Exide AGM to Declare Rs 2.00 Dividend per Share for FY 23-24

Exide plans to declare a final dividend of Rs 2.00 per share for FY 23-24, pending shareholder approval at its AGM on July 29, 2024, alongside key appointments and financial agenda items.

by Damodharan N

Updated Jul 08, 2024

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Exide AGM to Declare Rs 2.00 Dividend per Share for FY 23-24

Exide has announced that its Board of Directors has recommended a final dividend of 200%, amounting to Rs 2.00 per equity share of face value Rs 1 each, for the fiscal year ending March 31, 2024.

This proposal, subject to shareholder approval at the upcoming Annual General Meeting scheduled for July 29, 2024, reflects a dividend payout ratio of 16% of the net profit after tax. The total dividend outlay is set at Rs 170 crore, consistent with the previous fiscal year.

The AGM agenda also includes the adoption of audited financial statements for FY 2023-24, the appointment of a director in place of Mr. A K Mukherjee, and the consideration of special resolutions such as the appointment of Mr. Avik Kumar Roy as Managing Director and CEO for a three-year term starting May 1, 2024.

Additionally, shareholders will vote on increasing the limit of remuneration payable to non-executive directors and appointing Ms. Radhika Govind Rajan as a Non-Executive & Independent Director for a five-year term.

Further, the AGM will deliberate on ratifying the remuneration payable to Mani & Co., Cost Accountants, appointed as Cost Auditors for the financial year ending March 31, 2025. The meeting will be conducted via video conferencing/other audio-visual means (VC).

Exide Industries Annual Report 

Exide Industries Limited, established in 1947, is a distinguished multinational enterprise in India's battery manufacturing sector. The company is renowned for its pioneering lead-acid batteries and power storage solutions.

Exide caters to both domestic and global markets with a diverse product portfolio that includes automotive and industrial batteries, as well as cutting-edge lithium-ion technology.

Key Highlights

The company operates multiple state-of-the-art manufacturing facilities and maintains a strong commitment to innovation, sustainability, and ethical business practices. The key highlights of the company are given below

  • Revenue: ₹16,000 crores+
  • Profit After Tax: ₹1,050 crores+
  • Global Presence: 63 countries
  • Manufacturing Facilities: 10 locations in India
  • Lead Recycling Capacity: 346 KMT p.a. from three recycling factories

Standalone Financial Metrics:

  • Revenue: ₹14,500 crores (up 8% YoY)
  • EBITDA: ₹1,650 crores (up 10% YoY)
  • Net Profit: ₹900 crores (up 12% YoY)

Financial Results

FY 2023-24

FY 2022-23

Change (%)

Revenue from operations

16,029.19

14,591.93

9.85

Earnings before depreciation, finance cost, tax expenses & exceptional item

1,871.38

1,568.01

19.35

Other income

84.54

132.39

-36.14

Depreciation and amortisation expenses

497.45

455.78

9.14

Finance cost

48.59

29.53

64.54

Profit Before Tax

1,409.88

1,215.09

16.03

Tax expenses

356.92

311.46

14.60

Profit After Tax

1,052.96

903.63

16.53

Other Comprehensive Income

1,044.53

-291.98

-457.74

Total Comprehensive Income for the year

2,097.49

611.65

242.92

Balance brought forward

11,124.75

10,513.10

5.82

Making a total of

13,222.24

11,124.75

18.85

Final Dividend for FY 2022-23 (200%)

170.00

0.00

-

Balance carried forward to next year

13,052.24

11,124.75

17.33

Consolidated Financial Metrics:

  • Revenue: ₹16,000 crores (up 7% YoY)
  • EBITDA: ₹1,800 crores (up 9% YoY)
  • Net Profit: ₹1,050 crores (up 11% YoY)

Management's Discussion and Analysis (MD&A)

Management's Discussion and Analysis (MD&A) provides a strategic outlook and review of the company.

  • The company continues to strengthen its position in both automotive and industrial segments.
  • Significant investment in R&D to support the development of new products and technologies, particularly in the lithium-ion battery segment.
  • Continued focus on expanding market reach and enhancing customer service.
  • Commitment to sustainability and reducing carbon footprint through eco-friendly manufacturing practices.

 

Key Strengths and Weaknesses:

The Key Strengths and Weaknesses analysis provides insights into the company's competitive advantages and areas needing improvement.

  • Strengths:
    • Strong market presence and brand recognition.
    • Diversified product portfolio catering to multiple sectors.
    • Robust financial health with a debt-free status.
    • Strategic investments in technology and innovation.
  • Weaknesses:
    • Dependency on raw material imports which can be affected by global price fluctuations.
    • Competitive market dynamics require continuous innovation and cost management.

Future Outlook

The Goals and Objectives for the Next Year from the company annual report are given below

  • Completion of Phase-1 of the green-field lithium-ion cell manufacturing plant.
  • Further expansion into global markets with a focus on enhancing the distribution network.
  • Continuous improvement in operational efficiency and cost management.
  • Strengthening sustainability initiatives to achieve long-term environmental goals.

Exide Industries Limited has demonstrated strong performance and resilience in the face of economic challenges. With a solid financial foundation, innovative product development, and a commitment to sustainability, Exide is well-positioned to capitalize on future opportunities and continue delivering value to its shareholders

Read the full Annual Report and AGM Notice Here 

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Exide Industries Limited 

Exide Industries Limited has been a stalwart in India's battery industry for over seven decades, known for its robust presence and innovation in lead-acid storage batteries. As India's largest storage battery company, Exide offers a wide array of products ranging from conventional flooded to advanced VRLA batteries, catering not only to domestic needs but also exporting to Southeast Asia and Europe.

With nine strategically located manufacturing units across India, including dedicated facilities for batteries and home UPS systems, Exide leverages cutting-edge technology and global collaborations with Furukuwa and East Penn Manufacturing to maintain its market leadership.

Additionally, Exide's commitment to quality is underscored by ISO certifications and its extensive global footprint, including subsidiaries in the UK, Singapore, and Sri Lanka, and exports to 45 countries across six continents.

Exide AGM to Declare Rs 2.00 Dividend per Share for FY 23-24 FAQs

1. What was Exide Industries' revenue for FY 2023-24?  

 Exide Industries revenue for FY 2023-24 is ₹16,029.19 crores.

2. How did Exide Industries' revenue for FY 2023-24 compare to FY 2022-23?  

 Exide Industries' revenue for FY 2023-24 increased by 9.85%.

3. What was the EBITDA for Exide Industries in FY 2023-24?  

The EBITDA for Exide Industries in FY 2023-24 is ₹1,871.38 crores.

4. What percentage increase was seen in EBITDA from FY 2022-23 to FY 2023-24?  

An increase of 19.35% was seen in EBITDA from FY 2022-23 to FY 2023-24. 

5. What was the net profit for Exide Industries in FY 2023-24?  

The net profit for Exide Industries in FY 2023-24 is ₹1,052.96 crores.

6. How much did the net profit grow compared to the previous year?  

 The net profit grew by an increase of 16.53%.

7. What was the total comprehensive income for Exide Industries in FY 2023-24?  

The total comprehensive income for Exide Industries in FY 2023-24 is ₹2,097.49 crores.

8. How did the total comprehensive income in FY 2023-24 compare to FY 2022-23?  

The total comprehensive income increased by 242.92%.

9. What were the depreciation and amortisation expenses in FY 2023-24?  

The depreciation and amortisation expenses is ₹497.45 crores.

10. How much did depreciation and amortisation expenses increase from FY 2022-23 to FY 2023-24?  

The depreciation and amortisation expenses increase from FY 2022-23 to FY 2023-24 Increased by 9.14%.

11. What were the finance costs for Exide Industries in FY 2023-24?  

The finance costs for Exide Industries in FY 2023-24 is ₹48.59 crores.

12. How did the finance costs in FY 2023-24 compare to FY 2022-23?  

 The finance costs increased by 64.54%.

13. What was Exide Industries' profit before tax for FY 2023-24?  

Exide Industries' profit before tax for FY 2023-24 is ₹1,409.88 crores.

14. What was the percentage increase in profit before tax from FY 2022-23?  

 The percentage increase in profit before tax is  increased by 16.03%.

15. What were the tax expenses for Exide Industries in FY 2023-24?  

The tax expenses for Exide Industries in FY 2023-24 is ₹356.92 crores.

16. How did tax expenses change from FY 2022-23 to FY 2023-24?  

The tax expenses increased by 14.60%.

17. What was the other income amount in FY 2023-24?  

 The other income amount in FY 2023-24 is ₹84.54 crores.

18. How did other income in FY 2023-24 compare to FY 2022-23?  

The other income decreased by 36.14%.

19. What was the standalone revenue for Exide Industries in FY 2023-24?  

The standalone revenue for Exide Industries in FY 2023-24 is ₹14,500 crores.

20. What percentage did standalone revenue increase from the previous year?  

The standalone revenue Increased by 8% YoY.

21. What was the EBITDA for Exide Industries on a standalone basis?  

 The EBITDA for Exide Industries on a standalone is ₹1,650 crores.

22. How much did standalone EBITDA grow compared to the previous year?  

The EBITDA growed by increase of 10% YoY.

23. What was the standalone net profit for Exide Industries?      

The standalone net profit for Exide Industries is ₹900 crores.

24. What was the YoY growth in standalone net profit?  

 The YoY growth in standalone net profit increased of 12% YoY.

25. What is the final dividend for FY 2023-24 declared by Exide Industries?  

The final dividend for FY 2023-24 declared by Exide Industries is 200% (₹170.00 crores).

26. What was the balance carried forward to the next year for Exide Industries?  

The balance carried forward to the next year for Exide Industries is ₹13,052.24 crores.

27. How did the balance carried forward to the next year change compared to FY 2022-23?      

The balance carried forward to the next year is increased by 17.33%.

28. What was the balance brought forward to FY 2023-24?  

the balance brought forward to FY 2023-24 is ₹11,124.75 crores.

29. How much did the balance brought forward increase from FY 2022-23?    

The balance brought forward Increased by 5.82%.

30. What is the company's lead recycling capacity?  

The company's lead recycling capacity is 346 KMT per annum.

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