, ADRs, Warrants or Tel Nos. : [033] 23023400/ 22832118/2150/2171
any other convertible instruments. Fax No. : [033] 2283 2637
Email : [email protected]
17. Cost Audit
Name of the Cost Auditor: Shome & Banerjee (b) C B Management Service (P) Ltd,
Cost Accountants P-22 Bondel Road, Kolkata- 700 019
5A, Nurulla Doctor Lane Contact Person:
(West Range) Mr. Amit Banerjee,
2nd Floor, Kolkata–700 017 GM- Operations
Regn No.: 000001 Tel No. : [033] 4011 6700/6725/6729/6742
Actual date of filing the Fax No. : [033] 40116739
Cost Audit Report Email : [email protected]
For 2016-17 : 22nd August, 2017
(c) For investor grievances, shareholders may send an email to
[email protected]
18. Commodity Price risk or Foreign Exchange risk
and Hedging activities Status as regards adoption/non adoption of discretionary
The same has already been explained under the heading requirements laid down in Part E of Schedule II of
‘Disclosures’ in this report. Regulation 27(1) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and forming
19. Plant Locations
part of the Report on Corporate Governance
State Address
Particulars Status
West Bengal 91 New Chord Road, Authpur, Shamnagar,
24 Parganas (N)- 743 128 The Board Not Adopted
A non-executive Chairperson may be entitled
West Bengal Durgachak, Haldia, Dist Midnapore (E),
to maintain a Chairperson’s office at the
West Bengal- 721 602
expense of the Company and also allowed
Haryana Plot No. 179, Sector 3, HSIIDC Growth Centre,
reimbursement of expenses incurred in
Bawal- 123 501
performance of his duties.
Maharashtra D2, MIDC Industrial Estate, Chinchwad East,
Pune- 411 019
Shareholders Rights Not Adopted
Maharashtra Plot No. T-17 MIDC Taloja Industrial Area, A half-yearly declaration of financial
Taloja- 410 208 performance including summary of the
Maharashtra E-5, MIDC, Nagpur Taluka, significant events in the last six months, may be
Ahmednagar - 414 111 sent to each household of shareholders.
Tamil Nadu Chichurakanapalli, Sevaganapalli Modified opinion (s) in audit report Company’s
Panchayat, Hosur Taluk, Company may move towards a regime of financial
Dist Krishnagiri - 635 103 financial statements with unmodified audit statements have
Uttarakhand Khasra No. - 275, Lakeshwari Industrial Area, opinion. unmodified
Bhagwanpur, Roorkee, audit opinion
Dist-Haridwar – 247 661 Separate posts of Chairperson and CEO Adopted
Uttarakhand Plot No. 31, Sector 8A, Integrated Industrial The Company may appoint separate persons
Estate, Ranipur, to the post of Chairperson and Managing
Haridwar – 249 403 Director/CEO.
20. Address for Correspondence Reporting of Internal Auditor Not Adopted
The Internal auditor may report directly to the
The Company’s registered office is situated at Exide House, Audit Committee.
59E, Chowringhee Road, Kolkata- 700 020.
Pursuant to Regulation 34(3) read with Schedule V of SEBI
All Shareholders’correspondence should be addressed to:
(Listing Obligations and Disclosure Requirements) Regulations,
(a) Share Department, Exide Industries Limited 2015, Compliance Certificate from the Statutory Auditors
Exide House, 59E Chowringhee Road, regarding compliance of conditions of Corporate Governance
Kolkata- 700 020. by the Company is annexed with the Directors’ Report.

77
Auditor’s Certificate on Corporate Governance

To
The Members of Exide Industries Limited
1. This certificate is issued in accordance with the terms of our engagement letter dated 19th April 2018.
2. We have examined the compliance of conditions of Corporate Governance by Exide Industries Limited (‘the Company’), for
the year ended 31st March, 2018, as per regulations 17-27, clauses (b) to (i) of regulation 46(2) and paragraphs C, D and E
of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (‘Listing Regulations’) for the period 1 April 2017 to 31 March 2018.
MANAGEMENT’S RESPONSIBILITY FOR COMPLIANCE WITH THE CONDITIONS OF LISTING REGULATIONS
3. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company along with
the maintenance of all its relevant supporting records and documents. The Management is responsible for ensuring that
the Company complies with the requirements as stipulated in Regulations 17-27, Clauses(b) to (i) of Regulation 46(2) and
paragraphs C, D and E of Schedule V of the Listing Regulations for the period 1 April 2017 to 31 March 2018. This responsibility
includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the
report and applying an appropriate basis of preparation
4. Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance whether the
Company has complied with the conditions of Corporate Governance as stipulated in Listing Regulations for the year ended
31st March, 2018.
5. Our examination was limited to procedures and implementation thereof adopted by the Company for ensuring the compliance
of the conditions of Corporate Governance as stipulated in the above mentioned Listing Regulations. It is neither an audit nor
an expression of opinion on the financial statements of the Company.
6. We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued
by the Institute of Chartered Accountants of India (‘ICAI’). The Guidance Note requires that we comply with the ethical
requirements of the Code of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
OPINION
8. In our opinion, and to the best of our information and according to explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated in the above-mentioned Listing Regulations.
9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
RESTRICTION ON USE
10. The certificate is addressed and provided to the members of the Company solely for the purpose to enable the Company
to comply with the requirement of the Listing Regulations, and it should not be used by any other person or for any other
purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other
person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/W– 100022
Sd/-
Jayanta Mukhopadhyay
Place: Mumbai Partner
Date: 7th May, 2018 Membership Number : 055757

Certification by Chief Executive Officer (CEO) & Chief Financial

Officer (CFO)
The Board of Directors

Exide Industries Limited
Exide House
59E, Chowringhee Road
Kolkata – 700 020
We, Gautam Chatterjee, Managing Director & CEO and 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, 2018.
1. To the best of our knowledge and belief, we certify that:
a) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
b) these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations; and
c) there are no transactions entered into by the Company during the year which are fraudulent, illegal or violative of the
Company’s Code of Conduct;
2. For the purposes of financial reporting, we accept the responsibility for establishing and maintaining internal controls and
that we have evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting and
we have disclosed to the Auditors and the Audit Committee, and further state that there were no deficiencies in the design
or operation of such internal controls.
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/-
Gautam Chatterjee A K Mukherjee
Place: Mumbai Managing Director & CEO Director-Finance & CFO
Date: 7th May, 2018 DIN: 00012306 DIN: 00131626
Annual Declaration under Regulation 34(3) read with Part D of

Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015
DECLARATION
As required under Regulation 34(3) read with Part D of Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, I hereby declare that all the Board members and senior executives of the Company have complied with Code of
Conduct of the Company for the year ended 31st March, 2018.
Sd/-
Gautam Chatterjee
Place: Mumbai Managing Director & CEO
Date: 7th May, 2018 DIN: 00012306

79
ANNEXURE - IV
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1.
A brief outline of the Company’s CSR policy, 3. Average net profit of the Company for last three
including overview of projects or programmes financial years:
proposed to be undertaken and a reference to Average net profit: Rs. 88,218 lacs
the web-link to the CSR policy and projects or
4. Prescribed CSR Expenditure (two percent of the
programmes.
amount as in item 3 above):
Extracts of the CSR Policy is stated towards the end of this
Rs. 1,764.20 lacs
Report:
5. Details of CSR spend for the financial year:
Weblink:
a. Total amount spent for the financial year:
http://www.exideindustries.com/investors/governance-
Rs. 1,771.03 lacs*
policies.aspx
b. Amount unspent, if any:
2. Composition of the CSR Committee:
None
Mr. Bharat D Shah (Chairman)
Mr. Sudhir Chand (Member) * During the year an additional amount of Rs. 48.08 Lacs has been invested
Mr. Gautam Chatterjee (Member) for Cancer patients through Indian Cancer Society, which is not included in the
Mr. Subir Chakraborty (Member) amount mentioned under point no. 5 (a) above.
c. Manner in which the amount spent during the Financial Year is detailed below:
(Rs. in Lacs)
Sl CSR project or activity Sector Projects or Programs Amount Amount spent Cumulative Amount spent:
No. identified in which (1) Local area or outlay on the Projects expenditure Direct or though
the other (2) specify the (Budget) or Programs upto the Implementing
project state and district project or Sub Heads: reporting Agency
is where projects and program (1) Direct period
covered programme was wise expenditure
undertaken on projects or
programs (2)
overheads
1 Promoting health care Clause i Maharashtra - Mumbai 608.00 608.00 608.00 Diabetics Association
including preventive of India; Society for
health care the Rehabilitation of
Paraplegics; Marrow
Donor Registry
(India); Calcutta
Rescue
2 Sanitation and making Clause i West Bengal - Malda, 156.00 156.00 156.00 Unicef & Rotary Club
available safe drinking South 24 Parganas, of Calcutta Midtown
water Kolkata; Assam -
Kamrup & Dibrugarh;
Bihar - Vaishali &
Rohtas; Maharashtra
- Raigarh, Pune,
Ahmednagar; Haryana
- Rewari
3 Contribution to the Clause 50.00 50.00 50.00 Prime Minister’s
Prime Minister’ National viii National Relief Fund
Relief Fund
4 Contribution to the Clause i 50.00 50.00 50.00 Swach Bharat Kosh
Swach Bharat Kosh
set-up by the Central
Government for the
promotion of sanitation

c. Manner in which the amount spent during the Financial Year is detailed below: (Contd.)
(Rs. in Lacs)
programs (2)
overheads
5 Promoting education, Clause ii West Bengal - Kolkata 60.85 60.85 60.85 Haltu Arya Balika
including vocation Vidyalaya, Young
skills especially among Men's Welfare
children Society, Loreto
Rainbow Project
& South Gurukul
Society
6 Eradicating hunger, Clause i West Bengal - Kolkata 11.00 11.00 11.00 Holy Tabernacle
poverty and & Cheshire Homes
malnutrition, promoting India-Kolkata unit
health care including
preventive health care
7 Sanitation and making Clause i; Maharashtra - Pune 72.00 72.00 72.00 YUVA Unstoppable
available safe drinking ii; iii; iv & India Sponsorship
water; Promoting Committee
education; Eradicating
hunger, poverty and
malnutrition, promoting
health care including
preventive health care;
promoting education
especially among
children; setting up
homes for orphans
and measures for
reducing inequalities
faced by socially
and economically
backward groups;
enduring environmental
sustainability and
conservation of natural
resources
8 Promoting education Clause 200.00 200.00 200.00 Wildlife Conservation
including special ii; iv Trust
education and
employment enhancing
vocation skills &
enduring environmental
sustainability and
conservation of natural
resources
9 Promoting health care Clause i Haryana - Rewari; 273.01 263.69 263.69 Direct
including preventive Maharashtra - Raigarh,
health care Ahmednagar; Tamil
Nadu - Krishnagiri;
West Bengal - South
24 Parganas, Purba
Medinipur, Kolkata

81
c. Manner in which the amount spent during the Financial Year is detailed below: (Contd.)
(Rs. in Lacs)
programs (2)
overheads
10 Sanitation and making Clause i; Maharashtra - Pune; 186.58 184.03 184.03 Direct
available safe drinking ii; v Tamil Nadu - Krishnagiri;
water & Promoting Uttarakhand - Haridwar
education including & Roorkee; West Bengal
special education and - South 24 Parganas,
employment enhancing Purba Medinipur
vocation skills & Setting
up public libraries
11 Promoting education & Clause Haryana - Rewari; 17.91 15.92 15.92 Direct
women empowerment ii; iii Maharashtra - Raigarh,
Pune
12 Sanitation and making Clause i Haryana - Rewari; 41.65 40.47 40.47 Direct
available safe drinking Maharashtra -
water Ahmednagar, Pune;
Tamil Nadu - Krishnagiri;
West Bengal - Purba
Medinipur
13 Setting up old age Clause iii Maharashtra - Raigarh 4.75 4.75 4.75 Direct
homes, day care centers
and such other facilities
for senior citizens
14 Enduring environmental Clause iv Haryana - Rewari; 41.90 41.82 41.82 Direct
sustainability and West Bengal - South 24
conservation of natural Parganas
resources, animal
welfare protection of
flora and fauna
15 Rural development Clause x Haryana - Rewari; Tamil 12.50 12.50 12.50 Direct
projects Nadu - Krishnagiri
Total 1,786.15 1,771.03 1,771.03
6. The Company has no shortfall in CSR spending during the year under review.
7. Responsibility Statement
The Responsibility Statement of the Corporate Social Responsibility Committee of the Board of Directors of the Company is
reproduced below:
The implementation and monitoring of Corporate Social Responsibility (CSR) Policy, is in compliance with CSR objectives and
policy of the Company.
Sd/- Sd/-
Gautam Chatterjee Bharat D Shah
Managing Director & CEO Chairman of the CSR Committee
DIN: 00012306 DIN: 00136969

EXTRACTS OF THE CSR POLICY

(Approved by the Board of Directors on 24th February, 2015)
Our aim is to be one of the most respected companies in India delivering superior and sustainable value to all our customers,
business partners, shareholders, employees and host communities.
The CSR initiatives focus on holistic development of host communities and create social, environmental and economic value to the
society.
To pursue these objectives we will continue to:
i Increasingly contribute to activities that are beneficial to the society and community at large.
ii Chart out a mechanism for undertaking CSR activities.
iii Engage with the Company’s key stakeholders in matters related to CSR activities.
iv Align the CSR activities undertaken by the Company with the applicable laws.

83
ANNEXURE - V
FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31st March, 2018
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i) CIN : L31402WB1947PLC014919
ii) Registration Date : 31st January 1947
iii) Name of the Company : Exide Industries Limited
iv) Category/Sub-Category of the Company : Public Company Limited by Shares
v) Address of the Registered office and contact details : Exide Industries Limited, Exide House,
Ph: 033 2302 3400
2283 2118/2150/2171
59 E Chowringhee Road, Kolkata 700020
vi) Whether listed company Yes/No : Yes
vii) Name, Address and Contact details of Registrar and : C B Management Sevices (P) Ltd.
Transfer Agent, if any : P-22, Bondel Road, Kolkata 700019, West Bengal, India
Ph: +913340116700/6729 Fax: +913340116739
Email: [email protected], Website: www.cbmsl.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company shall be stated:-
Sl. No. Name and Description of main NIC Code of the Product/ Service % total turnover of the Company
products/ services
1 Storage Battery 27202 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. Name and Address of the Company CIN/GLN Holding/ % of Applicable

No. Subsidiaries/ shares Section
Associate held
1 Chloride Power Systems & U31100WB1980PLC032796 Subsidiary 100% Section 2(87)(ii)
Solutions Ltd.
Exide House,59E Chowringhee Road,
Kolkata 700 020
2 Chloride Metals Ltd. U34300WB1998PLC181003 Subsidiary 100% Section 2(87)(ii)
Exide House,59E Chowringhee Road,
Kolkata 700 020
3 Exide Life Insurance Company Ltd. U66010KA2000PLC028273 Subsidiary 100% Section 2(87)(ii)
No. 3/1, 3rd floor, JP Techno Park,
Millers Road, Bangalore - 560001
4 Chloride International Ltd. U31402WB1947PLC014918 Subsidiary 100% Section 2(87)(ii)
Exide House, 59E Chowringhee Road,
Kolkata 700 020

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES - (Contd.)
Sl. Name and Address of the Company CIN/GLN Holding/ % of Applicable

No. Subsidiaries/ shares Section
Associate held
5 Chloride Batteries S.E Asia N.A. Subsidiary 100% Section 2(87)(ii)
Pte. Ltd.
106, Neythal Road
Singapore 628594
6 Associated Battery Manufacturers N.A. Subsidiary 61.50% Section 2(87)(ii)
(Ceylon) Ltd.
481, T .B Jayah Mawatha
Colombo 10
7 Espex Batteries Ltd. N.A. Subsidiary 100% Section 2(87)(ii)
Fairway House, Link Business Park, Street
Mellons, Cardiff, South Glamorgan
CF3 0LT
IV. SHARE HOLDING PATTERN (Equity Share Capital Break up as percentage of Total Equity)
(i) Category-wise ShareHolding
Category of No. of Shares held at the beginning of the Year No. of Shares held at the end of the Year % Change
Shareholders (As on 1st April 2017) (As on 31st March 2018) during the
year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
(1) Indian
(a) Individual / HUF - - - - - - - - -
(b) Central Govt - - - - - - - - -
(c) State Govt(s) - - - - - - - - -
(d) Bodies Corporate - - - - - - - - -
(e) Banks/FI - - - - - - - - -
(f) Any Other… - - - - - - - - -
Sub Total (A) (1)- - - - - - - - - -
(2) Foreign - - - - - - - - -
(a) NRIs - Individuals - - - - - - - - -
(b) Other - Individuals - - - - - - - - -
(c ) Bodies Corporate 39,09,54,666 - 39,09,54,666 45.99 39,09,54,666 - 39,09,54,666 45.99 -
(d) Banks/ FI - - - - - - - - -
(e) Any Other… - - - - - - - - -
Sub Total (A) (2)- 39,09,54,666 - 39,09,54,666 45.99 39,09,54,666 - 39,09,54,666 45.99 -
Total shareholding of 39,09,54,666 - 39,09,54,666 45.99 39,09,54,666 - 39,09,54,666 45.99 -
Promoter (A) = (A)(1)
+ (A)(2)

85
(i) Category-wise ShareHolding (Contd.)

Category of No. of Shares held at the beginning of the Year No. of Shares held at the end of the Year % Change
Shareholders (As on 1st April 2017) (As on 31st March 2018) during the
year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
B. Public
Shareholding (s)
1. Institutions
a) Mutual Funds 10,21,56,285 - 10,21,56,285 12.02 12,15,00,291 - 12,15,00,291 14.29 2.28
b) Banks/FI 6,36,484 3,69,983 10,06,467 0.12 3,00,615 3,61,423 6,62,038 0.08 (0.04)
c) Central Govt - - - - - 21,653 21,653 0.00 0.00
d )State Govt - - - - - - - -
e) Venture Capital Funds - - - - - - - -
f) Insurance Companies 6,15,54,085 - 6,15,54,085 7.24 4,31,55,239 - 4,31,55,239 5.08 (2.16)
g) FIIs 3,84,55,156 6,760 3,84,61,916 4.52 2,69,99,543 - 2,69,99,543 3.18 (1.35)
h) F oreign Venture - - - - - - - -
Capital Funds
i) Others (specify) - - - - - - - -
Sub-total (B)(1):- 20,28,02,010 3,76,743 20,31,78,753 23.90 19,19,55,688 3,83,076 19,23,38,764 22.63 (1.28)
B2.Non- Institutions
a) Bodies Corp.
i) Indian 6,28,68,263 1,58,824 6,30,27,087 7.41 6,64,77,393 1,48,764 6,66,26,157 7.84 0.42
ii) Overseas - - - - - - - - -
b) Individuals
i) I ndividual shareholders 5,90,86,501 1,47,04,901 7,37,91,402 8.68 6,26,77,333 1,05,04,994 7,31,82,327 8.61 (0.07)
holding nominal share
capital upto Rs.1 lakh
ii) Individual 2,70,40,781 6,84,079 2,77,24,860 3.26 2,03,02,156 4,14,080 2,07,16,236 2.44 (0.82)
shareholders holding
nominal share capital
in excess of Rs.1 lakh
c) Others (specify)
NRI 34,51,256 3,09,434 37,60,690 0.44 35,05,043 2,54,631 37,59,674 0.44 0.00
Clearing Member 22,45,107 - 22,45,107 0.26 15,40,016 - 15,40,016 0.18 (0.08)
OCB - - - - - - - - -
Trust 45,48,775 - 45,48,775 0.54 30,62,641 - 30,62,641 0.36 (0.17)
Foreigh Portfolio 8,06,58,370 - 8,06,58,370 9.49 9,01,61,762 - 9,01,61,762 10.61 1.12
Investor
Foreign National 1,510 85,740 87,250 0.01 1,510 75,000 76,510 0.01 0.00
Alternate Investment - - - 0.00 40,99,609 - 40,99,609 0.48 0.48
Fund
Custodian of enemy 23,040 - 23,040 0.00 23,040 - 23,040 0.00 0.00
property
IEPF - - - 0.00 34,58,598 - 34,58,598 0.41 0.41
Sub-total(B)(2):- 23,99,23,603 1,59,42,978 25,58,66,581 30.10 25,53,09,101 1,13,97,469 26,67,06,570 31.38 1.28
Total Public 44,27,25,613 1,63,19,721 45,90,45,334 54.01 44,72,64,789 1,17,80,545 45,90,45,334 54.01 0.00
Shareholding (B) = (B)
(1)+ (B) (2)
Total (A) + (B) 83,36,80,279 1,63,19,721 85,00,00,000 100.00 83,82,19,455 1,17,80,545 85,00,00,000 100.00 0.00
C. Shares held by
Custodian for GDRs
& ADRs
Grand Total (A+B+C) 83,36,80,279 1,63,19,721 85,00,00,000 100.00 83,82,19,455 1,17,80,545 85,00,00,000 100.00 0.00

(ii)
Shareholding of Promoters
Sl Shareholding at the beginning of the year Shareholding at the end of the year
No. (As on 01.04.2017) (As on 31.03.2018)
Shareholder's No of % of total % of shares Shareholder's No of % of total % of shares
Name Shares shares of Pledged/ Name Shares shares of Pledged/
Company encumbered Company encumbered to
to total total shares
shares
1 Chloride 39,09,54,666 45.99 NIL Chloride 39,09,54,666 45.99 NIL
Eastern Ltd. Eastern Ltd.
Total 39,09,54,666 45.99 NIL 39,09,54,666 45.99 NIL
(iii) Change in Promoters’ Shareholding (please specify, if there is no change):
Sl Shareholding at the beginning of Cumulative Shareholding

No. the year (As on 01.04.2017) during the year
No. of shares % of total No. of shares % of total
shares of the shares of the
Company Company
1 Chloride Eastern Ltd.
At the beginning of the year 39,09,54,666 45.99 39,09,54,666 45.99
Datewise Increase/ Decrease in Promoters There was no increase / decrease in - -
Share holding during the year specifying the Promoter Shareholding during the
reasons for increase/decrease (e.g. allotment/ year
transfer/ bonus/ sweat equity etc):
At the End of the year (31.03.2018) 39,09,54,666 45.99 39,09,54,666 45.99
(iv)
Shareholding Pattern of Top Ten Shareholders (Other than Directors, Promoters and
Holders of GDRs and ADRS)
Sl. Name of the top 10 Shareholder Date of event Buy / Shareholding at the Cumulative Shareholding
No. of the Company Sale beginning of the year during the year
(As on 31.03.2018) (01.04.2017)
No. of % of total No. % of total
Shares shares of the of Shares shares of the
Company Company
1 Hathway Investments Ltd.
(a) At the beginning of the year 1-Apr-2017 - 3,67,52,730 4.32 - -
(b) Changes during the year No changes during the year
(c) At the end of the year 31-Mar-2018 - - - 3,67,52,730 4.32
2 Government Pension Fund
Global
(b) Changes during the year 14-Apr-2017 Buy 2,00,286 0.02 2,92,60,140 3.44
21-Apr-2017 Buy 3,70,894 0.04 2,96,31,034 3.49
19-May-2017 Sale 3,19,005 0.04 2,93,12,029 3.45
4-Aug-2017 Buy 2,12,591 0.03 2,95,24,620 3.47
11-Aug-2017 Buy 3,00,000 0.04 2,98,24,620 3.51
18-Aug-2017 Buy 53,210 0.01 2,98,77,830 3.52
25-Aug-2017 Buy 10,65,460 0.13 3,09,43,290 3.64
1-Sep-2017 Buy 4,43,561 0.05 3,13,86,851 3.69
6-Oct-2017 Sale 13,20,932 0.16 3,00,65,919 3.54
13-Oct-2017 Sale 32,87,483 0.39 2,67,78,436 3.15

87
(iv)
Holders of GDRs and ADRS) (Contd.)
(As on 31.03.2018) (01.04.2017)
Company Company
24-Nov-2017 Buy 1,679 0.00 2,67,80,115 3.15
8-Dec-2017 Buy 3,55,000 0.04 2,71,35,115 3.19
15-Dec-2017 Buy 2,00,000 0.02 2,73,35,115 3.22
5-Jan-2018 Sale 30,415 0.00 2,73,04,700 3.21
12-Jan-2018 Sale 5,25,642 0.06 2,67,79,058 3.15
19-Jan-2018 Sale 16,308 0.00 2,67,62,750 3.15
9-Feb-2018 Sale 2,75,337 0.03 2,64,87,413 3.12
16-Feb-2018 Sale 27,231 0.00 2,64,60,182 3.11
3 ICICI Prudential Discovery
Fund
(b) Changes during the year 31-Oct-2017 Buy 43,92,743 0.52 1,69,98,779 2.00
3-Nov-2017 Buy 19,90,761 0.23 1,89,89,540 2.23
4 HDFC Trustee Company
Ltd - A/C HDFC Mid Cap
Opportunities Fund
(a) At the beginning of the year 1-Apr-2017 - 81,00,000 0.95 - -
(b) Changes during the year 27-Oct-2017 Buy 6,70,000 0.08 87,70,000 1.03
5-Jan-2018 Buy 16,20,000 0.19 1,03,90,000 1.22
12-Jan-2018 Buy 3,42,000 0.04 1,07,32,000 1.26
19-Jan-2018 Buy 3,00,000 0.04 1,10,32,000 1.30
9-Feb-2018 Buy 1,17,000 0.01 1,11,49,000 1.31
16-Feb-2018 Buy 3,90,000 0.05 1,15,39,000 1.36
23-Feb-2018 Buy 9,06,000 0.11 1,24,45,000 1.46
9-Mar-2018 Buy 5,00,000 0.06 1,29,45,000 1.52
16-Mar-2018 Buy 17,31,000 0.20 1,46,76,000 1.73
23-Mar-2018 Buy 17,19,000 0.20 1,63,95,000 1.93
30-Mar-2018 Buy 18,30,000 0.22 1,82,25,000 2.14
5 The New India Assurance
Company Limited
(b) Changes during the year 2-Jun-2017 Sale 15,000 0.00 1,77,16,080 2.08
9-Jun-2017 Sale 2,84,620 0.03 1,74,31,460 2.05
16-Jun-2017 Sale 1,00,380 0.01 1,73,31,080 2.04
23-Jun-2017 Sale 1,05,592 0.01 1,72,25,488 2.03
30-Jun-2017 Sale 94,408 0.01 1,71,31,080 2.02
29-Sep-2017 Sale 6,84,641 0.08 1,64,46,439 1.93
6-Oct-2017 Sale 2,69,205 0.03 1,61,77,234 1.90
23-Mar-2018 Sale 81,793 0.01 1,60,95,441 1.89
30-Mar-2018 Sale 1,68,207 0.02 1,59,27,234 1.87

(iv)
(As on 31.03.2018) (01.04.2017)
Company Company
6 Life Insurance Corporation
of India
(b) Changes during the year 2-Jun-2017 Sale 11,16,518 0.13 3,14,49,625 3.70
9-Jun-2017 Sale 18,67,479 0.22 2,95,82,146 3.48
16-Jun-2017 Sale 18,79,028 0.22 2,77,03,118 3.26
23-Jun-2017 Sale 1,36,975 0.02 2,75,66,143 3.24
20-Jul-2017 Sale 6,43,356 0.08 2,69,22,787 3.17
21-Jul-2017 Sale 5,00,000 0.06 2,64,22,787 3.11
28-Jul-2017 Sale 16,74,195 0.20 2,47,48,592 2.91
4-Aug-2017 Sale 11,82,449 0.14 2,35,66,143 2.77
18-Aug-2017 Sale 6,08,000 0.07 2,29,58,143 2.70
25-Aug-2017 Sale 24,65,920 0.29 2,04,92,223 2.41
1-Sep-2017 Sale 34,91,617 0.41 1,70,00,606 2.00
8-Sep-2017 Sale 14,34,463 0.17 1,55,66,143 1.83
7 DSP Blackrock Small and Mid
Cap Fund**
(b) Changes during the year 7-Apr-2017 Buy 5,000 0.00 46,27,397 0.54
23-Jun-2017 Buy 4,70,153 0.06 50,97,550 0.60
30-Jun-2017 Buy 5,79,096 0.07 56,76,646 0.67
7-Jul-2017 Buy 3,36,136 0.04 60,12,782 0.71
28-Jul-2017 Buy 8,86,565 0.10 68,99,347 0.81
18-Aug-2017 Buy 45,470 0.01 69,44,817 0.82
31-Oct-2017 Buy 4,61,899 0.05 74,06,716 0.87
1-Dec-2017 Buy 11,47,399 0.13 85,54,115 1.01
8-Dec-2017 Buy 7,87,818 0.09 93,41,933 1.10
15-Dec-2017 Buy 4,66,973 0.05 98,08,906 1.15
22-Dec-2017 Buy 73,761 0.01 98,82,667 1.16
29-Dec-2017 Buy 10,81,604 0.13 1,09,64,271 1.29
5-Jan-2018 Buy 1,35,000 0.02 1,10,99,271 1.31
30-Mar-2018 Buy 4,45,509 0.05 1,15,44,780 1.36
8 Baron Emerging Markets Fund
(b) Changes during the year 7-Apr-2017 Sale 4,18,878 0.05 1,04,06,122 1.22
5-May-2017 Buy 4,25,000 0.05 1,08,31,122 1.27
12-May-2017 Buy 25,000 0.00 1,08,56,122 1.28
8-Sep-2017 Buy 2,89,275 0.03 1,11,45,397 1.31
19-Jan-2018 Buy 6,50,000 0.08 1,17,95,397 1.39
2-Mar-2018 Sale 5,00,000 0.06 1,12,95,397 1.33

89
(iv)
(As on 31.03.2018) (01.04.2017)
Company Company
9 HDFC Standard Life Insurance
Company Limited
(b) Changes during the year 7-Apr-2017 Buy 5,989 0.00 1,00,90,452 1.19
14-Apr-2017 Sale 1,06,976 0.01 99,83,476 1.17
21-Apr-2017 Sale 43,805 0.01 99,39,671 1.17
28-Apr-2017 Sale 4,469 0.00 99,35,202 1.17
5-May-2017 Sale 5,00,000 0.06 94,35,202 1.11
12-May-2017 Sale 2,04,271 0.02 92,30,931 1.09
19-May-2017 Sale 1,351 0.00 92,29,580 1.09
2-Jun-2017 Sale 602 0.00 92,28,978 1.09
9-Jun-2017 Sale 28,920 0.00 92,00,058 1.08
23-Jun-2017 Sale 45,481 0.01 91,54,577 1.08
30-Jun-2017 Sale 15,726 0.00 91,38,851 1.08
14-Jul-2017 Sale 296 0.00 91,38,555 1.08
20-Jul-2017 Sale 17,479 0.00 91,21,076 1.07
21-Jul-2017 Buy 10,608 0.00 91,31,684 1.07
4-Aug-2017 Sale 23 0.00 91,31,661 1.07
11-Aug-2017 Sale 1,655 0.00 91,30,006 1.07
18-Aug-2017 Buy 50,000 0.01 91,80,006 1.08
25-Aug-2017 Buy 31,750 0.00 92,11,756 1.08
1-Sep-2017 Buy 2,028 0.00 92,13,784 1.08
8-Sep-2017 Buy 900 0.00 92,14,684 1.08
15-Sep-2017 Buy 1,500 0.00 92,16,184 1.08
22-Sep-2017 Sale 9,977 0.00 92,06,207 1.08
29-Sep-2017 Sale 1,497 0.00 92,04,710 1.08
20-Oct-2017 Buy 716 0.00 92,05,426 1.08
27-Oct-2017 Sale 175 0.00 92,05,251 1.08
3-Nov-2017 Sale 2,590 0.00 92,02,661 1.08
6-Nov-2017 Sale 1,000 0.00 92,01,661 1.08
17-Nov-2017 Buy 1,138 0.00 92,02,799 1.08
1-Dec-2017 Sale 151 0.00 92,02,648 1.08
8-Dec-2017 Sale 906 0.00 92,01,742 1.08
15-Dec-2017 Sale 1,20,030 0.01 90,81,712 1.07
22-Dec-2017 Sale 98,460 0.01 89,83,252 1.06
29-Dec-2017 Sale 6,607 0.00 89,76,645 1.06
5-Jan-2018 Sale 25,000 0.00 89,51,645 1.05
12-Jan-2018 Sale 34,628 0.00 89,17,017 1.05
19-Jan-2018 Sale 35,628 0.00 88,81,389 1.04
26-Jan-2018 Buy 504 0.00 88,81,893 1.04
2-Feb-2018 Sale 10,535 0.00 88,71,358 1.04
9-Feb-2018 Buy 47,610 0.01 89,18,968 1.05
16-Feb-2018 Buy 474 0.00 89,19,442 1.05
23-Feb-2018 Buy 2,719 0.00 89,22,161 1.05

(iv)
(As on 31.03.2018) (01.04.2017)
Company Company
2-Mar-2018 Sale 55 0.00 89,22,106 1.05
16-Mar-2018 Sale 16,597 0.00 89,05,509 1.05
23-Mar-2018 Buy 3,76,488 0.04 92,81,997 1.09
(c) At the end of the year 31-Mar-2018 - - - 92,81,997 1.09
10 ICICI Prudential Life Insurance
Company Limited **
(b) Changes during the year 7-Apr-2017 Buy 140 0.00 62,95,224 0.74
14-Apr-2017 Sale 6,734 0.00 62,88,490 0.74
21-Apr-2017 Sale 6,147 0.00 62,82,343 0.74
28-Apr-2017 Buy 54 0.00 62,82,397 0.74
5-May-2017 Sale 26,100 0.00 62,56,297 0.74
12-May-2017 Buy 279 0.00 62,56,576 0.74
19-May-2017 Buy 150 0.00 62,56,726 0.74
26-May-2017 Buy 132 0.00 62,56,858 0.74
2-Jun-2017 Buy 391 0.00 62,57,249 0.74
9-Jun-2017 Sale 625 0.00 62,56,624 0.74
16-Jun-2017 Buy 18,349 0.00 62,74,973 0.74
23-Jun-2017 Buy 13,687 0.00 62,88,660 0.74
30-Jun-2017 Buy 12,450 0.00 63,01,110 0.74
7-Jul-2017 Buy 18,068 0.00 63,19,178 0.74
14-Jul-2017 Buy 2,132 0.00 63,21,310 0.74
20-Jul-2017 Buy 6,206 0.00 63,27,516 0.74
21-Jul-2017 Buy 1,986 0.00 63,29,502 0.74
28-Jul-2017 Buy 7,005 0.00 63,36,507 0.75
4-Aug-2017 Buy 17,124 0.00 63,53,631 0.75
11-Aug-2017 Buy 5,753 0.00 63,59,384 0.75
18-Aug-2017 Buy 7,012 0.00 63,66,396 0.75
25-Aug-2017 Buy 7,235 0.00 63,73,631 0.75
1-Sep-2017 Buy 10,033 0.00 63,83,664 0.75
8-Sep-2017 Buy 18,611 0.00 64,02,275 0.75
15-Sep-2017 Buy 17,563 0.00 64,19,838 0.76
22-Sep-2017 Buy 9,269 0.00 64,29,107 0.76
29-Sep-2017 Buy 13,315 0.00 64,42,422 0.76
6-Oct-2017 Buy 44,576 0.01 64,86,998 0.76
13-Oct-2017 Sale 66,242 0.01 64,20,756 0.76
20-Oct-2017 Sale 28,503 0.00 63,92,253 0.75
27-Oct-2017 Sale 2,69,657 0.03 61,22,596 0.72
31-Oct-2017 Sale 5,019 0.00 61,17,577 0.72
3-Nov-2017 Buy 2,187 0.00 61,19,764 0.72
6-Nov-2017 Buy 2,609 0.00 61,22,373 0.72

91
(iv)
(As on 31.03.2018) (01.04.2017)
Company Company
10-Nov-2017 Buy 1,241 0.00 61,23,614 0.72
17-Nov-2017 Buy 3,715 0.00 61,27,329 0.72
24-Nov-2017 Buy 2,293 0.00 61,29,622 0.72
1-Dec-2017 Sale 4,527 0.00 61,25,095 0.72
8-Dec-2017 Sale 7,414 0.00 61,17,681 0.72
15-Dec-2017 Buy 4,154 0.00 61,21,835 0.72
22-Dec-2017 Buy 5,024 0.00 61,26,859 0.72
29-Dec-2017 Sale 3,902 0.00 61,22,957 0.72
5-Jan-2018 Buy 1,265 0.00 61,24,222 0.72
12-Jan-2018 Sale 11,879 0.00 61,12,343 0.72
26-Jan-2018 Sale 1,644 0.00 61,10,699 0.72
2-Feb-2018 Buy 805 0.00 61,11,504 0.72
9-Feb-2018 Buy 20,08,238 0.24 81,19,742 0.96
16-Feb-2018 Sale 1,957 0.00 81,17,785 0.96
23-Feb-2018 Sale 25,008 0.00 80,92,777 0.95
2-Mar-2018 Sale 20,752 0.00 80,72,025 0.95
9-Mar-2018 Buy 6,54,329 0.08 87,26,354 1.03
16-Mar-2018 Buy 3,33,464 0.04 90,59,818 1.07
23-Mar-2018 Buy 32,089 0.00 90,91,907 1.07
30-Mar-2018 Buy 4,095 0.00 90,96,002 1.07
(c) At the end of the year 31-Mar-2018 - - - 90,96,002 1.07
** Not in the list of Top 10 Shareholders as on 01/04/2017. The same has been reflected above since the shareholder was one of the top 10 shareholders
as on 31/03/2018.
(v) Shareholding of Directors and Key Managerial Personnel:
For Each of the Directors and KMP Name of Directors / KMPs

Gautam Subir AK Arun Mona N Sudhir
Chatterjee Chakraborty Mukherjee Mittal Desai Chand
At the beginning of the year NIL 1,106 1,000 1,152 78,666 18,872
Datewise Increase/ Decrease in 10,000 NIL NIL NIL NIL NIL
Shareholding during the year (purchased 5000
specifying the reasons for increase/ shares each
decrease (e.g. allotment/ transfer/ on 18.08.2017
bonus/ sweat equity etc): and 28.08.2017
respectively)
At the End of the year 10,000 1,106 1,000 1,152 78,666 18,872
* None of the other Directors /Key Managerial Personnel hold any shares in the Company

V. STATEMENT FOR INDEBTEDNESS AS ON 31.03.2018
Secured Loans Unsecured Deposits Total

excluding Loans Indebtedness
deposits excluding
deposit
(Rs.) (Rs.) (Rs.) (Rs.)
Indebtedness at the beginning of the Financial Year 2017-18
(i) Principal Amount 18,49,66,445 1,51,73,03,905 - 1,70,22,70,350
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due 6,59,966 47,62,199 - 54,22,165
Total (i+ii+iii) 18,56,26,411 1,52,20,66,104 - 1,70,76,92,515
Change in indebtedness during the Financial Year 2017-18
Addition
(i) Principal Amount - - - -
(iii) Interest accrued but not due - - - -
Total (i+ii+iii) - - - -
Reduction -Principal Amount 18,49,66,445 1,51,73,03,905 - 1,70,22,70,350
Reduction-Interest accrued but not due 6,59,966 47,62,199 - 54,22,165
Total (i+ii+iii) 18,56,26,411 1,52,20,66,104 - 1,70,76,92,515
Net Change - - - -
Indebtedness at the end of the Financial Year 2017-18
(i) Principal Amount - - - -
(iii) Interest accrued but not due - - - -
Total (i+ii+iii) - - - -
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

in Rs.
Sl. Particulars of Name of MD / WTD/ Manager Total
No. Remuneration G. Chatterjee A. K. Mukherjee Subir Arun Mittal Amount
Chakraborty
1 Gross salary
(a) Salary as per provisions 2,34,48,400 1,25,53,992 87,32,732 68,01,004 5,15,36,128
contained in Section17(1)
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) 13,39,985 14,05,237 11,44,623 11,95,135 50,84,980
of Income-tax Act, 1961
(c) Profits in lieu of salary - - - - -
under Section 17(3) of
Income- tax Act, 1961
2 Stock Option - - - - -
3 Sweat Equity - - - - -
4 Commission 1,08,99,200 62,76,996 42,16,366 32,75,000 2,46,67,562
- as % of profit
- others, specify…
5 Others ,please specify 54,85,567 31,59,213 21,22,097 16,48,308 1,24,15,185
(Retiral Benefits)
Total (A) = (1+2+3+4+5) 4,11,73,152 2,33,95,438 1,62,15,818 1,29,19,447 9,37,03,855
Ceiling as per the Act Rs. 1,00,61,58,553/- (being 10% of the net profits of the Company calculated as per Section 198
of the Companies Act, 2013)

93
B. Remuneration to other directors:

in Rs.
Sl. Particulars of Name of Director Total
No. Remuneration RB Mona N Vijay Bharat Sudhir Nawshir Surin Amount
Raheja Desai Aggarwal Shah Chand Mirza Kapadia
1 Independent Directors
Fee for attending board & - 6,00,000 6,00,000 2,25,000 6,00,000 6,00,000 2,50,000 28,75,000
committee meetings
Commission1 - 12,50,000 12,50,000 35,00,000 12,50,000 35,00,000 12,50,000 1,20,00,000
Others, please specify - - - - - - - -
Total (1) - 18,50,000 18,50,000 37,25,000 18,50,000 41,00,000 15,00,000 1,48,75,000
2 Other Non-Executive
Directors
Fee for attending board & 2,25,000 - - - - - - 2,25,000
committee meetings
Commission - - - - - - - -
Others, please specify - - - - - - - -
Total (2) 2,25,000 - - - - - - 2,25,000
Total (B) = (1+2) 2,25,000 18,50,000 18,50,000 37,25,000 18,50,000 41,00,000 15,00,000 1,51,00,000
Total Managerial 10,88,03,855
Remuneration (A+B)
Overall Ceiling as per the Act Rs. 1,10,67,74,408/- (being 11% of the net profit of the Company calculated as per Section
198 of the Companies Act, 2013)
1. The commission for the year ended 31st March, 2018 will be paid, subject to deduction of tax, after adoption of accounts by the members
C. Remuneration to Key Managerial Personnel other than MD/ MANAGER/ WTD

in Rs.
Sl. Particulars of Remuneration Jitendra Kumar Total
No. (Company Secretary)
1 Gross salary
(a) Salary as per provisions contained in Section17(1) of the Income-tax Act, 1961 51,65,388 51,65,388
(b ) Value of perquisites u/s 17(2) of Income-tax Act, 1961 9,47,606 9,47,606
(c ) Profits in lieu of salary under Section 17(3) of Income- tax Act, 1961
2 Stock Option - -
3 Sweat Equity - -
4 Commission - -
- as % of profit - -
- others, specify… - -
5 Others, please specify (Retiral Benefits) 7,54,649 7,54,649
Total (C) = (1+2+3+4+5) 68,67,643 68,67,643

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:
Type Section of the Brief Details of Penalty/ Authority [RD/ Appeal made,
Companies Act Description Punishment NCLT/ COURT] if any (give
Compounding fees details)
imposed
A. Company
Penalty
Punishment
Compounding
B. Directors
Penalty
Punishment NIL
Compounding
C. Other Officers in Default
Penalty
Punishment
Compounding
On behalf of Board of Directors
Sd/-
(Bharat D Shah)
Date: 7th May, 2018 DIN: 00136969

95
ANNEXURE - VI
Information as per Clause (m) of Sub-Section (3) of Section 134 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, 2018.
A. CONSERVATION OF ENERGY
Optimise utilisation of blower by auto timer
The steps taken or impact on conservation of energy
(i) arrangement
here is constant focus at all level in the organisation to
T
Installation of Energy Monitoring System at Shop
conserve the energy and use it efficiently. This is also key to
Floors for monitoring, proper utilisation and saving
financial success, as energy is one of important cost element
of energy
of conversion cost. Your Company has been implementing
short and long term actions to improve the energy efficiency Energy saving through implementation of electronics
as its commitment towards minimising the effects of factors timers to switch off Industrial ovens as per pre-
of climate change. It has grounded mechanism to excel in defined Transformer baking process-time
this area. Regular review is conducted for evaluating the
(ii)
Steps taken by the Company for utilising
progress and effectiveness of various ongoing initiatives to
alternate sources of energy:
reduce the energy consumption. TPM is leveraged to excel
Installing Solar panels on rooftop at some of the
in operation. Factories of your Company have ‘Energy’ as
plants
one of TPM Pillar which exclusively focuses on achieving
global performance standards. Periodic energy audit is also Installation of SKY shad Pipe light
conducted.
Use of energy-less roof turbine ventilators to improve
Some of the initiatives undertaken by your Company to ventilation
conserve energy includes:
(iii) The Capital investment made by the Company
Installation of energy efficient pumps on energy conservation equipment during the
financial year ended 31st March, 2018: Rs 6.66
Replacement of electrically heated melting pot to
crore
PNG fired / LPG Fired melting pot.

Maintaining power factor as unity at plant B. TECHNOLOGY ABSORPTION
throughout the year. I.
Technology Absorption, Adaptation and
Installation of energy efficient skid grid aging ovens Innovation
In order to maintain its leadership position, your Company
Use of LED lighting system in place of conventional is continuously focused on upgrading its product and
lighting manufacturing technology as well as acquire new and
Usage of Variable Speed Drive for better efficiency of advanced technology to meet the emerging expectations
AHU of the customers. The R&D Department is actively involved
in the development of new cutting-edge products
Optimisation of Plate formation charger for Energy together with developments in new materials as well as
Saving advanced manufacturing techniques. The activities are in
Energy saved through retrofitting of Rectiformer full consonance of the Company objective of offering the
most advanced energy storage solutions at minimum cost.
Installation of Master switch for Lighting Your Company also acquires state-of-the-art technologies
Installation of VFD for Air compressors through technical collaboration agreements with leading
international battery manufacturers. The in-house R&D
Use of VFD Panel for JF fume extraction system
plays a major role in providing the interface between the
linked to loading of charging tanks
Company priorities and the adoption of the collaborators
Day light Harvesting by using Noori Cool Lighting technology.
System resulted in saving in Taloja plant
Up-gradation of the existing range of our products with
Use of Energy efficient water pumps in L.O. Mill help from our collaborators is a continuous process. This
happens through visits from either side, exchange of
Use of energy-less roof turbine ventilators to improve
mail etc.
ventilation and work environment.

II. Benefits
Introduction of new products/processes has helped the Company to meet the emerging market needs and also maintain
its technological leadership. Significant benefits have been derived by way of enhanced market penetration by meeting the
specific requirements of international and domestic vehicle manufacturers and the high quality conscious export markets.
III. Particulars of Imported Technology in the last 3 years
Sl Technology Imported Year of Import Has Technology been If not fully absorbed,
No. absorbed reasons and future
action plan
1 Automotive and Valve Since 1994 – 95. Current Agreement is for Technical Since the technology
Regulated Lead Acid Storage arrangement is effective Assistance for continuous is continuous, the
Batteries (VRLA) with ‘Shin- from 1st April, 2015 and is improvements in Agreement will be
Kobe Electric Machinery Co. valid upto 31st March, 2020 manufacturing technology, ongoing.
Ltd.’, Japan for Shamnagar, process etc. of different
Haldia, Chinchwad and Hosur products and is in progress.
Plants
2 Valve Regulated Lead Acid Since 9th March 2007. Agreement is for Technical Since the technology
Storage Batteries (VRLA) for Current arrangement is Assistance for continuous is continuous, the
Motorcycles with Furukawa effective from 1st April 2015 improvements in Agreement will be
Battery Co. Ltd, Japan for and is valid till 31st March manufacturing technology, ongoing
Bawal and Ahmednagar Plants 2020 process etc. of different
products and is in progress
3 Automotive Batteries with C21 Since 2010. Current Agreement is for Technical Since the technology
Alloy with Furukawa Battery arrangement is effective Assistance for continuous is continuous, the
Co. Ltd, Japan for Taloja and from 1st December 2015 and improvements in Agreement will be
Bawal Plants is valid till 30th November manufacturing technology of ongoing
2020 different products and is in
progress.
4 Automotive Technical Since 1987-1988. Current Agreement is for Technical Since the technology
Assistance Agreement with arrangement is effective Assistance for continuous is continuous, the
Furukawa Battery Co. Ltd, from 1st December 2015 and improvements in Agreement will be
Japan for Taloja and Bawal is valid till 30th November manufacturing technology of ongoing
Plants 2020. different products and is in
progress.
5 Automotive Batteries for Idling Since 1st February 2010. Agreement is for Technical Since the technology
Stop System with Furukawa Current arrangement is Assistance for continuous is continuous, the
Battery Co. Ltd, Japan for effective from 1st April 2015 improvements in Agreement will be
Taloja and Bawal Plants and is valid till 31st March manufacturing technology of ongoing
2020 different products and is in
progress.
6 Lead acid batteries, used for Effective from 15th January, In progress Under development
automotive, industrial, motor 2017 and is valid upto 14th
cycle and other applications, January, 2020
with East Penn Manufacturing
Co., USA
7 Special Conventional Batteries Effective from 3rd February, In progress Under development
for Automotive applications 2013 and is valid upto 2nd
with Shin-Kobe Electric February, 2023
Machinery Co. Ltd. Japan
8 Technical assistance to Effective from 3rd January, In progress Under development
manufacture Li-Ion batteries 2017 and is valid till 2nd
with Zhejiang Chaowei January, 2025
Chuangyuan Shiye Co. Ltd.
Group, China

97
III. Particulars of Imported Technology in the last 3 years (Contd.)
Sl Technology Imported Year of Import Has Technology been If not fully absorbed,
No. absorbed reasons and future
action plan
9 Technology Cooperation Effective from 1st January, In progress Under development
and joint marketing of 2017 and is valid upto 31st
energy storage solution December, 2021
centred around Ultra Battery
Technology with Smart Storage
Pty Ltd. Australia (Ecoult)
10 Ultra Battery (UB) technology Effective from 1st January, In progress Under development
for stationary applications from 2017 and is valid upto 31st
East Penn Manufacturing Co., December, 2021
USA.
11 License to use and manufacture Effective from 28th August, In progress Under development
battery packs and modules 2017 with validity upto 27th
using Lithium Ion technology August, 2027.
for various applications
developed by Centre for Electric
Vehicles, Indian Institute
of Technology Madras and
Grinntech Motors and Services
Private Limited.
12 License to use the Know-how Effective from 18th In progress Under development
and Technology for Bi-Polar December, 2017 and is valid
lead acid storage batteries from upto 17th December, 2037.
‘Advanced Battery Concepts,
LLC, USA’.
13 License to use the technology Effective from 26th February, In progress Under development
in respect of enhanced flooded 2018 and is valid upto 25th
batteries, heavy duty batteries, February, 2028
motorcycle AGM batteries and
stationary flooded batteries
from ‘Acumuladores Moura
S.A., Brazil and Instituto De
Tecnologia Edson Mororo
ITEMM, Brazil’.
IV. Expenditure on Research & Development

The capital and revenue expenditure on R & D were Rs. 6.27 crores and Rs. 21.81 crores respectively, aggregating to
Rs. 28.08 crores.
Total R & D expenditure as percentage of Net Turnover: 0.30%
C. FOREIGN EXCHANGE – EARNINGS AND OUTGOINGS

Total Foreign Exchange used and earned:
Used : Rs. 903.20 crores
Earned : Rs. 371.64 crores
Sd/-
(Bharat D Shah)
Date: 7th May, 2018 DIN: 00136969

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 director to the median remuneration of Directors:
the employees of the Company for the financial year Mr. Gautam Chatterjee : 38x
Mr. A K Mukherjee : 22x
Mr. Subir Chakraborty : 15x
Mr. Arun Mittal : 11x
The percentage increase in remuneration of each Director, Chief Financial Directors:
Officer, Chief Executive Officer, Company Secretary or Manager, if any in the Mr. Gautam Chatterjee : 10%
financial year Mr. A K Mukherjee : 10%
Mr. Subir Chakraborty : 10%
Mr. Arun Mittal : 19.09%
Key Managerial Personnel:
Mr. Jitendra Kumar : 8.54%
he percentage increase in the median remuneration of employees in the
T 15%
financial year
The number of permanent employees on the rolls of company 5384 employees as on 31.03.2018
Average percentiles increase already made in the salaries of employees other Average Salary increase of non-managerial
than the managerial personnel in the last financial year and its comparison employees is 13%
with the percentile increase in the managerial remuneration and justification Average Salary increase of managerial employees is 13%
thereof and point out if there are any exceptional circumstances for increase
There are no exceptional circumstances in increase in
in the managerial remuneration;
managerial remuneration
Affirmation that the remuneration is as per the remuneration policy of the Remuneration paid during the year ended 31st March,
Company. 2018 is as per the Remuneration Policy of the Company.
Sd/-
(Bharat D Shah)
Date: 7th May, 2018 DIN: 00136969

99
Independent Auditor’s Report
To the Members of Exide Industries Limited a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
REPORT ON THE AUDIT OF THE STANDALONE IND AS unless management either intends to liquidate the Company
FINANCIAL STATEMENTS or to cease operations, or has no realistic alternative but to
We have audited the accompanying standalone Ind AS financial do so.
statements of Exide Industries Limited (‘the Company’),
AUDITOR’S RESPONSIBILITY
which comprise the Balance Sheet as at March 31, 2018, the
Our responsibility is to express an opinion on these standalone
Statement of Profit and Loss (including Other Comprehensive
Ind AS financial statements based on our audit.
Income), the Statement of Cash Flows and the Statement of
Changes in Equity for the year then ended, and a summary We have taken into account the provisions of the Act, the
of the significant accounting policies and other explanatory accounting and auditing standards and matters which are
information (hereinafter referred to as “the standalone Ind AS required to be included in the audit report under the provisions
financial statements”). of the Act and the Rules made thereunder.
MANAGEMENT’S RESPONSIBILITY FOR THE We conducted our audit of the standalone Ind AS financial
STANDALONE IND AS FINANCIAL STATEMENTS statements in accordance with the Standards on Auditing
The Company’s Board of Directors is responsible for the matters specified under Section 143(10) of the Act. Those Standards
stated in Section 134(5) of the Companies Act, 2013 (“the Act”) require that we comply with ethical requirements and plan
with respect to the preparation of these standalone Ind AS and perform the audit to obtain reasonable assurance about
financial statements that give a true and fair view of the financial whether the standalone Ind AS financial statements are free
position, financial performance including other comprehensive from material misstatement.
income, cash flows and changes in equity of the Company in
An audit involves performing procedures to obtain audit
accordance with the accounting principles generally accepted
evidence about the amounts and the disclosures in the
in India, including the Indian Accounting Standards (Ind AS)
standalone Ind AS financial statements. The procedures selected
prescribed under section 133 of the Act, read with relevant
depend on the auditor’s judgement, including the assessment
rules issued thereunder.
of the risks of material misstatement of the standalone Ind
This responsibility also includes maintenance of adequate AS financial statements, whether due to fraud or error. In
accounting records in accordance with the provisions of the Act making those risk assessments, the auditor considers internal
for safeguarding the assets of the Company and for preventing financial control relevant to the Company’s preparation of
and detecting frauds and other irregularities; selection and the standalone Ind AS financial statements that give a true
application of appropriate accounting policies; making and fair view in order to design audit procedures that are
judgements and estimates that are reasonable and prudent; and appropriate in the circumstances. An audit also includes
design, implementation and maintenance of adequate internal evaluating the appropriateness of the accounting policies used
financial controls that were operating effectively for ensuring and the reasonableness of the accounting estimates made
the accuracy and completeness of the accounting records, by the Company’s Directors, as well as evaluating the overall
relevant to the preparation and presentation of the standalone presentation of the standalone Ind AS financial statements.
Ind AS financial statements that give a true and fair view and
We are also responsible to conclude on the appropriateness of
are free from material misstatement, whether due to fraud
management’s use of the going concern basis of accounting
or error.
and, based on the audit evidence obtained, whether a material
In preparing the financial statements, management is uncertainty exists related to events or conditions that may
responsible for assessing the Company’s ability to continue as cast significant doubt on the entity’s ability to continue as a

going concern. If we conclude that a material uncertainty 2. As required by Section 143(3) of the Act, we report that:
exists, we are required to draw attention in the auditor’s
a) We have sought and obtained all the information
report to the related disclosures in the financial statements
and explanations which to the best of our knowledge
or, if such disclosures are inadequate, to modify the opinion.
and belief were necessary for the purposes of
Our conclusions are based on the audit evidence obtained up
our audit.
to the date of the auditor’s report. However, future events
or conditions may cause an entity to cease to continue as a b) In our opinion, proper books of account as required
going concern. by law have been kept by the Company so far as it
appears from our examination of those books.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the c) The Balance Sheet, the Statement of Profit and Loss
standalone Ind AS financial statements. (including Other Comprehensive Income), the Cash
Flow Statement and Statement of Changes in Equity
OPINION
dealt with by this Report are in agreement with the
In our opinion and to the best of our information and according
books of account.
to the explanations given to us, the aforesaid standalone Ind
AS financial statements give the information required by the d)
In our opinion, the aforesaid standalone Ind
Act in the manner so required and give a true and fair view in AS financial statements comply with the Indian
conformity with the accounting principles generally accepted Accounting Standards prescribed under section 133
in India of the state of affairs of the Company as at March 31, of the Act, read with relevant rules issued thereunder.
2018, its profit including other comprehensive income, its cash
e) On the basis of the written representations received
flows and changes in equity for the year ended on that date.
from the directors as on March 31, 2018 taken
OTHER MATTER on record by the Board of Directors, none of the
The comparative financial information of the company for the directors is disqualified as on March 31, 2018 from
year ended March 31, 2017 included in these standalone Ind being appointed as a director in terms of Section
AS financial statements have been audited by the predecessor 164(2) of the Act.
auditor who had audited the financial statements for the
f) With respect to the adequacy of the internal financial
relevant periods. The report of the predecessor auditor on the
controls with reference to financial statements
comparative financial information dated May 4, 2017 expressed
of the Company and the operating effectiveness
an unmodified opinion.
of such controls, refer to our separate Report in
Our opinion is not modified in respect of the above matter. “Annexure B”.
REPORT ON OTHER LEGAL AND REGULATORY g) With respect to the other matters to be included in
REQUIREMENTS the Auditor’s Report in accordance with Rule 11 of
1. As required by the Companies (Auditor’s Report) Order, the Companies (Audit and Auditors) Rules, 2014, in
2016 (“the Order”) issued by the Central Government in our opinion and to the best of our information and
terms of Section 143(11) of the Act, we give in “Annexure according to the explanations given to us.
A” a statement on the matters specified in paragraphs 3
i.
The Company has disclosed the impact of
and 4 of the Order.
pending litigations on its financial position in its
standalone Ind AS financial statements - Refer

101
Note 38 to the standalone Ind AS financial to the financial year ended March 31, 2018.
statements. However amounts as appearing in the audited
Standalone Ind AS financial statements for
The Company did not have any long-term
ii.
the period ended March 31, 2017 have been
contracts including derivative contracts for
disclosed.
which there were any material foreseeable
losses.
For B S R & Co. LLP
iii.
There has been no delay in transferring Chartered Accountants
amounts, required to be transferred, to the Firm’s registration number: 101248W/W-100022
Investor Education and Protection Fund by the
Company
Sd/-
iv.
The disclosures in the financial statements
regarding holdings as well as dealings in
specified bank notes during the period from
Date: May 7, 2018 Membership no: 055757
November 8, 2016 to December 30, 2016
have not been made since they do not pertain
Annexure A to the Independent Auditor’s Report

(Referred to in our report of even date)
The Annexure referred to in Independent Auditor’s Report to (ii) The inventory, except goods in transit and stocks lying
the members of the Company on the Ind AS financial statements with third parties, have been physically verified by the
for the year ended March 31, 2018, we report that: management during the year. In our opinion, the frequency
of such verification is reasonable. The discrepancies
(i) (a)
The Company has maintained proper records
noticed on verification between the physical stock and the
showing full particulars, including quantitative details
book records were not material. For stocks lying with third
and situation of fixed assets.
parties at the year-end, written confirmations have been
(b) The Company has a regular programme of physical obtained by the Management.
verification of its fixed assets by which fixed assets
According to the information and explanation given
(iii)
are verified in a phased manner over a period
to us, the Company has not granted any loans, secured
of three years. In our opinion, this periodicity of
or unsecured to companies, firms, Limited Liability
physical verification is reasonable having regard to
Partnerships or other parties covered in the register
the size of the Company and the nature of its assets.
maintained under section 189 of the Act. Accordingly, the
In accordance with this programme, certain fixed
provisions of paragraph 3(iii) of the Order is not applicable
assets were verified during the year and no material
to the Company.
discrepancies were noticed on such verification.
(iv) According to the information and explanations given to us,
(c)
According to the information and explanations
the Company has not granted any loans or provided any
given to us and on the basis of our examination
guarantee or security during the year that would attract
of the records of the Company, the title deeds of
provisions of section 185 and 186 of the Act. The provisions
immovable properties are held in the name of the
of section 186 of the Act in respect of investments made,
Company, except the following:
have been complied with by the Company.
(Rs in Crores)
(v)
In our opinion and according to the information and
Total number Class of Asset Gross Block at Net Block at
explanations given to us, the Company has not accepted
of Cases March 31, 2018 March 31, 2018
deposits as per the directives issued by the Reserve Bank
3 Residential 2.55 1.73
of India under the provisions of section 73 to 76 or any
Apartments
other relevant provisions of the Act and the rules framed
1 Leasehold land 41.00 40.99
thereunder. Accordingly, the provisions of paragraph 3(v)
1 Freehold land 3.77 3.77
of the Order is not applicable to the Company.

(vi)
We have broadly reviewed the books of account statutory dues have been regularly deposited during
maintained by the Company pursuant to the rules the year by the Company with the appropriate
prescribed by the Central Government for maintenance authorities.
of cost records under Section 148(1) of the Act and are
According to the information and explanations given
of the opinion that, prima facie, the prescribed accounts
to us, no undisputed amounts payable in respect
and records have been made and maintained. However,
of Provident Fund, Employees’ State Insurance,
we have not made a detailed examination of the records
Income tax, Sales tax, Service Tax, Goods and Service
with a view to determine whether they are accurate or
Tax, duty of Customs, duty of Excise, Value Added
complete.
Tax, cess and other material statutory dues were in
(vii) (a) According to the information and explanations given arrears as at March 31, 2018 for a period of more
to us and on the basis of our examination of the than six months from the date they became payable.
records of the Company, amounts deducted/accrued
(b) According to the information and explanations given
in the books of account in respect of undisputed
to us, there are no dues of Income tax, Sales Tax,
statutory dues including Provident Fund, Employees’
Service tax, duty of Customs, duty of Excise and
State Insurance, Income tax, Sales tax, Service Tax,
Value Added Tax which have not been deposited
Goods and Service Tax, duty of Customs, duty of
with the appropriate authorities on account of any
Excise, Value Added Tax, cess and other material
dispute, except the following.
Name of the Statute Nature of the dues Amount in Rupees* Period to which Forum where dispute
(In Crores) the amount relates is pending
The Central Sales Tax Act, Sales tax (including interest 41.19 1997-98 to 2017-18 Appellate Authority up to
1956 and penalty, as applicable) Commissioner’s level
The Central Sales Tax Act, Sales tax (including interest 8.21 2000-01 to 2012-13 Sales Tax Appellate Tribunals
1956 and penalty, as applicable) of various states
Various State Sales Tax Act Sales tax (including interest 36.52 1996-97 to 2017-18 Appellate Authority up to
and penalty, as applicable) Commissioner’s level
Various State Sales Tax Act Sales tax (including interest 6.33 2000-01 to 2012-13 Value Added Tax Appellate
and penalty, as applicable) Tribunals of various states
Various State Sales Tax Act Sales tax (including interest 0.19 2000-01 and 2008-09 High Courts of various states
and penalty, as applicable)
Service tax (Finance Act, Service tax (including interest 0.47 2008-09 to 2015-16 Appellate Authority up to
1994) and penalty, as applicable) Commissioner’s level
Service tax (Finance Act, Service tax (including interest 26.79 2005-06 to 2015-16 Tribunal of various states
1994) and penalty, as applicable)
The Central Excise Act, Excise duty (including interest 4.44 1998-99 to 2015-16 Appellate Authorities up
1944 and penalty, as applicable) to Commissioner’s level
The Central Excise Act, Excise duty (including interest 0.13 2001-02 to 2005-06 High Court of Calcutta
1944 and penalty, as applicable)
The Central Excise Excise duty (including interest 0.44 1993-94 to 1995-96 Supreme Court of India
Act, 1944 and penalty, as applicable)
The Central Excise Excise duty (including interest 85.18 1994-95 to 2015-16 Customs, Excise and
Act, 1944 and penalty, as applicable) Service Tax Appellate
Tribunals of various states
Customs Act, 1962 Custom duty (including 4.52 2010-11 Customs, Excise and
interest and penalty, as Service Tax Appellate
applicable) Tribunals of various states
Income Tax Act, 1961 Income tax 115.58 2012-13, 2013-14 and Commissioner of Income
2014-15 Tax (Appeals)
*Amounts are net of pre-deposits, made under protest, aggregating to Rs.72.46 crores.

103
(viii)
In our opinion and according to the information and Company, transactions with the related parties are in
explanations given to us, the Company has not defaulted compliance with sections 177 and 188 of the Act, wherever
in the repayment of loans or borrowings from financial applicable, and the details of such transactions have been
institutions or banks. The Company did not have any disclosed in the Ind AS financial statements as required by
outstanding loan or borrowings from government or the applicable accounting standards.
debenture holders during the year.
(xiv) According to the information and explanations given to
(ix)
According to the information and explanation given us, the Company has not made any preferential allotment
to us, the Company did not raise any money by way of or private placement of shares or fully or partly convertible
initial public offer or further public offer (including debt debentures during the year. Accordingly, the provisions of
instruments) and term loans during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable.
the provisions of paragraph 3(ix) of the Order is not
(xv) According to the information and explanations given to
applicable to the Company.
us and based on our examination of the records of the
(x) According to the information and explanations given to Company, the Company has not entered into non-cash
us, no fraud by the Company or on the Company by its transactions with directors or persons connected with
officers or employees has been noticed or reported during him. Accordingly, the provisions of paragraph 3(xv) of the
the year. Order is not applicable.
(xi)
According to the information and explanations given (xvi)
The Company is not required to be registered under
to us and based on our examination of the records, the section 45-IA of the Reserve Bank of India Act, 1934.
Company has paid/provided for managerial remuneration Accordingly, the provisions of paragraph 3(xvi) of the
in accordance with the requisite approvals mandated by Order is not applicable.
the provisions of Section 197 read with Schedule V to
For B S R & Co. LLP
the Act.
In our opinion and according to the information and
(xii) Firm’s registration number: 101248W/W-100022
explanations given to us, the Company is not a Nidhi
company. Accordingly, the provisions of paragraph 3(xii)
of the Order is not applicable. Sd/-
(xiii) According to the information and explanations given to
us and based on our examination of the records of the

Annexure B to the Independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
We have audited the internal financial controls over financial Our audit involves performing procedures to obtain audit
reporting of Exide Industries Limited (“the Company”) as of evidence about the adequacy of the internal financial
March 31, 2018 in conjunction with our audit of the standalone controls system over financial reporting and their operating
Ind AS financial statements of the Company for the year ended effectiveness. Our audit of internal financial controls over
on that date. financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL
risk that whether a material weakness exists, and testing and
FINANCIAL CONTROLS
evaluating the design and operating effectiveness of internal
The Company’s management is responsible for establishing
control based on the assessed risk. The procedures selected
and maintaining internal financial controls based on the
depend on the auditor’s judgement, including the assessment
internal control over financial reporting criteria established
of the risks of material misstatement of the Ind AS financial
by the Company considering the essential components of
statements, whether due to fraud or error.
internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued We believe that the audit evidence we have obtained is sufficient
by the Institute of Chartered Accountants of India (‘ICAI’). and appropriate to provide a basis for our audit opinion on
These responsibilities include the design, implementation and the Company’s internal financial controls system over financial
maintenance of adequate internal financial controls that were reporting.
operating effectively for ensuring the orderly and efficient
MEANING OF INTERNAL FINANCIAL CONTROLS OVER
conduct of its business, including adherence to company’s
FINANCIAL REPORTING
policies, the safeguarding of its assets, the prevention and
A company’s internal financial control over financial reporting is
detection of frauds and errors, the accuracy and completeness
a process designed to provide reasonable assurance regarding
of the accounting records, and the timely preparation of reliable
the reliability of financial reporting and the preparation of Ind
financial information, as required under the Act.
AS financial statements for external purposes in accordance
AUDITOR’S RESPONSIBILITY with generally accepted accounting principles. A company’s
Our responsibility is to express an opinion on the Company’s internal financial control over financial reporting includes those
internal financial controls over financial reporting based on policies and procedures that (1) pertain to the maintenance of
our audit. We conducted our audit in accordance with the records that, in reasonable detail, accurately and fairly reflect
Guidance Note on Audit of Internal Financial Controls Over the transactions and dispositions of the assets of the company;
Financial Reporting (the “Guidance Note”) and the Standards (2) provide reasonable assurance that transactions are
on Auditing, issued by ICAI and deemed to be prescribed under recorded as necessary to permit preparation of Ind AS financial
section 143(10) of the Act, to the extent applicable to an audit statements in accordance with generally accepted accounting
of internal financial controls. Those Standards and the Guidance principles, and that receipts and expenditures of the company
Note require that we comply with ethical requirements and plan are being made only in accordance with authorisations of
and perform the audit to obtain reasonable assurance about management and directors of the company; and (3) provide
whether adequate internal financial controls over financial reasonable assurance regarding prevention or timely detection
reporting was established and maintained and if such controls of unauthorised acquisition, use, or disposition of the company’s
operated effectively in all material respects. assets that could have a material effect on the Ind AS financial
statements.

105
INHERENT LIMITATIONS OF INTERNAL FINANCIAL reporting were operating effectively as at March 31, 2018,
CONTROLS OVER FINANCIAL REPORTING based on the internal control over financial reporting criteria
Because of the inherent limitations of internal financial controls established by the Company considering the essential
over financial reporting, including the possibility of collusion components of internal control stated in the Guidance Note
or improper management override of controls, material on Audit of Internal Financial Controls Over Financial Reporting
misstatements due to error or fraud may occur and not be issued by the ICAI.
detected. Also, projections of any evaluation of the internal
For B S R & Co. LLP
financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over
Firm’s registration number: 101248W/W-100022
financial reporting may become inadequate because of changes
in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Sd/-
OPINION Jayanta Mukhopadhyay
In our opinion, the Company has, in all material respects, an Place: Mumbai Partner
adequate internal financial controls system over financial Date: May 7, 2018 Membership no: 055757
reporting and such internal financial controls over financial

Balance Sheet
as at March 31, 2018
(Rs. in Crores)
Particulars Note No. March 31, 2018 March 31, 2017
I) ASSETS
1) Non Current Assets
a) Property, Plant and Equipment 2 1,934.97 1,524.50
b) Capital Work-in-Progress 233.50 141.36
c) Other Intangible Assets 3 23.36 21.50
d) Financial Assets
(i) Investments 4 1,765.11 1,768.46
(ii) Trade Receivables 5 1.18 1.81
(iii) Loans and Deposits 6 12.62 13.03
e) Current Tax Assets (Net) 71.66 74.33
f) Other Non-Current Assets 7 102.51 80.23
4,144.91 3,625.22
2) Current Assets
a) Inventories 8 1,760.15 1,527.37
b) Financial Assets
(i) Investments 9 203.89 905.48
(iii) Cash and Cash Equivalents 11 78.51 11.19
(iv) Bank balances other than (iii) above 12 8.68 8.38
(v) Loans and Deposits 13 14.58 10.46
(vi) Other Financial Assets 14 24.80 24.54
c) Other Current Assets 15 217.97 41.31
3,251.97 3,150.38
Total Assets 7,396.88 6,775.60
II) EQUITY AND LIABILITIES
1) Equity
a) Equity Share Capital 16 85.00 85.00
b) Other Equity 17 5,304.31 4,878.59
5,389.31 4,963.59
2) Liabilities
(i) Non-Current Liabilities
a) Financial Liabilities
(i) Trade Payables 18 4.36 3.73
(ii) Other Financial Liabilities 19 2.62 2.07
b) Provisions 20 46.45 42.54
c) Deferred Tax Liabilities (Net) 21 140.50 155.18
193.93 203.52
ii) Current Liabilities
(i) Borrowings 22 - 170.23
(ii) Trade Payables 23
Total outstanding dues of Micro and Small Enterprises 4.08 10.04
Total outstanding dues of others 1,074.63 757.81
(iii) Other Financial Liabilities 24 335.56 316.21
b) Other Current Liabilities 25 166.51 132.07
c) Provisions 26 232.86 222.13
1,813.64 1,608.49
Total Equity and Liabilities 7,396.88 6,775.60
Significant accounting policies 1
The accompanying notes are an integral part of the financial statements.
As per our report of even date.
For B S R & Co. LLP

Chartered Accountants For and on behalf of the Board of Directors of Exide Industries Ltd.
Firm Registration Number: 101248W/W-100022
Sd/-
Jayanta Mukhopadhyay Sd/- Sd/- Sd/-
Partner J. Kumar A. K. Mukherjee Gautam Chatterjee
Membership No. 055757 Company Secretary & EVP - Legal & Admin Director- Finance & CFO Managing Director & CEO
Mumbai, May 7, 2018 ACS: 11159 DIN: 00131626 DIN: 00012306

107
Statement of Profit and Loss

for the year ended March 31, 2018
(Rs. in Crores)
Particulars Note No. 2017-18 2016-17
I) INCOME:
Revenue from Operations 27 9,459.80 8,553.74
Other Income 28 58.41 103.88
Total Income (I) 9,518.21 8,657.62
II) EXPENSES:
Cost of materials consumed 29 6,130.12 4,993.60
Purchase of Stock-in-trade 24.84 15.71
Changes in inventories of finished goods, work-in-progress and stock-in-trade 30 (144.53) (294.25)
Excise Duty 273.48 970.27
Employee Benefits Expenses 31 597.17 519.57
Other expenses 34 1,337.96 1,266.36
Total expenses (II) 8,219.04 7,471.26
III) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND 1,299.17 1,186.36
AMORTISATION EXPENSES (I-II)
Finance Costs 32 5.24 4.31
Depreciation and amortisation expenses 33 245.94 206.32
IV) INTEREST, DEPRECIATION AND AMORTISATION EXPENSES 251.18 210.63
V) PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (III-IV) 1,047.99 975.73
VI) EXCEPTIONAL ITEMS 41.83 -
VII) PROFIT BEFORE TAX (V-VI) 1,006.16 975.73
VIII) TAX EXPENSES:
1. Current Tax [net of reversal of provision for earlier years Rs. 9.42 crs 352.96 253.85
(PY: Rs. 8.44 crs)]
2. Deferred Tax (15.15) 28.24
337.81 282.09
IX) PROFIT FOR THE YEAR (VII-VIII) 668.35 693.64
X) OTHER COMPREHENSIVE INCOME (OCI)
Other Comprehensive Income not to be reclassified to Statement of Profit
and Loss in subsequent periods :
a) Re-Measurement gains/(losses) on defined benefit plans 37 1.58 (3.13)
Income tax effect (0.55) 1.08
b) Net (Loss)/ gain on investment in equity shares / units accounted at Fair Value 1.79 3.95
Income tax effect 0.08 -
Other Comprehensive Income for the year 2.90 1.90
XI) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (IX+X) 671.25 695.54
Earnings per share - Basic and Diluted 7.86 8.16
(Nominal value Re. 1 per share (PY Re. 1 per share))

For B S R & Co. LLP

Sd/-

Cash Flow Statement

(Rs. in Crores)
Particulars 2017-18 2016-17
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit Before Tax 1,006.16 975.73
Adjustment for:
Depreciation and Amortisation 245.94 206.32
Loss on Fixed Assets sold / discarded (net) 2.21 0.55
Dividend Income (35.21) (79.31)
Rent Income (0.05) (0.04)
Finance costs 5.24 4.31
Interest Income (0.60) (10.53)
Fair Value adjustment of Mutual Fund (0.50) (0.75)
217.03 120.55
Operating profit before working capital changes 1,223.19 1,096.28
(Increase) in Trade Receivables (net of provision) (321.11) (18.93)
(Increase) in Inventories (232.79) (393.86)
(Increase) / decrease in Loans, other Financial (201.35) 0.83
Assets and other Assets
Increase in other Financial Liabilities, other 398.96 (356.29) 26.81 (385.15)
Liabilities and Provisions
Cash generated from operations 866.90 711.13
Direct Taxes Paid (net of refunds and interest thereon) (350.29) (281.22)
Net Cash from operating activities 516.61 429.91
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of Property, Plant and (772.17) (416.06)
Equipment (including intangible assets)
Proceeds from sale of Property, Plant and Equipment 0.79 0.27
Acquisition of investment in shares (0.63) (4.00)
Redemption of investment in shares 5.77 9.47
Purchase of investment of Mutual Fund units (1,025.00) (980.00)
Sale of investment of Mutual Fund units 1,725.00 1,000.00
Interest Received 0.60 0.61
Rent Received 0.04 0.04
Dividend Received 37.56 82.45
Net Cash used in investing activities (28.04) (307.22)
(C) CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Short term Borrowing (net) (170.23) 67.72
Dividends Paid (including tax) (245.23) (242.19)
Interest Paid (5.79) (3.66)
Net Cash used in financing activities (421.25) (178.13)
Net Increase in cash and cash equivalents 67.32 (55.44)
Cash and cash equivalents - Opening Balance# 11.19 66.63
Cash and cash equivalents - Closing Balance# 78.51 11.19
# as disclosed in Notes 11
The aforesaid Cash Flow Statement has been prepared under the indirect method as set out in Ind AS 7- Statement of Cash Flow
For B S R & Co. LLP

Sd/-

109
Statement of Changes in Equity

A) EQUITY SHARE CAPITAL

(Rs. in Crores)
Number Amount
Equity Shares of Re. 1 each issued, subscribed and fully paid
On April 1,2016 85,00,00,000 85.00
Changes in equity share capital during the year - -
Balance at March 31,2017 85,00,00,000 85.00
Balance at March 31,2018 85,00,00,000 85.00
B) OTHER EQUITY
(Rs. in Crores)
Reserves and Surplus OCI
Particulars Securities Contingency Retained Re- Investments
Premium Reserve earnings measurement in equity Total
Account of Defined shares / units
benefit plan at fair value
Balance at April 1, 2016 737.88 25.00 3,659.93 (5.04) 8.66 4,426.43
Profit for the year - - 693.64 - 693.64
Re-Measurement gains/(losses) on defined benefit - - - (2.05) - (2.05)
plans, net of tax
Net (Loss)/ gain on investment in equity shares / units - - - - 3.95 3.95
accounted at Fair Value, net of tax
737.88 25.00 4,353.57 (7.09) 12.61 5,121.97
Adjustments
Final Dividend for the year 2015-16 (Re. 0.80 per share) - - (68.00) - - (68.00)
Tax on Final Dividend for the year 2015-16 - - (11.69) - - (11.69)
Payment of Interim dividend for the year 2016-17 - - (136.00) - - (136.00)
(Rs. 1.60 per share)
Tax on interim dividend for the year 2016-17 - - (27.69) - - (27.69)
Balance at March 31, 2017 737.88 25.00 4,110.19 (7.09) 12.61 4,878.59
Profit for the year - - 668.35 - 668.35
Re-Measurement gains/(losses) on defined benefit - - - 1.03 - 1.03
plans, net of tax
Net (Loss)/ gain on investment in equity shares / - - - - 1.87 1.87
units accounted at Fair Value, net of tax
737.88 25.00 4,778.54 (6.06) 14.48 5,549.84
Adjustments
Final Dividend for the year 2016-17 (Re. 0.80 per share) - - (68.00) - - (68.00)
Tax on Final Dividend for the year 2016-17 - - (13.84) - - (13.84)
Payment of Interim dividend for the year 2017-18 - - (136.00) - - (136.00)
(Rs. 1.60 per share)
Tax on interim dividend for the year 2017-18 - - (27.69) - - (27.69)
Balance at March 31, 2018 737.88 25.00 4,533.01 (6.06) 14.48 5,304.31
For B S R & Co. LLP
Sd/-

Notes to Financial Statements

CORPORATE INFORMATION accounted for as separate items (major components) of

Exide Industries Limited (the company), having CIN No.: property, plant and equipment.
L31402WB1947PLC014919, is a public company domiciled in
Subsequent expenditure is capitalised only if it is probable
India and is incorporated under the provisions of the Companies
that the future economic benefits associated with the
Act, 2013. Its shares are listed on two recognised stock exchanges
expenditure will flow to the Company.
in India. The registered office of the company is located at Exide
House, 59E Chowringhee Road, Kolkata, 700020. The Company Gain or loss arising on disposal of an asset is treated as
is primarily engaged in the manufacturing of Storage Batteries income or expense.
and allied products in India.
Refer Note 2 to the Financial Statements.
BASIS OF PREPARATION
b. Depreciation
These financial statements have been prepared in accordance
Depreciation is calculated on cost of items of property,
with Indian Accounting Standards (Ind AS) as per the
plant and equipment less their estimated residual values
Companies (Indian Accounting Standards) Rules, 2015 notified
over their estimated useful lives using the straight-line
under Section 133 of Companies Act, 2013, (the ‘Act’) and
method, and is generally recognised in the Statement of
other relevant provisions of the Act.
Profit and Loss. Assets acquired under finance leases are
The financial statements were authorised for issue by the depreciated over the shorter of the lease term and their
Company’s Board of Directors on May 7, 2018. useful lives unless it is reasonably certain that the company
will obtain ownership by the end of the lease term.
These financial statements are presented in Indian Rupees
(INR), which is also the Company’s functional currency. All Depreciation is calculated on a straight-line basis over the
amounts have been rounded-off to the nearest crore, unless estimated useful lives of the assets as follows:
otherwise indicated.
Particular Useful
The financial statements have been prepared on the historical economic life
cost basis except for: Land under finance lease Lease period
Buildings 28.5/58.5 years
Certain financial assets and liabilities, which are measured Plant and machinery (including electrical 10/15 years
at fair value installation)
Net defined employee benefit asset/ (liability), which are Moulds 8.5 years
Furniture and fittings 10 years
measured at Fair Value of plan assets less present value of
Office equipment 5 years
defined benefit obligations
Vehicles 6 years
1. SIGNIFICANT ACCOUNTING POLICIES Computers 3 to 6 years
a. Property, Plant and Equipment Based on technical assessment done by experts and
Property, Plant and Equipment is stated at cost, net of management’s estimate,
accumulated depreciation and accumulated impairment
losses, if any. Cost comprises of purchase price inclusive (i) the useful life of factory buildings, other buildings,
of taxes, commissioning expenses, etc. upto the date the moulds and vehicles are lower than those indicated
asset is ready for its intended use. in Schedule II to the Companies Act, 2013,
Expenditure directly attributable to expansion projects is
(ii)
residual value of plant & machinery, moulds and
capitalised. Administrative, general overheads and other
computers has been considered to be 2% of the
indirect expenditure (including borrowing costs) incurred
cost as against 5% specified in Schedule II of
during the project period which are not related to the
the Companies Act, 2013. For buildings, office
project nor are incidental thereto, are expensed.
equipment, furniture & fittings and vehicles, residual
If significant parts of an item of property, plant and value has been estimated at 5% of the cost.
equipment have different useful lives, then they are

111

The management believes that these estimated useful Costs incurred in bringing each product to its present
lives and residual values are realistic and reflect fair location and condition are accounted for as follows:
approximation of the period over which the assets are
(i)
Raw materials, Components, Stores and Spares:
likely to be used.
These are valued at weighted average cost. Cost
includes cost of purchase and other costs incurred
in bringing the inventories to their present location
and condition. Raw materials, components and other
c. Intangible assets and Amortisation
supplies held for use in the production of finished
Acquired intangible assets are initially measured at cost
products are not written down below cost except
and subsequently at cost less accumulated amortisation
in cases where material prices have declined and it
and accumulated impairment loss, if any.
is estimated that the cost of the respective finished
products will exceed their net realisable value.
Intangible assets are amortised over their respective useful
economic lives and assessed for impairment whenever Finished goods and work-in-progress: These are
(ii)
there is an impairment indicator, except goodwill which is valued at lower of cost and net realisable value. Cost
tested for impairment annually whether or not impairment includes cost of direct materials and labour and a
conditions exist. The amortisation expense and the gain or proportion of manufacturing overheads based on
loss on disposal, is recognised in the Statement of Profit the normal operating capacity.
and Loss. Intangible assets with infinite useful lives are
(iii) Traded goods: These are valued at lower of cost and
tested for impairment annually.
net realisable value. Cost includes cost of purchase
and other costs incurred in bringing the inventories
The amortisation policies applied to the Company’s
to their present location and condition. Cost is
intangible assets are as follows:
determined on weighted average basis.
Intangible assets Useful lives Amortisation Net realisable value is the estimated selling price in
method used
the ordinary course of business, less estimated costs
Computer Software Finite (5 years) Amortised on a
to completion and the estimated costs necessary to
/ Trademark straight-line basis
over the life sell them.
Research costs are expensed as incurred.
f. Cash and cash equivalents
Refer Note 3 and 33 to the Financial Statements.
Cash and cash equivalents in the Balance Sheet comprise
d. Borrowing costs of cash at banks and in hand and short-term deposits with
Borrowing costs directly attributable to the acquisition, an original maturity of three months or less, which are
construction or production of an asset that necessarily takes subject to an insignificant risk of changes in value.
a substantial period of time to get ready for its intended
For the purpose of the Statement of Cash Flows, cash and
use are capitalised as part of the cost of the asset. All other
cash equivalents consist of cash and short-term deposits,
borrowing costs are expensed in the period in which they
as defined above.
occur. Borrowing costs consist of interest and other costs
that an entity incurs in connection with the borrowing of Refer Note 11 to the Financial Statements.
funds. Borrowing cost also includes exchange differences
g. Provisions
to the extent regarded as an adjustment to the borrowing
A provision is recognised if, as a result of a past event, the
costs.
Company has a present legal or constructive obligation
e. Inventories that can be estimated reliably, and it is probable that an
Inventories are valued at the lower of cost and net outflow of economic benefits will be required to settle
realisable value. the obligation. If the effect of the time value of money


is material, provisions are determined by discounting in the Balance Sheet with a corresponding debit
the expected future cash flows (representing the best or credit to retained earnings through OCI in the
estimate of the expenditure required to settle the present period in which they occur. Re-measurements are not
obligation at the balance sheet date) at a pre-tax rate that reclassified to profit or loss in subsequent periods.
reflects current market assessments of the time value of
Net interest is calculated by applying the discount
money and the risks specific to the liability. The unwinding
rate to the net defined benefit liability or asset. The
of the discount is recognised as finance cost. Expected
Company recognises the following changes in the
future operating losses are not provided for.
net defined benefit obligation as an expense in the
Refer Notes 20 and 26 to the Financial Statements. Statement of Profit and Loss:
h. Retirement and other employee benefits (i)
Service costs comprising current service
(i) Short term employee benefits costs, past-service costs, gains and losses on

Short-term employee benefit obligations are curtailments and non-routine settlements; and
measured on an undiscounted basis and are
(ii) Net interest expense or income
expensed as the related service is provided. A liability
is recognised for the amount expected to be paid Long term compensated absences are provided for
e.g., under short-term cash bonus, if the Company based on an actuarial valuation done at the end of
has a present legal or constructive obligation to pay each financial year.
this amount as a result of past service provided by
Pension liability is split into a defined benefit portion
the employee, and the amount of obligation can be
and a defined contribution portion. The part of the
estimated reliably.
liability towards pension plan upto March 31, 2003 for
(ii) Post-retirement benefits employees as on that date is in the nature of defined
Retirement benefit in the form of provident fund is benefit plan. From April 1, 2003, the pension remains
a defined contribution scheme. The Company has as a defined contribution liability. The Defined benefit
no obligation, other than the contribution payable portion is provided for on the basis of an actuarial
to the provident fund. The Company recognizes valuation done at the end of each financial year.
contribution payable to the provident fund scheme The contributions towards defined contribution are
as an expense, when an employee renders the charged to Statement of Profit and Loss of the year
related service. when the employee renders the service.
The Company operates The current and non-current bifurcation is done as
(a) Defined benefit gratuity plan, which requires per Actuarial report.
contributions to be made to a separately
(iii) Other long-term employee benefits
administered fund and
The Company’s net obligation in respect of long-term
(b) Post-retirement medical benefit plan which is employee benefits other than post-employment
unfunded. benefits is the amount of future benefit that
employees have earned in return for their service
Gratuity and Post-Retirement Medical Benefit liability
in the current and prior periods; that benefit is
are provided for on the basis of actuarial valuation,
discounted to determine its present value, and the
using the projected unit credit method, made at the
fair value of any related assets is deducted. The
end of each financial year.
obligation is measured on the basis of an annual
Re-measurements, comprising of actuarial gains Independent actuarial valuation using the projected
and losses, the effect of the asset ceiling, excluding unit credit method. Pre-measurements gains or losses
amounts included in net interest on the net defined are recognised in profit or loss in the period in which
benefit liability and the return on plan assets they arise.
(excluding amounts included in net interest on the net
Refer Notes 20, 26, 31 and 37 to the Financial
defined benefit liability), are recognised immediately
Statements.

113

i. Foreign Currency k. Income Taxes

Transactions in foreign currencies are initially recorded in Income tax comprises current and deferred tax. It is
reporting currency by the Company at spot rates at the recognised in profit or loss except to the extent that it
date of transaction. relates to a business combination or to an item recognised
directly in equity or in other comprehensive income.
Foreign currency monetary items are reported using
the closing rate. Foreign currency non-monetary items
Current tax comprises the expected tax payable or
measured at historical cost are translated using the receivable on the taxable income or loss for the year and
exchange rates at the dates of the initial transactions. any adjustment to the tax payable or receivable in respect
Exchange differences arising on settlement or translation of previous years. The amount of current tax reflects the
of monetary items are recognised in Statement of Profit best estimate of the tax amount expected to be paid or
and Loss. received after considering the uncertainty, if any, related to
income taxes. It is measured using tax rates (and tax laws)
j. Revenue Recognition
enacted or substantively enacted by the reporting date.
Sale of goods
Revenue from the sale of goods in the course of ordinary Current tax assets and current tax liabilities are offset
activities is measured at the fair value of the consideration only if there is a legally enforceable right to set off the
received or receivable, net of returns, trade discounts and recognised amounts, and it is intended to realise the asset
volume rebates. This inter alia involves discounting of the and settle the liability on a net basis or simultaneously.
consideration due to the present value if payment extends
Deferred tax is recognised on temporary differences
beyond normal credit terms. Revenue is recognised when
between the tax bases and accounting bases of assets and
the significant risks and rewards of ownership have been
liabilities at the tax rates and laws that have been enacted
transferred to the buyer, recovery of the consideration
or substantively enacted at the Balance Sheet date.
is probable, the associated costs and possible return of
goods can be estimated reliably, there is no continuing Deferred tax assets are recognised to the extent that it is
effective control over, or managerial involvement with, probable that taxable profit will be available against which
the goods, and the amount of revenue can be measured the deductible temporary differences can be utilised. The
reliably. carrying amount of deferred tax assets is reviewed at each
Balance Sheet date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be
Dividend Income available to allow all or part of the deferred tax asset to be
Revenue is recognised when the Company’s right to utilised. Unrecognised deferred tax assets are re-assessed
receive the payment is established, which is generally at each reporting date and are recognised to the extent
when shareholders approve the dividend. that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are offset if there is a
Deferred revenue
legally enforceable right to offset current tax Liabilities
The Company has a customer loyalty programme for
and assets, and they relate to income taxes levied by the
selected customers. The Company grants credit points to
same tax authority on the same, taxable entity, or on
those customers as part of a sales transaction which allows
different tax entities, but they intend to settle current tax
them to accumulate and redeem those credit points.
liabilities and assets on a Net basis or their tax assets and
Consideration received from these customers have been
liabilities will be realised simultaneously.
allocated between the goods sold and the credit points
granted. The consideration allocated to the credit points For items recognised in OCI or equity, deferred / current
have been deferred and will be recognised as revenue tax is also recognised in OCI or equity.
when the reward points are redeemed or lapsed.
Refer Notes 7 and 21 to the Financial Statements.


l. Leases assets and financial liabilities are initially recognised

A lease is classified at the inception date as a finance lease when the Company becomes a party to the contractual
or an operating lease. A lease that transfers substantially provisions of the instrument.
all the risks and rewards incidental to ownership to the
A financial asset or financial liability is initially measured
Company is classified as a finance lease. All other leases
at fair value plus, for an item not at fair value through
are operating lease. Operating lease payments, as per
profit and loss (FVTPL), transaction costs that are directly
terms of the agreement, are recognised as an expense in
attributable to its acquisition or issue.
the Statement of Profit and Loss on a straight line basis.
Classification and subsequent measurement
Refer Notes 2 and 34 to the Financial Statements.
On initial recognition, a financial asset is classified as
m. Earnings per share measured at amortised cost; Fair value through other
Earnings per share is calculated by dividing the net profit comprehensive income (FVOCI) – equity investment; or
or loss before OCI for the year by the weighted average FVTPL. Financial assets are not reclassified subsequent
number of equity shares outstanding during the period. to their initial recognition, except if and in the period
For the purpose of calculating diluted earnings per share, the company changes its business model for managing
the net profit or loss before OCI for the period attributable financial assets.
to equity shareholders and the weighted average number
A financial asset is measured at amortised cost if it meets
of shares outstanding during the period are adjusted for
both the conditions and is not designated as at FVTPL: (i)
the effects of all dilutive potential equity shares.
The asset is held within a business model whose objective
Refer Note 35 to the Financial Statements. is to hold assets to collect contractual cash flows; and (ii)
the contractual terms of the financial asset give rise on
n. Segment reporting
specified dates to cash flows that are solely payments of
The Company has identified two operating segments viz,
principal and interest on the principal amount outstanding.
Automotive and Industrial. As per Ind AS - 108: Operating
Segments, due to similar nature of products, production On initial recognition of an equity investment that is not
process, customer types, etc., the two operating segments held for trading, the Company may irrevocably elect to
have been aggregated as single operating segment of present subsequent changes in the investment’s fair value
“storage batteries and allied products” during the year. in OCI (designated as FVOCI – equity investment). This
The analysis of geographical segments is based on the election is made on an investment by investment basis.
areas in which customers of the Company are located.
All financial assets not classified as measured at amortised
Refer Note 41 to the Financial Statements. cost or FVOCI as described above are measured at FVTPL.
This includes all derivative financial assets. On initial
o. Contingent Liabilities
recognition, the Company may irrevocably designate a
A contingent liability is a possible obligation that arises
financial asset that otherwise meets the requirements to
from past events whose existence will be confirmed by the
be measured at amortised cost or at FVOCI as at FVTPL if
occurrence or non-occurrence of one or more uncertain
doing so eliminates or significantly reduces an accounting
future events beyond the control of the Company or a
mismatch that would otherwise arise.
present obligation that is not recognized because it is not
probable that an outflow of resources will be required to The subsequent measurement of gains and losses of
settle the obligation. The Company does not recognize various categories of financial instruments are as follows:
a contingent liability but discloses its existence in the (i) Financial assets at amortised cost: these assets are
financial statements. subsequently measured at amortised cost using
the effective interest method. The amortised cost
is reduced by impairment losses. Interest income,
p. Financial instruments foreign exchange gains and losses and impairment
Trade receivables and debt securities issued are initially are recognised in profit or loss. Any gain or loss on
recognised when they are originated. All other financial derecognition is recognised in profit or loss.

115

(ii)
Equity investments at FVOCI: these assets are
Offsetting
subsequently measured at fair value. Dividends are
Financial assets and financial liabilities are offset and the
recognised as income in profit or loss unless the
net amount presented in the balance sheet when, and only
dividend clearly represents a recovery of part of the
when, the Company currently has a legally enforceable
cost of the investment. Other net gains and losses
right to set off the amounts and it intends either to settle
are recognised in OCI and are not reclassified to
them on a net basis or to realise the asset and settle the
profit or loss.
liability simultaneously.
(iii)
Financial assets at FVTPL: these assets are
Impairment
subsequently measured at fair value. Net gains and

The Company recognizes loss allowances using the
losses, including any interest or dividend income, are
expected credit loss (ECL) model for the financial assets
recognised in profit or loss.
which are not fair valued through profit or loss. Loss
Financial liabilities are classified as measured at amortised allowance for trade receivables with no significant
cost or FVTPL. A financial liability is classified as at FVTPL financing component is measured at an amount equal
if it is classified as held‑for‑trading, or it is a derivative or to lifetime ECL. For all other financial assets, expected
it is designated as such on initial recognition. Financial credit losses are measured at an amount equal to the
liabilities at FVTPL are measured at fair value and net gains 12-month ECL, unless there has been a significant increase
and Losses, including any interest expense, are recognised in credit risk from initial recognition in which case those
in profit or loss. Other financial liabilities are subsequently are measured at lifetime ECL. The amount of expected
measured at amortised cost using the effective interest credit losses (or reversal) that is required to adjust the
method. Interest expense and foreign exchange gains and loss allowance at the reporting date to the amount that is
losses are recognised in profit or loss. Any gain or loss on required to be recognised is recognized as an impairment
derecognition is also recognised in profit or loss. gain or loss in profit or loss.
Derecognition q. Impairment of non-financial assets
Financial assets: The Company derecognises a financial
The Company’s non-financial assets, other than inventories
asset when the contractual rights to the cash flows from and deferred tax assets, are reviewed at each reporting
the financial asset expire, or it transfers the rights to date to determine whether there is any indication of
receive the contractual cash flows in a transaction in which impairment. If any such indication exists, then the asset’s
substantially all of the risks and rewards of ownership of recoverable amount is estimated.
the financial asset are transferred or in which the Company
For impairment testing, assets that do not generate
neither transfers nor retains substantially all of the risks
independent cash inflows are combined together into
and rewards of ownership and does not retain control of
cash-generating units (CGUs). Each CGU represents the
the financial asset. If the Company enters into transactions
smallest Company of assets that generates cash inflows
whereby it transfers assets recognised on its balance sheet,
that are largely independent of the cash inflows of other
but retains either all or substantially all of the risks and
assets or CGUs.
rewards of the transferred assets, the transferred assets
are not derecognised. The recoverable amount of a CGU (or an individual asset)
is the higher of its value in use and its fair value less costs
Financial liabilities: The Company derecognises a financial

to sell. Value in use is based on the estimated future cash
liability when its contractual obligations are discharged or
flows, discounted to their present value using a pre-tax
cancelled, or expire. The Company also derecognises a
discount rate that reflects current market assessments of
financial liability when its terms are modified and the cash
the time value of money and the risks specific to the CGU
flows under the modified terms are substantially different.
(or the asset).
In this case, a new financial liability based on the modified
terms is recognised at fair value. The difference between An impairment loss is recognised if the carrying amount of
the carrying amount of the financial liability extinguished an asset or CGU exceeds its estimated recoverable amount.
and the new financial liability with modified terms is Impairment losses are recognised in the Statement of
recognised in profit or loss. Profit and Loss. Impairment loss recognised in respect of


a CGU is allocated first to reduce the carrying amount of The rules notified Appendix B of Ind AS 21 – which clarifies
any goodwill allocated to the CGU, and then to reduce the date of the transaction for the purpose of determining
the carrying amounts of the other assets of the CGU (or the exchange rate to use on initial recognition of the
Company of CGUs) on a pro rata basis. related asset, expense or income, when an entity has
received or paid advance consideration in a foreign
In respect of other assets for which impairment loss has
currency.
been recognised in prior periods, the Company reviews at
each reporting date whether there is any indication that The amendment will come into force from April 1, 2018.
the loss has decreased or no longer exists. An impairment The Company has evaluated the effect of this on the
loss is reversed if there has been a change in the estimates financial statements and the impact is not material.
used to determine the recoverable amount. Such a reversal
Ind AS 115 – Revenue from Contracts with customers:
is made only to the extent that the asset’s carrying amount
On March 28, 2018, Ministry of Corporate Affairs (“MCA”)
does not exceed the carrying amount that would have
has notified the Ind AS 115, Revenue from Contract with
been determined, net of depreciation or amortisation, if
Customers. The core principle of the new standard is that
no impairment loss had been recognised.
an entity should recognize revenue to depict the transfer
r. Investments in Subsidiaries of promised goods or services to customers in an amount

Investments in subsidiaries are carried at cost less that reflects the consideration to which the entity expects
accumulated impairment losses, if any. Where an to be entitled in exchange for those goods or services.
indication of impairment exists, the carrying amount of Further the new standard requires enhanced disclosures
the investment is assessed and written down immediately about the nature, amount, timing and uncertainty of
to its recoverable amount. On disposal of investments in revenue and cash flows arising from the entity’s contracts
subsidiaries, the difference between net disposal proceeds with customers. The effective date for adoption of Ind AS
and the carrying amounts are recognized in the Statement 115 is financial periods beginning on or after April 1, 2018.
of Profit and Loss.
The Company has completed an initial assessment of
s. Government grants the potential impact of the adoption of Ind AS 115 on

Government grants are recognised where there is accounting policies followed in its financial statements.
reasonable assurance that the grant will be received and The Company has done a preliminary assessment and do
all attached conditions will be complied with. When the not expect a significant impact due to the adoption of the
grant relates to revenue, it is recognised in the Statement standard.
of Profit and Loss on a systematic basis over the periods
The Company plans to apply Ind AS 115 using the
to which they relate. When the grant relates to an asset,
cumulative effect method, with the effect of initially
it is treated as deferred income and recognised in the
applying this standard recognised at the date of initial
Statement of Profit and Loss on a systematic basis over
application (i.e. April 1, 2018) in retained earnings. As a
the useful life of the asset.
result, the Company will not present relevant individual line
1.1 Standards Issued but not yet Effective items appearing under comparative period presentation.
Amendments to Ind AS 21 - On March 28, 2018, Ministry of
Corporate Affairs (MCA) has notified Companies (Indian
Accounting Standard) Amendment Rules, 2018.

2. PROPERTY, PLANT AND EQUIPMENT
1
(Rs. in Crores)
Freehold Land Buildings Plant and Moulds Office Furniture Vehicles Computers Total
land under (including equipment Equipment & fixtures
Finance roads) (including
lease electrical
installation)
Cost
The Exide Story
As at April 1, 2016 26.50 32.04 269.71 913.67 127.64 7.47 1.57 2.24 11.13 1,391.97
Additions 3.23 - 70.33 340.00 52.50 3.34 1.15 0.18 7.63 478.36
Disposals / deductions 0.28 1.47 0.49 0.01 0.02 0.01 0.14 2.42
As at March 31, 2017 29.73 32.04 339.76 1,252.20 179.65 10.80 2.70 2.41 18.62 1,867.91
2
Additions 3.85 41.43 73.52 466.35 55.00 2.91 2.32 - 5.54 650.92
Disposals / deductions 0.02 - 1.70 4.45 1.17 0.12 0.01 0.02 0.77 8.26
As at March 31, 2018 33.56 73.47 411.58 1,714.10 233.48 13.59 5.01 2.39 23.39 2,510.57
Governance
Accumulated
Depreciation
As at April 1, 2016 - 0.57 9.61 117.64 16.43 1.75 0.12 0.38 3.03 149.53
Depreciation for the year 0.86 11.59 155.47 21.72 1.78 0.22 0.41 3.46 195.51
Disposals / deductions 0.15 1.02 0.38 - - - 0.08 1.63
As at March 31, 2017 - 1.43 21.05 272.09 37.77 3.53 0.34 0.79 6.41 343.41
3
Depreciation for the year 0.60 14.78 188.55 25.54 2.38 0.37 0.42 4.81 237.45
Disposals / deductions - 0.30 3.27 0.87 0.10 - 0.01 0.71 5.26
As at March 31, 2018 - 2.03 35.53 457.37 62.44 5.81 0.71 1.20 10.51 575.60
Financials
Net Block
As at March 31, 2017 29.73 30.61 318.71 980.11 141.88 7.27 2.36 1.62 12.21 1,524.50
As at March 31, 2018 33.56 71.44 376.05 1,256.73 171.04 7.78 4.30 1.19 12.88 1,934.97
a. Conveyance / Lease deeds for certain immovable properties valued at Rs. 46.49 crs (PY: Rs. 7.21 crs) are pending execution.
b. Buildings includes Rs. 0.10 crs (PY: Rs. 0.10 crs) being the cost of shares in respective Co-operative Housing Societies.

117

3. GOODWILL AND OTHER INTANGIBLE ASSETS
(Rs. in Crores)
Particulars Goodwill Trade Mark Computer Total
Software
Cost
As at April 1, 2016 3.89 3.12 21.57 28.58
Additions - - 9.34 9.34
As at March 31, 2017 3.89 3.12 30.91 37.92
Additions 10.35 10.35

Disposals / deductions - - - -
As at March 31, 2018 3.89 3.12 41.26 48.27
Accumulated Amortisation & Impairment loss

As at April 1, 2016 - 0.84 4.77 5.61
Amortisation/Impairment for the year 3.89 0.84 6.08 10.81
As at March 31, 2017 3.89 1.68 10.85 16.42
Amortisation for the year - 0.69 7.80 8.49

As at March 31, 2018 3.89 2.37 18.65 24.91
Net Block
As at March 31, 2017 - 1.44 20.06 21.50
As at March 31, 2018 - 0.75 22.61 23.36
3.1 Allocation of Goodwill to cash-generating units

The carrying value of goodwill pertained to Home UPS business which was acquired by the Company in 2011-12. During the
previous year the company impaired the goodwill aggregating to Rs. 3.89 crs pertaining to the Home UPS business.
4. INVESTMENTS
(Rs. in Crores)
Particulars March 31, 2018 March 31, 2017
Investments at cost (Unquoted)
Equity Shares, Fully Paid Up
In Subsidiary Companies
Chloride International Limited of Rs. 10 each [4,50,000 shares (PY: 4,50,000 Shares)] 0.20 0.20
Chloride Power Systems and Solutions Limited of Rs. 10 each 2.93 2.93
[19,80,000 shares (PY:19,80,000 Shares)]
Chloride Metals Limited of Rs. 10 each (4,23,80,952 shares [PY: 4,23,80,952 shares)] 109.03 109.03
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 [1,02,000 shares (PY: 1,02,000 shares)] 0.78 0.78
Associated Battery Manufacturers (Ceylon) Ltd of Sri Lankan Rupees 10 each 7.31 7.31
[38,96,640 shares (PY: 38,96,640 shares)]
Exide Life Insurance Company Limited of Rs. 10 each 1,579.60 1,579.60
[1,75,00,00,000 shares (PY: 1,75,00,00,000 shares)]

119

4. INVESTMENTS (CONTD.)
(Rs. in Crores)
Investments at Amortised Cost
Government Securities (lodged as security deposits with various authorities) 0.01 0.01
Investments at fair value through OCI
Debentures (Fully Paid Up)
Woodlands Multispecialty Hospital Limited
1/2% Debentures of Rs. 100 each [20 debentures (PY: 20 debentures)] -^ -
5% Non-redeemable Registered Debentures of Rs. 6,000 each (1 debenture (PY: 1 debenture) -^ -
Units (Unquoted)
Faering Capital India Evolving Fund of Rs. 1,000 each [2,27,458 units (PY: 2,45,741 units)] 33.43 34.19
Equity shares (Unquoted)
Haldia Integrated Development Agency Ltd of Rs. 10 each (5,00,000 shares [PY: 5,00,000 shares)] 2.95 3.35
Suryadev Alloys of Rs. 10 each [ 2,500 shares (PY: 2,500 shares)] 0.03 0.03
Equity shares (Quoted)
Hathway Cable and Datacom Limited of Rs. 2 each [54,62,830 shares (PY: 54,62,830 shares)] 18.49 20.68
1,765.11 1,768.46
(i) Aggregate book value of unquoted investments 1,746.62 1,747.78
(ii) Aggregate book value and market value of quoted investments 18.49 20.68
(iii) Refer Note 42 for information about fair value measurement and Note 43 for credit risk and
market risk of investment.
(iv) ^ Figures being less than Rs. 50,000 in each case, has not been disclosed.
5. NON-CURRENT TRADE RECEIVABLES (AT AMORTISED COST)
(Rs. in Crores)
Unsecured, Considered good
Trade Receivables 1.18 1.81
1.18 1.81
6. NON-CURRENT LOANS AND DEPOSITS (AT AMORTISED COST)
(Rs. in Crores)
Unsecured , considered good
a) Loans to employees 0.01 0.03
b) Loans and advances to others 0.01 0.01
c) Security Deposits 12.60 12.99
12.62 13.03


7. OTHER NON-CURRENT ASSETS
(Rs. in Crores)
(i) Unsecured, considered good
a) Capital advances 52.86 50.75
b) Prepaid expenses 27.63 3.44
c) Balances and deposit with Government Authorities 22.02 26.04
(ii) Unsecured, considered doubtful
a) Advances recoverable in cash or kind 1.99 1.89
b) Balances and deposit with Government Authorities 14.66 5.04
119.16 87.16
Less: Provision for doubtful deposits and advances 16.65 6.93
102.51 80.23
8. INVENTORIES
(Rs. in Crores)
(At Lower of cost and net realisable value)
a) Stores, spare parts, loose tools etc 33.22 28.28
b) Raw materials and components [Including in transit/ lying 454.82 371.51
in bonded warehouse Rs. 88.17 crs (PY: Rs. 73.48 crs)]
c) Work-in-progress 466.60 455.01
d) Finished goods 792.96 555.20
Add: Excise Duty - 792.96 109.87 665.07
e) Stock-in-trade 12.55 7.50
1,760.15 1,527.37
I. The cost of inventories recognised as an expense during the year has been disclosed on the face of the Statement of Profit
and Loss and Note 34.
II. The cost of inventories recognised as an expense includes Rs. 3.27 Crore (PY: Rs. 1.45 Crore) in respect of write downs of
inventory.
9. INVESTMENTS
(Rs. in Crores)
Particulars No. of units March 31, 2018 No. of units March 31, 2017
Investments at fair value through Profit & Loss
Units of Mutual Fund (Unquoted)
Kotak Treasury Advantage Fund - Regular Plan Daily 99,24,710 10.00 5,96,51,415 60.13
Dividend Reinvestment of Rs. 10 each
Franklin India Ultra Short Bond Fund Super 99,22,801 10.00 4,97,46,872 50.15
Institutional Plan -Daily Dividend Reinvestment of
Rs. 10 each
DSP Black Rock Ultra Short Term Fund -Regular Plan 6,48,59,757 65.40 20,90,12,422 210.76
-Daily Dividend Reinvestment of Rs. 10 each
IDFC Ultra Short Term Fund -Daily Dividend 1,00,17,248 10.09 6,97,63,720 70.26
Reinvestment - Regular Plan of Rs. 10 each

121

9. INVESTMENTS (CONTD.)
(Rs. in Crores)
Particulars No. of units March 31, 2018 No. of units March 31, 2017
Birla Sunlife Savings Fund -Daily Dividend 9,97,888 10.01 59,96,875 60.23
Reinvestment of Rs. 100 each
HDFC Floating Rate Income Fund -Short Term Plan 4,99,50,727 50.35 7,96,79,041 80.32
Wholesale Option -Daily Dividend Reinvestment of Rs.
10 each
SBI SHF Ultra Short Term Fund -Regular Plan -Daily - - 2,49,446 25.10
Dividend Reinvestment of Rs. 1,000 each
TATA Floater Fund Regular Plan Daily Dividend - - 4,49,877 45.15
Reinvestment of Rs. 1,000 each
India Bulls Ultra Short Term Fund - Existing Plan Daily - - 3,00,204 30.13
Baroda Pioneer Treasury Advantage Fund Plan A - - - 48,881 5.03
Daily Dividend Reinvestment of Rs. 1,000 each
Sundaram Ultra Short Term Fund -Regular Plan- Daily - - 99,89,190 10.03
L&T Ultra Short Term Fund - Daily Dividend - - 3,91,45,895 40.15
Reinvestment Plan units of Rs. 10 each
ICICI Prudential Flexible Income Fund - Daily Dividend 4,77,491 5.05 75,93,937 80.29
UTI Treasury Advantage Fund -Institutional Plan- Daily 50,149 5.03 3,99,857 40.13
Reliance Medium Term Fund - Daily Dividend 29,43,543 5.04 1,46,76,218 25.09
Reinvestment units of Rs. 10 each
JM Money Manager Fund -Super Plus Plan - Daily - - 1,49,04,550 15.06
Escorts Liquid Plan - Daily Dividend Reinvestment of 36,72,346 5.02 36,69,104 5.02
Rs. 10 each
LIC Nomura MF Savings Plus Fund -Short Term Plan - 49,48,352 5.03 - -
Daily Dividend Reinvestment of Rs. 10 each
LIC MF Income Plus Fund - Daily Dividend - - 49,68,162 5.02
Axis Treasury Advantage Fund - Daily Dividend - - 2,98,947 30.08
Reinvestment of Rs. 1,000 each
Mahindra Low Duration Bachat Yojana - Regular - 50,015 5.02 - -
Daily Dividend Reinvestment of Rs. 1,000 each
DSP Black Rock India Enhanced Equity Fund-Class 5,00,000 7.82 5,00,000 7.32
B-3, of Rs. 100 each
193.86 895.45
Units of Mutual Fund (Quoted)
HDFC Cancer Cure Fund-Debt Plan of Rs. 10 each 1,00,00,000 10.03 1,00,00,000 10.03
10.03 10.03
203.89 905.48
Aggregate amount of quoted investment and 10.03 10.03

market value thereof
Aggregate amount of unquoted investment 193.86 895.45
(i) Refer Note 42 for information about fair value measurement and Note 43 for credit risk and market risk of investment.


10. TRADE RECEIVABLES (UNSECURED) (AT AMORTISED COST)
(Rs. in Crores)
March 31, 2018 March 31, 2017
Considered good 943.39 621.65
Considered doubtful 9.70 8.00
953.09 629.65
Less: Allowances for doubtful receivables 9.70 8.00
943.39 621.65
Refer Note no 40 for Related Party disclosure for trade receivables from related parties.
The Company’s exposure to credit and currencies risks, and loss allowances related to trade receivables are disclosed in Note 43.
11. CASH AND CASH EQUIVALENTS
(Rs. in Crores)
March 31, 2018 March 31, 2017
a) Balances with banks on
Current Account 78.19 10.82
b) Cash in hand 0.32 0.37
78.51 11.19
12. BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
(Rs. in Crores)
March 31, 2018 March 31, 2017
Unclaimed Dividend Account 8.68 8.38
8.68 8.38
13. LOANS AND DEPOSITS (AT AMORTISED COST)
(Rs. in Crores)
March 31, 2018 March 31, 2017
Unsecured, considered good
b) Security Deposits - Others 14.54 10.39
14.58 10.46
14. OTHER FINANCIAL ASSETS (AT AMORTISED COST)
(Rs. in Crores)
March 31, 2018 March 31, 2017
a) Other Receivables (rebates and discounts, etc.) 23.36 17.15
b) Claims Receivable 1.44 7.39
24.80 24.54

123

15. OTHER CURRENT ASSETS
(Rs. in Crores)
March 31, 2018 March 31, 2017
a) Other recoverables and advances* 13.63 14.03
c) Prepaid expenses 17.80 4.55
217.97 41.31
* includes export incentive receivables
16. SHARE CAPITAL
(Rs. in Crores)
a) Authorised
1,00,00,00,000 (PY: 1,00,00,00,000) Equity Shares of Re. 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 Re. 1 each 85.00 85.00
85.00 85.00
c) Reconciliation of the number of equity shares outstanding at the beginning Number of Shares
and at the end of the reporting year
Opening 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 Re. 1 per share.
Each Holder of Equity Shares is entitled to one Vote per share. The company declares and
pays dividends in Indian Rupee. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of Liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the shareholders.
e) Shares held by holding company
Name of Shareholder Number of Shares
Chloride Eastern Limited, UK (considered to be Holding company by virtue of de-facto 39,09,54,666 39,09,54,666
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
As per records of the company, including its register of shareholders / members and other
declaration received from shareholders, the above shareholding represents legal ownership
of shares.


17. OTHER EQUITY
(Rs. in Crores)
a) Securities Premium Account 737.88 737.88
Premium received on equity shares issued are recognised in the securities premium account
b) Contingency Reserve 25.00 25.00
The Contingency reserve is created to set aside funds for meeting contingencies and claims
c) Retained earnings 4,533.01 4,110.19
Retained earnings includes General Reserve, Surplus in Statement of Profit and Loss, Impact of
Ind-AS adjustments on date of transition and Revaluation reserve.
d) Items of Other Comprehensive Income
- Remeasurements of defined benefit plans (6.06) (7.09)
Remeasurement gains/losses recorded in other comprehensive income
- Fair value of Equity instruments through OCI 14.48 12.61
Changes in fair value of equity instruments recorded in other comprehensive income
5,304.31 4,878.59
18. NON-CURRENT TRADE PAYABLES (AT AMORTISED COST)
(Rs. in Crores)
March 31, 2018 March 31, 2017
Trade payables* 4.36 3.73
4.36 3.73
* represents total dues of payables other than Micro and Small Enterprises. Also refer note 39.
19. OTHER NON-CURRENT FINANCIAL LIABILITIES (AT AMORTISED COST)
(Rs. in Crores)
March 31, 2018 March 31, 2017
Payables for Capital Goods 2.62 2.07
2.62 2.07
20. NON CURRENT PROVISIONS
(Rs. in Crores)
Provision for employee benefits (refer note 37)
Post retirement medical benefits 4.45 4.88
Gratuity 8.78 8.68
Pension 3.51 3.18
Leave benefits 28.46 24.67
Others
Provision for site restoration liabilities 1.25 1.13
46.45 42.54

125

20. NON CURRENT PROVISIONS (CONTD.)
(Rs. in Crores)
Provision for site restoration liabilities
A provision is recognised for site restoration liabilities on leasehold lands taken by the Company:
Opening Balance 1.13 1.03
Add: Interest accrued on the provision during the year 0.12 0.10
Closing Balance 1.25 1.13
21. DEFERRED TAX LIABILITY (NET)
(Rs. in Crores)
Deferred tax liabilities 183.57 190.91
Less: Deferred tax assets 43.07 35.73
140.50 155.18
Movement in deferred tax (liabilities) / assets balances:
(Rs. in Crores)
2017-18 April 01, 2017 Movement Movement March 31, 2018
through through Other
Statement of Comprehensive
Profit and Loss Income
Deferred tax liabilities:
Arising out of temporary difference in depreciable (144.41) (32.08) - (176.49)
assets
Expenses claimed as deduction as per Income Tax (45.93) 39.34 - (6.59)
Act, 1961 but not booked in current year
Unrealised gain on investment in equity shares (0.57) - 0.08 (0.49)
Deferred tax assets:
On expenses allowable against taxable income in future 22.93 19.63 (0.55) 42.01
years
Expenses disallowed in earlier assessments which are 12.80 (11.74) - 1.06
being contested
(155.18) 15.15 (0.47) (140.50)


Movement in deferred tax (liabilities) / assets balances: (Contd.)
(Rs. in Crores)
2016-17 April 01, 2016 Movement Movement March 31, 2017
through through Other
Statement of Comprehensive
Arising out of temporary difference in depreciable (123.98) (20.43) - (144.41)
assets
Expenses claimed as deduction as per Income Tax (34.75) (11.18) - (45.93)
Act, 1961 but not booked in current year
Unrealised gain on investment in equity shares (0.57) - - (0.57)
On expenses allowable against taxable income in future 20.75 1.10 1.08 22.93
years
Expenses disallowed in earlier assessments which are 10.52 2.28 - 12.80
being contested
(128.03) (28.24) 1.08 (155.18)
March 31, 2018 March 31, 2017

Reconciliation of statutory rate of tax and effective rate of tax:
Tax rate as a % of PBT 33.57 28.91
Adjustments:
Non-deductible expenses for tax purposes (0.55) (0.73)
Dividend Income - exempt for tax purposes 1.16 2.75
Various allowances claimed under Income Tax Act, 1961 0.44 2.82
Others including Tax impact of earlier years (0.01) 0.86
At India’s statutory income tax rate of 34.61% (PY: 34.61%) 34.61 34.61
22. BORROWINGS (AT AMORTISED COST)
(Rs. in Crores)
Buyers’ Credit from banks (The buyers’ credit is repayable in 6 months and carries interest in the
range of 1.5% to 2.1%)
Secured - 84.77
(The buyers’ credit is secured by hypothecation of Stocks and book debts, both present
and future)
Unsecured - 85.46
- 170.23

127

23. TRADE PAYABLES (AT AMORTISED COST)
(Rs. in Crores)
a) Trade payable for goods & services
Total outstanding dues of Micro and small Enterprises (refer note no. 39) 4.08 10.04
Total outstanding dues of creditors other than Micro and small Enterprises 934.19 653.78
b) Acceptances 140.44 104.03
1,078.71 767.85
Refer note 43 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 40.
24. OTHER CURRENT FINANCIAL LIABILITIES (AT AMORTISED COST)
(Rs. in Crores)
a) Interest accrued but not due on borrowings - 0.55
b) Unclaimed dividends (to be credited to Investor Education and Protection Fund as and 8.68 8.38
when due)
c) Derivatives liability - 0.70
d) Other payables -
For Selling and distribution costs 177.09 122.00
For Capital Goods 81.40 98.59
For Other Expenses * 68.39 85.99
335.56 316.21
* other liabilities includes employee related payments
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 March 31, 2018.
ii. Other payables for selling and distribution costs represents outstanding liabilities for incentives and trade schemes, etc.
25. OTHER CURRENT LIABILITIES
(Rs. in Crores)
a) Taxes and duties payable 87.60 53.97
b) Advances from customers 16.59 23.13
c) Other payables - For deferred revenue * 62.32 54.97
166.51 132.07
*Other payables for 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.


26. CURRENT PROVISIONS
(Rs. in Crores)
a) Provision for employee benefits (refer note 37)
b) Others
Provision for Warranty Claims 175.18 178.13
Provision for litigations and tax disputes 54.19 39.89
232.86 222.13
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 189.64 205.63
Less: Utilised against warranty claims during the year 192.59 190.89
Provisions for litigations and tax disputes (refer notes below)
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:
27. REVENUE FROM OPERATIONS
(Rs. in Crores)
Sale of products (including excise duty) 9,441.12 8,538.32
Other operating income
Export incentive 8.19 7.32
Scrap sales 5.34 3.44
Income from Service / Installation 5.15 4.66
9,459.80 8,553.74
(i) Sales are net of price adjustments settled during the year by the Company and discounts, trade incentives, VAT, Sales Tax,
GST, etc.
(ii) Sale of goods includes excise duty collected from customers of Rs. 273.48 crs (PY: Rs. 970.27 crs).
(iii) Post the applicability of Goods and Service Tax (GST) with effect from July 1, 2017, revenue from operations are disclosed net
of GST. Accordingly, the revenue from operations for year ended March 31, 2018 are not comparable with the previous years
figure.

129

28. OTHER INCOME
(Rs. in Crores)
Interest Income on:
Income Tax refunds - 9.92
Financial assets carried at amortised cost 0.60 0.61
Dividend Income on
Long Term Investments in subsidiaries 11.22 21.64
Current investments in mutual funds designated at FVTPL 23.99 57.67
Other non-operating income
Gain on fair value of investments in mutual funds units designated at FVTPL 0.50 0.75
Net foreign exchange Gain 16.52 8.93
Others 5.58 4.36
58.41 103.88
29. COST OF MATERIALS CONSUMED
(Rs. in Crores)
Opening Stock 371.51 277.36
Add: Purchases 6,213.43 5,087.75
6,584.94 5,365.11
Less: Closing Stock 454.82 371.51
6,130.12 4,993.60
Cost of material consumed includes net proceeds from scrap battery.
30. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
(Rs. in Crores)
Opening Stock
Work-in-progress 455.01 386.11
Finished goods 555.20 363.95
Stock-in-trade 7.50 2.57
1,017.71 752.63
Closing Stock
1,272.11 1,017.71
Increase / (Decrease) in Excise Duty on Finished Goods (109.87) 29.17
(144.53) (294.25)


31. EMPLOYEE BENEFIT EXPENSES
(Rs. in Crores)
Salaries, wages and bonus 499.09 430.42
Contribution to provident and other funds (Refer Note 37) 33.49 29.33
Staff welfare expenses 64.59 59.82
597.17 519.57
32. FINANCE COSTS
(Rs. in Crores)
Interest expenses 5.24 3.99
Exchange difference to the extent considered as an adjustment to borrowing cost - 0.32
5.24 4.31
33. DEPRECIATION AND AMORTISATION
(Rs. in Crores)
Depreciation of Property, Plant and Equipment 237.45 195.51
Amortisation and impairment loss of intangible assets 8.49 10.81
245.94 206.32
34. OTHER EXPENSES
(Rs. in Crores)
Stores and spare parts consumed 76.35 68.50
Power and fuel 286.72 254.95
Battery Charging / Battery assembly expenses 107.63 123.77
Repairs and maintenance
Buildings 9.11 9.47
Plant & machinery 29.27 27.84
Others 12.74 11.74
Rent & Hire Charges 35.44 27.58
Rates and taxes 3.25 2.85
Insurance 6.40 7.48
Commission 4.13 3.64
Royalty and Technical Aid Fees 43.43 34.61
Warranty expenses 189.64 205.63
Publicity and Sales Promotion 63.38 72.61
Freight & Forwarding (net) 247.07 209.17
After Sales Services 56.87 57.43
C & F Expenses 30.57 27.31
Travelling & Conveyance 39.30 37.95

131

34. OTHER EXPENSES (CONTD.)
(Rs. in Crores)
Bank Charges 1.32 0.96
Communication Costs 5.41 5.65
Donations 0.03 0.01
Directors' Sitting Fees 0.18 0.17
Loss on Property, plant and equipment sold/discarded (net) 2.21 0.55
Auditors' Remuneration:
As Auditors *
- For Statutory audit 0.49 0.49
- For Limited Reviews 0.30 0.29
- For Others 0.05 0.05
As Tax Auditors 0.07 0.07
Other Services 0.02 0.31
Out of pocket expenses 0.05 0.04
Miscellaneous expenses (refer Note 34.1) 86.53 75.24
1,337.96 1,266.36
* includes Rs 0.14 crs paid to the erstwhile auditors.
i) The Company has a full-fledged Research and Development Centre. During the year, a sum of Rs. 28.08 crs. (PY Rs. 22.67 crs),
including capital expenditure Rs. 6.27 crs. (PY Rs. 4.23 crs), was spent on Research and Development work.
ii) Rent and Hire charges include Rs. 32.47 crs (PY Rs. 25.53 crs) towards lease of residential apartments, Office premises and
Godowns. These are cancellable leases, renewable by mutual agreement. The lease term is for various number of years and
renewable for further periods as per the lease agreements at the option of the company. In lease agreements, escalation
clauses are present; however there are no restrictions imposed by the lease arrangements. There are no sub-leases.
34.1. Miscellaneous Expenses

(Rs. in Crores)
Motor Vehicle Running Expenses 6.09 5.91
Consultancy & Services outsourced 32.19 26.28
Security Service Charges 8.45 8.72
General Expenses 0.93 1.10
Legal Expenses 1.69 1.99
Printing & Stationery 5.70 5.93
Total Quality Management Expenses 0.74 0.38
Corporate Social Responsibility expenses 18.30 13.30
Pollution Control Expenses 4.46 3.11
Testing Charges 0.70 1.56
Liquidated Damages 1.92 4.55
Battery Erection / Installation Costs 5.36 2.41
86.53 75.24


The Company has spent Rs. 18.30 crs (PY Rs. 13.30 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 Rs. 17.64 crs (PY Rs. 16.06 crs)
II. Amount spent during the year on :
(Rs. in Crores)
i) Construction/Acquisition of any asset - -
ii) For purposes other than (i) above 18.30 13.30
18.30 13.30
35. EARNINGS PER SHARE (EPS)
(Rs. in Crores)
Details for calculation of basic and diluted earning per share:
Profit after tax as per Statement of Profit and Loss 668.35 693.64
Weighted average number of equity share (Numbers) 85,00,00,000 85,00,00,000
Basic and diluted earning per share (Rs.) 7.86 8.16
36.
SIGNIFICANT ACCOUNTING JUDGEMENTS, (c)
Deferral of Revenue (customer’s incentive
ESTIMATES AND ASSUMPTIONS scheme)
The preparation of the financial statements requires The Company estimates the fair value of points
management to make judgements, estimates and awarded under the incentive schemes based on past
assumptions, as described below, that affect the reported trend of similar incentive schemes and by applying
amounts and the disclosures. The Company based its a budgeted incentive payout rate. Inputs include
assumptions and estimates on parameters available making assumptions about expected redemption
when the financial statements were prepared and are rates, the mix of products that will be available for
reviewed at each Balance Sheet date. Uncertainty about redemption in the future and customer preferences.
these assumptions and estimates could result in outcomes As at March 31, 2018, the estimated liability towards
that may require a material adjustment to the reported unredeemed points amounted to approximately
amounts and disclosures. Information about critical Rs. 62.32 crs (PY: Rs. 54.97 crs)
judgments in applying accounting policies, as well as
(d) Warranty, Non discounting to warranty
estimates and assumptions that have the most significant
The Company estimates the provision for warranty
effect on the financial statements is as follows:
based on past trend of actual issues of batteries
(a) Employee benefit plans under warranty. As at March 31, 2018, the
The cost of the employment benefit plans and their estimated liability towards warranty amounted to
present value are determined using actuarial valuations approximately Rs. 175.18 crs (PY: Rs. 178.13 crs)
which involves making various assumptions that The provision towards warranty is not discounted
may differ from actual developments in the future. as the management, based on past trend, expects
For further details refer Note 37. to use the provision within twelve months after the
Balance Sheet date.
(b) Fair value measurement of investments

The fair value of unquoted investments are (e) Provision for litigations and tax disputes
determined using valuation methods which involves The likelihood of outcome of litigations and tax
making various assumptions that may differ from disputes are estimated by the management based
actual developments in the future. For further details on past experiences, legal advice, other public
refer Note 42. information etc. For further details, refer Note 26.

133

date is in the nature of a defined benefit plan. From

37.
GRATUITY AND OTHER POST EMPLOYMENT
April 1, 2003 onwards, pension remains as a defined
BENEFIT PLANS
contribution liability which is funded annually with an
The Company has a defined benefit gratuity plan. Every
insurance company.
employee who has completed five years or more of
service is entitled to Gratuity on terms not less favourable The Company also extends benefit of compensated
than the provisions of The Payment of Gratuity Act, absences to the employees, whereby they are eligible
1972. The scheme is funded with an insurance company. to carry forward their entitlement of earned leave for
The Company provides certain post-retirement medical encashment upon retirement/separation. This is an
benefits (PRMB) to the employees qualifying for such unfunded plan.
benefits under the scheme upto March 31, 2006, and
The following tables summarise the components of net
accordingly the number of beneficiaries is frozen on that
benefit expense recognised in the statement of profit and
date. This benefit is unfunded.
loss and the funded status and amounts recognised in the
The Company has a Pension plan, a part of the liability balance sheet for the Post - retirement benefit plans:
whereof upto March 31, 2003, for employees as on that
(Rs. in Crores)
For the year ended For the year ended
March 31, 2018 March 31, 2017
Gratuity Pension PRMB Gratuity Pension PRMB
Plan (Benefit) Plan (Benefit)
I. Expenses recognised in the Statement of
Profit & Loss
1. Current / Past Service Cost 5.90 - 0.04 5.34 - 0.07
2. Interest Cost 5.67 0.30 0.37 5.54 0.38 0.34
3. Expected Return on plan assets (5.37) (0.09) - (5.33) (0.16) -
4. Past Service Cost - Plan Amendments 3.69 - - - - -
5. Total 9.89 0.21 0.41 5.55 0.22 0.41
Expenses recognised in OCI
6. Actuarial (Gains) / Losses (0.88) (0.05) (0.65) 3.13 (0.49) 0.49
7. Total Expense 9.01 0.16 (0.24) 8.68 (0.27) 0.90
II. Net Asset / (Liability) recognised in the
Balance Sheet
1. Present Value of Defined Benefit Obligation 94.11 4.43 4.86 83.61 4.41 5.33
2. Fair Value of Plan Assets 85.33 0.92 - 74.93 1.23 -
3. Net Asset / (Liability) (8.78) (3.51) (4.86) (8.68) (3.18) (5.33)
III. Change in Obligation during the year
1. Present Value of Defined Benefit Obligation at 83.61 4.41 5.33 77.59 5.42 4.65
the beginning of the year
2. Current Service Cost / Plan amendments 9.59 - 0.04 5.34 - 0.07
3. Interest Cost 5.67 0.30 0.37 5.54 0.38 0.34
4. Benefits Paid (5.24) (0.26) (0.23) (7.32) (0.86) (0.22)
5. Actuarial (Gains) / Losses
Arising from changes in experience 0.48 (0.02) (0.86) (0.62) (0.58) 0.28
Arising from changes in demographic - - 0.21 - - -
assumptions
Arising from changes in financial assumptions - - - 3.08 0.05 0.21
Total 0.48 (0.02) (0.65) 2.46 (0.53) 0.49


(Rs. in Crores)
March 31, 2018 March 31, 2017
Gratuity Pension PRMB Gratuity Pension PRMB
Plan (Benefit) Plan (Benefit)
6. Present Value of Defined Benefit Obligation at 94.11 4.43 4.86 83.61 4.41 5.33
the end of the year
IV. Change in the Fair Value of Plan Assets
during the year
1. Plan assets at the beginning of the year 74.93 1.23 - 71.85 3.02 -
2. Expected return on plan assets 5.37 0.09 - 5.33 0.16 -
3. Contribution by employer 8.91 - - 5.75 - -
4. Transfers - (0.17) - - (1.04) -
5. Actual Benefits Paid (5.24) (0.26) - (7.32) (0.86) -
6. Actuarial Gains / (Losses) 1.36 0.03 - (0.68) (0.05) -
7. Plan assets at the end of the year 85.33 0.92 - 74.93 1.23 -
8. Actual return on Plan Assets 6.73 0.12 - 4.65 0.11 -
V. The major categories of plan assets as a
percentage of the fair value of total plan assets
Investments with insurer 100% 100% - 100% 100% -
VI. Maturity profile of the defined benefit
obligation
Weighted average duration of the defined benefit 5 & 8 years 4 years 9 years 3 & 9 years 3 years 3 years
obligation
Expected benefit payments for the year ending
Not later than 1 year 8.90 0.87 0.41 10.11 2.23 0.45
Later than 1 year and not later than 5 years 35.40 2.71 1.71 32.30 1.37 1.93
More than 5 years 47.32 1.54 2.05 46.59 1.29 2.39
VII. Actuarial Assumptions
1. Discount Rate 7 % p.a (March 31, 2017: 7% p.a.)

2. Expected rate of return on plan assets 7 % p.a (March 31, 2017: 7% p.a.)
3. Mortality pre retirement Indian Assured Lives Mortality (2006-08) (modified) Ult.
4. Mortality post retirement LIC (1996-98) Ultimate
5. Employee Turnover Rate 2.00%
VIII. In 2018-19 the Company expects to contribute Rs. 9.00 crs (2017-18: Rs. 8.00 crs) to gratuity and Rs. 3.50 crs (2017-18: Rs. 4.00
crs) to Pension funds.
IX. Healthcare cost trend rates have no effect on the amounts recognised in the statement of profit and loss, since the benefit is
in the form of a fixed amount as per the various grades, which is not subject to change.
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 Rs. 23.29 crs (2016-
17 - Rs. 23.38 crs).

135

(Rs. in Crores)
Particulars Year ended Year ended
March 2018 March 2017
XII. Amounts for the current and previous year are as follows :
1. Gratuity
Defined Benefit Obligation 94.11 83.61
Plan Assets 85.33 74.93
Surplus / (deficit) (8.78) (8.68)
Experience (Gain) / loss adjustments on plan liabilities 0.48 (0.62)
Experience Gain / (loss) adjustments on plan assets 1.36 (0.68)
2. Pension
Surplus / (deficit) (3.51) (3.18)
Experience (Gain) / loss adjustments on plan liabilities (0.02) (0.58)
Experience Gain / (loss) adjustments on plan assets 0.03 (0.05)
3. Post Retirement Medical Benefit
Experience Gain / (loss) adjustments on plan liabilities (0.86) 0.28
XIII. The basis of various assumptions used in actuarial valuations and their quantitative sensitivity analysis
is as shown below:
(Rs. in Crores)
March 31, 2018 March 31, 2017
Assumptions Discount rate (a) Discount rate (a)
Sensitivity level 1% increase 1% decrease 1% increase 1% decrease
Impact on retiral benefit (7.03) 8.38 (5.95) 6.85
Assumptions Future salary increases (b) Future salary increases (b)
Impact on retiral benefit 7.57 (6.52) 5.89 (5.45)
(a) Based on interest rates of government bonds

(b) Based on managements estimate
38. COMMITMENTS AND CONTINGENCIES

(Rs. in Crores)
(i) Capital and other commitments
Commitment for acquisition of fixed assets 506.38 384.10
Commitment for investment 30.64 31.27
537.02 415.37
(ii) Contingent Liabilities
Guarantees excluding financial guarantees 34.67 33.21
Outstanding Bank Guarantees / Indemnity Bonds
Claims against the company not acknowledged as debt
Sales Tax demands 30.96 27.31
Excise Duty demands 38.66* 36.82*
Income Tax demands 9.92 16.54
Other claims being disputed by the Company - 0.44
Claim from a landlord, an appeal whereby is pending in Hon'ble Bombay High Court Not Ascertainable Not Ascertainable
114.21 114.32
* Includes a Demand of Rs. 32.60 crs plus penalties, as applicable, for the period June 2006-May 2009 on the grounds that Excise Duty was payable on the MRP of
batteries.The Company has contested applicability of The Standards of Weights & Measures Act,1976 and Rules thereunder, the applicability of which is still to be
adjudicated by the Hon’ble Supreme Court. Meanwhile, Company has been granted a stay on this Excise Duty demand by CESTAT, Kolkata.


39. DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MSMED ACT, 2006
(Rs. in Crores)
Principal and interest amount remaining unpaid
- Principal 4.09 10.04
- Interest 0.01 0.01
The amount of interest paid by the Company in terms of Section 16 of the MSMED Act, 2006 - -
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, 2006.
The amount of interest accrued and remaining unpaid at the end of each accounting year. 0.01 0.01
The amount of further interest remaining due and payable even in the succeeding years, until 0.14 0.13
such date when the interest dues as above are actually paid to the small enterprise for the
purposes of disallowance as a deductable expenditure under the MSMED Act, 2006.
40. 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)
Chloride Power Systems and Solutions Limited (CPSSL)
Espex Batteries Limited, UK (Espex)
Associated Battery Manufacturers (Ceylon) Ltd , Sri Lanka (ABML)
Chloride Metals Limited (CML)
Exide Life Insurance Company Limited (ELI)
2. Enterprise / Individuals having a direct or Chloride Eastern Limited, UK. (CEL)
Chloride Eastern Industries Pte Limited, Singapore (CEIL)
indirect control over the Company LIEC Holdings SA, Switzerland
Mr. S B Raheja
B. Others
1. Key Management Personnel Mr. G Chatterjee, Whole Time Director
(As on March 31, 2018) Mr. A K Mukherjee, Whole Time Director
Mr. Subir Chakraborty, Whole Time Director
Mr. Arun Mittal, Whole Time Director
Mr. Bharat D. Shah, Director
Mr. R.B.Raheja, Director
Mr. Nawshir H. Mirza, Director
Mr. Vijay Agarwal, Director
Mr. Sudhir Chand, Director
Ms. Mona N. Desai, Director
Mr. Surin S. Kapadia, Director (w.e.f. October 25, 2017)
Mr. Jitendra Kumar, Company Secretary
2. Name of the Companies / firms / in which Directors / Shalini Construction Company Private Limited
Key Management Personnel have significant influence Peninsula Estates Private Limited
Raheja QBE General Insurance Company Limited
with whom transactions have happened during the year
3. Employees Trusts where there is significant influence: Chloride Officer’s Provident Fund (COPF)

137

40. RELATED PARTY DISCLOSURE (CONTD.)

ii) Details of transactions entered into with the related parties :
(Rs. in Crores)
Subsidiaries Enterprise/ Companies / Key Employees Total
Individuals firms in which Management Trust
having direct Directors / Key Personnel
or indirect Management
control Personnel have
significant
influence
Transaction Transaction Transaction Transaction Transaction Transaction
Value Value Value Value Value Value
Purchases of goods - ABML - - - - - -
(0.97) - - - - (0.97)
- CML 2,343.20 - - - - 2,343.20
(1,656.53) - - - - (1,656.53)
- CBSEA 0.14 - - - - 0.14
(0.04) - - - - (0.04)
- Espex - - - - - -
(0.02) - - - - (0.02)
- CPSSL 25.95 - - - - 25.95
(10.59) - - - - (10.59)
Total 2,369.29 - - - - 2,369.29
(1,668.15) - - - - (1,668.15)
Sale of goods - CBSEA 48.45 - - - - 48.45
(39.83) - - - - (39.83)
- CPSSL 20.30 - - - - 20.30
(24.71) - - - - (24.71)
- Espex 37.39 - - - - 37.39
(36.75) - - - - (36.75)
- CML 434.06 - - - - 434.06
(233.65) - - - - (233.65)
Total 540.20 - - - - 540.20
(334.94) - - - - (334.94)
Rent and Maintenance Costs
- CIL 0.72 - - - - 0.72
(0.53) - - - - (0.53)
- Shalini Construction - - 0.54 - - 0.54
- - (0.52) - - (0.52)
- Peninsula Estates - - 0.13 - - 0.13
- - (0.13) - - (0.13)
Total 0.72 - 0.67 - - 1.39
(0.53) - (0.65) - - (1.18)
Insurance Expenses
- Raheja QBE - - 0.02 - - 0.02
- - (0.01) - - (0.01)
Employee Welfare Expenses
-ELI 0.73 - - - - 0.73
(0.58) - - - - (0.58)



ii) Details of transactions entered into with the related parties : (Contd.)
(Rs. in Crores)
Subsidiaries Enterprise/ Companies / Key Employees Total
Individuals firms in which Management Trust
having direct Directors / Key Personnel
or indirect Management
control Personnel have
significant
influence
Transaction Transaction Transaction Transaction Transaction Transaction
Value Value Value Value Value Value
Dividend Income
- ABML 1.30 - - - - 1.30
(2.54) - - - - (2.54)
- Espex 0.09 - - - - 0.09
(0.55) - - - - (0.55)
- CML 8.48 - - - - 8.48
(16.95) - - - - (16.95)
- CIL 0.36 - - - - 0.36
(0.41) - - - - (0.41)
- CPSSL 0.99 - - - - 0.99
(1.19) - - - - (1.19)
Total 11.22 - - - - 11.22
(21.64) - - - - (21.64)
Technical Assistance Expenses
- CEIL - 0.12 - - - 0.12
- (0.12) - - - (0.12)
Technical Assistance Income
- ABML 0.41 - - - - 0.41
(0.36) - - - - (0.36)
Marketing Expenses
- CBSEA 0.38 - - - - 0.38
(0.06) - - - - (0.06)
- ESPEX 0.10 0.10
(0.12) (0.12)
Contributions to employees benefit plans
- COPF - - - - 18.22 18.22
- - - - (16.38) (16.38)
Rental Income
- CPSSL 0.05 - - - - 0.05
(0.05) - - - - (0.05)
Remuneration
- Short term - - - 10.13 - 10.13
employee benefits
(including commission - - - (10.09) - (10.09)
and sitting fees)
- Post retirement - - - 1.32 - 1.32
benefits
- - - (1.38) - (1.38)
Total - - - 11.45 - 11.45
- - - (11.47) - (11.47)
figures for the previous years are in bracket

139


iii) Details of amounts due to or due from related parties as at March 31, 2018 and March 31, 2017 are
as follows:
(Rs. in Crores)
Amounts due to or due from Subsidiaries
Trade Payables
-CML 54.81 61.93
-CBSEA - 0.02
-CPSSL 4.28 2.55
Total 59.09 64.50
Trade Receivables
-CBSEA 19.00 9.33
-CPSSL 6.74 6.51
-Espex 20.69 19.96
Total 46.43 35.80
Technical Assistance Income Receivables
-ABML 0.41 0.36
Marketing Expenses Payables
-CBSEA 0.04 -
-ESPEX 0.04 -
Contributions to employees benefit plans payables
-COPF 1.53 1.34
Amounts due to Key Managerial Personnel
-Remuneration to Directors (Short term employee benefits) 6.01 5.94
Notes : (1) Final dividend amounting to Rs. 31.28 crs was paid for the year 2016-17 (Rs. 31.28 crs for the year 2015-16) and
Rs. 62.55 crs towards Interim Dividend for 2017-18 (Rs. 62.55 crs for Interim Dividend 2016-17) 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, 2018, 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.
41. 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.


41. SEGMENT REPORTING (CONTD.)

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:
(Rs. in Crores)
Particulars Year ended 31st March 2018
India Overseas Total
Revenue (Gross Sale) 9,019.24 440.56 9,459.80
Non-current assets other than financial assets and Income tax assets 2,294.34 - 2,294.34
(Rs. in Crores)
Particulars Year ended 31st March 2017
India Overseas Total
Revenue (Gross Sale) 8,145.76 407.98 8,553.74
Non-current assets other than financial assets and Income tax assets 1,767.59 - 1,767.59
The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or
more of its revenues from transactions with any single external cistomer.
42. 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.

42. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT (CONTD.)
1
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 March 31, 2018:
(Rs. in Crores)
Carrying amount Fair value
FVTPL Other FVOCI Other Total Level 1 Level 2 Level 3 Total
The Exide Story
Note financial financial carrying

Particulars
assets - liabilities* amount
amortised
cost*
Financial assets measured
2
at fair value
Investments - in mutual 9 203.89 - - - 203.89 10.03 193.86 - 203.89
funds
Investments - in equity 4 - 0.01 54.90 - 54.91 18.50 33.43 2.98 54.91
instruments
Governance
203.89 0.01 54.90 - 258.80

Financial assets not
measured at fair value
Trade receivables 5 & 10 - 944.57 - - 944.57
Cash and cash 11 - 78.51 - - 78.51
equivalents (a)
3
Bank Balances other than 12 - 8.68 - - 8.68

(a) above
Loans and deposits 6 & 13 - 27.20 - - 27.20
Other financial assets 14 - 24.80 - - 24.80
Financials
- 1,083.76 - - 1,083.76
Financial liabilities not
Trade payables 18 & 23 - - - 1,083.07 1,083.07
Other financial liabilities 19 & 24 - - - 338.18 338.18
- - - 1,421.25 1,421.25
* The carrying amount of the Company’s financial assets and financial liabilities are reasonable approximation of their face value.

141
42. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT (CONTD.)
142
B. Accounting classifications and fair values (Contd.)
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy as at March 31, 2017:
(Rs. in Crores)

Particulars
amortised
cost*
at fair value
Investments - in mutual 9 905.48 - - - 905.48 10.03 895.45 - 905.48
funds
Investments - in equity 4 - 0.01 58.25 - 58.26 20.69 34.19 3.38 58.26
instruments
905.48 0.01 58.25 - 963.74

Cash and cash equivalents 11 - 11.19 - - 11.19
(a)
Bank Balances other than 12 - 8.38 - - 8.38
(a) above
Loans and deposits 6 & 13 23.49 - - 23.49
- 691.06 - - 691.06
Borrowings 22 - - - 170.23 170.23
Trade payables 18 & 23 - - - 771.58 771.58
- - - 1,089.86 1,089.86
* The carrying amount of the Company’s financial assets and financial liabilities are reasonable approximation of their fair value.
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.
143

43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s financial liabilities comprise short-term borrowings, capital creditors and trade and other payables. The main
purpose of these financial liabilities is to finance the Company’s operations. The Company’s financial assets include trade and
other receivables, cash and cash equivalents, investment.
The Company has a Risk Management Committee that ensures that risks are identified, measured and managed in accordance
with Risk Management Policy of the Company. The Board of Directors also review these risks and related risk management policy.
The market risks and credit risks are further explained below:
I) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk comprises two types of risk: currency risk and other price risk, such as commodity price risk
and equity price risk. Financial instruments affected by market risk include FVTOCI investments, trade payables, trade
receivables, etc.
(i) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily
to the Company’s operating activities. Such foreign currency exposures are not hedged by the Company. The Company
has a treasury department which monitors the foreign exchange fluctuations on the continuous basis and advises the
management of any material adverse effect on the Company.
Foreign currency sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other
variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary
assets and liabilities.
Particulars Changes in rate Foreign currency Effect on profit

Payable (net) before tax
% (Rs. in Crores) (Rs. in Crores)
March 31, 2018 5% 140.61 (7.03)
-5% 7.03
March 31, 2017 5% 215.28 (10.76)
-5% 10.76
(ii)
Equity price risk
The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties
about future values of the investment securities. The Company manages the equity price risk through diversification
and by placing limits on individual and total equity instruments / mutual funds. 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.


43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.)

Equity price sensitivity
The following table shows the effect of price changes in listed equity
Particulars Changes in price Investment Effect on profit

/ NAV before tax
March 31, 2018 5% 26.31 1.32
-5% (1.32)
March 31, 2017 5% 28.01 1.40
-5% (1.40)
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).
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 10 as the Company does not hold collateral as security. The
Company has evaluated the concentration of risk with respect to trade receivables as low, as its customers are from
several industries.
The Company’s exposure to credit risk for trade receivables and loans by geographic region is as follows:
(Rs. in Crores)
Particulars Carrying Amount
March 31, 2018 March 31, 2017
India 840.59 561.39
Outside India 103.98 62.07
944.57 623.46
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 expected loss provision made by the Company are as under:
(Rs. in Crores)
Particulars Expected credit loss
March 31, 2018 March 31, 2017
Add: Provisions made (net) 0.85 0.66
Less: Utilisation for impairment/de-recognition - -

145


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 March
31, 2018 and March 31, 2017. Cash flow from operating activities provides the funds to service the financial liabilities on
a day-to-day basis.
The Company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
operational needs. Any short term surplus cash generated, over and above the amount required for working capital
management and other operational requirements, is retained as cash and cash equivalents (to the extent required) and
any excess is invested in interest bearing term deposits and mutual funds with appropriate maturities to optimise the
cash returns on investments while ensuring sufficient liquidity to meet its liabilities.
The following table shows the maturity analysis of the Company’s financial liabilities based on contractually agreed
undiscounted cash flows along with its carrying value as at the Balance Sheet date.
March 2018
(Rs. in Crores)
Particulars Contractual More than Total Carrying
cash flows 1 year Amount
1 year or less
Liabilities
Trade and other payables 1,078.71 4.36 1,083.07
Other financial liabilities 335.56 2.62 338.18
1,414.27 6.98 1,421.25
March 2017
(Rs. in Crores)
1 year or less
Liabilities
Borrowings 170.23 - 170.23
Trade and other payables 767.85 3.73 771.58
1,254.29 5.80 1,260.09
44.
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.


45.
The Board of Directors at its meeting held on May 7, 2018 have recommended a dividend of Re. 0.80 (80%) per equity share
of face value of Re. 1 each for the financial year ended March 31, 2018. The above is subject to approval at the ensuing
Annual General Meeting of the Company and hence is not recognized as a liability.
46. LIST OF SUBSIDIARIES OF THE COMPANY
The Company has following subsidiaries for which the Company prepares Consolidated Financial Statements as per Ind
AS 110 “Consolidated Financial Statements”. These subsidiaries have been accounted at cost in these separate financial
statements of the Company.
Name Principal place % of ownership

of business interest as on
March 31, 2018
Chloride International Limited (CIL) India 100
Chloride Power Systems & Solutions Ltd. (CPSSL) India 100
Chloride Batteries S.E. Asia Pte Ltd. (CBSEA) & its wholly owned subsidiary (Exide Batteries Pvt. Ltd.) Singapore 100
Espex Batteries Limited (ESPEX) UK 100
Associated Battery Manufacturers (Ceylon) Ltd. (ABML) Srilanka 61.5
Chloride Metals Ltd. (CML) India 100
Exide Life Insurance Company Limited (ELI) India 100
47. Exceptional Item represents expenses incurred towards settlement of dispute with Exide Technologies, USA, in relation to the
usage of the name or mark “Exide” in India.
48. The disclosures regarding details of specified bank notes held and transacted during November 8, 2016 to December 30, 2016
has not been made since the requirement does not pertain to financial year ended March 31, 2018. Corresponding amounts
as appearing in the audited Standalone Ind AS financial statements for the period ended March 31, 2017 have been disclosed.
(Rs. in Crores)
Particulars SBNs Other Total
denomination
notes
Closing cash in hand as on November 8, 2016 0.48 0.17 0.65
(+) Permitted receipts - 1.22* 1.22
(-) Permitted payments - 1.14 1.14
(-) Amount deposited in Banks 0.48 - 0.48
Closing cash in hand as on December 30, 2016 - 0.25 0.25
* Represents cash withdrawals from bank accounts across various locations for petty cash purposes.
49. The financial statements of the previous year were audited by a firm of chartered accountants other than B S R & Co. LLP.
For B S R & Co. LLP

Sd/-

147
To the Members of Exide Industries Limited In preparing the consolidated Ind AS financial statements, the
respective Board of Directors of the companies included in the
REPORT ON THE AUDIT OF CONSOLIDATED IND AS
Group are responsible for assessing the ability of the Group to
FINANCIAL STATEMENTS
continue as a going concern, disclosing, as applicable, matters
We have audited the accompanying consolidated Ind AS
related to going concern and using the going concern basis of
financial statements of Exide Industries Limited (hereinafter
accounting unless management either intends to liquidate the
referred to as “the Holding Company”) and its subsidiaries (the
Group or to cease operations, or has no realistic alternative but
Holding Company and its subsidiaries together referred to as
to do so.
“the Group”), which comprise the Consolidated Balance Sheet
as at March 31, 2018, the Consolidated Statement of Profit and AUDITOR’S RESPONSIBILITY
Loss (including other comprehensive income), Consolidated Our responsibility is to express an opinion on these consolidated
Statement of Cash Flows and Consolidated Statement of Ind AS financial statements based on our audit. While conducting
Changes in Equity for the year then ended, including a summary the audit, we have taken into account the provisions of the Act,
of significant accounting policies and other explanatory the accounting and auditing standards and matters which are
information (hereinafter referred to as “the consolidated Ind required to be included in the audit report under the provisions
AS financial statements”). of the Act and the Rules made thereunder.
MANAGEMENT’S RESPONSIBILITY FOR THE We conducted our audit in accordance with the Standards on
CONSOLIDATED IND AS FINANCIAL STATEMENTS Auditing specified under Section 143 (10) of the Act. Those
The Holding Company’s Board of Directors is responsible for the Standards require that we comply with ethical requirements
preparation of these consolidated Ind AS financial statements and plan and perform the audit to obtain reasonable assurance
in terms of the requirements of the Companies Act, 2013 about whether the consolidated Ind AS financial statements are
(hereinafter referred to as “the Act”) that give a true and free from material misstatement.
fair view of the consolidated financial position, consolidated
An audit involves performing procedures to obtain audit
financial performance (including other comprehensive income),
evidence about the amounts and the disclosures in the
consolidated cash flows and consolidated statement of changes
consolidated Ind AS financial statements. The procedures
in equity of the Group in accordance with the accounting
selected depend on the auditor’s judgement, including the
principles generally accepted in India, including the Indian
assessment of the risks of material misstatement of the
Accounting Standards (Ind AS) specified under section 133
consolidated Ind AS financial statements, whether due to fraud
of the Act, read with rules issued thereunder. The respective
or error. In making those risk assessments, the auditor considers
Board of Directors of the companies included in the Group are
internal financial control relevant to the Holding Company’s
responsible for maintenance of adequate accounting records
preparation of the consolidated Ind AS financial statements that
in accordance with the provisions of the Act for safeguarding
give a true and fair view in order to design audit procedures
the assets of the Group and for preventing and detecting
that are appropriate in the circumstances. An audit also includes
frauds and other irregularities; the selection and application
evaluating the appropriateness of the accounting policies used
of appropriate accounting policies; making judgements and
and the reasonableness of the accounting estimates made, as
estimates that are reasonable and prudent; and the design,
well as evaluating the overall presentation of the consolidated
implementation and maintenance of adequate internal financial
Ind AS financial statements.
controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant We are also responsible to conclude on the appropriateness of
to the preparation and presentation of the consolidated Ind AS management’s use of the going concern basis of accounting
financial statements that give a true and fair view and are free and, based on the audit evidence obtained, whether a material
from material misstatement, whether due to fraud or error, uncertainty exists related to events or conditions that may cast
which have been used for the purpose of preparation of the significant doubt on the ability of Group to continue as a going
consolidated Ind AS financial statements by the Directors of the concern. If we conclude that a material uncertainty exists, we are
Holding Company, as aforesaid. required to draw attention in the auditor’s report to the related
disclosures in the consolidated Ind AS financial statements or,
if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to of Section 143 of the Act, in so far as it relates to the
the date of our auditor’s report. However, future events or aforesaid subsidiaries is based solely on the reports of the
conditions may cause Group to cease to continue as a going other auditors.
concern.
3.
The auditors of Exide Life Insurance Company Limited
We believe that the audit evidence obtained by us and the (“ELI”), a subsidiary, have reported that the actuarial
audit evidence obtained by the other auditors in terms of their valuation of liabilities for life policies in force and policies
reports referred to in the Other Matters paragraph below, where premium is discontinued is the responsibility of the
is sufficient and appropriate to provide a basis for our audit ELI’s appointed actuary. The actuarial valuation of these
opinion on the consolidated Ind AS financial statements. liabilities as at March 31, 2018 has been duly certified by
the appointed actuary and in his opinion, the assumptions
OPINION
for such valuation are in accordance with the generally
In our opinion and to the best of our information and according
accepted actuarial principal and practice requirements
to the explanations given to us and based on the consideration
of the Insurance Act, regulations notified by Insurance
of reports of other auditors on separate financial statements
Regulatory Development Authority of India (IRDAI) and
and on the other financial information of the subsidiaries, the
actuarial practice standard issued by the Institute of
aforesaid consolidated Ind AS financial statements give the
Actuaries of India in concurrence with IRDAI. The auditors
information required by the Act in the manner so required and
of the ELI have relied upon the appointed actuary’s
give a true and fair view in conformity with the accounting
certificate in this regard for framing their opinion on the
principles generally accepted in India, of the consolidated
financial statements of ELI.
financial position of the Group as at March 31, 2018, its
consolidated profit including other comprehensive income, Our opinion above on the consolidated Ind AS financial
consolidated cash flows and consolidated statement of changes statements, and our report on Other Legal and Regulatory
in equity for the year ended on that date. Requirements below, is not modified in respect of the above
matters with respect to our reliance on the work done and the
OTHER MATTERS
reports of the other auditors and the financial statements /
1.
The consolidated Ind AS financial statements of the
financial information certified by the Management.
Holding Company for the year ended March 31, 2017 were
audited by another auditor who expressed an unmodified REPORT ON OTHER LEGAL AND REGULATORY
opinion on those financial statements on May 4, 2017. REQUIREMENTS
1. As required by Section 143(3) of the Act, based on our
2.
We did not audit the financial statements/ financial
audit and on the consideration of report of the other
information of seven subsidiaries whose financial
auditors on separate financial statements and the other
statements/ financial information reflect total assets of
financial information of subsidiaries, as noted in the ‘other
Rs. 13,602.44 crores and net assets of Rs. 1,175.93 crores
matter’ paragraph, we report, to the extent applicable,
as at March 31, 2018, total revenues of Rs. 3,725.39 crores
that:
and net cash outflows amounting to Rs. 61.70 crores
for the year ended on that date, as considered in the a) We have sought and obtained all the information
consolidated Ind AS financial statements. These financial and explanations which to the best of our knowledge
statements / financial information have been audited by and belief were necessary for the purposes of our
other auditors whose reports have been furnished to us audit of the aforesaid consolidated Ind AS financial
by the Management and our opinion on the consolidated statements.
Ind AS financial statements, in so far as it relates to the
b) In our opinion, proper books of account as required
amounts and disclosures included in respect of these
by law relating to preparation of the aforesaid
subsidiaries and our report in terms of sub-section (3)
consolidated Ind AS financial statements have been

149
kept so far as it appears from our examination of auditors on separate financial statements as also the
those books and the reports of the other auditors. other financial information of the subsidiaries, as
noted in the ‘Other matter’ paragraph:
c) The Consolidated Balance Sheet, the Consolidated
Statement of Profit and Loss (including other i. The consolidated Ind AS financial statements
comprehensive income), the Consolidated Cash Flow disclose the impact of pending litigations on
Statement and Consolidated Statement of Changes the consolidated financial position of the
in Equity dealt with by this Report are in agreement Group - Refer Note 48 to the consolidated Ind
with the relevant books of account maintained for AS financial statements.
the purpose of preparation of the consolidated Ind
ii.
The Group did not have any material
AS financial statements.
foreseeable losses on long-term contracts
In our opinion, the aforesaid consolidated Ind
d) including derivative contracts during the year
AS financial statements comply with the Indian ended March 31, 2018.
Accounting Standards specified under section 133 of
iii. There has been no delay in transferring amounts
the Act, read with rules issued thereunder.
to the Investor Education and Protection Fund
e) On the basis of the written representations received by the Holding Company and its subsidiary
from the directors of the Holding Company as on companies incorporated in India during the
March 31, 2018 taken on record by the Board of year ended March 31, 2018.
Directors of the Holding Company and the reports
iv.
The disclosures in the consolidated Ind AS
of the statutory auditors of its subsidiary companies
financial statements regarding holdings as well
incorporated in India, none of the directors of
as dealings in specified bank notes during the
the Group’s companies incorporated in India is
period from November 8, 2016 to December
disqualified as on March 31, 2018 from being
30, 2016 have not been made since they do
appointed as a director in terms of Section 164(2) of
not pertain to the financial year ended March
the Act.
31, 2018. However amounts as appearing
f) With respect to the adequacy of the internal financial in the audited consolidated Ind AS financial
controls with reference to financial statements of statements for the period ended March 31,
the Holding Company and its subsidiary companies 2017 have been disclosed.
incorporated in India and the operating effectiveness
of such controls, refer to our separate Report in For B S R & Co. LLP
“Annexure A”. Chartered Accountants
g) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditor’s) Rules, 2014,
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in our opinion and to the best of our information
and according to the explanations given to us and
based on the consideration of the report of the other


Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated Ind AS was established and maintained and if such controls operated
financial statements of Exide Industries Limited (“the Holding effectively in all material respects.
Company”) as of and for the year ended March 31, 2018,
Our audit involves performing procedures to obtain audit
we have audited the internal financial controls over financial
evidence about the adequacy of the internal financial
reporting of the Holding Company and its subsidiary companies
controls system over financial reporting and their operating
incorporated in India as of that date.
effectiveness. Our audit of internal financial controls over
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL financial reporting included obtaining an understanding of
FINANCIAL CONTROLS internal financial controls over financial reporting, assessing the
The respective Board of Directors of the Holding Company risk that whether a material weakness exists, and testing and
and its subsidiary companies incorporated in India, are evaluating the design and operating effectiveness of internal
responsible for establishing and maintaining internal financial control based on the assessed risk. The procedures selected
controls based on the internal control over financial reporting depend on the auditor’s judgement, including the assessment
criteria established by the Holding Company and its subsidiary of the risks of material misstatement of the consolidated Ind AS
companies incorporated in India considering the essential financial statements, whether due to fraud or error.
components of internal control stated in the Guidance Note
We believe that the audit evidence we have obtained is
on Audit of Internal Financial Controls Over Financial Reporting
sufficient and appropriate to provide a basis for our audit
(the “Guidance Note”) issued by the Institute of Chartered
opinion on the Holding Company’s and its subsidiary companies
Accountants of India (ICAI). These responsibilities include the
incorporated in India, internal financial controls system over
design, implementation and maintenance of adequate internal
financial reporting.
financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence MEANING OF INTERNAL FINANCIAL CONTROLS OVER
to the respective company’s policies, the safeguarding of its FINANCIAL REPORTING
assets, the prevention and detection of frauds and errors, the A company’s internal financial control over financial reporting is
accuracy and completeness of the accounting records, and the a process designed to provide reasonable assurance regarding
timely preparation of reliable financial information, as required the reliability of financial reporting and the preparation of Ind
under the Act. AS financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s
internal financial control over financial reporting includes those
Our responsibility is to express an opinion on the Holding
policies and procedures that (1) pertain to the maintenance of
Company’s and its subsidiary companies incorporated in India,
records that, in reasonable detail, accurately and fairly reflect
internal financial controls over financial reporting based on our
the transactions and dispositions of the assets of the company;
audit. We conducted our audit in accordance with the Guidance
(2) provide reasonable assurance that transactions are
Note issued by the ICAI and the Standards on Auditing, issued
recorded as necessary to permit preparation of Ind AS financial
by ICAI and deemed to be prescribed under section 143(10) of
statements in accordance with generally accepted accounting
the Act, to the extent applicable to an audit of internal financial
principles, and that receipts and expenditures of the company
controls. Those Standards and the Guidance Note require that
are being made only in accordance with authorisations of
we comply with ethical requirements and plan and perform
management and directors of the company; and (3) provide
the audit to obtain reasonable assurance about whether
reasonable assurance regarding prevention or timely detection
adequate internal financial controls over financial reporting

151

of unauthorised acquisition, use, or disposition of the company’s liabilities as at March 31, 2018 has been duly certified by
assets that could have a material effect on the Ind AS financial the appointed actuary and in his opinion, the assumptions
statements. for such valuation are in accordance with the generally
accepted actuarial principal and practice requirements
INHERENT LIMITATIONS OF INTERNAL FINANCIAL
of the Insurance Act, regulations notified by Insurance
CONTROLS OVER FINANCIAL REPORTING
Regulatory Development Authority of India (IRDAI) and
Because of the inherent limitations of internal financial controls
actuarial practice standard issued by the Institute of
over financial reporting, including the possibility of collusion
Actuaries of India in concurrence with IRDAI. The auditors
or improper management override of controls, material
of ELI have relied upon the appointed actuary’s certificate
misstatements due to error or fraud may occur and not be
in this regard for framing their opinion on the financial
detected. Also, projections of any evaluation of the internal
statements of ELI.
financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over Accordingly, the auditors of ELI have not tested the
financial reporting may become inadequate because of changes internal financial controls system over financial reporting
in conditions, or that the degree of compliance with the policies in respect of valuation and accuracy of liabilities for life
or procedures may deteriorate. policies certified by the Appointed Actuary and has been
relied upon by them.
OPINION
In our opinion, the Holding Company and its subsidiary 2. Our aforesaid report under Section 143(3)(i) of the Act,
companies incorporated in India, have, in all material respects, on the adequacy and operating effectiveness of internal
an adequate internal financial controls system over financial financial controls over financial reporting in so far as it
reporting and such internal financial controls over financial relates to four subsidiaries incorporated in India, is based
reporting were operating effectively as at March 31, 2018, on the corresponding reports of the auditors of such
based on the internal control over financial reporting criteria subsidiaries, incorporated in India.
established by the respective Companies considering the
essential components of internal control stated in the Guidance For B S R & Co. LLP
Note issued by the ICAI. Chartered Accountants
OTHER MATTERS
1.
The auditors of Exide Life Insurance Company Limited
(“ELI”), a subsidiary, have reported that the actuarial
Sd/-
valuation of liabilities for life policies in force and policies
where premium is discontinued is the responsibility of the
ELI’s appointed actuary. The actuarial valuation of these

Consolidated Balance Sheet

as at March 31, 2018
(Rs. in Crores)
Particulars Note No. March 31, 2018 March 31, 2017
I) ASSETS
1) Non Current Assets
a) Property, Plant and Equipment 2 2,065.08 1,647.64
b) Capital Work-in-Progress 236.99 146.37
c) Intangible Assets 3 33.99 29.26
d) Intangible assets under development 4.30 2.36
e) Reinsurance asset 55.10 20.05
f) Goodwill 4 581.90 581.90
g) Financial Assets
(i) Investments
- Investments of Life insurance business 5 11,481.30 10,238.77
- Other investments 6 54.91 58.26
(iii) Loans and Deposits 8 23.69 26.10
h) Current Tax Assets (Net) 73.23 75.14
i) Deferred Tax Assets (Net) 28 6.99 6.45
j) Other non-current Assets 9 114.07 102.31
14,733.01 12,936.42
2) Current Assets
a) Inventories 10 2,004.85 1,702.01
b) Financial Assets
(i) Investments
- Investments of Life insurance business 11 747.04 678.30
- Other investments 12 207.25 908.80
(ii) Trade Receivables 13 1,093.57 738.57
(iii) Cash and Cash Equivalents 14 308.60 314.98
(iv) Bank balances other than (iii) above 15 8.86 8.55
(v) Loans and Deposits 16 25.17 18.66
(vi) Other Financial Assets 17 372.76 347.07
c) Other Current Assets 18 321.11 118.35
5,089.21 4,835.29
Total Assets 19,822.22 17,771.71
II) EQUITY AND LIABILITIES
1) Equity
a) Equity Share Capital 19 85.00 85.00
b) Other Equity 20 5,344.18 4,947.13
5,429.18 5,032.13
2) Non-Controlling Interest 21 18.09 15.76
Total Equity 5,447.27 5,047.89
3) Liabilities
(i) Non-Current Liabilities
(i) Borrowings 22 8.90 0.78
(ii) Trade Payables 23 4.73 4.16
(iii) Embedded Derivative Liability 0.58 0.66
(iv) Other Financial Liabilities 24 2.62 2.07
b) Provisions 25 56.96 52.58
c) Insurance Contract liabilities 26 9,799.08 8,598.82
d) Investment Contract liabilities 27 1,099.57 1,128.25
e) Deferred Tax Liabilities (Net) 28 147.88 162.52
f) Other Non-Current Financial Liabilities
(i) Fund for discontinued polices (Linked and Non-Linked) 128.91 124.89
(ii) Fund for future Appropriation (Linked and Non-Linked) 71.51 41.56
11,320.74 10,116.29
ii) Current Liabilities
(i) Borrowings 29 50.33 184.10
(ii) Trade Payables 30
Total outstanding dues of Micro and Small Enterprises 10.67 20.20
Total outstanding dues of others 1,508.72 1,195.66
(iii) Other Financial Liabilities 31 442.94 402.64
b) Other Current Liabilities 32 220.95 148.17
c) Provisions 33 241.47 227.28
d) Insurance Contract liabilities 34 576.91 425.91
e) Investment Contract liabilities 35 - 1.65
f) Current Tax Liabilities (Net) 2.22 1.92
3,054.21 2,607.53
Total Equity and Liabilities 19,822.22 17,771.71
The accompanying notes are an integral part of the consolidated financial statements.
For B S R & Co. LLP

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153
Consolidated Statement of Profit and Loss

(Rs. in Crores)
Particulars Note No. 2017-18 2016-17
I) INCOME:
Revenue from Operations 36 13,082.78 12,150.22
Other Income 37 67.65 102.71
Total Income (I) 13,150.43 12,252.93
II) EXPENSES:
Cost of raw materials consumed 38 6,086.94 4,996.90
Purchase of Stock-in-trade 181.93 84.68
Changes in inventories of finished goods, work-in-progress and stock-in-trade 39 (172.29) (323.69)
Excise Duty 274.70 971.59
Employee Benefits Expenses 40 962.09 867.70
Change in valuation of liability of life insurance policies in force 41 1,350.08 1,549.71
Other expenses 44 3,004.42 2,636.68
Total expenses (II) 11,687.87 10,783.57
III) EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION EXPENSES (I-II) 1,462.56 1,469.36
Finance Costs 42 105.65 146.29
Depreciation and Amortisation expenses 43 267.21 225.93
IV) INTEREST, DEPRECIATION AND AMORTISATION EXPENSES 372.86 372.22
V) PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (III-IV) 1,089.70 1,097.14
VI) EXCEPTIONAL ITEMS 41.83 -
VII) PROFIT BEFORE TAX (V-VI) 1,047.87 1,097.14
VIII) TAX EXPENSES:
Current Tax [net of reversal of excess provision for earlier years Rs. 9.74 crs (PY: Rs. 9.03 crs)] 368.77 269.37
Deferred Tax (15.00) 23.75
353.77 293.12
IX) PROFIT FOR THE YEAR (VII-VIII) 694.10 804.02
X) OTHER COMPREHENSIVE INCOME (OCI)
Other Comprehensive Income not to be reclassified to profit or loss in subsequent periods:
a) Re-Measurement gains/(losses) on defined benefit plans 1.28 (4.10)
Income tax effect (0.53) 1.16
b) Net (Loss)/ gain on investment in equity shares / units accounted at Fair Value 36.64 72.25
Income tax effect 0.08 -
Other Comprehensive Income to be reclassified to profit or loss in subsequent periods :
a) Net (Loss)/ gain on investment in debt securities accounted at Fair Value (86.51) 24.68
b) Change in Foreign Currency Translation Reserve 2.66 (5.59)
Income tax effect
Other Comprehensive Income for the year (46.38) 88.40
XI) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (IX+X) 647.72 892.42
Total comprehensive income attributable to:
Non-controlling interests 3.14 2.97
Owners of the Company 644.58 889.45
Profit for the year attributable to:
Non-controlling interests 3.14 2.97
Owners of the Company 690.96 801.05
Earnings per share - Basic and Diluted (Nominal value Re. 1 per share (PY Re. 1 per share)) 45 8.13 9.42
For B S R & Co. LLP

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Consolidated Cash Flow Statement

(Rs. in Crores)
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit Before Tax 1,047.87 1,097.14
Adjustment for :
Depreciation and Amortisation 267.21 225.93
Net Profit on sale of investment (288.42) (283.99)
Loss on Fixed Assets sold / discarded (net) 4.86 0.49
Income from investment including dividend (728.64) (732.06)
Gain / (loss) on fair value of financial assets 67.56 (122.76)
Gain on fair value of investments in mutual (0.50) (0.75)
fund units
Interest Expense 8.60 2.67
Change in valuation of liability against life policies 1,350.08 1,549.71
680.75 639.24
Operating profit before working capital changes 1,728.62 1,736.38
(Increase) in Trade Receivables (net of provision) (354.65) (26.21)
(Increase) in Inventories (302.84) (455.53)
(Increase) in Loans, other Financial Assets and (251.92) (90.59)
other Assets
Increase in other Financial Liabilities, other 461.71 (447.70) 64.89 (507.44)
Liabilities and Provisions
Cash generated from operations 1,280.92 1,228.94
Direct Taxes Paid (net of refunds and interest thereon) (366.57) (291.68)
Net Cash from operating activities 914.35 937.26
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase and construction of property, plant and (807.68) (441.21)
equipment(including intangible assets)
Proceeds from sale of property, plant and equipment 1.19 0.47
Net proceeds from sale/ (purchase) of (434.88) (990.33)
investments(net)
Investment income (including dividends and interest) 704.81 702.62
Net Cash used in investing activities (536.56) (728.45)

155
Consolidated Cash Flow Statement

(Rs. in Crores)
(C) CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from Borrowing (net) (126.93) 68.19
Dividends Paid (including tax) (249.35) (248.19)
Interest Paid (9.82) (1.90)
Net Cash used in financing activities (386.10) (181.90)
Net Increase in cash and cash equivalents (8.31) 26.91
Cash and Cash Equivalents - Opening Balance 314.98 286.65
Cash and Cash Equivalents - Closing Balance 306.67 313.56
Effect of exchange rate changes 1.93 1.42
Cash and Cash Equivalents - Closing Balance 308.60 314.98
(as disclosed in Note 14)
The aforesaid Cash Flow Statement has been prepared under the indirect method as set out in Ind AS 7- Statement of Cash Flow
The accompanying notes are an integral part of the consolidated financial statements .
For B S R & Co. LLP

Sd/-

A) EQUITY SHARE CAPITAL
156
(Rs. in Crores)
Number Amount
Equity Shares of INR 1 each issued, subscribed and fully paid
On April 1,2016 85,00,00,000 85.00
Balance at March 31,2017 85,00,00,000 85.00

Balance at March 31,2018 85,00,00,000 85.00
B) OTHER EQUITY
(Rs. in Crores)
Particulars Attributable to the equity holders of the parent

Capital Securities Contingency Capital Retained Foreign Re- Investments Debt Total
reserve Premium Reserve Redemp- earnings currency measurement in equity instru- Attri- Non-
reserve tion translation of Defined shares / units ments butable controlling Total
Reserve reserve benefit plan at fair value to the Equity
interest
owners
of the
Company
Balance at 2.89 737.88 25.00 0.80 3,503.03 2.67 (6.38) 0.69 38.24 4,304.82 14.61 4,319.43
March 31, 2016
Profit for the year - - - - 801.05 - - - - 801.05 2.97 804.02
Re-Measurement gains/ - - - - - - (2.94) - - (2.94) - (2.94)
(losses) on defined benefit
plans, net of tax
Net (Loss)/ gain on - - - - - - - 72.25 - 72.25 - 72.25
investment in equity shares
/ units accounted at Fair
Value, net of tax
Net (Loss)/ gain on - - - - - - - - 24.68 24.68 - 24.68
investment in debt securities
accounted at Fair Value, net
of tax
Change in Foreign Currency - - - - - (5.59) - - - (5.59) - (5.59)
Translation Reserve
2.89 737.88 25.00 0.80 4,304.08 (2.92) (9.32) 72.94 62.92 5,194.27 17.58 5,211.85
Adjustments
Final Dividend for the year - - - - (68.00) - - - - (68.00) - (68.00)
2015-16 (Re. 0.80 per share)
Tax on Final Dividend for the - - - - (11.68) - - - - (11.68) - (11.68)
year 2015-16
Dividends paid to non- - - - - - - - - - - (1.82) (1.82)
controlling interest
Payment of Interim dividend - - - - (136.00) - - - - (136.00) - (136.00)
for the year 2016-17 (Rs.1.60
per share)
Tax on Interim dividend for - - - - (31.46) - - - - (31.46) - (31.46)
the year 2016-17
Consolidated Statement of Changes in Equity
Balance at March 31, 2017 2.89 737.88 25.00 0.80 4,056.94 (2.92) (9.32) 72.94 62.92 4,947.13 15.76 4,962.89
Profit for the year - - - - 690.96 - - - - 690.96 3.14 694.10
Re-Measurement gains/ - - - - - - 0.75 - - 0.75 - 0.75
(losses) on defined
benefit plans, net of tax
B) OTHER EQUITY (CONTD.)
1
(Rs. in Crores)
Particulars Attributable to the equity holders of the parent
Capital Securities Contingency Capital Retained Foreign Re- Investments Debt Total
reserve Premium Reserve Redemp- earnings currency measurement in equity instru- Attri- Non-
reserve tion translation of Defined shares / units ments butable controlling Total
Reserve reserve benefit plan at fair value to the Equity
interest
owners
The Exide Story
of the
Company
Net (Loss)/ gain on - - - - - - - 36.72 - 36.72 - 36.72
investment in equity
shares / units accounted
2
at Fair Value, net of tax

Net (Loss)/ gain on - - - - - - - - (86.51) (86.51) - (86.51)
investment in debt
securities accounted at
Fair Value, net of tax
Change in Foreign - - - - - 2.66 - - - 2.66 - 2.66
Currency Translation
Governance
Reserve
2.89 737.88 25.00 0.80 4,747.90 (0.26) (8.57) 109.66 (23.59) 5,591.71 18.90 5,610.61
Adjustments
Final Dividend for the - - - - (68.00) - - - - (68.00) - (68.00)
year 2016-17 (Re. 0.80 per
share)
Tax on Final Dividend for - - - - (13.84) - - - - (13.84) - (13.84)
3
the year 2016-17

Dividends paid to non- - - (0.81) (0.81)
controlling interest
Payment of Interim - - - - (136.00) - - - - (136.00) - (136.00)
dividend for the year
2017-18 (Rs. 1.60 per
Financials
share)
Tax on Interim dividend - - - - (29.69) - - - - (29.69) - (29.69)
for the year 2017-18
Balance at March 31, 2018 2.89 737.88 25.00 0.80 4,500.37 (0.26) (8.57) 109.66 (23.59) 5,344.18 18.09 5,362.27
Significant accounting 1
policies
For B S R & Co. LLP

Sd/-
Consolidated Statement of Changes in Equity


157
Notes to Consolidated Financial Statements

CORPORATE INFORMATION (Accounting Standard) Rules, 2006, as amended and to the

The Consolidated financial statements comprise financial extent applicable, and in accordance with the provisions of
statements of Exide Industries Limited (the company) and its the Insurance Regulatory and Development Authority of India
subsidiaries (collectively, the Group) as at and for the year (Preparation of Financial Statements and Auditor’s Report
ended March 31, 2018. The Company is a public company of Insurance Companies) Regulation, 2002, provisions of the
domiciled in India and is incorporated under the provisions Insurance Act, 1938, Insurance Regulatory and Development
of the Companies Act, 2013. Its shares are listed on two Authority Act 1999, various circulars issued by IRDAI and the
recognised stock exchanges in India. The registered office practices prevailing within the Insurance Industry in India.
of the company is located at Exide House, 59E Chowringhee However, such financial statements of ELI have been suitably
Road, Kolkata, 700020. The Company is primarily engaged in modified to materially conform to the measurement and
the manufacturing of Storage Batteries and allied products in recognition principles of Indian Accounting Standards (“Ind-
India. One of the Company’s subsidiaries namely, Exide Life AS”), to the extent applicable, for the purpose of consolidation.
Insurance Company Limited (ELI) (Formerly known as ING Vysya
1. SIGNIFICANT ACCOUNTING POLICIES
Life Insurance Company Limited), is engaged in the business of
a. Property, Plant and Equipment
life insurance and annuity. ELI offers a range of life insurance
Property, Plant and Equipment is stated at cost, net of
products to the customers through various distribution channels
accumulated depreciation and accumulated impairment
including individual agents, corporate agents, banks, etc.
losses, if any. Cost comprises of purchase price inclusive
BASIS OF PREPARATION of taxes, commissioning expenses, etc. upto the date the
These consolidated financial statements have been prepared asset is ready for its intended use.
in accordance with Indian Accounting Standards (Ind AS) as
Expenditure directly attributable to expansion projects is
per the Companies (Indian Accounting Standards) Rules, 2015
capitalised. Administrative, general overheads and other
notified under Section 133 of Companies Act, 2013, (the ‘Act’)
indirect expenditure (including borrowing costs) incurred
and other relevant provisions of the Act.
during the project period which are not related to the
The consolidated financial statements were authorised for issue project nor are incidental thereto, are expensed.
by the Company’s Board of Directors on May 7, 2018.
If significant parts of an item of property, plant and
These consolidated financial statements are presented in Indian equipment have different useful lives, then they are
Rupees (INR), which is also the Company’s functional currency. accounted for as separate items (major components) of
All amounts have been rounded-off to the nearest crore, unless property, plant and equipment.
otherwise indicated.
Subsequent expenditure is capitalised only if it is probable
The consolidated financial statements have been prepared on that the future economic benefits associated with the
the historical cost basis except for: expenditure will flow to the Company.
- Certain financial assets and liabilities, which are measured Gain or loss arising on disposal of an asset is treated as
at fair value. income or expense.
- Net defined employee benefit asset / (liability), which are Refer Note 2 to the Consolidated Financial Statements
measured at Fair Value of plan assets less present value of
b. Depreciation
defined benefit obligations.
epreciation is calculated on cost of items of property,
D
- Certain life insurance contract liabilities and investments plant and equipment less their estimated residual values
contract liabilities. over their estimated useful lives using the straight-line
method, and is generally recognised in the statement of
Standalone financial statements of Exide Life Insurance Company
profit and loss. Assets acquired under finance leases are
Limited (ELI) are prepared and presented in accordance with the
depreciated over the shorter of the lease term and their
accounting principles generally accepted in India in compliance
useful lives unless it is reasonably certain that the company
with Accounting Standards (AS) as prescribed in the Companies
will obtain ownership by the end of the lease term.

159

Depreciation is calculated on a straight-line basis over the The amortisation policies applied to the Company’s
estimated useful lives of the assets as follows: intangible assets are as follows:
Particulars Useful Intangible assets Useful lives Amortisation

economic life method used
Land under finance lease Lease period Computer Software Finite (5 years) Amortised on a
Buildings 28.5/58.5 years / Trademark straight-line basis
Plant and machinery (including electrical 10/15 years over the life
installation)
Moulds 8.5 years Research costs are expensed as incurred.
Furniture and fittings 5 to 10 years
Refer Note 3 and 43 to the Consolidated Financial
Office equipment 5 years
Statements.
Vehicles 4 to 6 years
Computers 3 to 6 years d. Goodwill
Based on technical assessment done by experts and Goodwill is stated at cost less impairment losses, where
management’s estimate, applicable. Impairment loss, if any, to the extent the
carrying amount exceed the recoverable amount is
(i) the useful life of factory buildings, other buildings, charged off to the Statement of Profit and Loss as it arises
moulds and vehicles are lower than those indicated and is not reversed. For impairment testing, goodwill is
in Schedule II to the Companies Act, 2013, allocated to Cash Generating Unit (CGU) or group of CGUs
to which it relates, which is not larger than an operating
(ii)
residual value of plant & machinery, moulds and segment, and is monitored for internal management
computers has been considered to be 2% of the purposes.
cost as against 5% specified in Schedule II of
e. Borrowing costs
the Companies Act, 2013. For buildings, office
Borrowing costs directly attributable to the acquisition,
equipment, furniture & fittings and vehicles, residual
construction or production of an asset that necessarily takes
value has been estimated at 5% of the cost.
a substantial period of time to get ready for its intended
use are capitalised as part of the cost of the asset. All other
The management believes that these estimated useful
borrowing costs are expensed in the period in which they
lives and residual values are realistic and reflect fair
occur. Borrowing costs consist of interest and other costs
approximation of the period over which the assets are
that an entity incurs in connection with the borrowing of
likely to be used.
funds. Borrowing cost also includes exchange differences
to the extent regarded as an adjustment to the borrowing
Refer Note 43 to the Consolidated Financial Statements
costs.
c. Intangible assets and Amortisation f. Inventories
Acquired intangible assets are initially measured at cost Inventories are valued at the lower of cost and net
and subsequently at cost less accumulated amortisation realisable value.
and accumulated impairment loss, if any.
Costs incurred in bringing each product to its present
location and condition are accounted for as follows:
Intangible assets are amortised over their respective useful
economic lives and assessed for impairment whenever (i)
Raw materials, Components, Stores and Spares:
there is an impairment indicator, except goodwill which is These are valued at weighted average cost. Cost
tested for impairment annually whether or not impairment includes cost of purchase and other costs incurred
conditions exist. The amortisation expense and the gain or in bringing the inventories to their present location
loss on disposal, is recognised in the Statement of Profit and condition. Raw materials, components and other
and Loss. Intangible assets with infinite useful lives are supplies held for use in the production of finished
tested for impairment annually. products are not written down below cost except


in cases where material prices have declined and it i. Retirement and other employee benefits
is estimated that the cost of the respective finished (i) Short term employee benefits
products will exceed their net realisable value.
Short-term employee benefit obligations are
measured on an undiscounted basis and are
(ii)
Finished goods and work in progress: These are
expensed as the related service is provided. A liability
valued at lower of cost and net realisable value. Cost
is recognised for the amount expected to be paid
includes cost of direct materials and labour and a
e.g., under short-term cash bonus, if the Company
proportion of manufacturing overheads based on
has a present legal or constructive obligation to pay
the normal operating capacity.
this amount as a result of past service provided by
(iii) Traded goods: These are valued at lower of cost and the employee, and the amount of obligation can be
net realisable value. Cost includes cost of purchase estimated reliably.
and other costs incurred in bringing the inventories
(ii) Post-retirement benefits
to their present location and condition. Cost is
Retirement benefit in the form of provident fund is
determined on weighted average basis.
a defined contribution scheme. The Company has
Net realisable value is the estimated selling price in no obligation, other than the contribution payable
the ordinary course of business, less estimated costs to the provident fund. The Company recognizes
to completion and the estimated costs necessary to contribution payable to the provident fund scheme
sell them. as an expense, when an employee renders the
related service.
Refer Note 10 to the Consolidated Financial
Statements. The Group operates
g. Cash and Cash Equivalents (a)
Defined benefit gratuity plan, which requires
Cash and Cash Equivalents in the Balance Sheet comprise contributions to be made to a separately administered
of cash at banks and on hand and short-term deposits fund and
with an original maturity of three months or less, which
(b)
Post-retirement medical benefit plan which is
are subject to an insignificant risk of changes in value.
unfunded.
For the purpose of the Statement of Cash Flows, cash and
Gratuity and Post-Retirement Medical Benefit liability are
cash equivalents consist of cash and short-term deposits,
provided for on the basis of actuarial valuation, using the
as defined above.
projected unit credit method, made at the end of each
Refer Note 14 to the Consolidated Financial Statements. financial year.
h. Provisions e-measurements, comprising of actuarial gains and losses,
R
A provision is recognised if, as a result of a past event, the the effect of the asset ceiling, excluding amounts included
Company has a present legal or constructive obligation in net interest on the net defined benefit liability and the
that can be estimated reliably, and it is probable that an return on plan assets (excluding amounts included in net
outflow of economic benefits will be required to settle interest on the net defined benefit liability), are recognised
the obligation. Provisions are determined by discounting immediately in the balance sheet with a corresponding debit
the expected future cash flows (representing the best or credit to retained earnings through OCI in the period in
estimate of the expenditure required to settle the present which they occur. Re-measurements are not reclassified to
obligation at the balance sheet date) at a pre-tax rate that profit or loss in subsequent periods.
reflects current market assessments of the time value of
et interest is calculated by applying the discount rate
N
money and the risks specific to the liability. The unwinding
to the net defined benefit liability or asset. The Company
of the discount is recognised as finance cost. Expected
recognises the following changes in the net defined benefit
future operating losses are not provided for.
obligation as an expense in the statement of profit and loss:
Refer Notes 25 and 33 to the Consolidated Financial
Statements.

161

(i) Service costs comprising current service costs, past-

Exchange differences arising on settlement or translation
service costs, gains and losses on curtailments and
of monetary items are recognised in Statement of Profit
non-routine settlements; and
and Loss.
(ii) Net interest expense or income
k. Revenue Recognition

Long term compensated absences are provided for Sale of goods
based on an actuarial valuation done at the end of each Revenue from the sale of goods in the course of ordinary
financial year. activities is measured at the fair value of the consideration
received or receivable, net of returns, trade discounts and
Pension liability is split into a defined benefit portion and
volume rebates. This inter alia involves discounting of the
a defined contribution portion. The part of the liability
consideration due to the present value if payment extends
towards pension plan upto March 31, 2003 for employees
beyond normal credit terms. Revenue is recognised when
as on that date is in the nature of defined benefit plan.
the significant risks and rewards of ownership have been
From April 1, 2003, the pension remains as a defined
transferred to the buyer, recovery of the consideration
contribution liability. The Defined benefit portion is
is probable, the associated costs and possible return of
provided for on the basis of an actuarial valuation done at
goods can be estimated reliably, there is no continuing
the end of each financial year. The contributions towards
effective control over, or managerial involvement with,
defined contribution are charged to Statement of Profit
the goods, and the amount of revenue can be measured
and Loss of the year when the employee renders the
reliably.
service.
The current and non-current bifurcation is done as per
Actuarial report. Dividend Income
Revenue is recognised when the Company’s right to
(iii) Other long-term employee benefits
receive the payment is established, which is generally
The Company’s net obligation in respect of long-term
when shareholders approve the dividend.
employee benefits other than post-employment
benefits is the amount of future benefit that Refer Note 37 to the Consolidated Financial Statements.
employees have earned in return for their service
l. Taxes
in the current and prior periods; that benefit is
Income tax comprises current and deferred tax. It is
discounted to determine its present value, and the
recognised in profit or loss except to the extent that it
fair value of any related assets is deducted. The
relates to a business combination or to an item recognised
obligation is measured on the basis of an annual
directly in equity or in other comprehensive income.
Independent actuarial valuation using the projected
unit credit method. Pre-measurements gains or losses Current tax comprises the expected tax payable or
are recognised in profit or loss in the period in which receivable on the taxable income or loss for the year
they arise. and any adjustment to the tax payable or receivable in
respect of previous years. The amount of current tax
Refer Notes 25, 33, 47 to the Consolidated Financial
reflects the best estimate of the tax amount expected to
Statements.
be paid or received after considering the uncertainty, if
j. Foreign Currency any, related to income taxes. It is measured using tax rates
Transactions in foreign currencies are initially recorded in (and tax laws) enacted or substantively enacted by the
reporting currency by the Company at spot rates at the reporting date.
date of transaction.
Current tax assets and current tax liabilities are offset
Foreign currency monetary items are reported using only if there is a legally enforceable right to set off the
the closing rate. Foreign currency non-monetary items recognised amounts, and it is intended to realise the asset
measured at historical cost are translated using the and settle the liability on a net basis or simultaneously.
exchange rates at the dates of the initial transactions.


Deferred tax is recognised on temporary differences Refer Note 45 to the Consolidated Financial Statements.
between the tax bases and accounting bases of assets and
o. Segment reporting
liabilities at the tax rates and laws that have been enacted

The Group’s operating business are organized and
or substantively enacted at the Balance Sheet date.
managed separately according to the nature of products
Deferred tax assets are recognised to the extent that it is and services provided, with each segment representing a
probable that taxable profit will be available against which strategic business unit that offers different products and
the deductible temporary differences can be utilised. The serves different markets. The analysis of geographical
carrying amount of deferred tax assets is reviewed at each segments is based on the areas in which customers of the
Balance Sheet date and reduced to the extent that it is Group are located.
no longer probable that sufficient taxable profit will be
Refer Note 52 to the Consolidated Financial Statements.
available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets are re-assessed p. Contingent Liabilities
at each reporting date and are recognised to the extent A contingent liability is a possible obligation that arises
that it has become probable that future taxable profits from past events whose existence will be confirmed by the
will allow the deferred tax asset to be recovered. occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a
Deferred tax assets and liabilities are offset if there is a
present obligation that is not recognized because it is not
legally enforceable right to offset current tax Liabilities
probable that an outflow of resources will be required to
and assets, and they relate to income taxes levied by the
settle the obligation. The Company does not recognize
same tax authority on the same. Taxable entity, or on
a contingent liability but discloses its existence in the
different tax entities, but they intend to settle current tax
financial statements.
liabilities and assets on a Net basis or their tax assets and
liabilities will be realised simultaneously. Refer Note 48 to the Consolidated Financial Statements.
For items recognised in OCI or equity, deferred / current q. Financial instruments
tax is also recognised in OCI or equity. Trade receivables and debt securities issued are initially
recognised when they are originated. All other financial
assets and financial liabilities are initially recognised
m. Leases when the Company becomes a party to the contractual
A lease is classified at the inception date as a finance lease provisions of the instrument.
or an operating lease. A lease that transfers substantially
A financial asset or financial liability is initially measured
all the risks and rewards incidental to ownership to the
at fair value plus, for an item not at fair value through
Company is classified as a finance lease. All other leases
profit and loss (FVTPL), transaction costs that are directly
are operating lease. Operating lease payments, as per
attributable to its acquisition or issue.
terms of the agreement, are recognised as an expense in
the Statement of Profit and Loss on a straight line basis. Classification and subsequent measurement
On initial recognition, a financial asset is classified as
Refer Notes 60 to the Consolidated Financial Statements.
measured at amortised cost; Fair value through other
n. Earnings per share comprehensive income (FVOCI) – equity investment; or
arnings per share is calculated by dividing the net profit
E FVTPL. Financial assets are not reclassified subsequent
or loss before OCI for the year by the weighted average to their initial recognition, except if and in the period
number of equity shares outstanding during the period. For the company changes its business model for managing
the purpose of calculating diluted earnings per share, the financial assets.
net profit or loss before OCI for the period attributable to

A financial asset is measured at amortised cost if it meets
equity shareholders and the weighted average number of
both the conditions and is not designated as at FVTPL: (i)
shares outstanding during the period are adjusted for the
The asset is held within a business model whose objective is
effects of all dilutive potential equity shares.

163

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

The Company recognizes loss allowances using the
losses, including any interest or dividend income, are
expected credit loss (ECL) model for the financial assets
which are not fair valued through profit or loss. Loss
Financial liabilities are classified as measured at amortised allowance for trade receivables with no significant
cost or FVTPL. A financial liability is classified as at FVTPL financing component is measured at an amount equal
if it is classified as held‑ for‑ trading, or it is a derivative to lifetime ECL. For all other financial assets, expected
or it is designated as such on initial recognition. Financial credit losses are measured at an amount equal to the
liabilities at FVTPL are measured at fair value and net gains 12-month ECL, unless there has been a significant increase
and Losses, including any interest expense, are recognised in credit risk from initial recognition in which case those
in profit or loss. Other financial liabilities are subsequently are measured at lifetime ECL. The amount of expected
measured at amortised cost using the effective interest


credit losses (or reversal) that is required to adjust the 1.1 Standards Issued but not yet Effective
loss allowance at the reporting date to the amount that is Amendments to Ind AS 21 - On March 28, 2018, Ministry

required to be recognised is recognized as an impairment of Corporate Affairs (MCA) has notified Companies (Indian
gain or loss in profit or loss. Accounting Standard) Amendment Rules, 2018.
Refer note 54 to the Consolidated Financial Statements. The rules notified Appendix B of Ind AS 21 – which clarifies
the date of the transaction for the purpose of determining
r. Impairment of non-financial assets
the exchange rate to use on initial recognition of the
The Company’s non-financial assets, other than inventories
related asset, expense or income, when an entity has
and deferred tax assets, are reviewed at each reporting
received or paid advance consideration in a foreign
date to determine whether there is any indication of
currency.
impairment. If any such indication exists, then the asset’s
recoverable amount is estimated. The amendment will come into force from April 1, 2018.
The Company has evaluated the effect of this on the
For impairment testing, assets that do not generate
financial statements and the impact is not material.
independent cash inflows are combined together into
cash-generating units (CGUs). Each CGU represents the Ind AS 115 – Revenue from Contracts with customers:
smallest Company of assets that generates cash inflows On March 28, 2018, Ministry of Corporate Affairs (“MCA”)
that are largely independent of the cash inflows of other has notified the Ind AS 115, Revenue from Contract with
assets or CGUs. Customers. The core principle of the new standard is that
an entity should recognize revenue to depict the transfer
The recoverable amount of a CGU (or an individual asset)
of promised goods or services to customers in an amount
is the higher of its value in use and its fair value less costs
that reflects the consideration to which the entity expects
to sell. Value in use is based on the estimated future cash
to be entitled in exchange for those goods or services.
flows, discounted to their present value using a pre-tax
Further the new standard requires enhanced disclosures
discount rate that reflects current market assessments of
about the nature, amount, timing and uncertainty of
the time value of money and the risks specific to the CGU
revenue and cash flows arising from the entity’s contracts
(or the asset).
with customers. The effective date for adoption of Ind AS
An impairment loss is recognised if the carrying amount of 115 is financial periods beginning on or after April 1, 2018.
an asset or CGU exceeds its estimated recoverable amount.
The Company has completed an initial assessment of
Impairment losses are recognised in the statement of
the potential impact of the adoption of Ind AS 115 on
profit and loss. Impairment loss recognised in respect of
accounting policies followed in its consolidated financial
a CGU is allocated first to reduce the carrying amount of
statements. The Company has done a preliminary
any goodwill allocated to the CGU, and then to reduce
assessment and do not expect a significant impact due to
the carrying amounts of the other assets of the CGU (or
the adoption of the standard.
Company of CGUs) on a pro rata basis.
Under Ind AS 115, revenue will be recognised when a
In respect of other assets for which impairment loss has
customer obtains control of the goods. The Company’s
been recognised in prior periods, the Company reviews at
initial assessment indicates that it will result in changing
each reporting date whether there is any indication that
of timing of recognition of revenue for certain products as
the loss has decreased or no longer exists. An impairment
compared to the current GAAP.
loss is reversed if there has been a change in the estimates
used to determine the recoverable amount. Such a reversal The Company plans to apply Ind AS 115 using the
is made only to the extent that the asset’s carrying amount cumulative effect method, with the effect of initially
does not exceed the carrying amount that would have applying this standard recognised at the date of initial
been determined, net of depreciation or amortisation, if application (i.e. April 1, 2018) in retained earnings. As a
no impairment loss had been recognised. result, the Company will not present relevant individual line
items appearing under comparative period presentation.

165

1.2
Accounting policies related to life insurance Deposits and withdrawals are recorded directly as an
business adjustment to the liability in the statement of financial
(i) Product classification position and are not recognized as gross premium in the
Insurance and investment contracts are classified as statement of profit or loss.
being either with or without DPF. DPF is a contractual
Fair values are determined at each reporting date and
right to receive, as a supplement to guaranteed benefits,
fair value adjustments are recognized in the statement of
additional benefits that meet the following conditions:
profit or loss in “Gross change in contract liabilities”.
- Likely to be a significant portion of the total contractual
Non-unitized contracts are subsequently also carried at
benefits
fair value. The liability is derecognized when the contract
- The amount or timing of which is contractually at the expires, discharged or cancelled. For a contract that can
discretion of the issuer be cancelled by the policyholder, the fair value of the
contract cannot be less than the surrender value.
- That are contractually based on:
When contracts contain both a financial risk component
a) The performance of a specified pool of contracts or a
and a significant insurance risk component and the cash
specified type of contract
flows from the two components are distinct and can be
b) Realized and/or unrealized investment returns on a measured reliably, the underlying amounts are unbundled.
specified pool of assets held by the issuer Any premiums relating to the insurance risk component are
accounted for on the same basis as insurance contracts and
c) The profit or loss of the Company, fund or other
the remaining element is accounted for as a deposit through
entity that issues the contract
the statement of financial position as described above.
(ii) Life insurance contract liabilities
Life insurance liabilities are recognized when contracts
are entered into and premiums are charged. These (iv) Reinsurance assets
liabilities are measured using the net premium method.
Reinsurance assets represent balances due from
The liability is determined as the sum of the discounted reinsurance companies. Amounts recoverable from
value of the expected future benefits, claims handling and reinsurers are estimated in a manner consistent with the
policy administration expenses, policyholder options and outstanding claims provision or settled claims associated
guarantees and investment income from assets backing with the reinsurer’s policies and are in accordance with the
such liabilities, which are directly related to the contract, related reinsurance contract.
less the discounted value of the expected premiums that
Reinsurance assets are reviewed for impairment at each
would be required to meet the future cash outflows based
reporting date, or more frequently, when an indication of
on the valuation assumptions used.
impairment arises during the reporting period.
(iii) Investment contract liabilities
(v) Liability adequacy test
Investment contracts are classified between contracts with
The Company performs adequacy testing on its insurance
and without DPF. The accounting policies for investment
liabilities to ensure that the carrying amounts (net of
contract liabilities with DPF are the same as those for life
related deferred acquisition costs) and, where relevant,
insurance contract liabilities. Investment contract liabilities
present value of acquired in-force business is sufficient to
without DPF are recognized when contracts are entered
cover current estimates of future cash flows. Any deficiency
into and premiums are charged. These liabilities are initially
is immediately charged to the income statement.
recognized at fair value, this being the transaction price
excluding any transaction costs directly attributable to the (vi) Revenue recognition
issue of the contract. Subsequent to initial recognition, the (a) Premium Income
investment contract liabilities are measured at fair value Premium is recognized as income when due. Premium
through profit or loss. on lapsed policies is recognized as income when such
policies are reinstated.


For linked business, Premium income is recognized Realized gain/(loss) on debt securities for linked
as income when the associated units are created. business is the difference between the sale
Income from unit linked funds which include policy consideration net of expenses and the book cost,
administration charges, mortality charges, etc. are which is computed on weighted average basis, as on
recovered from unit linked fund in accordance with the date of sale.
terms and conditions of policy and is recognized
(g)
Realized Gain/ (Loss) on Debt Securities for
when due. Fund management charges are adjusted
Non-Linked Business
in the unit price computed on each business date.
Realized gain/(loss) on debt securities for other than
Premium income pertaining to investment contracts linked business is the difference between the sale
are accounted as investment liabilities. consideration net of expenses and the amortized
cost, which is computed on a weighted average
(b) Income from investments
basis, as on the date of sale.

Interest/dividend income on investments is
recognized on accrual basis. Amortization of (h) Realized Gain/ (Loss) on sale of Equity Shares/
discount/ premium relating to debt securities is Equity ETF/ Mutual Fund
recognized over the remaining maturity period on Realized gain/ (Loss) on sale of equity shares/
effective interest basis. mutual fund units is the difference between the
sale consideration net of expenses & the book cost
(c) Reinsurance Premium
computed on weighted average basis as on the date
Cost of reinsurance ceded is accounted at the time of
of sale (mutual fund sale considerations would be
recognition of premium income in accordance with
based on the latest available NAV).
the treaty or in principle arrangement/agreement
with the reinsurers. (i) Unrealized Gain/ (Loss) for Linked Business
Unrealized gains and losses for Linked Business are
(d) Income from linked policies
recognized in the respective fund’s revenue account
For linked business, premium income is recognized
as income when the associated units are created. (j) Fees and charges
Income from unit linked funds which include policy Fees and charges including policy reinstatement fee
administration charges, mortality charges, etc. are (if any) are recognised on receipt basis.
recovered in accordance with terms and conditions
(vii) Benefits paid (including claims)
of policy and is recognized when due. Fund
Benefits paid comprise policy benefit amount and bonus
management charges are adjusted in the unit price
declared to policyholders. Death & surrender claims are
computed on each business date.
accounted for on receipt of intimation based on the
(e) Interest income terms of policy. Maturity benefits, survival benefits and
Interest on loans against policies is recognized on declared bonuses are accounted for on the respective due
effective interest basis. dates. Withdrawals and benefits under linked policies are
accounted in the respective schemes when the associated
(f)
Amortization of premium /discount on
units are cancelled.
securities Income/Cost
Premium or discount on acquisition, as the case Repudiated claims disputed before judicial authorities
may be, in respect of debt securities /fixed income are provided for based on management prudence and
securities, pertaining to non-linked investments is considering the fact and evidences available in respect
amortized on effective interest rate basis over the of such claims. Reinsurance recoveries on claims are
expected life of the financial instrument. accounted for, in the same period as the related claims.
Realized Gain/ (Loss) on Debt Securities for Linked Amounts paid under investment contracts other than those
Business: with a discretionary participating feature are recorded
as reductions of the investment contract liabilities.

167

Amounts received under investment contracts, are not Guidance notes issued by Institute of Actuaries of India,
recorded through profit or loss, except for fee income Circulars issued by IRDAI from time to time.
and investment income attributable to those contracts,
(xi) Loans against policies
but are accounted for directly through the statement of
Loans are stated at historical costs subject to provision for
financial position as an adjustment to investment contract
impairment. Interest on loans, if any, is recognized on an
liabilities.
accrual basis.
(viii) Actuarial liability valuation
(xii) Actuarial liability valuation
The estimation of liability for life policies is determined
The estimation of liability for life policies is determined
by the Appointed Actuary in accordance with accepted
by the Appointed Actuary in accordance with accepted
actuarial practice, requirements of Insurance Act 1938,
actuarial practice, requirements of Insurance Act 1938,
IRDAI regulations and the actuarial practice standards
IRDAI regulations and the actuarial practice standards
issued by The Institute of Actuaries of India.
issued by The Institute of Actuaries of India.
(xiii) Transfer of investments between Shareholders and
(ix) Acquisition & maintenance costs Policyholders
Acquisition costs such as commission, medical fees and In order to meet the deficit in the Policyholders’ account
stamp duty are costs that vary with and are primarily the Company transfers cash or investments from
related to the acquisition of new and renewal insurance Shareholders’ fund to Policyholders’ fund in compliance
contracts. Such costs are expensed in the year in which with IRDAI circulars.
they are incurred.
(xiv) Deferred acquisition costs (DAC)
(x) Liability for Life Policies Those direct and indirect costs incurred during the
The valuation exercise is done to protect the interests financial period arising from the acquiring or renewing of
of the existing policyholders. For policies with profit, insurance contracts and/or investment contracts with DPF,
the reasonable expectations of policyholders (PRE) are are deferred to the extent that these costs are recoverable
also considered. The reserves should be adequate to out of future premiums from insurance contract and
provide for all the policyholders benefits in various future over duration of investment contracts with DPF. All other
scenarios. Adequate use of Margin for Adverse Deviation acquisition costs are recognized as an expense when
(MAD) is made to ensure that policyholders’ benefits are incurred.
protected even in some plausible adverse scenarios.
Subsequent to initial recognition, this DAC asset for life
Actuarial liability for life policies in force and for policies insurance and investment contracts with DPF is amortized
in respect of which premium has been discontinued but over the expected life of the contracts as a constant
a liability exists, is determined using the gross premium percentage of expected premiums. DAC for general
method and in case of group business (except for Credit insurance and health products are amortized over the
Life Business and Reverse Mortgage Loan Enabled Annuity period in which the related revenues are earned. The
where gross premium method is used), the actuarial deferred acquisition costs for reinsurers are amortized in
liabilities have been calculated on the basis of Unearned the same manner as the underlying asset amortization
Premium Reserve method. Linked liabilities comprise unit and is recorded in the statement of profit or loss.
liability representing the fund value of policies and non-
Changes in the expected useful life or the expected pattern
unit liability for meeting insurance claims, expenses etc.
of consumption of future economic benefits embodied in
The main governing guidelines considered for valuation
the asset are accounted for by changing the amortization
are Insurance Act 1938, IRDA Act 1999, IRDAI (Actuarial
period or method and are treated as a change in an
Report & Abstract) Regulations 2016, IRDAI (Assets,
accounting estimate.
Liabilities and Solvency Margin of Life Insurance Business)
Regulations 2016, Actuarial Practice Standards and An impairment review is performed at each reporting date
or more frequently when an indication of impairment


arises. When the recoverable amount is less than the end of the reporting period are held within insurance or
carrying value, an impairment loss is recognized in the investment contract liabilities, as appropriate.
statement of profit or loss. DACs are also considered in
1.3 Principles of consolidation
the liability adequacy test for each reporting period.
The consolidated financial statements which relate to
DACs are derecognized when the related contracts are Exide Industries Ltd. (EIL) and its subsidiary companies,
either settled or disposed of. have been prepared on the following basis –
(xv) Deferred revenue i.
The financial statements of the company and its
Initial and other front-end fees received for rendering subsidiaries are consolidated by combining like items of
future investment management services relating to assets, liabilities, income and expenditure, after fully
investment contracts without DPF, are deferred and eliminating intra group balances, intra group transactions
recognized as revenue when the related services are and any unrealised profit/ loss included therein. Deferred
rendered. tax has been created on temporary differences that arise
from the elimination of profits and losses resulting from
(xvi) Funds for future appropriation
intragroup transactions as per Ind AS12: Income Taxes.
Linked business
Amounts estimated by Appointed Actuary as Funds for ii.
Consolidated financial statements are prepared using
Future Appropriation – Linked are required to be set aside uniform accounting policies for like transactions and other
in the balance sheet and are not available for distribution events in similar circumstances. If a member of the group
to shareholders until the expiry of the revival period. The uses accounting policies other than those adopted in the
Company appropriates Funds for Future Appropriation consolidated financial statements for like transactions and
from the Revenue Account. events in similar circumstances, appropriate adjustments
are made to that group member’s financial statements in
Participating business
preparing the consolidated financial statements to ensure
At each balance sheet date, the management with
conformity with the group’s accounting policies. The
the approval of the board decides to distribute the
financial statements of all entities used for the purpose of
surplus among policyholders, shareholders and funds
consolidation are drawn up to the same reporting date as
for appropriation at a future date. Surplus arising in
that of the parent company, i.e., year ended on March 31.
the participating business after allowing for current
year cost of bonus to policyholder is held as funds for iii.
The excess / shortfall of cost to the company of its
future appropriation, which includes the surplus not investments in the subsidiary companies is recognized in
appropriated during the year either to the policyholders the financial statements as goodwill / capital reserve, as
or to the shareholders. the case may be.
(xvii) Discretionary Participation Features (DPF) iv. With respect to subsidiaries domiciled out of India, assets
A DPF gives holders of these contracts the right to receive, and liabilities of such entities, together with goodwill and
as a supplement to guaranteed benefits, significant fair value adjustments assumed on acquisition thereof, are
additional benefits which are based on the performance translated to Indian Rupees at exchange rates prevailing at
of the assets held within the DPF portfolio. The amount the reporting period end. Income and expense items are
or timing of the additional benefits is contractually at translated at the average exchange rates prevailing during
the discretion of the Company. Under the terms of the the period; when exchange rates fluctuate significantly the
contracts, surpluses in the DPF funds can be distributed rates prevailing on the transaction date are used instead.
to policyholders and shareholders on a 90/10 basis. The
Differences arising on such translation are accumulated in
Company has the discretion over the amount and timing
foreign currency translation reserve and attributed to non-
of the distribution of these surpluses to policyholders.
controlling interests proportionately.
All DPF liabilities including unallocated surpluses at the

169

v. The subsidiary companies considered in the financial statements are as follows:
Name Country of % of ownership % of ownership

Incorporation interest as on interest as on
March 31, 2018 March 31, 2017
Chloride International Limited (CIL) India 100 100
Chloride Power Systems & Solutions Ltd. (CPSSL) India 100 100
Chloride Batteries S.E. Asia Pte Ltd. (CBSEA) & its wholly owned Singapore 100 100
subsidiary (Exide Batteries Pvt. Ltd.)
Espex Batteries Limited (ESPEX) UK 100 100
Associated Battery Manufacturers (Ceylon) Ltd. (ABML) Srilanka 61.50 61.50
Chloride Metals Ltd. (CML) India 100 100
Exide Life Insurance Company Limited (ELI) India 100 100
vi. Non-controlling interest

Non-controlling interest has been computed in respect of Associated Battery Manufacturers (Ceylon) Limited, a non-fully
owned subsidiary. Profit and each component of other comprehensive income (OCI) of Associated Battery Manufacturers
(Ceylon) Limited are attributed to the Company and to the non-controlling interests in terms of Ind AS 110: Consolidated
Financial Statements.

2. PROPERTY, PLANT AND EQUIPMENT
170
(Rs. in Crores)
Freehold Land under Buildings Plant & Moulds Office Furniture & Vehicles Computers Total
land Finance equipments Equipment fixtures
lease (including
electrical
installation)
Cost

As at April 1, 2016 43.24 34.08 311.68 968.61 127.64 11.76 8.73 4.61 18.08 1,528.43
Effect of Foreign (0.16) - (0.55) (1.03) - - (0.07) (0.17) - (1.98)
exchange
Additions 3.23 - 76.48 344.63 53.36 5.07 2.32 0.93 12.74 498.76
Disposals / deductions - - 0.34 1.65 0.49 0.03 0.01 0.02 0.15 2.69
As at March 31, 2017 46.31 34.08 387.27 1,310.56 180.51 16.80 10.97 5.35 30.67 2,022.52
Effect of Foreign (0.05) - 0.46 (0.35) (0.02) - 0.06 0.23 - 0.33
exchange
Additions 13.54 41.43 78.30 468.84 55.78 4.27 3.25 0.43 10.74 676.58
Disposals / deductions 0.02 - 1.77 4.94 1.17 0.12 0.04 0.02 0.77 8.85
As at March 31, 2018 59.78 75.51 464.26 1,774.11 235.10 20.95 14.24 5.99 40.64 2,690.58
Accumulated -
Depreciation
As at April 1, 2016 - 0.59 13.09 123.49 16.43 2.56 2.58 1.09 4.61 164.44
Effect of Foreign - - (0.14) (0.25) (0.01) - (0.04) (0.09) - (0.53)
exchange
Depreciation - 0.89 16.49 162.50 21.88 2.93 1.36 1.16 5.39 212.60
Disposals / deductions - - 0.15 1.02 0.38 - - - 0.08 1.63
As at March 31, 2017 - 1.48 29.29 284.72 37.92 5.49 3.90 2.16 9.92 374.88
Effect of Foreign - - 0.28 (0.07) - - 0.04 0.14 - 0.39
exchange
Depreciation - 0.62 19.61 194.96 25.68 3.78 1.54 1.16 8.29 255.64
Disposals / deductions - - 0.30 3.40 0.87 0.11 0.01 0.01 0.71 5.41
As at March 31, 2018 - 2.10 48.88 476.21 62.73 9.16 5.47 3.45 17.50 625.50
Net Block
As at March 31, 2017 46.31 32.60 357.98 1,025.84 142.59 11.31 7.07 3.19 20.75 1,647.64
As at March 31, 2018 59.78 73.41 415.38 1,297.90 172.37 11.79 8.77 2.54 23.14 2,065.08
a. Conveyance / Lease deeds for certain immovable properties valued at Rs. 48.21 crs (PY : Rs. 7.21 crs) are pending execution.
b. Buildings Includes Rs. 0.10 crs (PY : Rs. 0.10 crs) being the cost of shares in respective Co-operative Housing Societies.
c. Vehicles inludes Vehicles held under hire purchase contracts Rs. 0.82 crs (PY : Rs. 0.81 crs)
d. Buildings inludes leasehold improvements Rs. 9.42 crs (PY : Rs. 8.09 crs)
e. Property, plant and equipment are pledged against the borrowings obtained by the group as referred in Note 22 and 29.
f. Details of Overhead expenditure on New / Expansion Projects (Pending allocation and lying in Capital work in progress).
171

(Rs. in Crores)
Balance brought forward from previous year - 2.16
Salaries, Wages & Bonus - -
Borrowing Cost - 1.02
Travelling expenses - -
- 3.18
Less : Allocated to Property, Plant and Equipment upon capitalisation during the year - 3.18
- -
3. OTHER INTANGIBLE ASSETS
(Rs. in Crores)
Particulars Trade Mark Computer Total
Software
Cost
As at April 1, 2016 3.12 30.28 33.40
Additions - 13.30 13.30
As at March 31, 2017 3.12 43.58 46.70
Effect of Foreign exchange - 0.17 0.17
Additions - 16.13 16.13
As at March 31, 2018 3.12 59.88 63.00
Amortisation
As at April 1, 2016 0.84 7.16 8.00
Amortisation 0.84 8.60 9.44
As at March 31, 2017 1.68 15.76 17.44
Amortisation 0.69 10.88 11.57
As at March 31, 2018 2.37 26.64 29.01
Net Block
As at March 31, 2017 1.44 27.82 29.26
As at March 31, 2018 0.75 33.24 33.99
4. GOODWILL
(Rs. in Crores)
Goodwill 585.79 585.79
Accumulated impairment (3.89) (3.89)
581.90 581.90


Movement in Goodwill
Goodwill
Cost
As at April 1, 2016 585.79
Additions -
As at March 31, 2017 585.79
Effect of Foreign exchange -
Additions -
As at March 31, 2018 585.79
Amortisation
As at April 1, 2016 -
Amortisation (including impairment) 3.89
As at March 31, 2017 3.89
Amortisation -
As at March 31, 2018 3.89
Net Block
As at March 31, 2017 581.90
As at March 31, 2018 581.90
4.1. ALLOCATION OF GOODWILL TO CASH-GENERATING UNITS

The carrying value of goodwill pertained to Home UPS business which was acquired by the Company in 2011-12. During the
previous year the company impaired the goodwill aggregating to Rs. 3.89 crs pertaining to the Home UPS business.
5. INVESTMENTS OF LIFE INSURANCE BUSINESS

(Rs. in Crores)
a. Investments held at Amortised Cost
Policyholders’ Investments
Quoted Investments
Government securities and government guaranteed bonds including treasury bills 4,544.56 3,784.64
Debentures/ bonds 399.54 380.01
Investments in infrastructure and social sector bonds 1,351.48 1,292.49
Unquoted Investments
Other securities (Policy Loan) 284.39 211.06
6,579.97 5,668.20
b. Investments held at FVTOCI
Policyholders’ Investments (Quoted)
Government securities and government guaranteed bonds including treasury bills 1,277.72 1,115.85
Investments in infrastructure and social sector bonds 270.95 284.77
Equity 521.71 406.68
Policyholders’ Investments (Un-Quoted)
Equity 18.50 -
Shareholders’ investments
Government securities and government guaranteed bonds including treasury bills 613.70 486.35

173

5. INVESTMENTS OF LIFE INSURANCE BUSINESS (CONTD.)

(Rs. in Crores)
3,063.97 2,610.99
c. Investments held at FVTPL
Equity 95.97 45.07
Policyholders’ Investments (Un-Quoted)
Equity 6.50 -
Assets held to cover linked liabilities:
Equity 1,210.24 1,289.04
1,837.36 1,959.58
11,481.30 10,238.77
(i) Aggregate book value of quoted investments 11,171.91 10,027.71
(ii) Aggregate market value of quoted investments 11,327.73 10,589.35
(iii) Aggregate value of unquoted investments 309.39 211.06
6. OTHER INVESTMENTS
(Rs. in Crores)
Investments at cost (Unquoted)
Government Securities
Government Securities ( lodged as security deposits with various authorities) 0.01 0.01
Investments at FVTOCI
Investment In Debentures / Bonds^ - -
Units (Unquoted)
Faering Capital India Evolving Fund of Rs. 1000 each [2,27,458 units 33.43 34.19
(PY : 2,45,741 units)]
Equity shares (Unquoted)
Haldia Integrated Development Agency Ltd of Rs. 10 each [5,00,000 shares 2.95 3.35
(PY: 5,00,000 shares)]
Suryadev Alloys of Rs. 10 each [2,500 shares (PY: 2,500 shares)] 0.03 0.03
Equity shares (Quoted)
Hathway Cable and Datacom Limited of Rs. 2 each [54,62,830 shares 18.49 20.68
(PY: 54,62,830 shares)]
54.91 58.26
(i) Aggregate book value of unquoted investments 36.42 37.58
(ii) Aggregate book value and market value of quoted investments 18.49 20.68
(iii) Refer Note 53 for information about fair value measurement and Note 54 for credit risk
and market risk of investment
^ Figures being less than Rs. 50,000 in each case has not been disclosed.


7. NON- CURRENT TRADE RECEIVABLES (AT AMORTISED COST)
(Rs. in Crores)
Unsecured, Considered good 1.46 1.81
Trade Receivables 1.46 1.81
8. NON- CURRENT LOANS AND DEPOSITS (AT AMORTISED COST)
(Rs. in Crores)
b) Loans and advances to others 0.01 0.02
c) Deposits 23.38 25.86
a) Deposits 1.03 1.03
b) Loans to employees - 0.03
24.72 27.16
Less :- Allowances for doubtful loans and deposits 1.03 1.06
23.69 26.10
9. OTHER NON-CURRENT ASSETS
(Rs. in Crores)
a) Capital advances 54.00 50.75
b) Prepaid expenses 33.14 9.80
c) Balances and deposit with Government Authorities 26.93 41.62
d) Other Receivables - 0.14
130.72 109.24
Less :- Provision for doubtful deposits and advances 16.65 6.93
114.07 102.31

175

10. INVENTORIES
(Rs. in Crores)
March 31, 2018 March 31, 2017
(At Lower of cost and net realisable value)
a) Stores,spare parts, loose tools etc 36.81 31.50
b) Raw materials and components [Including in transit/ 559.68 434.44
lying in bonded warehouse Rs. 94.49 crs
(PY: Rs. 81.78 crs)
c) Work-in-Progress 524.94 504.77
d) Finished Goods 846.25 590.86
Add: Excise Duty - 846.25 109.86 700.72
e) Stock-in-trade 37.17 30.58
2,004.85 1,702.01
I. The cost of inventories recognised as an expense during the year has been disclosed on the face of the Statement of Profit
and Loss and Note 44.
II. The cost of inventories recognised as an expense includes Rs. 3.27 Crore (PY: Rs. 1.45 Crore) in respect of write downs
of inventory.
11. INVESTMENTS OF LIFE INSURANCE BUSINESS

(Rs. in Crores)
a. Investments held at Amortised Cost
Others (CBLO) 18.55 18.94
120.08 114.92
b. Investments held at FVTOCI (Quoted)
Policyholders’ Investments
Government securities and government guaranteed bonds including treasury bills 5.00 -
Debentures/ bonds - 0.20
Investments in infrastructure and social sector bonds - 6.31
Shareholders’ investments
Debentures/ bonds - 11.54
40.11 19.06
c. Investments held at FVTPL
Shareholders’ investments (Quoted)
Mutual funds 54.19 46.64


11. INVESTMENTS OF LIFE INSURANCE BUSINESS (CONTD.)

(Rs. in Crores)
Assets held to cover linked liabilities (Quoted):
Others (CBLO) 13.90 4.35
Net current assets
Bank balances 0.65 0.45
Interest and dividend accrued on Investment 15.32 17.69
Outstanding contract (net) 25.17 16.97
Other current assets 22.85 10.02
Other current liabilities (36.41) (21.60)
586.85 544.32
747.04 678.30
(i) Aggregate book value of quoted investments 719.46 654.77
(ii) Aggregate market value of quoted investments 718.32 655.93
(iii) Aggregate book value of unquoted investments 27.58 23.53
12. OTHER INVESTMENTS
(Rs. in Crores)
Investments at FVTPL
Units of mutual funds (Unquoted) 197.22 898.77
Units of mutual funds (Quoted) 10.03 10.03
207.25 908.80
Aggregate amount of quoted investment and market value thereof 10.03 10.03
Aggregate amount of unquoted investment 197.22 898.77
13. TRADE RECEIVABLES (UNSECURED) (AT AMORTISED COST)
(Rs. in Crores)
Considered good 1,093.57 738.57
Considered doubtful 10.51 9.34
1,104.08 747.91
Less: Allowances for doubtful receivables 10.51 9.34
1,093.57 738.57
( Refer Note no 50 for Related Party disclosure )
The Company’s exposure to credit and currencies risks, and loss allowances related to trade receivables are disclosed in Note 54.

177

14. CASH AND BANK BALANCES
(Rs. in Crores)
Cash and Cash Equivalents
a) Balances with banks on
Current Account 167.03 200.93
Deposits 99.25 43.00
b) Cheques, drafts in hand 28.28 20.83
c) Cash in hand 14.04 50.22
308.60 314.98
15. OTHER BANK BALANCES
(Rs. in Crores)
a) Unclaimed Dividend Account 8.68 8.38
b) Deposits* 0.18 0.17
8.86 8.55
* Include Rs. 0.09 crore (PY : Rs. 0.09 crore) with commercial tax department (Govt. of J&K) as security under GST and Rs. 0.01 crore (PY : Rs. 0.08 crore) as
margin money for Bank Guarantee.
16. LOANS AND DEPOSITS (AT AMORTISED COST)
(Rs. in Crores)
b) Deposits - Others 24.84 18.35
25.17 18.66
17. OTHER FINANCIAL ASSETS (AT AMORTISED COST)
(Rs. in Crores)
a) Other Receivables ( rebates and discounts, etc.) 76.69 26.89
b) Income Accrued on Investments 232.75 208.25
c) Investments held to meet policyholders' dues 61.88 104.54
d) Claims Receivable 1.44 7.39
372.76 347.07


18. OTHER CURRENT ASSETS
(Rs. in Crores)
a) Other receivables and advances * 49.84 59.95
c) Prepaid expenses 24.79 8.90
Unsecured, considered doubtful
Less: Provision 3.62 3.80
321.11 118.35
* includes export incentive receivables.
19. SHARE CAPITAL
(Rs. in Crores)
a) Authorised
1,00,00,00,000 (PY: 1,00,00,00,000) Equity Shares of Re. 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 Re. 1 each 85.00 85.00
85.00 85.00
There is no change in the number of shares in current year and last year
c) Terms / rights attached to equity shares
The company has only one class of Equity Shares having a Par Value of Re. 1 per share.
Each Holder of Equity Shares is entitled to one Vote per share. The company declares
and pays dividends in Indian Rupee. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General Meeting.
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.
d) Shares held by holding company
Chloride Eastern Limited, UK (considered to be Holding company by virtue of de-facto 39,09,54,666 39,09,54,666
control) 45.99% (PY:45.99% )
e) 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
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.

179

20. OTHER EQUITY

(Rs. in Crores)
a) Securities Premium Account 737.88 737.88
Premium received on equity shares issued are recognised in the securities
premium account
b) Contingency Reserve 25.00 25.00
The Contingency reserve is created to set aside funds for meeting contingencies
and claims
c) Retained earnings 4,500.37 4,056.94
Retained earnings includes General reserves, Surplus in Statement of Profit and Loss,
Impact of Ind-AS adjustments on the date of transition and revaluation reserve.
d) Foreign Currency Translation Reserve (FCTR) (0.26) (2.92)
Exchange differences on translating the financial statements of foreign operations
e) Capital Redemption Reserve 0.80 0.80
Espex has created the reserve on account of buy back of its shares from
minority shareholders
f) Capital Reserve 2.89 2.89
Capital Reserve created on consolidation
g) Items of Other Comprehensive Income
- Remeasurements of defined benefit plans (8.57) (9.32)
Remeasurement gains/losses recorded in other comprehensive income
- Fair value of Equity instruments through OCI 109.66 72.94
Changes in fair value of equity instruments recorded in other comprehensive income
- Fair value of Debt instruments through OCI (23.59) 62.92
Changes in fair value of debt instruments recorded in other comprehensive income
5,344.18 4,947.13
21. NON-CONTROLLING INTEREST
(Rs. in Crores)
Balance of equity as on acquisition date 3.75 3.75
Add: Movement in equity from acquisition date to Balance sheet date 14.34 12.01
18.09 15.76


(Rs. in Crores)
Non-Current Portion
Term loan from SCB Bank Ltd (secured) * 1.68 -
Bank Loans 6.92 -
Others 0.30 0.78
8.90 0.78
Current Maturities
Term loan from HSBC Bank Ltd (secured) # - 1.16
Others 0.48 0.60
0.48 1.76
Less : Amount disclosed under the head "Other Current Financial liabilities" (note 31) 0.48 1.76
- -
* Secured by hypothecation of the Plant & Machinery, Land & Building, Inventories and Trade debtors of ABML. Repayable in 36 months.
# Secured by hypothecation of the Plant & Machinery, Land & Building, Inventories and Trade debtors of ABML. Repayable in 36 months from the date of
loan at the interest rate of 7.13%.
23. NON-CURRENT TRADE PAYABLES (AT AMORTISED COST)
(Rs. in Crores)
a) Trade payables # 4.36 3.73
b) Payables for expenses 0.37 0.43
4.73 4.16
# represents total dues of payables other than Micro and Small enterprises. Also refer note 49
24. OTHER NON-CURRENT FINANCIAL LIABILITIES (AT AMORTISED COST)
(Rs. in Crores)
Payables for Capital Goods 2.62 2.07
2.62 2.07
25. NON CURRENT PROVISIONS

(Rs. in Crores)
Provision for employee benefits ( refer note 47)
Gratuity 11.41 11.02
Pension 3.52 3.17
Others
Rent equalization 3.09 3.46
Provision for site restoration liabilities 1.25 1.13
56.96 52.58

181

25. NON CURRENT PROVISIONS (CONTD.)

(Rs. in Crores)
Provisions for site restoration
A provision is recognised for site restoration liabilities on leasehold lands taken by the Company:
Add: Interest accrued on the provision during the year 0.12 0.10
Provisions for rent equalization
The Group has recognised rent equalisation liabilities for the properties taken on rent. The
movement of non-current provisions (in note above) and current provisions (in note 33)
is as follows:
Add: Provision created during the year - -
Less: Utilised during the year 0.58 0.15
26. INSURANCE CONTRACT LIABILITIES
(Rs. in Crores)
Policy liabilities
Insurance contracts liabilities*
Par 5,228.47 4,355.43
Non par 1,918.35 1,564.44
Annuity 47.56 40.05
VIP Non Par Pension 823.41 710.03
Provision for linked liabilities 1,629.57 1,709.55
Fair value change (linked) 140.81 208.38
Non-unit liabilities 10.91 10.94
9,799.08 8,598.82
* For Movement of Policyholders’ Funds, Funds for Discontinued Policies, Funds for Future Appropriation and Embedded Derivative liability - refer Note 57.
27. INVESTMENT CONTRACT LIABILITIES**
(Rs. in Crores)
Pension 861.10 877.46
VIP Non Par Pension 20.91 27.70
Linked 217.56 223.09
1,099.57 1,128.25
**For Movement of Investment Contracts Liabilities - refer Note 58.


28. DEFERRED TAX LIABILITY (NET)
(Rs. in Crores)
a) Deferred tax liabilities 196.22 203.10
b) Deferred tax assets 55.33 47.03
140.89 156.07
Movement in deferred tax (liabilities) / assets balances:
(Rs. in Crores)
2017-18 April 01, 2017 Movement Movement Effect of March 31, 2018
through through Other foreign
Statement of Comprehensive exchange
Arising out of temporary (152.69) (32.64) - 0.83 (184.50)
difference in depreciable assets
Expenses claimed as deduction (49.84) 38.56 - 0.05 (11.23)
as per Income Tax Act, 1961 but
not booked in current year
Unrealised gain on investment in (0.57) - 0.08 - (0.49)
equity shares carried at FVTOCI
On expenses allowable against 24.78 20.28 (0.53) (0.21) 44.32
taxable income in future years
On unabsorbed depreciation and 9.45 0.54 - (0.04) 9.95
business loss
Expenses disallowed in earlier 12.80 (11.74) - - 1.06
assessments which are being
contested
(156.07) 15.00 (0.45) 0.63 (140.89)

183

Movement in deferred tax (liabilities) / assets balances: (Contd.)
(Rs. in Crores)
2016-17 April 01, 2016 Movement Movement Effect of March 31, 2017
through through Other foreign
Statement of Comprehensive exchange
Arising out of temporary (132.61) (19.09) - (0.99) (152.69)
difference in depreciable assets
Expenses claimed as deduction as (38.00) (11.52) - (0.32) (49.84)
per Income Tax Act, 1961 but not
booked in current year
Unrealised gain on investment in (0.57) - - - (0.57)
equity shares carried at FVTOCI
On expenses allowable against 23.50 (0.04) 1.16 0.16 24.78
taxable income in future years
On unabsorbed depreciation and 4.69 4.70 - 0.06 9.45
business loss
Expenses disallowed in earlier 10.52 2.20 - 0.08 12.80
assessments which are being
contested
(132.47) (23.75) 1.16 (1.01) (156.07)
Reconciliation of statutory rate of tax and effective rate of tax:

Tax rate as a % of PBT 33.76 26.72
Adjustments:
Non-deductible expenses for tax purposes (1.00) (1.37)
Income exempt for tax purposes 1.23 2.35
Various allowances claimed under Income Tax Act, 1961 0.48 2.72
Utilisation of previously unrecognised tax losses - 0.85
Impact of lower tax rates of Indian/Foreign jurisdiction 0.24 1.95
Tax impact of earlier years 0.03 1.39
Others (0.13) -
At India’s statutory income tax rate of 34.61% (PY: 34.61%) 34.61 34.61
ELI has recognised deferred tax asset of Rs. 6.65 crs (PY : 6.45 crs) on accumulated losses and unabsorbed depreciation based on
future projections of availability of sufficient taxable profits.


(Rs. in Crores)
From Banks (Secured)
Buyer's Credit - 84.77
Bank Overdraft 39.32 5.59
Import loan from DFCC Bank PLC 10.08 5.54
Import loan from HSBC Bank 0.93 -
Trade Bills Financing - 2.74
From Banks (Unsecured)
Buyer’s Credit (repayable in 6 months) - 85.46
50.33 184.10
Buyer’s credit
i. Includes Nil (PY: Rs. 84.77 crs) secured by hypothecation of stocks and book debts, both present and future of EIL and
repayable in 6 months, carries interest in the range of 1.5% to 2.1%.
ii. Includes Nil (PY: Rs. 85.46 crs) of EIL repayable in 6 months, carries interest in the range of 1.5% to 2.1%.
iii. Includes Rs. 24.23 crs (PY: Nil) of CML, secured by creating primary charge on stock and book debts.
Trade bills financing
Nil (PY: Rs. 2.74 crs) of CBSEA bearing interest at 2.00 % per annum over the bank’s prevailing commercial bill rate which ranges
from 3.0% to 3.5% per annum. The above amount is secured by the following:
i. An all monies mortgage over the property
ii. An all monies debenture over all present and future assets incorporating fixed and floating charge over the present and
future assets of the company.
Bank overdraft
i. Includes Rs. 7.68 crs (PY: Rs. 1.16 crs) of CPSSL secured by hypothecation of raw materials , finished stock, work-in-progress,
book debts and other receivables.
ii. Includes Rs. 6.91 crs (PY: Rs. 4.43 crs) of ABML secured by hypothecation of plant and machinery.
iii. includes Rs. 24.43 crs (PY: Rs. Nil) of CML, secured by creating primary charge on stock and book debts.
Import Loan
Secured by hypothecation of the Plant & Machinery, Land & Building, Inventories and Trade debtors of ABML. Repayable in
12 months from the date of loan at the interest rate of 11.5%.
30. TRADE PAYABLES (AT AMORTISED COST)
(Rs. in Crores)
a) Trade payable for goods & services
Total outstanding dues of Micro and Small Enterprises (refer note no. 49) 10.67 20.20
Total outstanding dues of creditors other than Micro and Small Enterprises 1,368.28 1,088.33
b) Acceptances 140.44 107.33
1,519.39 1,215.86

185

Refer note 54 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 50.
31. OTHER CURRENT FINANCIAL LIABILITIES (AT AMORTISED COST)
(Rs. in Crores)
a) Current maturities of long term debt 0.48 1.76
b) Interest accrued but not due on borrowings : - 0.55
c) Unclaimed dividends (to be credited to Investor Education and Protection 7.37 8.38
Fund as and when due)
d) Derivatives liability - 0.70
e) Other payables -
For Selling and distribution costs 177.09 122.00
For Capital Goods 81.57 98.67
For Other Expenses (includes policy deposits and last day units (net)) * 176.43 170.58
* includes employee related payments 442.94 402.64
i. There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies
Act, 2013 as March 31, 2018.
ii. Other payables for selling and distribution costs represents outstanding liabilities for incentives and trade schemes, etc.
32. OTHER CURRENT LIABILITIES
(Rs. in Crores)
a) Taxes and duties payable 125.48 68.88
b) Advances from customers 33.15 24.32
c) Other payables - For deferred revenue* 62.32 54.97
220.95 148.17
*Other payables for 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.
33. CURRENT PROVISIONS
(Rs. in Crores)
a) Provision for employee benefits (refer note 47)
Gratuity 2.37 0.34
b) Others
Provision for rent equalization 0.08 0.29
Provision for Warranty Claims 179.48 180.98
Provision for litigations and tax disputes 54.19 39.89
241.47 227.28


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:
(Rs. in Crores)
Less: Utilised against warranty claims during the year 194.17 187.18
Effect of foreign exchange 0.11 (0.13)
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:
(Rs. in Crores)
34. INSURANCE CONTRACT LIABILITIES
(Rs. in Crores)
Policy liabilities
Insurance contracts liabilities*
Par 452.96 321.83
Non par 110.62 94.25
VIP Non Par Pension 0.79 -
Provision for linked liabilities 12.54 9.83
576.91 425.91
*For Movement of Policyholders’ Funds, Funds for Discontinued Policies, Funds for Future Appropriation and Embedded Derivative liability - refer Note 57.
35. INVESTMENT CONTRACT LIABILITIES**
(Rs. in Crores)
VIP Non Par Pension - 0.48
Linked - 1.17
- 1.65
**For Movement of Investment Contracts Liabilities - refer Note 58.

187

36. REVENUE FROM OPERATIONS
(Rs. in Crores)
Sale of products (including excise duty) 9,744.18 8,781.93
Sale of services (related to life insurance business)-
Life Insurance premium (net of premium ceded on re-insurers on Insurance contract) 2,383.28 2,273.82
Other operating income related to life insurance business
Net realised gains and losses 288.42 283.99
Investment income 704.25 663.00
Gain / (loss) on fair value of financial assets (67.56) 122.76
Other operating income
Scrap sales 16.78 12.76
Income from Service / Installation 5.24 4.65
Export incentive 8.19 7.31
13,082.78 12,150.22
(i) Sales are net of price adjustments settled during the year by the Company and discounts, trade incentives, VAT, Sales Tax,
GST, etc.
(ii) Sale of goods includes excise duty collected from customers of Rs. 274.70 crs (PY: Rs. 971.59 crs).
(iii) Post the applicability of Goods and Service Tax (GST) with effect from July 1, 2017, revenue from operations are disclosed net
of GST. Accordingly, the revenue from operations for year ended March 31, 2018 are not comparable with the previous years
figure.
37. OTHER INCOME
(Rs. in Crores)
Interest Income on:
Financial Assets carried at amortised cost 0.67 0.64
Others including Income Tax refund 0.24 10.44
Dividend Income on current investments 24.15 57.98
Other non-operating income
Gain on fair value of investments in mutual fund units 0.50 0.75
Net foreign exchange gain 16.84 9.88
Others 25.25 23.02
67.65 102.71


38. COST OF RAW MATERIALS AND COMPONENTS CONSUMED
(Rs. in Crores)
Opening Stock 434.44 306.43
Add: Purchases 6,212.18 5,124.91
6,646.62 5,431.34
Less: Closing Stock 559.68 434.44
6,086.94 4,996.90
Cost of material consumed includes net proceeds from scrap batteries

39. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
(Rs. in Crores)
Opening Stock
1,126.21 831.68
Closing Stock
1,408.36 1,126.21
Increase / (Decrease) in Excise Duty on Finished Goods (109.86) 29.16
(172.29) (323.69)
40. EMPLOYEE BENEFIT EXPENSES
(Rs. in Crores)
Salaries, wages and bonus 832.26 769.37
Contribution to provident and other funds (Refer Note 47) 52.29 35.38
Staff welfare expenses 77.54 62.95
962.09 867.70
41. CHANGE IN VALUATION OF LIABILITY IN RESPECT OF LIFE INSURANCE POLICIES IN FORCE
(Rs. in Crores)
Change in valuation of liability in respect of life insurance policies in force 1,320.13 1,538.17
Surplus/(deficit) in par and unit linked funds adjusted from existing surplus 56.74 34.46
Release from funds for future appropriation (26.79) (22.92)
1,350.08 1,549.71

189

42. FINANCE COSTS
(Rs. in Crores)
Interest expenses 105.08 145.97
Exchange difference to the extent considered as an adjustment to borrowing cost 0.57 0.32
105.65 146.29
43. DEPRECIATION AND AMORTISATION
(Rs. in Crores)
Depreciation of Property, Plant & Equipment 255.64 212.60
Amortisation of intangible assets 11.57 9.44
267.21 222.04
Impairment of Goodwill amounts to - NIL (PY: 3.89 crs) as explained in Note no. 3.
44. OTHER EXPENSES
(Rs. in Crores)
Stores and spare parts consumed 85.12 77.18
Power and fuel 332.01 293.57
Battery Charging / Battery assembly expenses 107.63 123.77
Repairs and maintenance
Buildings 10.81 11.35
Plant & machinery 61.85 52.41
Others 23.11 22.13
Rent & Hire Charges (Refer Note 60) 74.55 67.14
Rates and taxes 32.58 19.07
Insurance 7.53 8.56
Commission 149.26 167.76
Royalty and Technical Aid Fees 43.50 37.29
Benefit paid to Life insurance policyholders 1,032.02 765.40
Warranty expenses 189.74 205.65
Publicity and Sales Promotion 251.84 250.41
Freight & Forwarding (net) 265.66 221.50
After Sales Services 56.87 57.43
C & F Expenses 30.57 27.31
Travelling & Conveyance 57.55 54.69
Bank Charges 8.66 6.54
Communication Costs 11.33 13.67
Donations 0.04 0.02
Directors' Sitting Fees 0.25 0.31
Loss on Fixed assets sold/discarded (net) 4.86 0.49
Provision for doubtful loans and advances 0.21 0.09
Miscellaneous expenses ( refer Note 44.1) 166.87 152.94
3,004.42 2,636.68


44.1. Miscellaneous Expenses
(Rs. in Crores)
Motor Vehicle Running Expenses 6.70 6.56
Consultancy & Services outsourced 85.76 80.17
Security Service Charges 10.83 11.09
General Expenses 6.82 9.25
Legal Expenses 7.39 5.85
Printing & Stationery 9.11 9.24
Total Quality Management Expenses 0.77 0.41
Corporate Social Responsibility expenses 20.60 14.56
Pollution Control Expenses 9.32 6.14
Testing Charges 1.02 1.82
Liquidated Damages 2.14 5.43
Battery Erection / Installation Costs 6.41 2.42
166.87 152.94
The Company has spent Rs. 20.60 crs (PY Rs. 14.56 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 Rs.19.92 crs (PY Rs. 17.74 crs)
II. Amount spent during the year on:
(Rs. in Crores)
i) Construction/Acquisition of any asset - -
ii) For purposes other than (i) above 20.60 14.56
20.60 14.56
45. EARNINGS PER SHARE (EPS)
(Rs. in Crores)
Details for calculation of basic and diluted earning per share:
Profit for the year attributable to owners of the Company 690.96 804.94
Weighted average number of equity share (Numbers) 85.00 85.00
Basic and diluted earning per share (Rs.) 8.13 9.47

191

46.
SIGNIFICANT ACCOUNTING JUDGEMENTS, the provision within twelve months after the Balance
ESTIMATES AND ASSUMPTIONS Sheet date.
The preparation of the financial statements requires
(e)
Liability for policies related to life insurance
management to make judgements, estimates and
business
assumptions, as described below, that affect the reported
Liability for policies in force and for policies in respect of
amounts and the disclosures. The Company based its
which premium has been discontinued but liability exists,
assumptions and estimates on parameters available when
are determined using actuarial valuation which involves
the financial statements were prepared and reviewed
making various assumptions like interest rates, mortality,
at each balance sheet date. Uncertainty about these
morbidity etc. that may differ from actual developments
assumptions and estimates could result in outcomes
in the future. For further details refer note 51.
that may require a material adjustment to the reported
amounts and disclosures. (f) Provision for litigations and tax disputes
The likelihood of outcome of litigations and tax disputes
(a) Employee benefit plans
are estimated by the management based on past
The cost of the employment benefit plans and their
experiences, legal advice, other public information etc. For
present value are determined using actuarial valuations
further details, refer Note 33.
which involves making various assumptions that
may differ from actual developments in the future. 47.
GRATUITY AND OTHER POST EMPLOYMENT
For further details refer to Note 47. BENEFIT PLANS
The Group has a defined benefit gratuity plan. Every
(b) Fair value measurement of investments
employee who has completed five years or more of service
The fair value of unquoted investments are determined
is entitled to Gratuity on terms not less favourable than
using valuation methods which involves making various
the provisions of The Payment of Gratuity Act, 1972. The
assumptions that may differ from actual developments in
scheme is funded with an insurance Group.
the future. For further details refer Note 53.

The Group provides certain post-retirement medical
(c)
Deferral of Revenue (customer’s incentive
benefits (PRMB) to the employees qualifying for such
scheme)
benefits under the scheme upto March 31, 2006, and
The Company estimates the fair value of points awarded
accordingly the number of beneficiaries is frozen on that
to its sales agents under incentive schemes, based on
date. This benefit is unfunded.
past trends of similar incentive schemes and by applying
a budgeted incentive payout rate. Inputs include The Group has a Pension plan, a part of the liability
assumptions about expected redemption rates, the mix of whereof upto March 31, 2003 , for employees as on that
products that will be available for redemption in the future date is in the nature of a defined benefit plan. From April 1,
and customer preferences. As at March 31, 2018, the 2003 onwards, pension remains as a defined contribution
estimated liability towards unredeemed points amounted liability which is funded annually with an insurance Group.
to approximately Rs. 62.32 crs (PY Rs. 54.97 crs).
The Group also extends benefit of compensated absences
(d) Warranty to the employees, whereby they are eligible to carry
The Company estimates the provision for warranty based forward their entitlement of earned leave for encashment
on past trend of actual issues of batteries under warranty. upon retirement/separation. This is an unfunded plan.
As at March 31, 2018, the estimated liability towards
The following tables summarise the components of net
warranty amounted to approximately Rs. 179.48 crs (PY
benefit expense recognised in the statement of profit and
Rs. 180.98 crs)
loss and the funded status and amounts recognised in the
The provision towards warranty is not discounted as balance sheet for the Post - retirement benefit plans.
the management, based on past trend, expects to use


Rs. in Crores
March 31, 2018 March 31, 2017
GRATUITY PENSION PRMB GRATUITY PENSION PRMB
Plan (Benefit ) Plan (Benefit )
I. Expenses recognised in the Statement
of Profit & Loss
1. Current / Past Service Cost 10.70 - 0.04 7.52 - 0.07
2. Interest Cost 6.64 0.30 0.37 6.44 0.38 0.34
3. Expected Return on plan assets (6.26) (0.07) - (6.16) (0.16) -
4. Past Service Cost - Plan Amendments 3.68 - - - - -
5. Total 14.76 0.23 0.41 7.80 0.22 0.41
Expenses recognised in OCI
6. Actuarial ( Gains ) / Losses (0.58) (0.05) (0.65) 4.09 (0.49) 0.49
7. Total Expense 14.18 0.18 (0.24) 11.89 (0.27) 0.90
II. Net Asset / ( Liability ) recognised in
the Balance Sheet
2. Fair Value of Plan Assets 98.87 0.91 - 88.40 1.23 -
3. Net Asset / ( Liability ) (13.78) (3.52) (4.86) (9.96) (3.18) (5.33)
III. Change in Obligation during the year
at the beginning of the year
2. Current Service Cost / Plan amendments 14.38 - 0.04 7.52 - 0.07
3. Interest Cost 6.64 0.30 0.37 6.48 0.38 0.34
4. Benefits Paid (7.27) (0.26) (0.23) (9.84) (0.86) (0.22)
5. Actuarial ( Gains ) / Losses
Arising from changes in experience 0.71 (0.02) (0.86) 0.07 (0.58) 0.28
Arising from changes in demographic - - 0.21 0.05 - -
assumptions
Arising from changes in financial (0.18) - - 3.16 0.05 0.21
assumptions
Total 0.53 (0.02) (0.65) 3.28 (0.53) 0.49
at the end of the year
IV. Change in the Fair Value of Plan Assets
during the year
1. Plan assets at the beginning of the year 88.41 1.23 - 83.15 3.02 -
2. Expected return on plan assets 6.26 0.07 - 6.16 0.16 -
3. Contribution by employer 10.35 - - 9.72 - -
4. Transfers - (0.18) - (1.04) -
5. Actual Benefits Paid (7.26) (0.26) - (9.80) (0.86) -
6. Actuarial Gains / ( Losses) 1.11 0.05 - (0.82) (0.05) -
7. Plan assets at the end of the year 98.87 0.91 - 88.41 1.23 -
8. Actual return on Plan Assets 7.37 0.12 - 5.34 0.11 -

193

Rs. in Crores
March 31, 2018 March 31, 2017
GRATUITY PENSION PRMB GRATUITY PENSION PRMB
Plan (Benefit ) Plan (Benefit )
V. The major categories of plan assets as a
percentage of the fair value of total plan assets
Investments with insurer 100% 100% - 100% 100% -
VI. Maturity profile of the defined benefit obligation
Weighted average duration of the defined 5-11years 4 years 9 years 3-10years 3 years 3 years
benefit obligation
Expected benefit payments for the year ending
Not later than 1 year 10.69 0.87 0.41 11.65 2.23 0.45
Later than 1 year and not later than 42.68 2.71 1.71 38.44 1.37 1.93
5 years
More than 5 years 66.91 1.54 2.05 63.62 1.29 2.39
VII. Actuarial Assumptions

1. Discount Rate 7 - 7.3% p.a (March 31, 2017: 7 - 7.1% p.a.)
2. Expected rate of return on plan assets 7 - 9% p.a (March 31, 2017: 7 - 9% p.a.)
3. Mortality pre retirement Indian Assured Lives Mortality (2006-08) (modified) Ult.
CPSSL: Standard Table LIC (1994-96) Ultimate
4. Mortality post retirement LIC (1996-98) Ultimate
5. Employee Turnover Rate 2.00%
VIII. In 2018-19 EIL expects to contribute Rs. 9.00 crs (2017-18: Rs. 8 crs) to gratuity and Rs. 3.50 crs (2017-18: Rs. 4 crs) to Pension.
In 2018-19 CPSSL expects to contribute Rs. 0.27 crs for the defined benefit obligation.
In 2018-19 ELI expects to contribute Rs. 2.00 crs for the defined benefit obligation.
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. EIL: Contribution to Provident and Other Funds includes Rs. 23.29 crs (2016-17 - Rs. 23.38 crs) paid towards Defined
Contribution Plans.
CPSSL - Contribution to Provident and Other Funds includes Rs. 0.49 Crs (Rs. 0.44 Crs) paid towards Defined
Contribution Plans.
ELI - Contribution to Provident and Other Funds includes Rs. 11.43 Crs (Rs. 11.99 Crs) paid towards Defined Contribution
Plans.


(Rs. in Crores)
Particulars Year ended Year ended
March 2018 March 2017
XII. Amounts for the current and previous two periods are as follows:
1. Gratuity
Surplus / ( deficit ) (13.78) (9.96)
Experience (Gain) / loss adjustments on plan liabilities 0.71 0.07
Experience Gain / ( loss) adjustments on plan assets 1.11 (0.82)
2. Pension
Surplus / ( deficit ) (3.52) (3.18)
Experience (Gain) / loss adjustments on plan liabilities (0.02) 0.58
Experience Gain / ( loss) adjustments on plan assets 0.05 (0.05)
3. Post Retirement Medical Benefit
Experience (Gain) / loss adjustments on plan liabilities (0.86) 0.28
XIII. The basis of various assumptions used in actuarial valuations and their quantitative sensitivity analysis is as shown below:
(Rs. in Crores)
March 31, 2018 March 31, 2017
Assumptions Discount rate (a) Discount rate (a)
Impact on Gratuity liability (7.69) 9.06 (6.97) 7.96
Assumptions Future salary increases (b) Future salary increases (b)
Impact on Gratuity liability 8.72 (7.60) 6.84 (6.35)
(a) Based on interest rates of government bonds

(b) Based on management estimate
48. COMMITMENTS AND CONTINGENCIES
(Rs. in Crores)
(i) Capital and other commitments
Commitment for acquisition of fixed assets 510.57 393.34
Commitment for investment 30.64 31.27
Commitment for contractual obligation - -
Purchase orders backed by LC opened by bankers 194.52 105.07
735.73 529.68

195

(Rs. in Crores)
March 31, 2018 March 31, 2017
(ii) Contingent Liabilities
Guarantees excluding financial guarantees
Outstanding Bank Guarantees / Indemnity Bonds 50.31 32.52
Partly paid up investments (on account of right issue of Tata Steel) 2.90 -
Claims against the Group not acknowledged as debt

Sales Tax demands 49.87 34.59
Excise Duty demands (Refer Note (i)) 38.67 36.82
Statutory demands / liabilities in disputes relating to insurance 299.79 282.15
business, not provided for
Income Tax demands 11.20 17.85
Other claims being disputed by the Group - 0.44
Contractual Obligation related to insurance business
Policy claims under dispute 17.96 18.74
Claim under Arbitration (Refer Note (ii)) 46.77 37.57
Claim from a landlord , an appeal whereby is pending in Hon’ble Bombay High Court Not Ascertainable Not Ascertainable
517.47 460.68
(i) Includes a Demand of Rs. 32.60 crs plus penalties, as applicable, on EIL for the period June 2006-May 2009 on the grounds
that Excise Duty was payable on the MRP of batteries.The Company has contested applicability of The Standards of Weights
& Measures Act,1976 and Rules thereunder, the applicability of which is still to be adjudicated by the Hon’ble Supreme Court.
Meanwhile , Company has been granted a stay on this Excise Duty demand by CESTAT, Kolkata.
(ii) Kotak Mahindra Bank (erstwhile ING Bank Ltd) has invoked Arbitration proceedings against the Company as per the Corporate
Agency Agreement for payment of renewal commission post termination of agency agreement by them. The Company has
maintained that as per law, no renewal commission is payable to Kotak Mahindra Bank (Erstwhile ING Vysya Bank Ltd) since
the Corporate Agency was terminated by Kotak Mahindra Bank itself and on account of Kotak Mahindra Bank becoming the
corporate agent of Kotak Mahindra Old Mutual Life Insurance Ltd, post issuance of NOC by the Company. The Company’s
stance is supported by opinions from reputed firm of Advocates and Solicitors. The disputed amount for the period beginning
01.12.2014 to 31.03.2018 is Rs. 46.77 crs.


49. DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MSMED ACT, 2006
(Rs. In crores )
2017-18 2016-17
Principal and interest amount remaining unpaid
- Principal 10.67 20.20
- Interest 0.01 0.01
The amount of interest paid by the Company in terms of Section 16 of the MSMED Act, 2006 - -
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, 2006.
The amount of interest accrued and remaining unpaid at the end of each accounting year. 0.01 0.01
The amount of further interest remaining due and payable even in the succeeding years, until 0.14 0.13
such date when the interest dues as above are actually paid to the small enterprise for the
purposes of disallowance as a deductable expenditure under the MSMED Act, 2006.
50. RELATED PARTY DISCLOSURE:
i ) Particulars of related parties :

A. Where control exists
1. E
nterprise / Individuals having a direct or indirect Chloride Eastern Limited, UK. ( CEL)
control over the Group Chloride Eastern Industries Pte Limited, Singapore ( CEIL )
LIEC Holdings SA , Switzerland
Mr. S. B. Raheja
B. Others
1. Key Management Personnel Mr G Chatterjee , Director, EIL, CML, CIL, Espex & CBSEA
(As on March 31, 2018) Mr A K Mukherjee , Director, EIL, CML, CPSSL, CIL, ELI, ABML,
Espex & CBSEA
Mr Subir Chakraborty , Director, EIL, CIL, CPSSL, CML & ABML
Mr Arun Mittal , Director, EIL, Espex, CPSSL, CML & CBSEA
Mr. Bharat D. Shah , Director, EIL
Mr.R.B.Raheja , Director, EIL
Mr.Nawshir H. Mirza , Director, EIL
Mr. Vijay Agarwal , Director, EIL
Mr. Sudhir Chand , Director, EIL
Ms. Mona N. Desai , Director, EIL
Mr Surin S Kapadia ,Director(w.e.f. October 25, 2017), EIL
Mr Jitendra Kumar , Company Secretary, EIL
Mr. U.B. Agarwal , Whole Time Director, CML
Mr. Kshitij Jain, Managing Director & Chief Executive Officer, ELI
Mr. Anil Kumar C, Chief Financial Officer, ELI
Mr. Rangarajan B N, Appointed Actuary & CRO, ELI

197

50. RELATED PARTY DISCLOSURE: (CONTD.)
1. K
ey Management Personnel Mr R Mahesh Kumar (Resigned w.e.f. November 20, 2017), ELI
(As on March 31, 2018) Mr Manas Ranjan Panda , Company Secretary (w.e.f. February 9,
2018), ELI
Mr. A. Ghoshal, Director, Espex
Mrs L. Farmer, Director, Espex
Mr. Jahar Sengupta, CPSSL
Mr. M Ramchandran, Director, ABML
Mr. Arnab Saha, Director, ABML
Mr. Ishara C Nanayakkara, Director, ABML
Mr. Winston Wong, Director, CBSEA
Mr. Freddy Tan Teng Shah, Director, CBSEA
Mr Danny Yap , Company Secretary, CBSEA
Mr. Sudipta Chakraborty, Director, CIL
2. N
ame of the Companies / firms / in which Directors / Key
Management Personnel have significant influence with whom Shalini Construction Company Private Limited
transactions have happened during the year Peninsula Estates Private Limited
Raheja QBE General Insurance Company Limited
Klevenberg (Pvt) limited
Browns Thermal Engineering (Pvt) Limited
Development Credit Bank Limited
Asianet Satellite Communication Private Limited
Hathway Cable & Datacom Limited
Prism Johnson Ltd (earlier Prism Cement Ltd.)
Juhu Beach Resort Limited
Sonata Software Limited
Outlook Publishing (India) Private Limited
Hathway Investment Pvt Ltd
Brown & Company PLC
SFL Services Pvt Ltd.
3 . Employees Trusts where there is significant influence The Chloride Officers’ Provident Fund (COPF)
Exide Life Insurance Employee Group Gratuity cum Life Assurance
Scheme (Trust)


ii) Details of transactions entered into with the related parties:

(Rs. in crores)
Enterprise/ Key Companies / Employees Total
Individuals Management firms / in which Trust
having direct Personnel Directors / KMP
or indirect (KMP) have significant
control influence
Transaction Transaction Transaction Transaction Transaction
Value Value Value Value Value
Purchases of goods
- Brown & company PLC - - 1.15 - 1.15
- - (1.01) - (1.01)
- Klevenberg (Pvt) Limited - - 0.89 - 0.89
- - (0.71) - (0.71)
- Browns Thermal Engineering (Pvt) - - 4.53 - 4.53
Limited
- - (4.46) - (4.46)
Sale of goods
- Brown & company PLC - - 124.31 - 124.31
- - (103.98) - (103.98)
- Klevenberg (Pvt) Limited - - 30.50 - 30.50
- - (22.04) - (22.04)
- Browns Thermal Engineering (Pvt) - - 0.43 - 0.43
Limited
- - (0.46) - (0.46)
Technical Assistance Expenses
- CEIL 0.12 - - - 0.12
(0.12) - - - (0.12)
Trade Mark Expenses
- CEIL - - - - -
(0.07) - - - (0.07)
Life insurance premium received
- Exide Life Insurance Employee Group - - 1.30 - 1.30
Gratuity cum Life Assurance Scheme
(Trust)
- - (3.80) - (3.80)
- Raheja QBE General Insurance - - 0.03 - 0.03
Company Limited
- - (0.02) - (0.02)
- Development Credit Bank Limited - - - - -
- - (0.35) - (0.35)
- Asianet Satellite Communication - - - - -
Private Limited
- - (0.21) - (0.21)
- Hathway Cable & Datacom Limited - - 0.13 - 0.13
- - (0.25) - (0.25)
- Juhu Beach Resort Limited - - - - -
- - (0.01) - (0.01)

199

ii) Details of transactions entered into with the related parties: (Contd.)
(Rs. in crores)
control influence
- Sonata Software Limited - - 0.25 - 0.25
- - (0.23) - (0.23)
- Outlook Publishing (India) Private - - 0.01 - 0.01
Limited
- - (0.01) - (0.01)
- Prism Johnson Limited - - 1.92 - 1.92
- - (1.66) - (1.66)
- Key Management Personnel - 0.15 - - 0.15
- (0.13) - - (0.13)
Benefits paid
- Exide Life Insurance Employee Group - - 1.94 - 1.94
(Trust)
- - (2.35) - (2.35)
- Hathway Cable & Datacom Limited - - 0.91 - 0.91
- - (0.45) - (0.45)
- Development Credit Bank Limited - - - - -
- - (0.07) - (0.07)
- Asianet Satellite Communication - - - - -
Private Limited
- - (0.15) - (0.15)
- - - - -
- Prism Johnson Limited - - 1.39 - 1.39
- - (0.94) - (0.94)
- Outlook Publishing (India) Pvt Ltd - - - - -
- - (0.02) - (0.02)
Expenses incurred on behalf of the company
- Exide Life Insurance Employee Group - - - - -
(Trust)
- - (0.01) - (0.01)
Contribution made to Gratuity & Provident
Fund Trust
- Exide Life Insurance Employee Group - - - 1.30 1.30
(Trust)
- - - (3.80) (3.80)
- The Chloride Officers’ Provident Fund - - - 18.22 18.22
- - - (16.38) (16.38)


ii) Details of transactions entered into with the related parties: (Contd.)
(Rs. in crores)
control influence
Services provided by the Company
- Premium Paid
Company Limited
- - (0.04) - (0.04)
- - - - -
Dividend paid
- Brown & Company PLC - - 0.74 - -
- - (1.82) - -
Rent and Maintenance Costs
- Shalini Construction - - 0.54 - 0.54
- - (0.52) - (0.52)
- Peninsula Estates - - 0.13 - 0.13
- - (0.13) - (0.13)
Insurance Expenses
Company Limited
- - (0.01) - (0.01)
Remuneration
Short term employee benefits (including commission & - 22.14 - - 22.14
sitting fees)
- (20.85) - - (20.85)
Post Retirement Benefits - 1.41 - - 1.41
- (1.45) - - (1.45)
Figures for the previous years are in bracket.

iii ) Details of amounts due to or due from related parties as at March 31, 2018 and March 31, 2017 are as
follows:
(Rs. in Crores)
Particulars As at As at
March 31, 2018 March 31, 2017
Trade Payables
- Brown & company PLC 0.17 0.04
- Klevenberg (Pvt) Limited 0.11 0.01
- Browns Thermal Engineering (Pvt) Limited 0.61 0.74
Trade Receivables
- Brown & company PLC 23.59 17.76
- Klevenberg (Pvt) Limited 5.86 3.55

201

(Rs. in Crores)
Particulars As at As at
March 31, 2018 March 31, 2017
- Browns Thermal Engineering (Pvt) Limited 0.26 0.11
Contribution to Employees Benefit Plans payable
- The Chloride Officers' Provident Fund 1.53 1.34
Remuneration payable to Directors (Short term employee benefits) 6.01 5.94
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, 2018, 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.
51. ACTUARIAL METHOD AND ASSUMPTIONS CIBT 93 Table. For CI riders, mortality assumption
Liability for policies in force (‘the Liability’) is determined is 60.8% (Last Year’s 60.8%). For term products,
by the Appointed Actuary in accordance with generally mortality assumption varies between 33% - 100% of
accepted actuarial practice as well as the requirements of the Indian Assured Lives Mortality Table (2006-08) -
the Insurance Act, 1938 and the regulations notified by Modified Ultimate (Last Year mortality assumptions
IRDAI and relevant actuarial practice standards issued by for term products were 40% - 145% of the Indian
Institute of Actuaries of India. Assured Lives Mortality Table (2006-08)).
(a) Traditional individual business ii. Expenses:
The Liability on a policy is calculated using the ‘Gross
Appropriate allowance for maintenance
Premium Method’, representing the present value of expenses increasing with inflation has been
expected future outgo including benefits (including future made. Provision for initial and renewal
bonuses for participating policies) and future expenses commission has been made at actual rates
less present value of expected future premium. Further, payable.
a reserve for death claims that may have been Incurred
iii. Valuation discount rate:
but not yet reported to the Company (IBNR) is also
Between 6.0% to 6.75% p.a. for all products
maintained. The reserves for the Best Years Retirement
(Last Year between 6.0% to 6.75% p.a. for all
Plan, Exide Life New Best Year Retirement Plan, Exide Life
products)
Golden Years and Exide Life Assured Return have been set
up as the sum of the policy fund balances as at March 31,
Assumptions on future bonus rates for
2018 plus additional reserves for excess of expenses over participating business have been set to
policy charges. be consistent with valuation interest rate
assumptions.
The assumptions used for calculating the liability are
provided below: iv.
Lapses:
Future policy lapses have been assumed based
i. Mortality & morbidity:
on the type of policy and the duration for which
Mortality is considered according to the Indian
the policy has been in force. The lapse rates are
Assured Lives Mortality Table (2006-08) - Modified
based on current experience of the Company.
Ultimate\ Annuitant tables a9698 and varies
between 70% and 180% of the table (last year 70% v. Longevity:
and 180% of Indian Assured Lives Mortality Table Mortality for annuity products are considered
(2006-08). Morbidity assumption is based on the as per Indian annuitant table 96-98 : 80% up


to age 80 & 70% thereafter of LIC a9698 with iv. Unit growth rate:
1.3% p.a improvement. 3.5% to 9.5% (last year 3.5% to 9.6%) depending
on the type of fund.
Margins for adverse deviation
The assumptions allow for suitable Margins for v. Longevity:
Adverse Deviation in the mortality, morbidity, Mortality for annuity products are considered
expenses, lapses and valuation discount rate as per Indian annuitant table 96-98 : 80% up
assumptions as required under regulations to age 80 & 70% thereafter of LIC a9698 with
and actuarial practice standards issued by The 1.3% p.a improvement.
Institute of Actuaries of India.
Margins for adverse deviation
(b) Linked individual business The assumptions allow for suitable Margins for
The reserves held under the unit-linked products are the Adverse Deviation in the mortality, morbidity,
fund balances (unit reserve) as at March 31, 2018 plus expenses, lapses and valuation discount rate
non-unit reserves. Additional adjustments have also been assumptions as required under regulations.
made to allow for the following:
(c) Group business:
a) Unearned Premium Reserve in respect of mortality Unearned Premium method for reserving is adopted for
charge/rider charge deducted from the policyholder’s the Group yearly renewable term product. The Group
account every month. Single Premium Mortgage/Credit products have been
valued using the Gross Premium Method with allowance
b)
IBNR reserve for death claims incurred but not
for future expected expenses.
reported to Company as on the valuation date.
Provision for IBNR reserve has also been made as
c)
Reserve to meet the guarantees for unit linked
appropriate.
products.
(d) Linked group business:
Non Unit reserves are calculated by discounting
d)
The reserves held under the unit-linked products are the
future non unit cash flow, determined based on
fund balances and non-unit balance as at March 31, 2018.
assumptions given below:
(e) Reinsurance credit
i. Mortality & Morbidity:

All products other than Term/TROP products: The
Mortality is considered according to the Indian
reinsurance credit is calculated on unearned premium
Assured Lives Mortality Table (2006-08) -
basis, based on the expected reinsurance premium outgo.
Modified Ultimate and is 100% of the table,
(last year 100% of the table of Indian Assured Term/TROP products: Reinsurance credit is calculated
Lives Mortality Table (2006-08)). based on cash-flow projections, by taking credit of
expected reinsurance recoverables net of reinsurance
ii.
Expenses:
premium payable in the future.

Appropriate allowance for maintenance
expenses increasing with inflation has been (f) Provision for freelook period
made. Provision for initial and renewal An additional reserve is held for policies that are expected
commission has also been made at actual rates to be cancelled during the Free Look period. The method
payable. used to estimate this reserve is given below:
iii. Valuation discount rate (for setting up of a)
A proportion of New Business Premium income
Non unit reserve): during the period January 2018 to March 2018 is
4.5% p.a. (last year 4.5% p.a.) held as reserve.

203

b)
The proportion is arrived on the basis of actual (Treatment of Discontinued Linked Insurance
reserving strain due to free look cancellations at Policies) Regulations, 2010.
previous year.
51.1. Investments
The proportion is determined as: (Reserving strain a)
The Company is maintaining separate funds for
from free look cancelled NB policies that are sold Shareholders and Policyholders as per section 11 (1B) of
during January 2017 - March 2017) / (NB Premium the Insurance Act, 1938. Investments and related incomes
Income for the period January 2017 - March 2017) are segregated between Participating, Non-Participating,
Unit Linked, VIP Non Par Pension, Annuity and Pension
Expected number of free look cancellations is
funds.
calculated on the basis of the past experience and it
is assumed that the business sold three months prior Investments are specifically purchased and held for

to the valuation date has a potential for cancellation. the policyholders and shareholders independently. The
income relating to these investments is recognized in the
The proportion varies by line of business. Based on
respective policyholders’ / shareholders’ account.
latest study, the proportion is in the range of 1.7%
Investments are recorded at trade date on cost including
Discontinued Fund (Unit Linked): As per the
acquisition charges (such as brokerage and related taxes),
regulations, the fund value of lapsed policies is
and exclude pre-acquisition interest paid, if any, on
transferred to a separate fund namely, Discontinued
purchase.
Fund (UL), the returns for this funds are guaranteed
as per Regulation 11 of IRDAI (Treatment b) The Company manages its business based on segments
of Discontinued Linked Insurance Policies) viz. Participating, Annuity, VIP Non Par Pension,
Regulations, 2010 Pension Individual, Non Participating, Unit Linked and
Shareholders’ Funds driving the business model test for
Discontinued Fund (VIP Pension): As per the
investments. Accordingly, investments in each of these
regulations, the fund value of lapsed policies is
business have been analyzed as a portfolio and classifiied/
transferred to a separate fund namely, Discontinued
measured accordingly. The classification has been
Fund (Pension), the returns for this funds are
tabulated as under:
guaranteed as per Regulation 11 of IRDAI
Segment Name Type of Security Revised classification under Ind AS

Par, VIP Non Par Pension, Pension Individual Debt securities Amortized cost
and Annuity Equity securities Fair value through OCI
Mutual Funds Fair value through profit and loss
Non Participating and Shareholders’ funds Debt securities Fair value through OCI
Equity securities Fair value through profit and loss
Mutual Funds Fair value through profit and loss
Unit linked All securities Fair value through profit and loss
52. SEGMENT REPORTING The products/services included in each of the reported

The Group’s business has three operating segments based business segments are as follows:
on different products and services: ‘Storage Batteries &
a)
Storage batteries & allied products - The holding
allied products’, ‘Solar Lantern & Homelights’ and ‘Life
company and some of its subsidiaries manufactures
Insurance business’. Storage batteries & allied products
lead acid storage batteries and allied products. The
and life insurance business are the only reportable
Company has identified two operating segments
segments. Non reportable segment is shown as others.
viz, Automotive and Industrial. As per Ind AS


- 108: Operating Segments, 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.
b) Life Insurance business - This segment relates to the nation wide life insurance business carried by one of the subsidiaries.
Operating Segments
Year ended March 31, 2018
(Rs. in Crores)
Particulars Storage batteries Life Insurance Others Total
& allied products business
Revenue from operations (Gross) 9,750.92 3,308.39 23.47 13,082.78
Segment Results 1,135.80 (9.17) 1.07 1,127.70
Finance Cost - - - (105.65)
Other income - - - 67.65
Profit before exceptional items and tax 1,089.70
Exceptional Items - - - (41.83)
Profit before tax 1,047.87
Taxes - - - (353.77)
Profit after tax 694.10
Depreciation and amortization 257.16 9.93 0.12 267.21
(Rs. in Crores)
Segment assets 5,475.20 12,201.00 3.58 17,679.78
Unallocated assets - - - 2,142.44
Total assets 19,822.22
Segment liabilities 2,037.39 12,119.39 8.84 14,165.62
Unallocated liabilities - - - 209.33
Total Liabilities 14,374.95
Additions to non-current assets (other than financial 777.61 54.47 - 832.08
instruments)
(Rs. in Crores)
Revenue from operations (Gross) 8,775.59 3,343.57 31.06 12,150.22
Segment Results 1,066.61 76.87 1.13 1,144.61
Finance Cost - - - (146.29)
Other income - - - 102.71
Profit before exceptional items and tax 1,101.03
Exceptional Items - - - -
Profit before tax 1,101.03
Taxes - - - (293.12)
Profit after tax 807.91
Depreciation and amortization 218.10 7.68 0.15 225.93

205

52. SEGMENT REPORTING (CONTD.)

(Rs. in Crores)
Segment assets 4,399.32 11,037.43 2.87 15,439.62
Unallocated assets - - - 2,332.09
Total assets 17,771.71
Segment liabilities 1,651.76 10,714.68 8.06 12,374.50
Unallocated liabilities - - - 349.32
Total Liabilities 12,723.82
Additions to non-current assets (other than financial 308.67 14.36 - 323.03
instruments)
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:
(Rs. in Crores)
Particulars India Overseas Total
Revenue from operations (Gross) 12,777.36 305.42 13,082.78
Non-current assets other than financial assets 3,032.55 58.88 3,091.43
(Rs. in Crores)
Particulars India Overseas Total
Revenue from operations (Gross) 11,539.75 610.47 12,150.22
Non-current assets other than financial assets 2,557.13 47.90 2,605.03
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.
53. 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.

53. FAIR VALUES (CONTD.)
206
B. Accounting classifications and fair values
he following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value
T
(Rs. in Crores)

amortised
cost*
at fair value
Investments - government 5,6,11 2,631.46 6700.06 3158.98 - 12,490.50 12,256.87 230.65 2.98 12,490.50
securities, bonds, & 12
debentures, equity
instruments, mutual funds
and others
2,631.46 6,700.06 3,158.98 - 12,490.50

Trade receivables 7 & 13 - 1,095.03 - - 1,095.03
Bank Balances 15 - 8.86 - - 8.86
- 1,834.11 - - 1,834.11
Borrowings 22 & 29 - - - 59.23 59.23
Trade payables 23 & 30 - - - 1,524.12 1,524.12
- - - 2,029.49 2,029.49
* The carrying amount of the Company’s financial assets and financial liabilities are reasonable approximation of their fair value.
53. FAIR VALUES (CONTD.)
1
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value
(Rs. in Crores)
The Exide Story

amortised
cost*
Financial assets
2
Investments - government 5,6,11 & 12 3,412.70 5,783.13 2,688.30 - 11,884.13 10,947.79 932.96 3.38 11,884.13
securities, bonds,
debentures, equity
instruments, mutual funds
and others
Governance
3,412.70 5,783.13 2,688.30 - 11,884.13

Bank Balances 15 - 8.55 - - 8.55
3

- 1,455.74 - - 1,455.74
Financials

Borrowings 22 & 29 - - - 184.88 184.88
Trade payables 23, 24 & 30 - - - 1,220.02 1,220.02
- - - 1,810.27 1,810.27
* The carrying amount of the Group’s financial assets and financial liabilities are reasonable approximation of their fair value.
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.

207

54. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

A. Related to Business other than insurance
The Group’s financial liabilities comprise short-term borrowings, capital creditors and trade and other payables. The main
purpose of these financial liabilities is to finance the Group’s operations. The Group’s financial assets include trade and other
receivables, cash and cash equivalents and deposits. The Group also holds investments.
The Group has a Risk Management Committee that ensures that risks are identified, measured and managed in accordance
with Risk Management Policy of the Group. The Board of Directors also review these risks and related risk management
policy.
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 of 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 a 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.
Changes in Foreign currency Effect on profit

exchange rate Payable (net) before tax
March 31, 2018 5% 147.14 7.36
-5% (7.36)
March 31, 2017 5% 215.44 10.77
-5% (10.77)
(ii) Equity price risk

The Group’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about
future values of the investment securities. The Group manages the equity price risk through diversification and by placing
limits on individual and total equity instruments / mutual funds. 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.

209


A. Related to Business other than insurance (Contd.)
Equity price sensitivity
The following table shows the effect of price changes in listed equity
Changes in Investment Effect on profit

price / NAV before tax
March 31, 2018 5% 26.31 1.32
-5% (1.32)
March 31, 2017 5% 28.00 1.40
-5% (1.40)
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).
Trade receivables
A significant part of the Group’s sales are under the ‘cash and carry’ model which entails no credit risk. For others,
an impairment analysis is performed at each reporting date on an individual basis for all the customers. In addition, a
large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
calculation is based on historical data of credit losses. The maximum exposure to credit risk at the reporting date is the
carrying value of trade receivables disclosed in Note 7 and 13 as the Group does not hold collateral as security. The
Group has evaluated the concentration of risk with respect to trade receivables as low, as its customers are from several
industries.
The Group’s historical experience of collecting receivables and the level of default indicate that credit risk is low and
generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets.
All overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the
track record of the counterparty, etc. Loss allowances and impairment is recognised, where considered appropriate by
responsible management.
III) Liquidity risk
Liquidity risk is the risk that the Group 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 Group maintained a cautious liquidity strategy, with a positive cash balance throughout the year ended March 31,
2018 and March 31, 2017. 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.



A. Related to Business other than insurance (Contd.)
March 2018
(Rs. in Crores)
Particulars Contractual More than 1 Total Carrying
cash flows year Amount
1 year or less
Liabilities
Borrowings 50.33 8.90 59.23
Trade and other payables 1,218.44 4.73 1,223.17
1,623.38 16.25 1,639.63
March 2017
(Rs. in Crores)
1 year or less
Liabilities
Borrowings 184.10 0.78 184.88
Trade and other payables 904.77 4.16 908.93
1,419.50 7.01 1,426.51
B. Related to insurance business

The Company is exposed to financial risk, such as market risk (fluctuations in exchange rates, interest rates and price risk),
credit risk and liquidity risk. The general risk management program of the Company focuses on the unpredictability of
the financial markets, and attempts to minimize their potential negative influence on the financial performance of the
Company. The Company continuously reviews its risk exposures and takes measures to limit it to acceptable levels. The Board
of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework.
I) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. Credit risk arises from credit exposures from customers, cash and cash equivalents held with banks and current and
non-current debt investments.
The following policies and procedures are in place to mitigate the Company’s exposure to credit risk:
a) Company’s credit risk policy which sets out the assessment and determination of what constitutes credit risk for it.
Compliance with the policy is monitored and exposures and breaches are reported to the Company’s risk committee.
The policy is regularly reviewed for pertinence and for changes in the risk environment.
b) Net exposure limits are set for each counterparty or group of counterparties, geographical and industry segment (i.e.,
limits are set for investments and cash deposits, foreign exchange trade exposures and minimum credit ratings for
investments that may be held).

211


B. Related to insurance business (Contd.)
c) Reinsurance is placed with counterparties that have a good credit rating and concentration of risk is avoided by following
policy guidelines in respect of counterparties’ limits that are set each year by the board of directors and are subject to
regular reviews. At each reporting date, management performs an assessment of creditworthiness of reinsurers and
updates the reinsurance purchase strategy, ascertaining suitable allowance for impairment.
d) The Company sets the maximum amounts and limits that may be advanced to corporate counterparties by reference to
their long–term credit ratings.
The table below provides information regarding the credit risk exposure of the Company by classifying assets according
to the Euroland Credit Agency’s credit ratings of the counterparties. AAA is the highest possible rating. Assets that fall
outside the range of AAA to BBB are classified as speculative grade.
March 31, 2018

(Rs. in crores)
Particulars AAA AA AA- Not rated Unit linked Total
a) Financial Instruments :-
Amortized cost financial assets
- Debt securities 6,349.57 61.57 4.50 284.39 - 6,700.03
- Equity securities - - - - - -
- Mutual Funds - - - - - -
Financial assets at FVTOCI
- Debt securities 2,548.26 - 15.63 - - 2,563.89
- Equity securities - - - 540.21 - 540.21
Financial assets at FVTPL
- Debt securities - - - - 757.29 757.29
- Equity securities - - - 102.47 1,210.24 1,312.71
- Mutual Funds 259.26 - - - 67.37 326.63
Total 12,200.76
b) Reinsurance assets - - - 55.10 - 55.10
c) Insurance receivables - - - 96.57 - 96.57
d) Cash and short term deposits 209.92 - - - - 209.92
Total credit risk exposure 9,367.01 61.57 20.13 1,078.74 2,034.90 12,562.35
March 31, 2017

(Rs. in crores)
a) Financial Instruments :-
Amortized cost financial assets
- Debt securities 5,489.17 82.89 - 211.06 - 5,783.12
- Equity securities - - - - - -
Financial assets at FVTOCI
- Debt securities 2,179.61 38.58 - 5.17 - 2,223.36
- Equity securities - - - 406.68 - 406.68



(Rs. in crores)
Financial assets at FVTPL
- Debt securities - - - - 841.04 841.04
- Equity securities - - - 45.07 1,289.04 1,334.12
- Mutual Funds 224.56 - - - 80.64 305.20
Total 10,893.52
b) Reinsurance assets - - - 20.05 - 20.05
c) Insurance receivables - - - 74.13 - 74.13
d) Cash and short term deposits 285.71 - - - - 285.71
Total credit risk exposure 8,179.06 121.47 - 762.16 2,210.72 11,273.41
II) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities
that are settled by delivering cash or another financial asset. In respect of catastrophic events, there is also a liquidity risk
associated with the timing differences between gross cash out–flows and expected reinsurance recoveries.
Liquidity risk is held at low levels through effective cash flow management and availability of adequate cash. Cash flow
forecasting is performed internally by rolling forecasts of the Company’s liquidity requirements to ensure that it has sufficient
cash to meet operational needs, to fund scheduled investments and comply with other covenants.
The following policies and procedures are in place to mitigate the Company’s exposure to liquidity risk:
a) Company’s liquidity risk policy which sets out the assessment and determination of what constitutes liquidity risk for
the Company. Compliance with the policy is monitored and exposures and breaches are reported to the Company’s risk
committee. The policy is regularly reviewed for pertinence and for changes in the risk environment.
b) Guidelines are set for asset allocations, portfolio limit structures and maturity profiles of assets, in order to ensure
sufficient funding available to meet insurance and investment contracts obligations.
c) Contingency funding plans are in place, which specify minimum proportions of funds to meet emergency calls as well as
specifying events that would trigger such plans.
The table below details the Company’s remaining contractual maturity for its financial liabilities . The contractual cash flows
reflect the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required
to pay.
March 31, 2018

(Rs. in crores)
Particulars Contractual cash flows Total carrying
1 year 1 year to 5 years 5 years or more value
or less
Assets
Amortized cost financial assets 120.35 415.05 6,164.63 6,700.03
Financial assets at FVTOCI 40.12 276.99 2,787.00 3,104.11
Financial assets at FVTPL 559.28 110.46 1,726.89 2,396.63
Loans and receivables 10.33 - - 10.33
Reinsurance assets - - 55.10 55.10
Insurance receivables 96.57 - - 96.57

213


(Rs. in crores)
or less
Other financial assets 342.38 - - 342.38
Cash and cash equivalents 209.92 - - 209.92
Total 1,378.95 802.50 10,733.62 12,915.07
Liabilities
Insurance contract liabilities :
with DPF (751.46) (1,052.90) 30,368.08 28,563.72
without DPF (360.66) (908.51) 8,286.59 7,017.42
Investment contract liabilities :
with DPF - - - -
without DPF 49.91 460.93 721.62 1,232.46
Trade and other payables 300.95 - - 300.95
Other financial liabilities 88.33 - 0.58 88.91
Insurance payables - - - -
Other liabilities 42.81 - - 42.81
Total (630.12) (1,500.48) 39,376.87 37,246.27
Total liquidity gap (2,009.07) (2,302.98) 28,643.25 24,331.20
March 31, 2017

(Rs. in crores)
or less
Assets
Amortized cost financial assets 114.91 330.35 5,337.85 5,783.12
Financial assets at FVTOCI 19.06 262.87 2,348.11 2,630.04
Financial assets at FVTPL 524.90 127.55 1,827.90 2,480.35
Loans and receivables 7.88 - 11.74 19.62
Reinsurance assets - - 20.05 20.05
Insurance receivables 74.13 - - 74.13
Other financial assets 318.92 0.00 - 318.93
Cash and cash equivalents 285.71 - - 285.71
Total 1,345.51 720.77 9,545.66 11,611.94
Liabilities
Insurance contract liabilities :
with DPF (782.81) (1,215.66) 27,109.12 25,110.64
without DPF (403.71) (1,071.03) 7,621.33 6,146.60
Investment contract liabilities :
with DPF - - - -
without DPF 38.03 459.15 800.25 1,297.43
Trade and other payables 311.09 - - 311.09
Other financial liabilities 72.68 - 0.66 73.34
Insurance payables - - - -
Other liabilities 7.53 - - 7.53
Total (757.19) (1,827.54) 35,531.36 32,946.63
Total liquidity gap (2,102.69) (2,548.31) 25,985.70 21,334.69



III) Market risk
Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity/commodity
prices – will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
The Company is primarily exposed to risk arising due to changes in interest rates and equity prices impacting the Company’s
value of holdings of financial instruments.
The following policies and procedures are in place to mitigate the Company’s exposure to market risk:
a)
Company’s Investment policy and liquidity risk policy which sets out the assessment and determination of what
constitutes market risk for the Company. Compliance with these policies is monitored and exposures and breaches are
reported to the Company’s risk committee. The policy is regularly reviewed for pertinence and for changes in the risk
environment.
b) Guidelines are set for asset allocation and portfolio limit structure, to ensure that assets back specific policyholders’
liabilities and that assets are held to deliver income and gains for policyholders which are in line with their expectations
and management of interest sensitivity of products sold. Market risk is also managed by setting risk limits such as
Earnings at Risk and Regulatory capital at risk and risk is managed to be within these limits.
c) The Company stipulates diversification benchmarks by type of instrument , as it is exposed to guaranteed benefits when
interest rates fall.
IV) Currency risk
Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates. The Company has no significant concentration of currency risk.
V) Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk
of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest
rate risk is the risk that the future cash flows of floating interest bearing instruments will fluctuate because of fluctuations in
market interest rates. The Company’s ALM policy requires it to manage interest rate risk by maintaining an appropriate mix
of instruments. The policy also requires it to manage the maturities of interest bearing financial assets and interest bearing
financial liabilities. The Company monitors the Duration Gap and cash flow matching on regular basis to manage this risk.
Exposure to interest rate risk
The Company’s interest rate risk primarily arises on account of investments in interest bearing securities. The interest rate
profile of the Company’s interest-bearing financial instruments as reported to the management of the Company is as follows.
(Rs. in Crores)
Particulars Carrying Amount
March 31, 2018 March 31, 2017
Fixed-rate instruments
Financial assets :
a) Government securities and government guaranteed bonds including treasury bills 7,043.25 5,983.87
b) Debentures/ bonds 673.92 688.77
c) Investments in infrastructure and social sector bonds 1,987.20 1,940.53
d) Others (CBLO & Policy Loan) 316.84 234.36
Financial liabilities (11,877.76) (10,538.39)
(1,856.55) (1,690.86)

215


VI) Equity price risk
Equity price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in equity prices (other than those arising from interest rate or foreign exchange rate risk), whether those changes are caused
by factors specific to the individual financial instrument or its issuer, or by factors affecting all similar financial instruments
traded in the market. The Company’s equity price risk exposure relates to financial assets and financial liabilities whose values
will fluctuate as a result of changes in market prices, principally investment securities not held for the account of unit–linked
business. The Company’s Investment Mandates require it to manage such risks by setting and monitoring objectives and
constraints on investments, diversification plans, limits on investments in each sector, security and market and exploration of
use of any derivative financial instruments.
VII) Operational risks
Operational risk is the risk of loss arising from system failure, human error, fraud or external events. When controls fail to
perform, operational risks can cause damage to reputation, have legal or regulatory implications or can lead to financial
loss. The Company cannot expect to eliminate all operational risks, but by initiating a rigorous control framework and by
monitoring and responding to potential risks, the Company is able to manage the risks. Controls include effective segregation
of duties, access controls, authorisation and reconciliation procedures, staff education and assessment processes, including
the use of internal audit. Business risks such as changes in environment, technology and the industry are monitored through
the Company’s strategic planning and budgeting process.
55.
CAPITAL MANAGEMENT
A. Related to Business other than insurance
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.
B. Related to insurance business
The primary source of capital used by the Company is Equity. The Company’s policy is to maintain a strong capital base so
as to maintain investor, creditor and market confidence and to sustain future development of the business. The capital
requirements are routinely forecast on a periodic basis and assessed against both the forecast available capital and the
expected internal rate of return, including risk and sensitivity analysis. The process is ultimately subject to approval by
the Board.
56. The disclosures regarding details of specified bank notes held and transacted during November 8, 2016 to December 30,
2016 has not been made since the requirement does not pertain to financial year ended March 31, 2018. Corresponding
amounts as appearing in the audited Consolidated Ind AS financial statements for the period ended March 31, 2017 have
been disclosed.
(Rs. in Crores)
SBNs Other Total
denomination
notes
Closing cash in hand as on November 8, 2016 0.52 0.18 0.70
(+) Permitted receipts - 1.29 1.29
(-) Permitted payments - 1.20 1.20
(-) Amount deposited in Banks 0.52 - 0.52
Closing cash in hand as on December 30, 2016 - 0.26 0.27

57. MOVEMENT OF POLICYHOLDERS’ FUNDS, FUNDS FOR DISCONTINUED POLICIES, FUNDS FOR FUTURE
216
APPROPRIATION AND EMBEDDED DERIVATIVE LIABILITY DURING THE YEAR ENDED MARCH 31, 2018
(Rs. in Crores)
Particulars Movement during the year ended March 31, 2018 Movement during the year ended March 31, 2017
With DPF Linked Others Total With DPF Linked Others Total
Business Business
Gross Liability at the beginning of the 4,718.83 2,020.92 2,452.09 9,191.84 3,813.49 1,959.48 1,860.82 7,633.79

year
Add/(Less) - - -
Expected Premium 1,184.66 130.06 398.59 1,713.31 1,113.46 121.89 620.54 1,855.89
Unwinding of the discount/ 428.35 176.87 219.64 824.86 162.78 263.76 62.39 488.93
interested credited
Changes in valuation for - - - - 54.51 - - 54.51

expected future benefits
Insurance liabilities released (543.14) (607.50) (26.80) (1,177.44) (512.30) (358.90) (412.18) (1,283.38)
Undistributed participating 29.95 - - 29.95 6.91 - - 6.91
policyholders surplus
Others - Non-unit liabilities (65.72) 135.84 (75.66) (5.54) 79.98 34.69 320.52 435.19
Gross Liability at the end of the year 5,752.93 1,856.19 2,967.86 10,576.98 4,718.83 2,020.92 2,452.09 9,191.84
Recoverable from Reinsurance (0.24) (0.10) (54.76) (55.10) (0.22) (0.11) (19.72) (20.05)
Net Liability 5,752.69 1,856.09 2,913.10 10,521.88 4,718.61 2,020.81 2,432.37 9,171.79
Closing UPPS included in gross liability 71.51 - - 71.51 41.56 - - 41.56
at the end of the year
58. MOVEMENT OF INVESTMENT CONTRACTS LIABILITIES DURING THE YEAR ENDED MARCH 31, 2018
(Rs. in Crores)
Particulars Movement during the year Movement during the year
ended March 31, 2018 ended March 31, 2017
Linked Others Total Linked Others Total
Business Business
At the beginning of the year 224.26 905.64 1,129.90 202.40 979.21 1,181.61
Additions
Premium 35.09 40.12 75.21 33.01 53.79 86.80
Interest & Bonus credited to policyholders 17.75 78.62 96.37 59.30 80.78 140.08
Deductions
Withdrawals/ Claims 59.01 141.43 200.44 69.80 206.61 276.41
Fee Income & Other Expenses 0.53 0.94 1.47 0.65 1.53 2.18
At the end of the year 217.56 882.01 1,099.57 224.26 905.64 1,129.90
59. ADDITIONAL INFORMATION IN RESPECT OF NET ASSETS, PROFIT / LOSS AND OTHER COMPREHENSIVE INCOME OF
1
EACH ENTITY WITHIN THE GROUP AND THEIR PROPORTIONATE SHARE OF THE TOTALS
Name of the entity As at March 31, 2018 2017-18 2017-18 2017-18

Net Assets, i.e. Total Share in Profit or Loss Share in Other Share in Total
assets minus total Comprehensive Income Comprehensive Income
liabilities
As % of Amount As % of Amount As % of Amount As % of Amount
The Exide Story
Consolidated (Rs. in Consolidated (Rs. in Consolidated (Rs. in Consolidated (Rs. in

net assets Crores) net assets Crores) net assets Crores) net assets Crores)
Parent
Exide Industries Limited (EIL) 78.42% 4,271.34 96.03% 666.60 -6.27% 2.91 103.37% 669.51
Indian Subsidiaries
2
Chloride International 0.11% 6.20 0.01% 0.09 0.00% - 0.01% 0.09

Limited (CIL)
Chloride Power Systems & 0.31% 16.65 0.25% 1.71 0.02% (0.01) 0.26% 1.70
Solutions Ltd. (CPSSL)
Chloride Metals Ltd. (CML) 0.76% 41.64 1.45% 10.07 0.06% (0.03) 1.55% 10.04
Exide Life Insurance Company 18.03% 982.31 1.43% 9.92 111.92% (51.91) -6.48% (41.99)
Governance
Limited (ELI)
Foreign Subsidiaries
Chloride Batteries S. E. Asia 1.49% 81.13 -0.40% (2.78) -5.86% 2.72 -0.01% (0.06)
Pte Ltd. (CBSEA) & its wholly
owned subsidiary (Exide
Batteries Pvt. Ltd.)
3
Espex Batteries Limited 0.49% 26.79 0.24% 1.64 -1.72% 0.80 0.38% 2.44
(ESPEX)
Associated Battery 0.39% 21.21 0.99% 6.85 1.85% (0.86) 0.92% 5.99
Manufacturers (Ceylon) Ltd.
(ABML)
Financials
Total 100% 5,447.27 100% 694.10 100% (46.38) 100% 647.72


217

60. OPERATING LEASE COMMITMENTS

ent and Hire charges include Rs. 67.90 Crs (PY Rs. 65.47 crs) towards lease of residential apartments, Office premises and Godowns.
R
These are cancellable leases, renewable by mutual agreement. The lease term is for various number of years and renewable for
further periods as per the lease agreements at the option of the company. In lease agreements, escalation clauses are present;
however there are no restrictions imposed by the lease agreements. There are no sub-leases.
he future minimum lease amounts under non-cancellable operating lease in case of CML, CBSEA, ESPEX and ELI are payable
T
as follows:
(Rs. in Crores)
2017-18 2016-17
Not later than one financial year 32.62 34.36
Later than one financial year but not later than five financial years 104.77 107.40
Later than five financial years 29.76 49.90
For B S R & Co. LLP

Sd/-

ANNEXURE
1
FORM AOC-1
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014]
Part “A”: Subsidiaries

The Exide Story
(Information in respect of each subsidiary to be presented with amounts in Rs. Crores)

1 Sl. No. 1 2 3 4 5 6 7
2 Name of the subsidiary Chloride Power Chloride Chloride Chloride Associated Espex Batteries Exide Life
Systems & Metals Ltd International Batteries S.E. Battery Ltd Insurance
Solutions Ltd Ltd Asia Pte. Ltd Manufacturers Company
2
(Ceylon) Ltd Limited

3 Reporting period 31.03.2018 31.03.2018 31.03.2018 31.03.2018 31.03.2018 31.03.2018 31.03.2018
4 Reporting currency and Exchange - - - 1 SGD = Rs 1 SLR = 1GBP = -
rate as on the last date of the 49.68 Re 0.4168 Rs. 92.15
relevant financial year in the case of
Governance
foreign subsidiaries
5 Share capital 1.98 42.38 0.45 48.37 2.64 0.94 1,750.00
6 Reserves & surplus 12.93 55.27 5.75 10.43 37.12 6.42 (767.69)
7 Total assets 53.90 283.14 6.38 95.26 105.13 43.94 13,101.70
8 Total Liabilities 38.99 185.49 0.18 36.46 65.37 36.58 12,119.39
9 Investments 2.42 - 0.93 - - - 12,228.36
3
10 Turnover / Income from Operations 81.81 2,013.56 0.68 111.54 141.09 57.82 3,309.02
11 Profit before taxation 4.07 29.65 0.56 (3.35) 11.42 2.16 9.71
12 Provision for taxation 1.37 11.56 0.11 (0.58) 3.26 0.44 (0.21)
13 Profit after taxation 2.70 18.09 0.45 (2.77) 8.16 1.72 9.92
Financials
14 Proposed Dividend - - - - - - -
15 % of shareholding 100 100 100 100 61.50 100 100
Notes: The following information shall be furnished at the end of the statement:
1 Names of the subsidiaries which are NA NA NA NA NA NA NA
yet to commence operations
2 Names of subsidiaries which have NA NA NA NA NA NA NA
been liquidated or sold during the
year.
For and on behalf of the Board of Directors
Sd/- Sd/- Sd/-

J Kumar A K Mukherjee Gautam Chatterjee
Place: Mumbai Company Secretary & EVP - Legal & Admin Director - Finance & CFO Managing Director & CEO
Date: 7th May, 2018 ACS:11159 DIN: 00131626 DIN:00012306

219
NOTES
NOTES
NOTES
PROXY FORM
FORM NO. MGT-11
Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies
(Management and Administration) Rules, 2014
CIN: L31402WB1947PLC014919
Name of the Company: EXIDE INDUSTRIES LIMITED
Registered Office: Exide House, 59E Chowringhee Road, Kolkata 700 020
E-mail: [email protected]
Website: www.exideindustries.com
71st Annual General Meeting – 2nd August, 2018
Name of the Member(s) : ..............................................................................................................................................................

Registered Address : ..............................................................................................................................................................
E-mail ID : ..............................................................................................................................................................
Folio No. /Client ID : ..............................................................................................................................................................
DP-ID : ..............................................................................................................................................................
I/We, being the member(s), holding..........................................................shares of the above named company, hereby appoint:
(1) Name ............................................................................................. Address ..................................................................

Email Id ............................................................................................. Signature................................ or failing him/her;
(2) Name ............................................................................................. Address .................................................................
Email Id ............................................................................................. Signature................................. or failing him/her;
(3) Name ............................................................................................. Address .................................................................
Email Id ............................................................................................. Signature...............................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 71st Annual General Meeting of the
Company, to be held on Thursday, 2nd August, 2018 at 10.30 am at Kala Mandir, 48 Shakespeare Sarani, Kolkata – 700 017
and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution No. Resolutions *

Ordinary Business For Against
Adoption of audited financial statements (including audited consolidated financial statements) for the financial year ended
1.
31st March, 2018 and the Reports of the Directors and the Auditors thereon.
2. Confirmation of Interim dividend and declaration of final dividend for the financial year ended 31st March, 2018.
3. Re-appoinment of Mr. A.K.Mukherjee (DIN: 00131626) who retires by rotation and, being eligible, offers himself for re-appoinment.
4. Re-appoinment of Mr. Arun Mittal (DIN: 00412767) who retires by rotation and, being eligible, offers himself for re-appoinment.
Special Business
5. Ratification of remuneration payable to Cost Auditors for financial year 2018-19.
6. Appointment of Mr. Surin Shailesh Kapadia (DIN: 00770828) as an independent director
7. Amendment in terms of remuneration payable to Whole-time directors
Signed this...................................................................................................day of..............................................................................................., 2018

Affix
Signature of Member(s)................................................................................................................................................................................................. Revenue
Stamp
Signature of Proxy holder(s)..........................................................................................................................................................................................
Note:
1. This form of proxy in order to be effective should be duly completed and deposited at the Registered office of the Company, not less than 48 hours before the commencement
of the Meeting (on or before 31st July, 2018 at 10.30 a.m. IST).
2. For the Resolutions, Explanatory Statement and Notes, please refer to the Notice of the 71st Annual General Meeting.
*3. It is optional to put a ’X’ in the appropriate column against the Resolutions indicated in the Box. If you leave the ‘For’ or ‘Against’ column blank against any or all Resolutions,
your Proxy will be entitled to vote in the manner as he/she thinks appropriate.
ROUTE MAP TO THE VENUE OF THE 71ST AGM OF EXIDE INDUSTRIES LIMITED

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2017-18

ANNUAL REPORT I EXIDE INDUSTRIES LIMITED

this Report Progressing Sustainably

Y-o-Y: Growth in 2017-18 vis-a-vis 2016-17

Equity Share Information

Proposed Final dividend:

We are now focusing on bringing in the new-age technologies, both in

We are strengthening global technology collaborations for product

At Exide, we specialise in both

Leadership position Our manufacturing strength includes

4,500 mn Ah Our international collaborations are

Annual Report 2017-18

OUR CAPEX OUTLAY

CORE VALUES Standby Railways

Annual Report 2017-18

Growing Global Operations

CHINCHWAD PLANT HOSUR PLANT

Locational Advantage Legend

Annual Report 2017-18

LEBANON ARMENIA QATAR

POLAND KUWAIT AFGHANISTAN

PORTUGAL SOUTH KOREA

SAUDI HONG KONG

ECUADOR ANGOLA AUSTRALIA

CHILE ZAMBIA INDONESIA

ARGENTINA ZIMBABWE MALAYSIA

MOZAMBIQUE MAURITIUS SRI LANKA

Annual Report 2017-18

TURNOVER (NET) OPERATING PROFIT (EBIDTA)

2017-18 9,186 2017-18 1,241

10-YEAR CAGR 12% Y- O - Y G R O W T H 21% 10-YEAR CAGR 10% Y- O - Y G R O W T H 15%

PROFIT BEFORE TAX (PBT)* PROFIT AFTER TAX (PAT)

2017-18 1,048 2017-18** 668

10-YEAR CAGR 10% Y- O - Y G R O W T H 7% 10-YEAR CAGR 10%

DIVIDEND PAYOUT SHAREHOLDERS’ FUNDS

2017-18# 246 2017-18 5,389

Annual Report 2017-18

CONTRIBUTION TO THE EXCHEQUER EARNINGS PER SHARE

2017-18 1,730 2017-18 7.86

SOURCES OF FUNDS APPLICATION OF FUNDS

REVENUE MIX (GEOGRAPHY-WISE) REVENUE MIX (BUSINESS-WISE)

Annual Report 2017-18

Annual Report 2017-18

Annual Report 2017-18

Smarter THE NEXT-GENERATION

Annual Report 2017-18

Manufacturing Company (one of the

Annual Report 2017-18

Quality Assurance AT EXIDE, WE HAVE

QUALITY CIRCLE (QC)

Annual Report 2017-18

Transitioned from an ISO 9001:2008 Upgraded all factories to

Annual Report 2017-18

Refreshed AT EXIDE, WE HAVE

‘Tomorrow STRATEGY THAT

Mindset’ OF EXIDE FROM INDIA’S

You THE EXIDE DRIVE –

Annual Report 2017-18

Launched across the country, garnering

Home-UPS: Genset batteries: Inverter batteries: E-Rickshaw batteries: