exide3

7/29/2019 Exide3

1/8

August 10,

ww.fullertonsecurities.co.in Page | 1

XIDE INDUSTRIES LTD HOLD

de Industries Ltd (EIL) is the largest lead-acid storage battery producing company in India. It

nufactures batteries and caters to automobile, industrial and submarine sectors and has

nufacturing plants in India with capacity of 35mn units.

EIL is better placed to capture the auto sector growth in future as it derives around 64% of the

revenue from auto segment. Moreover, the company is a market leader in automotive batteries with

market share of 72% and 71% in automotive and motorcycle batteries in OEM segment respectively.

In FY11, the company has lost the OEM battery market share due to capacity constraints. However it

has regained the lost market share with OEM battery market share increasing to 72% in FY12 from

65% in FY11. Further due to capacity addition by 7% in FY13, the company is expected to benefit

from increased market share. Being a market leader in 2W batteries, EIL is expected to benefit from

the increased demand of 2W due to expected rise in fuel price and efficiency.In industrial battery segment, the demand is expected to be healthy due to massive investment in

infrastructure planned by government including modernization of railways, commissioning of

nuclear plants, etc

The company is better placed to offset the rise in input cost as it has re-negotiated the selling

contract (with price escalation clause) with most of the sellers and has linked the battery selling price

to lead price.

EIL is expected to benefit from the falling LME lead price. From a peak of USD 2,994 a tonne in April

2011, international lead prices have eased to USD 2,090, which should result in a better operating

margin in the upcoming quarters and a brighter outlook for FY12-13.

sed on a consolidated FY14 P/E multiple of 19, the fair value for the company works out to Rs.

2

Recommendations 20% p.a.

Buy Expected Returns from 10 to 20% p.a.

Hold Expected Returns from 0 % to 10% p.a.

Reduce Expected Returns from 0 % to 10% p.a. with po

downside risk

Sell Returns < 0 %

STOCK DATA

BSE / NSE Code

Bloomberg Code

No. of Shares (Mn)

Sensex / Nifty

PRICE DATA

CMP Rs (9th Aug' 12)

Beta

Market Cap (Rs mn)

52 Week High-low

Average Daily Volume

STOCK RETURN (%)

30D 3M 6

Exide industries Ltd -6% 3% -5

Sensex 1% 7% -2

Nifty 1% 7% -2

SHARE HOLDING PATTERN (%)

Promoter

Institutional

Non Institutional

Total

1 Year Price Performance (Rel. to Sensex)

500086

EXI

17

Projections (Rs Mn) FY10A FY11A FY12A FY13E FY14E

Revenue from Operations (Net) 44,207 47,661 53,187 56,344 67,752

Y-o-Y Growth % 16% 8% 12% 6% 20%

EBIDTA 9,772 10,026 7,445 9,425 11,492

Y-o-Y Growth % 69% 3% -26% 27% 22%

Adjusted PAT 4,935 6,188 4,461 4,998 6,367

Y-o-Y Growth % 158% 25% -28% 12% 27%

EPS Rs 5.8 7.3 5.2 5.9 7.5

BVPS Rs 23.0 28.2 31.8 36.5 42.5

ROE % 25% 26% 17% 16% 18%

EBIDTA % 22% 21% 14% 17% 17%

NPM % 11% 13% 8% 9% 9%

PER x 22.1 17.4

P/B Ratio 3.6 3.1

Financial Snapshot

60

70

80

90

100

110

Sensex EXIDE

7/29/2019 Exide3

2/8

August 10,


EIL manufacturers lead acid storage batteries. The company sells their products under EXIDE, SF, SONIC and

ndard Furukawa Brands. In the international market, the products are sold under DYNEX, INDEX and SONIC brands. The

mpany operates in two segments: lead acid storage batteries and solar lantern & home lights. The products manufactured

the company include automotive batteries, industrial batteries and submarine batteries. In FY11, the company derived

%, 35% and 1% of the revenue from auto, industrial and submarine sector.

USINESS PROFILE

The company is market leader in abatteries with mashare of 72%

EIL has vast markeand distribucoverage wpresence across cities with 16,dealers

The company is

second largest plato manufacindustrial batteryIndia

to Segment: EIL is the market leader in automotive batteries with market share of 72% and 71% in automotive and

torcycle batteries in original equipment manufacturer (OEM) segment respectively. The company has improved the

rket share in auto segment in FY12 from releasing capacity constraints. Due to strong in-house R&D and technical

laboration from foreign companies, EIL is a preferred supplier for almost all the vehicle manufacturers in India. The

mpany is planning to increase its market share going forward through re-organizing its marketing and distribution set-up.

e company follows hubs and spokes model through which it is able to reach vast number of customers in tier-2 and tier-3es. During FY12, the company has increased its dealer/ distribution network to 16,000 dealers and is presently operating

m 204 locations and has plans to increase its presence in more than 250 cities within next 18 months. EIL has increased

market share in replacement market from 25% to 27% in Q4FY12. Going forward, it is expected that market share in

lacement market is expected to improve gradually due to its vast marketing and distribution set up.

dustrial Segment: In this segment, EIL provides storage batteries for power back-up followed by infrastructure sector like

ways, telecom, power etc. The company is the second largest player in terms of market share after Amara Raja Batteries

(ARBL). This segment is expected to do well in the upcoming quarters mainly due to higher supply demand mismatch in

ian power sector, increase in hydro carbon fuel prices and increased demand of smaller UPS batteries arising from rise in

mputer penetration.

bmarine Segment: This segments share in overall battery sales volume is minuscule at around 1% and during FY12, the

es of submarine batteries amounted to Rs. 250mn. EIL is the sole supplier of submarine batteries to the Indian Navy and is

o an accredited supplier to the Admiralty Ship Yard, Russia.

Auto64%

Industrials

35%

Submarine1%

Revenue Mix Across Segments

Aftermarket70%

OEM28%

Others

2%

Auto Sub-Segment Sales Mix

Power Back-

Ups64%

Infrastructure

22%

Export

7%

Traction4%

Others3%

Industries Sub-Segment Sales Mix

EIL has lead stobattery manufactucapacity of 35mn un

7/29/2019 Exide3

3/8

August 10,


SK & CONCERNexpected movement in LME lead price and USD-Rupee currency rates: EIL sources its 50% lead requirement from its

ptive lead smelter and rest from spot/ import market. Lower lead prices will be positive for EIL as this will help in improving

profitability. Over the past one year, the LME lead price has declined by 40% but its gains was offset by sharp depreciation

Rupee against USD.

ability to regain lost market share: In FY11, EIL has lost market share in auto battery segment due to capacity constraints.

FY12, the company has recovered some of the lost market share by improving its operating efficiency and product pricing.

wever due to competition, pricing war is expected to continue or sustain market share affecting profitability of companies.

or macro economics factors: As EIL generated 65% of the revenue from auto sector, whose growth is very much prone to

erest rate, fuel cost etc. in FY12, the auto sector growth was lower as compared to FY11 due to poor macro economics

tors. Further deterioration in macro factors will be negative for auto sector and would severely affect auto battery sector.

Increasing LME price and depreciaRupee against will be negative the company

Lower auto segrowth wseverely affect battery manufactu

DUSTRY OVERVIEWThe domestic battery industry suffered a definite set-back during FY12. Apart from the automobile sector, telecom,

astructure and export sectors continued to be sluggish. Though automobile sector had a higher growth towards the end

the financial year but it was quite modest compared to the rapid rate of growth achieved in FY11. Inflationary pressures,

e in the price of petrol and high cost of borrowings generally depressed the overall demand generation and were

trumental for the lower growth. As per the current indications, the automobile industry is poised for challenging times with

certainties on the demand side in the upcoming months, which hopefully is only a short term phenomenon. We believe

t the total automobile market is expected to grow by double digits annually for the next 5 years.

For industrial battery segment, the recurring power shortages is on the top of demand versus supply gap in grid

wer and provides a robust demand for home UPS batteries in future. Further, in spite of delays in commissioning or

stponement of projects, infrastructure continues to be a major focus area for the government. Modernization of railways

d setting-up of nuclear power plants, though encountering initial teething problems, is inevitable in the years to come. All

se developments should definitely lead to high demand for the local battery industry.

With inflation showing a declining trend and with expected further reduction in the interest rates, there should be

erall buoyancy and as far as the battery industry is concerned, the future growth prospects should be positive. The high

wth rate achieved by the automotive industry is expected to continue, at least with some moderations. As stated earlier,

automotive industry is estimated on an average to have a double digit growth annually for the next five years. Several

astructure sectors like power, coal, etc., are on an upward swing and with the massive investments on infrastructure

nned by the government, including modernization of railways and commissioning of nuclear power plants etc the

ustrial battery business should also continue to have better prospects. The burgeoning middle class with higher

posable incomes and an appetite for aspirational life styles would lead to higher demand, where technologically superior

ducts would be more sought after than cheaper alternatives. Due to strict pollution control norms being introduced with

h passing month, the incremental battery demand will gravitate towards the players in the organized sector.

Auto industry expected to pdouble digit growin FY13

Power shortage agovernments thron infrastruct

sector is expecteddrive demand industrial battery

Increasing compupenetration expected to drdemand for UPS ainverters

7/29/2019 Exide3

4/8

August 10,


NANCIAL PERFORMANCEIndia's largest lead battery manufacturer EIL has beaten the market expectations with a lower than expected fall

net profit by 7% Y-o-Y to Rs. 1.5bn in June 2012 quarter. Fall in net profit is attributed largely to spike in raw material costs

e to sharp rupee depreciation and forex loss, lower other income due to nil dividends from subsidiaries and higher

preciation cost.

The top-line grew by 24% Y-o-Y to Rs. 15.5bn aided by healthy sales in motorcycle and industrial battery divisions.

e operating profit margin (EBITDA margin) fell by 280bps Y-o-Y largely hindered by sharp rupee depreciation despite

ernational lead prices being stable. In effect the operating profit (EBITDA) grew by only 5% Y-o-Y to Rs. 2.4bn.

The profit before tax fell 4% Y-o-Y to Rs. 2.1bn. The other income crashed by notable 52% Y-o-Y to Rs. 0.1bn on

ount of receiving nil dividend from subsidiaries in June 2012 quarter compared to dividend income of Rs. 0.2bn received

une 2011 quarter. The depreciation cost grew by 17% Y-o-Y to Rs. 0.3bn while it incurred forex loss of Rs. 0.1bn (against

ex gain in June 2011 quarter). Only saving grace was 4% Y-o-Y fall in interest cost to Rs. 0.1bn. The net profit settled with

Y-o-Y fall to Rs. 1.5bn due to 200bps hike in effective tax rate.

For Q1FY13, standalone basis sales increased by Y-o-Y and net pdeclined by 7%

Top-line growth aided by healthy sa2W and indu

battery

EBITDA margin fe280bps due to 29%Y increase in operexpenditure

Bottom-line fall wato higher operexpenditure depreciation, forexand lower other inco

The company expected to add 1

units of bamanufacturing capby FY13

4448

53

56

68

22%21%

14%

17% 17%

11%

13%

8%

9%9%

5%

10%

15%

20%

25%

40

50

60

70

FY10A FY11A FY12A FY13E FY14E

Yearly Operating Margins

Revenue (Rs Bn) EBIDTA Margin PAT Margin

12.5

11.8

12.5

14.5

15.518%

8%

13%

15%

15%

13%

4%

8% 10% 10%

0%

5%

10%

15%

20%

11.0

12.0

13.0

14.0

15.0

16.0

Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13

Quarterly Operating Margins

Revenue (Rs Bn) EBITDA Margins PAT Margins

22

24

22

26

30

2,069 2,091

2,524

2,162 2,236

446421

333367

384

1,5721,581

2,048 1,8251,882

20

25

30

0

1,000

2,000

3,000

FY10A FY11A FY12A FY13E FY14E

Yearly Operating Performance

Sales Quantity (mn Units) Sales Realization Per Unit (Rs)

EBITDA Per Unit (Rs) Operating Cost Per Unit (Rs)

3.1

3.5 3.63.8 3.9

1.82.0 2.1 2.0 2.0

423391

403

482503

375

425

475

525

0.0

1.0

2.0

3.0

4.0

Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13

Quarterly Operating Performance

2 W Batte ry Sal es ( mn Uni ts) 4 W Batte ry Sal es ( mn Units)

Industrial Battery Sales (mn Amp)

7/29/2019 Exide3

5/8

August 10,


EILs top-line bottom-line expected to grow CAGR of 13% and respectively FY12-14

The company has regained the lost market share in auto battery segment in FY12 and for FY13 the company has

ded improvement in profitability margin to 17-18%. Moreover, the company is expecting 15-18% demand growth in

placement market which will help it in improving the market share. The company is expected to increase battery

nufacturing capacity to 37mn units in FY13 from 35mn units in FY12.

Based on the conservative estimates given below, we anticipate that EILs net revenue from operation to grow at a

GR of 13% over FY12-14E to Rs. 68bn. Further, we estimate that net profit would grow at a CAGR of 19% to Rs. 6bn over the

me period.

Based on a consolidated FY14 P/E multiple of 19, the fair value for the company works out to Rs.

2. Thus we recommend a HOLD rating on the stock. Positive trigger for the stock would be fall in LME lead price,

preciation of rupee against USD and robust demand in domestic auto sector.

ALUATION

EER COMPARISION

mara Raja Batteries ltd (ARBL) has same business model as compared to EIL. ARBL has presence in all business segments

ere EIL has presence. ARBL has gained around 250bps market share in auto batteries in FY11 from EIL due to capacity

nstraints of latter. ARBL is expected to post muted growth for FY13 as EIL has regained the lost market share in FY12. It is

ding at lower P/E multiple due to muted growth and higher reliance on spot purchase of lead metal. EIL is trading at higher

multiple on the expectation of improvement in market share and profitability margins. Moreover, EIL has vast marketing

d distribution network as com ared to ARBL, which will hel the former to ca ture rowth in batter re lacement market.

EIL is trading at himultiple due expected margin market simprovement

Peer Group Comparison

CompaniesRevenue

(Rs. mn)

EBIDTA

Margin (%)

PAT

Margin

(%)

ROE %Debt Equity

Ratio

P/E

(x)

P/B

(x)

CMP

(Rs.)

FV

(Rs.)

Exide Industries Ltd 53,187 14% 8% 17% 0.0 25 4 130 1

Amara Raja Batteries Ltd 23,710 15% 9% 29% 0.1 12 3 313 2

FY12 Standalone Figure

FY13E FY14E

Installed Capacity (mn Units) 37 37

Production (mn Units) 26 30

Capacity Utilization (%) 70% 80%

Sales Quantity (mn Units) 26 30

Sales per Unit (Rs) 2,162 2,236

Tax Rate (%) 33% 33%

Key Financial Assumptions

Current Capacity

(mn Units)

Post Expansion

Capacity (mn units)

Expected Expansion

Completion Date

2W Batteries Capacity (mn Units) 22 23 FY13

4W Batteries Capacity (mn Units) 11 12 Q2FY13

Industrial Batteries Capacity (mn Units) 2 3 FY13

Total 35 37

Capacity Expansion Plans

7/29/2019 Exide3

6/8

August 10,


NANCIAL STATEMENTS AND RATIOSParticulars (Rs Mn) FY10A FY11A FY12A FY13E FY14E

Revenue from Operations (Net) 44,207 47,661 53,187 56,344 67,752

Operating Expenditure 34,436 37,635 45,742 46,918 56,260

Depreciation 875 896 1,084 1,207 1,301

EBIT 8,897 9,130 6,361 8,219 10,191

EBIT Margin (%) 20% 19% 12% 15% 15%

Interest Expenses 168 117 149 35 219

Profit Before Tax 8,817 9,570 6,626 8,632 10,573

Less: Tax 3,009 2,975 1,979 2,816 3,439

Adjusted PAT 4,935 6,188 4,461 4,998 6,367

PAT Margin (%) 11% 13% 8% 9% 9%

EPS (Rs) 5.8 7.3 5.2 5.9 7.5

BVPS (Rs) 23.0 28.2 31.8 36.5 42.5

ROE % 25% 26% 17% 16% 18%

Valuation Ratios (x) FY13E FY14E

PER x 22.1 17.4

P/B Ratio 3.6 3.1

Consolidated Profit & Loss Statement

Particulars (Rs Mn) FY10A FY11A FY12A FY13E FY14E

Profit Before Tax 8,817 9,570 6,626 8,632 10,573

Depreciation 875 896 1,084 1,207 1,301

Other Adjustments 185 (862) (197) (209) (122)

Change in Working Capital (1,346) (2,096) 513 141 (1,276)

Direct Tax Paid (3,191) (3,031) (2,003) (2,816) (3,439)

Cash Flow from Operations 5,341 4,477 6,023 6,954 7,037

Change in Fixed Assets (1,303) (2,949) (2,105) (2,527) (2,041)

Other Adjustments (6,609) 543 (1,226) (5,171) (4,047)

Cash Flow from Investment (7,912) (2,406) (3,330) (7,697) (6,088)

Debt Raised 5,349 513 0 2,242 1,993

Debt Repaid (1,919) (1,012) (715) (157) (1,199)

Dividend Paid (751) (1,528) (1,433) (1,036) (1,421)

Interest Paid (196) (116) (146) (35) (219)

Others 0 (2) 0 0 0Cash Flow from Financing 2,483 (2,144) (2,294) 1,013 (846)

Net Cash Flows (88) (73) 400 270 103

Op bal of cash 390 301 229 628 898

Transferred to B/S 301 228 628 898 1,001

Consolidated Cash Flow Statement

7/29/2019 Exide3

7/8

August 10,


NANCIAL STATEMENTS AND RATIOS


Application of Funds

Fixed Asset (Net) 7,938 9,676 11,042 12,077 12,770

Capital Work in Progress 429 703 274 559 606

Investments 8,768 8,613 9,935 14,544 18,277

Other Non Current Assets 3 4 13 86 87

Inventories 7,969 11,343 11,607 10,865 13,257

Sundry Debtors 2,981 3,738 4,261 4,260 5,034

Cash & Bank Balance 301 229 628 898 1,001

Loans & Advances 856 1,343 1,497 1,154 1,472

Other Current Assets 0 0 2 0 1

Total 29,245 35,648 39,256 44,443 52,504

Sources of Funds

Share Capital 850 850 850 850 850

Reserves and Surplus 18,315 23,001 26,024 29,985 34,931

Minority Interest 366 107 125 211 323

Total Debt 1,741 1,036 315 2,399 3,193

Deferred Tax Liabilities 606 709 870 806 958

Sundry Creditors 4,933 6,779 6,898 6,714 7,972

Other Current Liabilities 1,314 1,696 2,448 1,770 2,266

Provisions 1,119 1,471 1,729 1,708 2,012

Total 29,245 35,648 39,258 44,444 52,504

Consolidated Balance Sheet


Current Ratio 1.5 1.6 1.5 1.6 1.6

Cash Ratio 0.0 0.0 0.1 0.1 0.1

Interest Coverage Ratio 53 78 43 237 47

Debt Equity Ratio 0.1 0.0 0.0 0.1 0.1

ROCE 20% 18% 11% 12% 13%

Ratio Analysis

7/29/2019 Exide3

8/8

August 10,


OARD OF DIRECTORSirector Name Current Position Description

Rajesh KapadiaIndependent Non-Executive Chairman

of the Board

Mr. Rajesh G. Kapadia is Independent Non-Executive Chairman of the Board of Exide Industries Limited. He is a practicing Chartered Accou

Senior Partner at G M Kapadia & Company, Chartered Accountants. Mr Kapadia served as the President of the Indian Merchants Chamber f

2006 and is considered an expereince on taxation and accountancy and has several years of experience in the profession.He is Director of A

Satellite Communications Ltd. EIH Associated Hotels Limited Goldiam International Limited Goldiam Jewellery Limited ING Vysya Life Insu

Ltd. Raheja QBE General Insurance Co. Ltd. Prism Cement Ltd. Surin Investments Pvt Ltd.

T. RamanathanChief Executive Officer, Managing

Director, Executive Director

Mr. T. V. Ramanathan is Chief E xecutive Officer, Managing Director, Executive Director of Exide Industries Limited. Mr. Ramanathan is a Cha

Accountant and a Company Secretary. His total experience of 43 years includes 15 years overseas of which nearly five years was with the W

Before joining the Company in 1995, he was asso ciated with United Breweries group as Group Vice President Finance and has a experien

dealing with Financial and Accounting matters in addition to corporate management. He is Director of Chloride International Limited Chlo

Limited Chloride Alloys India Limited.

Rajan RahejaNon-Executive Vice Chairman of the

Board

Mr. Rajan B. Raheja is Non-Executive Vice Chairman of the Board of Exide Industries Limited. Mr. Raheja holds a Bachelors degree in Comm

has experience in industry and business. A Director of EIH Limited, the p rominent hotel chain, he is also on the Board of EIH Associated Ho

run the Trident Hilton Chain as well as Juhu Beach Resorts Limited. He is also on the Board of Asianet Satellite Communications Limited, H

Johnson (I) Limited, the Tile company in India, Futura Polyesters Limited, Supreme Petrochem Li mited, Prism Cement Limited, Sonata Soft

Limited, Innovasynth Technologies (I) Limited and ING Vysya Lif e Insurance Company Limited. Besides these, he is a Director in a number o

Limited companies, besides having interests in a lot of other businesses.

A. MukherjeeDirector - Finance, Chief Financial

Officer, Executive Director

Mr. A. K. Mukherjee is Director - Finance, Chief Financial Officer, Executive Director of Exide Industries Limited. H e has experience in financ

accounting matters, being a Chartered & Cost Accountant. He joined Exide from his previous stint with Phillips India Limited. He is also a D

the Board of Caldyne Automatics Limited.

Nadeem KazimDirector - Human Resources and

Personnel, Executive Director

Mr. Nadeem Kazim is Director - Human Res ources and Personnel, Executive Director of Exide Industries Ltd. Mr. Kazim holds a Bachelor De

and is a Post Graduate Diploma holder in Personnel Management from XISS, Ranchi. Mr. Kazim has a experience in issues pertaining to HR

Personnel. His directorships are - Caldyne Automatics Limited, Chloride Metals Limited, Leadage Alloys India Limited.

G. Chatterjee Director - Industrial, Executive Director

Mr. G. Chatterjee is Director - Industrial, Executive Director of Exide Industries Limited. He has experience in Production and Marketing. An

and an MBA from IIM, he has s pent over two decades in the company where he is acknowledged to have spearheaded the growth of Exide

battery range for Industrial Applications. He has move for Exide to enter into joint ventures fo r marketing of industrial batteries in UK and A

is a Director on the Board of Caldyne Automatics Limited, Haldia Integrated Development Agency Limited, ESPEX Batteries Limited, UK, Ch

Batteries South East Asia Pte. Lim ited, Singapore.

P. KatakyDirector - Automotive, Executive

Director

Mr. P. K. Kataky is Director - Automotive, Executive Director of Exide Industries Limited. He has experience in Marketing. He has been assocthe battery industry for tw o decades and as an Engineer has brought to bear his innovative solutions for expanding the reach of the comp

automotive batteries after market. He is also a Director of Chloride International Limited and Associated Battery Manufacturers (Ceylon) Li

Lanka.

S. Raheja Non-Executive Director

Mr. S. B. Raheja is Non-Executive Director of Exide Industries Limited. He has experience in Industry and business and is located in Sw itzerl

serves on the Board of Supreme Petrochem Limited, Prism Cement Limited and ING Vysy a Life Insurance Company Limited. Mr. Raheja hol

Bachelors degree in Business Administration and has over 25 years of experience in business management.

Winston Wong Non-Executive Director

Mr. Winston Wong is Non-Executive Director of Exide Industries Limited. Mr. Wong is qualified FCCA, FCPA Aus tralia and FCPA Singapore.

has over 40 years of working experience in types of businesses. His directorships are - Chloride Eastern Industries Pte Ltd (Singapore), Chlo

Batteries S E Asia Pte Ltd (Singapore), Chloride Eastern Limited (England), Associated Battery Manufacturers (Ceylon) Limited (Srilanka).

Vijay Aggarwal Independent Non-Executive Director

Shri. Vijay Aggarwal is Independent Non-Executive Director of Exide Industries Limited. Mr. Aggarwal is an Electrical Engineer from IIT, Del

also PGDM from IIM, Ahmedabad. He is the Managing Director of Prism Cement Limited. He is Director of Asianet Satellite Communication

Cement Ltd. Indian Council of Ceramic Tiles & Sanitaryware Aptech Limited ING Vys ya Life Insurance Company Limited Ardex Endura (India

Spur Cable & Datacom Pvt Ltd.

M ona D esai I nde pende nt Non-Executive Di re ctor

Ms. Mona Ninad Desai is Independent Non-Executive Director of Exide Industries Ltd. Ms. Desai is Graduate in Psychology and holds a Law

from the Govt. Law College, Mumbai. She is a So licitor and legal practitioner. She is a Member of the Bombay Incorporated Law Society and

Member of the Ethics Committee of Kokilaben D Ambani Hospital.

Board Of Directors

exide3

Documents