FINANCIAL STATEMEN

EX

Balance Sheet 2015 2016

Total assets 5,403 6,138
      Non-current assets 3,086 4,149
            Property, plant and equipment 1,070 1,242
                  Other property, plant and equipment 1,070 1,242
            Construction in progress 100.17 185.81
            Intangible assets and goodwill 20.20 22.97
            Long-term financial assets 1,896 2,698
                  Other non-current financial assets 1,896 2,698
      Current assets 2,317 1,989
            Inventories 1,523 1,134
                  Other inventories 1,523 1,134
            Trade and other receivables 555.03 603.94
                  Current trade receivables 555.03 603.94
            Prepayments, accrued income and other deferred current assets 207.72 22.76
            Cash and Cash Equivalents 29.82 73.83
                  Cash at banks and on hand 29.82 73.83
            Other current assets 1.29 155.30
Total equity and liabilities 5,403 6,138
      Total equity 4,055 4,511
            Equity attributable to owners of the parent 4,055 4,511
                  Issued capital 85.00 85.00
                        Ordinary shares 85.00 85.00
                  Revaluation reserve 22.59 0.00
                  Other reserves 3,947 4,426
      Total liabilities 1,348 1,627
            Non-current liabilities 125.92 126.95
                  Deferred revenue, accrued expenses and other deferred non-current125.92
liabilities 126.95
            Current liabilities 1,222 1,500
                  Current loans and borrowings 17.55 102.51
                  Trade and other payables 647.87 744.90
                  Provisions for other liabilities and charges 278.82 234.18
                  Other current liabilities 277.88 418.43

EVER

Balance Sheet 2015 2016

Total assets 1,094 1,124
      Non-current assets 726.81 719.54
            Property, plant and equipment 214.39 229.82
                  Other property, plant and equipment 214.39 229.82
            Construction in progress 27.79 22.07
            Intangible assets and goodwill 481.97 464.99
            Long-term financial assets 2.66 2.66
                  Other non-current financial assets 2.66 2.66
      Current assets 367.14 404.37
            Inventories 259.55 237.41
                  Other inventories 259.55 237.41
            Trade and other receivables 48.92 70.54
                  Current trade receivables 48.92 70.54
            Prepayments, accrued income and other deferred current assets 34.93 75.63
            Cash and Cash Equivalents 2.67 2.69
                  Cash at banks and on hand 2.67 2.69
            Other current assets 21.07 18.10
Total equity and liabilities 1,094 1,124
      Total equity 624.78 659.65
            Equity attributable to owners of the parent 624.78 659.65
                  Issued capital 36.34 36.34
                        Ordinary shares 36.34 36.34
                  Other reserves 588.44 623.31
      Total liabilities 469.17 464.24
            Non-current liabilities 61.66 77.96
                  Non-current loans and borrowings 52.80 66.96
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
8.86 11.00
            Current liabilities 407.51 386.28
                  Current loans and borrowings 120.69 71.77
                  Trade and other payables 214.12 213.41
                  Provisions for other liabilities and charges 17.50 25.11
                  Other current liabilities 55.20 75.99

Balance Sheet 2015 2016

Total assets 2,388 2,908
      Non-current assets 1,047 1,452
            Property, plant and equipment 939.89 1,312
                  Other property, plant and equipment 939.89 1,312
            Construction in progress 86.32 119.91
            Intangible assets and goodwill 4.37 4.06
            Long-term financial assets 16.08 16.08
                  Other non-current financial assets 16.08 16.08
      Current assets 1,341 1,456
            Inventories 418.13 601.65
                  Other inventories 418.13 601.65
            Trade and other receivables 554.10 592.15
                  Current trade receivables 554.10 592.15
            Prepayments, accrued income and other deferred current assets 139.55 100.70
            Cash and Cash Equivalents 222.17 150.26
                  Cash at banks and on hand 222.17 150.26
            Other current assets 7.47 11.25
Total equity and liabilities 2,388 2,908
      Total equity 1,700 2,102
            Equity attributable to owners of the parent 1,700 2,102
                  Issued capital 17.08 17.08
                        Ordinary shares 17.08 17.08
                  Other reserves 1,682 2,085
      Total liabilities 688.52 806.68
            Non-current liabilities 110.99 131.31
                  Non-current loans and borrowings 74.14 72.47
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
36.85 58.84
            Current liabilities 577.53 675.37
                  Trade and other payables 152.08 330.06
                  Provisions for other liabilities and charges 163.88 98.26
                  Other current liabilities 261.57 247.06
CIAL STATEMENTS OF THE COMPANIES.

EXIDE INDUSTRIES INDIA Ltd.

2017 2018 2019

6,776 7,397 8,172
4,361 4,161 4,752
1,525 1,935 2,266
1,525 1,935 2,266
141.36 233.50 254.93
21.50 23.36 31.30
2,674 1,969 2,199
2,674 1,969 2,199
2,414 3,236 3,421
1,527 1,760 1,804
1,527 1,760 1,804
621.65 943.39 1,081
621.65 943.39 1,081
23.49 27.20 32.16
19.57 87.19 73.55
19.57 87.19 73.55
222.22 418.12 430.11
6,776 7,397 8,172
4,964 5,389 5,987
4,964 5,389 5,987
85.00 85.00 85.00
85.00 85.00 85.00
0.00 0.00 0.00
4,879 5,304 5,902
1,812 2,008 2,185
155.18 140.50 175.14
155.18 140.50 175.14
1,657 1,867 2,010
170.23 0.00 0.00
767.85 1,079 1,148
264.67 279.31 313.63
454.08 509.05 549.08

EVEREADY INDUSTRIES INDIA Ltd.

2017 2018 2019

805.65 1,031 1,180
 343.22 362.92 357.52
331.27 354.26 332.17
331.27 354.27 332.17
6.40 2.83 4.74
2.89 3.17 10.45
2.66 2.66 10.16
2.66 2.66 10.16
462.45 668.52 822.24
284.30 300.11 252.80
284.30 300.11 252.80
83.87 120.61 105.30
83.87 120.61 105.30
8.95 90.84 232.44
3.10 4.08 5.20
3.10 4.08 5.20
82.23 152.89 226.50
805.65 1,031 1,180
289.52 344.26 376.69
289.52 344.26 376.69
36.34 36.34 36.34
36.34 36.34 36.34
253.18 307.92 340.35
516.12 687.19 803.07
95.74 91.68 214.81
94.53 85.45 209.95
1.21 6.23 4.86
420.38 595.51 588.26
72.72 103.39 84.52
239.91 327.12 256.02
20.04 20.21 23.42
87.72 144.79 224.30

AMARA RAJA BATTERIES Ltd.

2017 2018 2019

3,585 4,169 4,496
1,879 1,965 2,148
1,487 1,698 1,809
1,487 1,698 1,809
240.25 226.38 314.74
5.12 5.06 3.71
146.66 35.14 20.46
146.66 35.14 20.46
1,706 2,204 2,348
816.95 1,050 1,061
816.95 1,050 1,061
570.49 782.45 768.58
570.49 782.45 768.58
0.00 0.00 0.00
170.92 111.28 71.75
170.92 111.28 71.75
147.16 260.34 446.23
3,585 4,169 4,496
2,593 2,937 3,335
2,593 2,937 3,335
17.08 17.08 17.08
17.08 17.08 17.08
2,576 2,920 3,318
991.50 1,231 1,161
150.52 146.24 142.71
69.01 58.43 46.80
81.51 87.81 95.91
840.98 1,085 1,018
418.44 592.26 510.44
94.08 101.11 131.35
328.46 391.55 376.12
OMPANIES.

IES INDIA Ltd.

Income Statement 2015 2016 2017

Total operating revenue 7,655 7,734 8,554
      Net sales revenue 7,655 7,734 8,554
    COGS 4,800 3,986 4,994
Gross profit 2,856 3,748 3,560
      Operating expenses 711.50 858.61 942.91
      Changes in inventories of finished goods and work in progress 282.43 252.00 294.25
      Employee benefit expense 416.78 467.03 519.57
            Wages and salaries 416.78 467.03 519.57
      Other costs by nature 1,102 1,154 1,309
      Depreciation, amortization and impairment charges 139.52 157.93 206.32
Operating profit (EBIT) 768.15 858.15 876.16
EBITDA 907.67 1,016 1,082
Financial result 1.67 1.67 4.31
      Finance Expenses 1.67 1.67 4.31
            Interest expense 1.67 1.67 4.31
Net - other non-operating result 32.01 51.70 103.88
Profit before income tax 798.49 908.18 975.73
Income tax 252.62 283.72 282.09
Profit after income tax 545.87 624.46 693.64
      Other Extraordinary Items 0.00 5.04 0.00
Net Profit (Loss) for the Period 545.87 624.46 693.64

TRIES INDIA Ltd.

Income Statement 2015 2016 2017

Total operating revenue 1,339 1,394 1,419
       Net sales revenue 1,339 1,394 1,419
      COGS 574.42 576.15 544.67
Gross profit 765.07 817.75 874.02
      Operating expenses 218.91 227.57 226.15
      Changes in inventories of finished goods and work in progress 10.37 16.36 51.69
      Employee benefit expense 113.40 131.56 144.22
            Wages and salaries 113.40 131.56 144.22
      Other costs by nature 319.46 321.77 422.04
      Depreciation, amortization and impairment charges 31.98 30.59 14.93
Operating profit (EBIT) 91.69 89.90 118.37
EBITDA 123.67 120.49 133.30
Financial result 33.60 30.50 23.23
      Finance Expenses 33.60 30.50 23.23
            Interest expense 33.60 30.50 23.23
Net - other non-operating result 3.90 8.10 9.57
Profit before income tax 62.01 67.50 104.70
Income tax 12.98 16.85 11.07
Profit after income tax 49.03 50.65 93.63
      Other Extraordinary Items 0.00 0.00 0.78
Net Profit (Loss) for the Period 49.03 50.65 93.63

ATTERIES Ltd.

Income Statement 2015 2016 2017

Total operating revenue 4,637 5,242 5,981
      Net sales revenue 4,637 5,242 5,981
      COGS 2,549 2,742 3,452
Gross profit 2,088 2,500 2,529
      Operating expenses 346.09 451.37 466.00
      Changes in inventories of finished goods and work in progress 47.99 103.12 171.10
      Employee benefit expense 195.09 243.00 277.75
            Wages and salaries 195.09 243.00 277.75
      Other costs by nature 874.05 1,092 1,107
      Depreciation, amortization and impairment charges 133.99 139.87 191.17
      Net other operating result 11.39 0.00 0.00
            Other operating expenses 11.39 0.00 0.00
Operating profit (EBIT) 575.08 676.99 658.74
EBITDA 709.07 816.86 849.91
Financial result 0.24 0.48 5.77
      Finance Expenses 0.24 0.48 5.77
            Interest expense 0.24 0.48 5.77
Net - other non-operating result 42.30 45.69 49.24
Profit before income tax 617.14 722.19 702.21
Income tax 199.00 232.75 223.72
Profit after income tax 418.14 489.44 478.49
      Other Extraordinary Items 7.28 0.00 2.01
Net Profit (Loss) for the Period 410.86 489.44 478.49
2018 2019 Cash Flow Statement
9,460 10,588 Net cash flow from (used in) operating activities
9,460 10,588       Cash generated from operations
6,130 6,989             Adjustments for: Other adjustments
3,330 3,600             Changes in: Other changes
974.89 1,153 Net cash flow from (used in) investing activities
144.53 36.85       Other investing activity cash flows
597.17 637.66 Net cash flow from (used in) financing activities
597.17 637.66       Other financing activity cash flow
661.39 434.79 Net increase (decrease) in cash and cash equivalents
245.94 313.50 Cash at the beginning of the period
994.82 1,098 Cash at the end of the period
1,241 1,411
5.24 6.05
5.24 6.05
5.24 6.05
58.41 38.50
1,048 1,130
337.81 394.53
710.18 735.76
41.83 110.21
668.35 844.05

2018 2019 Cash Flow Statement

1,475 1,458 Net cash flow from (used in) operating activities
 1,475 1,458       Cash generated from operations
504.32 496.91             Adjustments for: Other adjustments
970.91 960.82             Changes in: Other changes
262.55 234.68 Net cash flow from (used in) investing activities
8.13 42.76       Other investing activity cash flows
167.71 156.90 Net cash flow from (used in) financing activities
167.71 156.90       Other financing activity cash flow
443.42 403.72 Net increase (decrease) in cash and cash equivalents
19.24 21.84 Cash at the beginning of the period
86.12 100.92 Cash at the end of the period
105.36 122.76
28.70 53.99
28.70 53.99
28.70 53.99
19.77 35.41
77.18 82.36
22.44 11.85
54.74 70.51
0.00 23.25
54.74 47.26

2018 2019 Cash Flow Statement

6,233 6,793 Net cash flow from (used in) operating activities
6,233 6,793       Cash generated from operations
3,922 4,603             Adjustments for: Other adjustments
2,311 2,190             Changes in: Other changes
495.86 558.75 Net cash flow from (used in) investing activities
27.17 129.14       Other investing activity cash flows
308.99 345.23 Net cash flow from (used in) financing activities
308.99 345.23       Other financing activity cash flow
650.36 463.46 Net increase (decrease) in cash and cash equivalents
230.34 261.20 Cash at the beginning of the period
0.00 0.00 Exchange gain (loss) on cash and cash equivalents
0.00 0.00 Cash at the end of the period
652.89 690.55
883.23 951.75
5.06 6.95
5.06 6.95
5.06 6.95
66.37 46.77
714.20 730.37
242.88 246.88
471.32 483.49
0.69 -0.17
471.32 483.49
2015 2016 2017 2018 2019
326.25 1,340 429.91 516.61 1,004
326.25 1,340 429.91 516.61 1,004
-472.24 431.58 -545.82 -489.55 -234.79
798.49 908.18 975.73 1,006 1,239
-214.78 -1,146 -307.22 -28.04 -765.61
-214.78 -1,146 -307.22 -28.04 -765.61
-201.60 -149.74 -178.13 -421.25 -251.99
-201.60 -149.74 -178.13 -421.25 -251.99
-90.13 44.02 -55.44 67.32 -13.81
119.95 29.81 66.63 11.19 78.51
29.82 73.83 11.19 78.51 64.70

2015 2016 2017 2018 2019

89.03 115.40 90.46 81.33 75.13
 89.03 115.40 90.46 81.33 75.13
27.02 47.91 -14.25 4.15 16.03
62.00 67.50 104.71 77.18 59.10
-30.93 -55.88 -68.15 -101.26 -144.64
-30.93 -55.88 -68.15 -101.26 -144.64
-56.30 -59.64 -11.43 -35.05 151.21
-56.30 -59.64 -11.43 -35.05 151.21
1.80 -0.12 10.87 -54.98 81.71
0.38 2.18 -50.93 -40.06 -95.03
2.18 2.07 -40.06 -95.03 -13.33

2015 2016 2017 2018 2019

388.22 554.72 552.89 321.66 541.34
388.22 554.72 552.89 321.66 541.34
-221.64 -167.47 -149.32 -392.54 -189.03
609.86 722.19 702.21 714.20 730.37
-381.02 -393.82 -534.94 -244.26 -463.14
-381.02 -393.82 -534.94 -244.26 -463.14
-74.74 -163.66 -1.97 -138.16 -91.62
-74.74 -163.66 -1.97 -138.16 -91.62
-67.54 -2.76 15.98 -60.76 -13.42
292.86 74.59 78.42 100.74 48.73
-5.12 6.59 6.34 8.75 14.84
220.20 78.43 100.74 48.73 50.15
Balance Sheet
Total assets
      Non-current assets
            Property, plant and equipment
                  Other property, plant and equipment
            Construction in progress
            Intangible assets and goodwill
            Long-term financial assets
                  Other non-current financial assets
      Current assets
            Inventories
                  Other inventories
            Trade and other receivables
                  Current trade receivables
            Prepayments, accrued income and other deferred current assets
            Cash and Cash Equivalents
                  Cash at banks and on hand
            Other current assets
Total equity and liabilities
      Total equity
            Equity attributable to owners of the parent
                  Issued capital
                        Ordinary shares
                  Revaluation reserve
                  Other reserves
      Total liabilities
            Non-current liabilities
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
            Current liabilities
                  Current loans and borrowings
                  Trade and other payables
                  Provisions for other liabilities and charges
                  Other current liabilities
Balance Sheet
Total assets
      Non-current assets
            Property, plant and equipment
                  Other property, plant and equipment
            Construction in progress
            Intangible assets and goodwill
            Long-term financial assets
                  Other non-current financial assets
      Current assets
            Inventories
                  Other inventories
            Trade and other receivables
                  Current trade receivables
            Prepayments, accrued income and other deferred current assets
            Cash and Cash Equivalents
                  Cash at banks and on hand
            Other current assets
Total equity and liabilities
      Total equity
            Equity attributable to owners of the parent
                  Issued capital
                        Ordinary shares
                  Other reserves
      Total liabilities
            Non-current liabilities
                  Non-current loans and borrowings
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
            Current liabilities
                  Current loans and borrowings
                  Trade and other payables
                  Provisions for other liabilities and charges
                  Other current liabilities

Balance Sheet
Total assets
      Non-current assets
            Property, plant and equipment
                  Other property, plant and equipment
            Construction in progress
            Intangible assets and goodwill
            Long-term financial assets
                  Other non-current financial assets
      Current assets
            Inventories
                  Other inventories
            Trade and other receivables
                  Current trade receivables
            Prepayments, accrued income and other deferred current assets
            Cash and Cash Equivalents
                  Cash at banks and on hand
            Other current assets
Total equity and liabilities
      Total equity
            Equity attributable to owners of the parent
                  Issued capital
                        Ordinary shares
                  Other reserves
      Total liabilities
            Non-current liabilities
                  Non-current loans and borrowings
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
            Current liabilities
                  Trade and other payables
                  Provisions for other liabilities and charges
                  Other current liabilities
 EXIDE INDUSTRIES INDIA Ltd.

2015 2016 2017 2018 2019

1.000 1.000 1.000 1.000 1.000
0.571 0.676 0.644 0.563 0.581
0.198 0.202 0.225 0.262 0.277
0.198 0.202 0.225 0.262 0.277
0.019 0.030 0.021 0.032 0.031
0.004 0.004 0.003 0.003 0.004
0.351 0.440 0.395 0.266 0.269
0.351 0.440 0.395 0.266 0.269
0.429 0.324 0.356 0.437 0.419
0.282 0.185 0.225 0.238 0.221
0.282 0.185 0.225 0.238 0.221
0.103 0.098 0.092 0.128 0.132
0.103 0.098 0.092 0.128 0.132
0.038 0.004 0.003 0.004 0.004
0.006 0.012 0.003 0.012 0.009
0.006 0.012 0.003 0.012 0.009
0.000 0.025 0.033 0.057 0.053
1.000 1.000 1.000 1.000 1.000
0.750 0.735 0.733 0.729 0.733
0.750 0.735 0.733 0.729 0.733
0.016 0.014 0.013 0.011 0.010
0.016 0.014 0.013 0.011 0.010
0.004 0.000 0.000 0.000 0.000
0.731 0.721 0.720 0.717 0.722
0.250 0.265 0.267 0.271 0.267
0.023 0.021 0.023 0.019 0.021
0.023 0.021 0.023 0.019 0.021
0.226 0.244 0.245 0.252 0.246
0.003 0.017 0.025 0.000 0.000
0.120 0.121 0.113 0.146 0.140
0.052 0.038 0.039 0.038 0.038
0.051 0.068 0.067 0.069 0.067

EVEREADY INDUSTRIES INDIA Ltd.

2015 2016 2017 2018 2019
1.000 1.000 1.000 1.000 1.000
0.664 0.640 0.426 0.352 0.303
0.196 0.204 0.411 0.343 0.282
0.196 0.204 0.411 0.343 0.282
0.025 0.020 0.008 0.003 0.004
0.441 0.414 0.004 0.003 0.009
0.002 0.002 0.003 0.003 0.009
0.002 0.002 0.003 0.003 0.009
0.336 0.360 0.574 0.648 0.697
0.237 0.211 0.353 0.291 0.214
0.237 0.211 0.353 0.291 0.214
0.045 0.063 0.104 0.117 0.089
0.045 0.063 0.104 0.117 0.089
0.032 0.067 0.011 0.088 0.197
0.002 0.002 0.004 0.004 0.004
0.002 0.002 0.004 0.004 0.004
0.019 0.016 0.102 0.148 0.192
1.000 1.000 1.000 1.000 1.000
0.571 0.587 0.359 0.334 0.319
0.571 0.587 0.359 0.334 0.319
0.033 0.032 0.045 0.035 0.031
0.033 0.032 0.045 0.035 0.031
0.538 0.555 0.314 0.299 0.288
0.429 0.413 0.641 0.666 0.681
0.056 0.069 0.119 0.089 0.182
0.048 0.060 0.117 0.083 0.178
0.008 0.010 0.002 0.006 0.004
0.373 0.344 0.522 0.577 0.499
0.110 0.064 0.090 0.100 0.072
0.196 0.190 0.298 0.317 0.217
0.016 0.022 0.025 0.020 0.020
0.050 0.068 0.109 0.140 0.190

AMARA RAJA BATTERIES Ltd.

2015 2016 2017 2018 2019

1.000 1.000 1.000 1.000 1.000
0.438 0.499 0.524 0.471 0.478
0.394 0.451 0.415 0.407 0.402
0.394 0.451 0.415 0.407 0.402
0.036 0.041 0.067 0.054 0.070
0.002 0.001 0.001 0.001 0.001
0.007 0.006 0.041 0.008 0.005
0.007 0.006 0.041 0.008 0.005
0.562 0.501 0.476 0.529 0.522
0.175 0.207 0.228 0.252 0.236
0.175 0.207 0.228 0.252 0.236
0.232 0.204 0.159 0.188 0.171
0.232 0.204 0.159 0.188 0.171
0.058 0.035 0.000 0.000 0.000
0.093 0.052 0.048 0.027 0.016
0.093 0.052 0.048 0.027 0.016
0.003 0.004 0.041 0.062 0.099
1.000 1.000 1.000 1.000 1.000
0.712 0.723 0.723 0.705 0.742
0.712 0.723 0.723 0.705 0.742
0.007 0.006 0.005 0.004 0.004
0.007 0.006 0.005 0.004 0.004
0.705 0.717 0.719 0.701 0.738
0.288 0.277 0.277 0.295 0.258
0.046 0.045 0.042 0.035 0.032
0.031 0.025 0.019 0.014 0.010
0.015 0.020 0.023 0.021 0.021
0.242 0.232 0.235 0.260 0.226
0.064 0.113 0.117 0.142 0.114
0.069 0.034 0.026 0.024 0.029
0.110 0.085 0.092 0.094 0.084
S INDIA Ltd.

Income Statement 2015 2016

Total operating revenue 1.000 1.000
      Net sales revenue 1.000 1.000
    COGS 0.627 0.515
Gross profit 0.373 0.485
      Operating expenses 0.093 0.111
      Changes in inventories of finished goods and work in progress 0.037 0.033
      Employee benefit expense 0.054 0.060
            Wages and salaries 0.054 0.060
      Other costs by nature 0.144 0.149
      Depreciation, amortization and impairment charges 0.018 0.020
Operating profit (EBIT) 0.100 0.111
EBITDA 0.119 0.131
Financial result 0.000 0.000
      Finance Expenses 0.000 0.000
            Interest expense 0.000 0.000
Net - other non-operating result 0.004 0.007
Profit before income tax 0.104 0.117
Income tax 0.033 0.037
Profit after income tax 0.071 0.081
      Other Extraordinary Items 0.000 0.001
Net Profit (Loss) for the Period 0.071 0.081

IES INDIA Ltd.

 Income Statement 2015 2016
Total operating revenue 1.000 1.000
      Net sales revenue 1.000 1.000
      COGS 0.429 0.413
Gross profit 0.571 0.587
      Operating expenses 0.163 0.163
      Changes in inventories of finished goods and work in progress 0.008 0.012
      Employee benefit expense 0.085 0.094
            Wages and salaries 0.085 0.094
      Other costs by nature 0.238 0.231
      Depreciation, amortization and impairment charges 0.024 0.022
Operating profit (EBIT) 0.068 0.064
EBITDA 0.092 0.086
Financial result 0.025 0.022
      Finance Expenses 0.025 0.022
            Interest expense 0.025 0.022
Net - other non-operating result 0.003 0.006
Profit before income tax 0.046 0.048
Income tax 0.010 0.012
Profit after income tax 0.037 0.036
      Other Extraordinary Items 0.000 0.000
Net Profit (Loss) for the Period 0.037 0.036

TERIES Ltd.

Income Statement 2015 2016

Total operating revenue 1.000 1.000
      Net sales revenue 1.000 1.000
      COGS 0.550 0.523
Gross profit 0.450 0.477
      Operating expenses 0.075 0.086
      Changes in inventories of finished goods and work in progress 0.010 0.020
      Employee benefit expense 0.042 0.046
            Wages and salaries 0.042 0.046
      Other costs by nature 0.188 0.208
      Depreciation, amortization and impairment charges 0.029 0.027
      Net other operating result 0.002 0.000
            Other operating expenses 0.002 0.000
Operating profit (EBIT) 0.124 0.129
EBITDA 0.153 0.156
Financial result 0.000 0.000
      Finance Expenses 0.000 0.000
            Interest expense 0.000 0.000
Net - other non-operating result 0.009 0.009
Profit before income tax 0.133 0.138
Income tax 0.043 0.044
Profit after income tax 0.090 0.093
      Other Extraordinary Items 0.002 0.000
Net Profit (Loss) for the Period 0.089 0.093
2017 2018 2019
1.000 1.000 1.000
1.000 1.000 1.000
0.584 0.648 0.660
0.416 0.352 0.340
0.110 0.103 0.109
0.034 0.015 0.003
0.061 0.063 0.060
0.061 0.063 0.060
0.153 0.070 0.041
0.024 0.026 0.030
0.102 0.105 0.104
0.127 0.131 0.133
0.001 0.001 0.001
0.001 0.001 0.001
0.001 0.001 0.001
0.012 0.006 0.004
0.114 0.111 0.107
0.033 0.036 0.037
0.081 0.075 0.069
0.000 0.004 0.010
0.081 0.071 0.080
2017 2018 2019
1.000 1.000 1.000
1.000 1.000 1.000
0.384 0.342 0.341
0.616 0.658 0.659
0.159 0.178 0.161
0.036 0.006 0.029
0.102 0.114 0.108
0.102 0.114 0.108
0.297 0.301 0.277
0.011 0.013 0.015
0.083 0.058 0.069
0.094 0.071 0.084
0.016 0.019 0.037
0.016 0.019 0.037
0.016 0.019 0.037
0.007 0.013 0.024
0.074 0.052 0.056
0.008 0.015 0.008
0.066 0.037 0.048
0.001 0.000 0.016
0.066 0.037 0.032

2017 2018 2019

1.000 1.000 1.000
1.000 1.000 1.000
0.577 0.629 0.678
0.423 0.371 0.322
0.078 0.080 0.082
0.029 0.004 0.019
0.046 0.050 0.051
0.046 0.050 0.051
0.185 0.104 0.068
0.032 0.037 0.038
0.000 0.000 0.000
0.000 0.000 0.000
0.110 0.105 0.102
0.142 0.142 0.140
0.001 0.001 0.001
0.001 0.001 0.001
0.001 0.001 0.001
0.008 0.011 0.007
0.117 0.115 0.108
0.037 0.039 0.036
0.080 0.076 0.071
0.000 0.000 0.000
0.080 0.076 0.071
Balance Sheet
Total assets
      Non-current assets
            Property, plant and equipment
                  Other property, plant and equipment
            Construction in progress
            Intangible assets and goodwill
            Long-term financial assets
                  Other non-current financial assets
      Current assets
            Inventories
                  Other inventories
            Trade and other receivables
                  Current trade receivables
            Prepayments, accrued income and other deferred current assets
            Cash and Cash Equivalents
                  Cash at banks and on hand
            Other current assets
Total equity and liabilities
      Total equity
            Equity attributable to owners of the parent
                  Issued capital
                        Ordinary shares
                  Revaluation reserve
                  Other reserves
      Total liabilities
            Non-current liabilities
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
            Current liabilities
                  Current loans and borrowings
                  Trade and other payables
                  Provisions for other liabilities and charges
                  Other current liabilities

Balance Sheet
Total assets
      Non-current assets
            Property, plant and equipment
                  Other property, plant and equipment
            Construction in progress
            Intangible assets and goodwill
            Long-term financial assets
                  Other non-current financial assets
      Current assets
            Inventories
                  Other inventories
            Trade and other receivables
                  Current trade receivables
            Prepayments, accrued income and other deferred current assets
            Cash and Cash Equivalents
                  Cash at banks and on hand
            Other current assets
Total equity and liabilities
      Total equity
            Equity attributable to owners of the parent
                  Issued capital
                        Ordinary shares
                  Other reserves
      Total liabilities
            Non-current liabilities
                  Non-current loans and borrowings
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
            Current liabilities
                  Current loans and borrowings
                  Trade and other payables
                  Provisions for other liabilities and charges
                  Other current liabilities

Balance Sheet
Total assets
      Non-current assets
            Property, plant and equipment
                  Other property, plant and equipment
            Construction in progress
            Intangible assets and goodwill
            Long-term financial assets
                  Other non-current financial assets
      Current assets
            Inventories
                  Other inventories
            Trade and other receivables
                  Current trade receivables
            Prepayments, accrued income and other deferred current assets
            Cash and Cash Equivalents
                  Cash at banks and on hand
            Other current assets
Total equity and liabilities
      Total equity
            Equity attributable to owners of the parent
                  Issued capital
                        Ordinary shares
                  Other reserves
      Total liabilities
            Non-current liabilities
                  Non-current loans and borrowings
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
            Current liabilities
                  Trade and other payables
                  Provisions for other liabilities and charges
                  Other current liabilities
 EXIDE INDUSTRIES INDIA Ltd.
2015 2016 2017 2018 2019
100.00 113.62 125.41 136.91 151.27
100.00 134.45 141.33 134.83 153.97
100.00 116.12 142.48 180.85 211.78
100.00 116.12 142.48 180.85 211.78
100.00 185.49 141.12 233.10 254.50
100.00 113.71 106.44 115.64 154.95
100.00 142.32 141.06 103.87 116.02
100.00 142.32 141.06 103.87 116.02
100.00 85.87 104.22 139.69 147.66
100.00 74.44 100.30 115.59 118.47
100.00 74.44 100.30 115.59 118.47
100.00 108.81 112.00 169.97 194.77
100.00 108.81 112.00 169.97 194.77
100.00 10.96 11.31 13.09 15.48
100.00 247.59 65.63 292.39 246.65
100.00 247.59 65.63 292.39 246.65
100.00 12038.76 17226.36 32412.40 33341.86
100.00 113.62 125.41 136.91 151.27
100.00 111.27 122.42 132.92 147.66
100.00 111.27 122.42 132.92 147.66
100.00 100.00 100.00 100.00 100.00
100.00 100.00 100.00 100.00 100.00
100.00 0.00 0.00 0.00 0.00
100.00 112.15 123.60 134.39 149.53
100.00 120.69 134.42 148.93 162.12
100.00 100.82 123.24 111.58 139.09
100.00 100.82 123.24 111.58 139.09
100.00 122.74 135.57 152.77 164.49
100.00 584.10 969.97 0.00 0.00
100.00 114.98 118.52 166.50 177.13
100.00 83.99 94.93 100.18 112.48
100.00 150.58 163.41 183.19 197.60

EVEREADY INDUSTRIES INDIA

2015 2016 2017 2018 2019
100.00 102.74 73.65 94.29 107.84
100.00 99.00 47.22 49.93 49.19
100.00 107.20 154.52 165.24 154.94
100.00 107.20 154.52 165.25 154.94
100.00 79.42 23.03 10.18 17.06
100.00 96.48 0.60 0.66 2.17
100.00 100.00 100.00 100.00 381.95
100.00 100.00 100.00 100.00 381.95
100.00 110.14 125.96 182.09 223.96
100.00 91.47 109.54 115.63 97.40
100.00 91.47 109.54 115.63 97.40
100.00 144.19 171.44 246.55 215.25
100.00 144.19 171.44 246.55 215.25
100.00 216.52 25.62 260.06 665.45
100.00 100.75 116.10 152.81 194.76
100.00 100.75 116.10 152.81 194.76
100.00 85.90 390.27 725.63 1074.99
100.00 102.74 73.65 94.29 107.84
100.00 105.58 46.34 55.10 60.29
100.00 105.58 46.34 55.10 60.29
100.00 100.00 100.00 100.00 100.00
100.00 100.00 100.00 100.00 100.00
100.00 105.93 43.03 52.33 57.84
100.00 98.95 110.01 146.47 171.17
100.00 126.44 155.27 148.69 348.38
100.00 126.82 179.03 161.84 397.63
100.00 124.15 13.66 70.32 54.85
100.00 94.79 103.16 146.13 144.35
100.00 59.47 60.25 85.67 70.03
100.00 99.67 112.04 152.77 119.57
100.00 143.49 114.51 115.49 133.83
100.00 137.66 158.91 262.30 406.34

AMARA RAJA BATTERIES Lt

2015 2016 2017 2018 2019
100.00 121.79 150.10 174.56 188.27
100.00 138.76 179.53 187.72 205.22
100.00 139.62 158.21 180.68 192.47
100.00 139.62 158.21 180.68 192.47
100.00 138.91 278.32 262.26 364.62
100.00 92.91 117.16 115.79 84.90
100.00 100.00 912.06 218.53 127.24
100.00 100.00 912.06 218.53 127.24
100.00 108.54 127.14 164.29 175.04
100.00 143.89 195.38 251.05 253.85
100.00 143.89 195.38 251.05 253.85
100.00 106.87 102.96 141.21 138.71
100.00 106.87 102.96 141.21 138.71
100.00 72.16 0.00 0.00 0.00
100.00 67.63 76.93 50.09 32.30
100.00 67.63 76.93 50.09 32.30
100.00 150.60 1970.01 3485.14 5973.63
100.00 121.79 150.10 174.56 188.27
100.00 123.66 152.57 172.83 196.24
100.00 123.66 152.57 172.83 196.24
100.00 100.00 100.00 100.00 100.00
100.00 100.00 100.00 100.00 100.00
100.00 123.90 153.11 173.57 197.22
100.00 117.16 144.00 178.81 168.57
100.00 118.31 135.62 131.76 128.58
100.00 97.75 93.08 78.81 63.12
100.00 159.67 221.19 238.29 260.27
100.00 116.94 145.62 187.86 176.25
100.00 217.03 275.14 389.44 335.64
100.00 59.96 57.41 61.70 80.15
100.00 94.45 125.57 149.69 143.79
INDIA Ltd.
Income Statement 2015
Total operating revenue 100.00
      Net sales revenue 100.00
    COGS 100.00
Gross profit 100.00
      Operating expenses 100.00
      Changes in inventories of finished goods and work in progress 100.00
      Employee benefit expense 100.00
            Wages and salaries 100.00
      Other costs by nature 100.00
      Depreciation, amortization and impairment charges 100.00
Operating profit (EBIT) 100.00
EBITDA 100.00
Financial result 100.00
      Finance Expenses 100.00
            Interest expense 100.00
Net - other non-operating result 100.00
Profit before income tax 100.00
Income tax 100.00
Profit after income tax 100.00
      Other Extraordinary Items 0.00
Net Profit (Loss) for the Period 100.00

DY INDUSTRIES INDIA Ltd.

Income Statement 2015
 Total operating revenue 100.00
      Net sales revenue 100.00
      COGS 100.00
Gross profit 100.00
      Operating expenses 100.00
      Changes in inventories of finished goods and work in progress 100.00
      Employee benefit expense 100.00
            Wages and salaries 100.00
      Other costs by nature 100.00
      Depreciation, amortization and impairment charges 100.00
Operating profit (EBIT) 100.00
EBITDA 100.00
Financial result 100.00
      Finance Expenses 100.00
            Interest expense 100.00
Net - other non-operating result 100.00
Profit before income tax 100.00
Income tax 100.00
Profit after income tax 100.00
      Other Extraordinary Items 0.00
Net Profit (Loss) for the Period 100.00

A RAJA BATTERIES Ltd.

Income Statement 2015
Total operating revenue 100.00
      Net sales revenue 100.00
      COGS 100.00
Gross profit 100.00
      Operating expenses 100.00
      Changes in inventories of finished goods and work in progress 100.00
      Employee benefit expense 100.00
            Wages and salaries 100.00
      Other costs by nature 100.00
      Depreciation, amortization and impairment charges 100.00
      Net other operating result 100.00
            Other operating expenses 100.00
Operating profit (EBIT) 100.00
EBITDA 100.00
Financial result 100.00
      Finance Expenses 100.00
            Interest expense 100.00
Net - other non-operating result 100.00
Profit before income tax 100.00
Income tax 100.00
Profit after income tax 100.00
      Other Extraordinary Items 100.00
Net Profit (Loss) for the Period 100.00
2016 2017 2018 2019
101.02 111.73 123.57 138.31
101.02 111.73 123.57 138.31
83.05 104.04 127.72 145.61
131.22 124.66 116.59 126.05
120.68 132.52 137.02 162.02
89.23 104.19 51.17 13.05
112.06 124.66 143.28 153.00
112.06 124.66 143.28 153.00
104.67 118.79 60.00 39.44
113.20 147.88 176.28 224.70
111.72 114.06 129.51 142.92
111.94 119.26 136.70 155.49
100.00 258.08 313.77 362.28
100.00 258.08 313.77 362.28
100.00 258.08 313.77 362.28
161.51 324.52 182.47 120.27
113.74 122.20 131.25 141.55
112.31 111.67 133.72 156.18
114.40 127.07 130.10 134.79
0.00 0.00 0.00 0.00
114.40 127.07 122.44 154.62

2016 2017 2018 2019

104.06 105.91 110.13 108.83
104.06 105.91 110.13 108.83
100.30 94.82 87.80 86.51
106.89 114.24 126.90 125.59
103.96 103.31 119.94 107.20
157.76 498.46 78.40 412.34
116.01 127.18 147.89 138.36
116.01 127.18 147.89 138.36
100.72 132.11 138.80 126.38
95.65 46.69 60.16 68.29
98.05 129.10 93.93 110.07
97.43 107.79 85.19 99.26
90.77 69.14 85.42 160.68
90.77 69.14 85.42 160.68
90.77 69.14 85.42 160.68
207.69 245.38 506.92 907.95
108.85 168.84 124.46 132.82
129.82 85.29 172.88 91.29
103.30 190.96 111.65 143.81
0.00 0.00 0.00 0.00
103.30 190.96 111.65 96.39

2016 2017 2018 2019

113.04 128.99 134.41 146.49
113.04 128.99 134.41 146.49
107.56 135.41 153.82 180.55
119.73 121.15 110.71 104.90
130.42 134.65 143.27 161.45
214.88 356.53 56.62 269.10
124.56 142.37 158.38 176.96
124.56 142.37 158.38 176.96
124.88 126.61 74.41 53.02
104.39 142.67 171.91 194.94
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
117.72 114.55 113.53 120.08
115.20 119.86 124.56 134.23
200.00 2404.17 2108.33 2895.83
200.00 2404.17 2108.33 2895.83
200.00 2404.17 2108.33 2895.83
108.01 116.41 156.90 110.57
117.02 113.78 115.73 118.35
116.96 112.42 122.05 124.06
117.05 114.43 112.72 115.63
0.00 27.61 9.48 -2.34
119.13 116.46 114.72 117.68
 DUPONT

EXIDE INDUSTRIES
2015 2016 2017 2018 2019 AVG
Return on Equity 13.46305 13.84173 13.97456 12.4014 14.09807 13.55576

Return on Assets 10.12494 10.19162 10.28083 9.084021 10.37867 10.01202

Financial Leverage 1.332473 1.360633 1.36506 1.37251 1.36503 1.359141
Correction Factor 0.997912 0.998174 0.995768 0.994666 0.995121 0.996328

Return on Assets 2015 2016 2017 2018 2019

Return on Sales 7.130504 8.074614 8.109201 7.06516 7.971527 AVG
Asset turnover 1.416983 1.259876 1.262433 1.278891 1.295615 1.302759

OTHER IMP
EXIDE INDUSTRIES
Profitability 2015 2016 2017 2018 2019 AVG
Gross margin 37.30% 48.46% 41.62% 35.20% 34.00% 0.393157
SG&A as % of Sales 14.40% 14.92% 15.31% 6.99% 4.11% 0.111449
Operating Margin 10.03% 11.10% 10.24% 10.52% 10.37% 0.104516
Interest Expense as % of Sales 0.02% 0.02% 0.05% 0.06% 0.06% 0.000413
Effective Tax Rate 31.64% 31.24% 28.91% 32.23% 34.91% 0.317855

Asset Turnover Ratios 2015 2016 2017 2018 2019 AVG

Accounts Receivable Turnover 13.21073 12.62024 10.93102 9.345643 9.794559 11.18044
Inventory Turnover 3.613774 2.996076 3.037913 3.439907 3.874 3.392334
Accounts Payable Turnover 5.551808 7.232461 8.286645 6.519268 -1.571978 5.203641
Fixed Asset Turnover 6.62119 5.590016 4.945116 4.503659 4.672749 5.266546

Days Turnover Ratios 2015 2016 2017 2018 2019 AVG

Days Receivables 27.62906 28.9218 33.39122 39.05563 37.26559 33.25266
Days Inventory 101.0024 121.826 120.1483 106.1075 94.21786 108.6604
Days Payables 65.74435 50.46692 44.04678 55.98788 -232.1916 -3.189138
Net Trade Cycle 62.88715 100.2809 109.4927 89.17529 363.6751 145.1022

Liquidity Analysis 2015 2016 2017 2018 2019 AVG

Current Ratio 1.581829 1.394947 1.603437 1.716859 1.70166 1.599746
Quick Ratio 0.51657 0.439657 0.504518 0.585187 0.28717 0.46662
CFO-to-Current Liabilities 0.266954 0.893161 0.259477 0.276696 0.499326 0.439123
Interest Coverage 459.9701 513.8623 203.2854 189.8511 181.4612 309.686

2015 2016 2017 2018 2019 AVG

Debt to Equity 0.332473 0.360633 0.36506 0.37251 0.36503 0.359141
Long-Term-Debt to Equity 0.031056 0.02814 0.031264 0.02607 0.029253 0.029157
Long-Term Debt to Tangible Assets 0.023395 0.020759 0.022976 0.019055 0.021513 0.021539

Other Information 2015 2016 2017 2018 2019 AVG

Sales Growth 1.02% 10.60% 10.59% 11.93% 0.08537
Statutory Tax Rate 0.316372 0.312405 0.289107 0.322341 0.349052 0.317855
De-levered Net Income 547.0117 625.6083 696.704 671.9009 847.9882 677.8426
Purchases 3596.85 5387.46 6362.9 7032.4 -1803.97 4115.128

2015 2016 2017 2018 2019 AVG

Return on Equity 13.46305 13.84173 13.97456 12.4014 14.09807 13.55576
Net Profit Margin 7.145417 8.089462 8.145021 7.102697 8.008721 7.698264
Equity Turnover Ratio 1.888092 1.714228 1.723297 1.75529 1.768553 1.769892

2015 2016 2017 2018 2019 AVG

Total Asset Turnover Ratio 1.416983 1.259876 1.262433 1.278891 1.295615 1.302759
Fixed Asset Turnover Ratio 7.154866 6.224542 5.610849 4.888861 4.672749 5.710374
Current Asset Turnover Ratio 3.304564 3.887531 3.542948 2.923255 3.095246 3.350709

Reference
Return on Equity = Net Income / Avg. Stockholders' Equity

Return on Assets = De-levered Net Income / Avg. Total Assets

Financial Leverage = Avg. Total Assets / Avg. Stockholders’ Equity
Correction Factor = Net Income / De-levered Net Income

Return on Sales = De-levered Net Income / Sales

Asset turnover = Sales / Avg. Total Assets

Gross Margin = (Sales - Cost of Goods Sold) / Sales

SG&A as a % of Sales = SG&A Expense / Sales
Operating Margin = Operating Income / Sales
Interest Expense as % of Sales = Interest Expense / Sales
Effective Tax Rate = Income Taxes / Pre-tax Income

Accounts Receivables Turnover = Sales / Avg. Accounts Receivable

Inventory Turnover = Cost of Goods Sold / Avg. Inventory
Accounts Payable Turnover = Purchases / Avg. Accounts Payable
Fixed Asset Turnover = Sales / Avg. Net Property, Plant and Equipment
DUPONT ANALYSIS

AMARAJA INDUSTRIES
2015 2016 2017 2018 2019
Return on Equity 24.17435 23.28848 18.45264 16.04554 14.49606

Return on Assets 17.21143 16.84009 13.45767 11.38882 10.85867

Financial Leverage 1.405108 1.383838 1.382365 1.419134 1.347979
Correction Factor 0.999604 0.999336 0.991895 0.992778 0.990354

Return on Assets 2015 2016 2017 2018 2019

Return on Sales 8.860145 9.337322 7.999646 7.561712 7.117359
Asset turnover 1.941798 1.802326 1.668649 1.495239 1.510943

OTHER IMPORTANT RATIOS

AMARA RAJA INDUSTRIES
Profitability 2015 2016 2017 2018 2019
Gross margin 45.02099 47.68665 42.28499 37.0813 32.23928
SG&A as % of Sales 18.84878 20.82335 18.50189 10.43417 6.822501
Operating Margin 12.40153 12.91532 11.01316 10.47476 10.16545
Interest Expense as % of Sales 0.005176 0.009157 0.096466 0.081181 0.10231
Effective Tax Rate 32.24552 32.22836 31.85942 34.00728 33.80205

Asset Turnover Ratios 2015 2016 2017 2018 2019

Accounts Receivable Turnover 8.091027 9.016996 8.842062 8.037214 8.83852
Inventory Turnover 5.000039 3.865981 3.698756 3.715271 4.3367
Accounts Payable Turnover 19.23764 11.11149 9.928472 7.791798 -2.079422
Fixed Asset Turnover 4.117976 3.745064 3.755727 3.55435 3.75507

Days Turnover Ratios 2015 2016 2017 2018 2019

Days Receivables 45.1117 40.47911 41.27996 45.41375 41.2965
Days Inventory 72.99943 94.4133 98.68183 98.24317 84.16538
Days Payables 18.97322 32.84887 36.76296 46.84413 -175.5296
Net Trade Cycle 99.1379 102.0436 103.1988 96.81278 300.9915

Liquidity Analysis 2015 2016 2017 2018 2019

Current Ratio 2.232764 2.084954 2.029856 2.164588 2.306668
Quick Ratio 1.314806 1.098524 0.972163 0.799165 0.412772
CFO-to-Current Liabilities 0.672208 0.821357 0.657435 0.296483 0.531815
Interest Coverage 2396.167 1410.396 114.1664 129.0296 99.35971

2015 2016 2017 2018 2019

 Debt to Equity 0.405114 0.383834 0.382365 0.419134 0.347979
Long-Term-Debt to Equity 0.065305 0.06248 0.058047 0.049786 0.042787
Long-Term Debt to Tangible Assets 0.046562 0.045213 0.042051 0.035124 0.031768

Other Information 2015 2016 2017 2018 2019

Sales Growth 13.03791 14.11034 4.206213 8.986552
Statutory Tax Rate 0.322455 0.322284 0.318594 0.340073 0.33802
De-levered Net Income 411.0226 489.7654 482.4223 474.6596 488.0909
Purchases 2,925.66 3,667.46 4,154.47 4,614.77 -1,061.42

2015 2016 2017 2018 2019

Return on Equity 24.17435 23.28848 18.45264 16.04554 14.49606
Net Profit Margin 8.863652 9.343527 8.065011 7.61672 7.186684
Equity Turnover Ratio 2.728437 2.494128 2.306683 2.121945 2.036719

2015 2016 2017 2018 2019

Total Asset Turnover Ratio 1.941798 1.802326 1.668649 1.495239 1.510943
Fixed Asset Turnover Ratio 4.933737 3.994422 4.022401 3.670367 3.75507
Current Asset Turnover Ratio 3.456886 3.60011 3.507077 2.828313 2.893172

kholders' Equity

Total Assets
ckholders’ Equity
red Net Income

ome / Sales
l Assets

Sold) / Sales
nse / Sales
me / Sales
Expense / Sales
e-tax Income

counts Receivable

ccounts Payable
Plant and Equipment
 EVER READY INDUSTRIES
AVR 2015 2016 2017 2018
19.29141 Return on Equity 7.847562 7.678314 32.33973 15.90077

13.95134 Return on Assets 6.911368 6.653216 13.90243 7.508042

1.387685 Financial Leverage 1.750952 1.703782 2.782709 2.996137
0.994793 Correction Factor 0.64848 0.677361 0.835945 0.706854

AVR Return on Assets 2015 2016 2017 2018

8.175237 Return on Sales 3.660348 3.63369 6.59975 3.710608
1.683791 Asset turnover 1.224441 1.240235 1.760926 1.430249

EVEREADY INDUTRIES.
AVR Profitability 2015 2016 2017 2018
40.86264 Gross margin 57.11651 58.66633 61.60754 65.81414
15.08614 SG&A as % of Sales 23.84938 23.08415 29.74857 30.05769
11.39404 Operating Margin 6.845143 6.44953 8.343613 5.837734
0.058858 Interest Expense as % of Sales 2.508417 2.188105 1.637426 1.945459
32.82852 Effective Tax Rate 20.93211 24.96296 10.57307 29.07489

AVR Asset Turnover Ratios 2015 2016 2017 2018

8.565164 Accounts Receivable Turnover 22.42575 18.05453 13.87608 13.06033
4.123349 Inventory Turnover 2.311735 2.208698 1.864 1.824239
9.197996 Accounts Payable Turnover 2.587381 2.771941 2.168021 1.374419
3.785638 Fixed Asset Turnover 6.030886 4.968543 4.138958 4.298268

AVR Days Turnover Ratios 2015 2016 2017 2018

42.71621 Days Receivables 16.27593 20.21653 26.30427 27.94722
89.70062 Days Inventory 157.89 165.2557 195.8155 200.0834
-8.020079 Days Payables 141.0693 131.6767 168.3563 265.5667
140.4369 Net Trade Cycle 33.09668 53.79557 53.76348 -37.53608

AVR Liquidity Analysis 2015 2016 2017 2018

2.163766 Current Ratio 0.971932 1.074579 1.11328 1.259332
0.919486 Quick Ratio 0.15315 0.207363 0.251748 0.197469
0.59586 CFO-to-Current Liabilities 0.218473 0.298747 0.215186 0.136572
829.8236 Interest Coverage 2.728869 2.947541 5.095566 3.000697

AVR 2015 2016 2017 2018

0.387685 Debt to Equity 0.750936 0.703767 1.782675 1.996137
0.055681 Long-Term-Debt to Equity 0.098691 0.118184 0.330685 0.26631
0.040144 Long-Term Debt to Tangible Assets 0.100753 0.118317 0.119264 0.089159

AVR Other Information 2015 2016 2017 2018

10.08525 Sales Growth 4.061994 1.778463 3.985367
0.328285 Statutory Tax Rate 0.209321 0.24963 0.105731 0.290749
469.1922 De-levered Net Income 75.6076 73.5372 114.4046 75.117
2860.188 Purchases 554.01 591.56 520.13 449.60

AVR 2015 2016 2017 2018

19.29141 Return on Equity 7.847562 7.678314 32.33973 15.90077
8.215119 Net Profit Margin 5.643701 5.275579 8.06405 5.090427
2.337583 Equity Turnover Ratio 2.143939 2.11309 4.900145 4.28522

AVR 2015 2016 2017 2018

1.683791 Total Asset Turnover Ratio 1.224441 1.240235 1.760926 1.430249
4.075199 Fixed Asset Turnover Ratio 6.247913 6.065181 4.282579 4.164258
3.257112 Current Asset Turnover Ratio 3.648445 3.447091 3.067769 2.20671
 2019 AVR
12.54613 15.2625

7.625796 8.520171
3.131912 2.473099
0.525309 0.67879

2019 AVR
3.242027 4.169285
1.235616 1.378293

2019 AVR
65.91207 61.82332
27.69512 26.88698
6.923093 6.879822
3.703704 2.396622
14.38805 19.98622

2019 AVR
13.84359 16.25206
1.965625 2.034859
-0.987423 1.582868
4.388506 4.765032

2019 AVR
26.36599 23.42199
185.6916 180.9472
-369.6491 67.40397
581.7067 136.9653

2019 AVR
1.397749 1.163375
0.093921 0.18073
0.127716 0.199339
1.869235 3.128382

2019 AVR
2.131912 1.473085
0.570257 0.276825
0.183707 0.12224

2019 AVR
-1.186256 2.159892
0.143881 0.199862
93.48624 86.43053
-252.80 372.5

2019 AVR
12.54613 15.2625
6.41284 6.097319
3.86984 3.462447

2019 AVR
1.235616 1.378293
4.388506 5.029687
1.772877 2.828578
 PE RATIOS OF THE COMPANIES

Exide 2015 2016 2017 2018 2019

Outstanding equity shares 85.00 85.00 85.00 85.00 85.00
EPS 6.42 7.35 8.16 7.86 9.93
Stock price 178.15 141.45 224.35 222.85 218.70
PE Ratio 27.74 19.25 27.49 28.34 22.02

Amara Raja 2015 2016 2017 2018 2019

Outstanding equity shares 17.08 17.08 17.08 17.08 17.08
EPS 24.06 28.66 28.01 27.59 28.31
Stock price 845.50 888.20 889.00 797.50 718.95
PE Ratio 35.15 31.00 31.73 28.90 25.40

Eveready 2015 2016 2017 2018 2019

Outstanding equity shares 7.27 7.27 7.27 7.27 7.27
EPS 6.74 6.97 12.88 7.53 6.50
Stock price 270.45 233.75 262.30 374.75 192.05
PE Ratio 40.10 33.55 20.37 49.77 29.54
MPANIES

INDUSTRY PE 18.07