MES’s Institute of management and Career Courses

(IMCC), Pune (Autonomous)

Financial Statement Analysis Report

Of

ExidE industriEs Ltd

Submitted By,
Dhanashri Nilkanth Ingle
Roll no :2402061

Submitted to:
Dr. Girish Bodhankar sir
For patial fulfilment of Internal Evaluation on

Semester I
GM: Financial Statement Analysis Course

A.Y. 2024 - 25
Sr. No. Chapter Pg . No.

Company Introduction

Company Two- Year Comparison Reports.

Balance sheet – Two - Year Comparison.

1 Statement of Income – Two – Year Comparison.

Ratio Analysis – Two – Year Comparison.

INDUSTRY COMPARISON REPORT

Balance Sheet – Industry Comparison.

2
Statement of Income – Industry Comparison.

GROUP COMPARISON REPORTS.

Balance Sheet – Group Comparison.

3 Statement of Income – Group Comparison.

FIVE YEAR TREND ANALYSIS - REPORT

Balance Sheet – Five Year Trend Analysis

4 Statement of income – Five Year Trend Analysis.

Ratio Analysis – Five – Year Trend Analysis.

❖ Company Profile

Exide Industries Limited is an Indian storage battery producing company and a

life insurance company headquartered in Kolkata, India. It is the largest
manufacturer of automotive and industrial lead-acid batteries in India and fourth
largest in the world. It has plants in India and Sri Lanka and dealership network in
46 countries spanning across 5 continents. Exide also has four major lead-acid
battery recycling facilities — two of which are in the United S ,and Spain and
Portugal each have one as well. The company claims that 99 percent of lead
processed through these facilities is recycled.
In January 2013, Exide Industries acquired 100% of the equity capital of ING
Vysya Life Insurance. In May 2014, the name of ING Vysya Life Insurance
Company Limited was changed to Exide Life Insurance Company Limited .Exide
Industries Ltd manufactures the widest range of storage batteries in the world
covering the broadest spectrum of applications. The company`s product range
includes Automotive Batteries-In India the company markets the products under
Exide, SF, Sonic and Standard Furukawa brands and supplies to all car and two-
wheeler manufacturers. In international market they sell products under Dynex,
Index & Sonic brands. Industrial Batteries-In India they sell products under Exide
,Index, SF, CEIL and Power Safe brands and in international market under CEIL,
Chloride and Index brands. Industrial batteries cater mostly to the infrastructure
sector such as railways, telecom, power plants, solar cells and other industrial
segments including uninterrupted power supply, inverters and traction batteries.
Submarine Batteries-The Company is also engaged in manufacturing of high-end
submarine batteries. They are one of the five companies in the world which has
capacity to manufacture submarine batteries for Russian and German types. They
manufacture two to three submarine batteries a year for India’s defence requirement.
❖History:

This company was incorporated as Associated Battery Makers (Eastern) Ltd.,

on 31 January 1953 under the Companies Act, 1913 to purchase all or any of the
assets of the business of Manufacturers, buyers and sellers of and dealers in and
repairers of electrical and chemical Appliances and goods carried on by the Chloride
Electric Storage Company (India) Ltd., in India, Since 1916 with a view thereto to
enter into and carry into effect (either with or without Modification) an agreement
which had already been prepared and was expressed to be made Between the
Chloride Electric Storage Co. (India) Ltd. On the one part and the company of the
other part. The name of the company was changed to Chloride India Ltd. On 2
August 1972. The Name of the company was again changed to Chloride Industries
Ltd. Vide fresh Certificate of Incorporation dated 12 October 1988. The company
was further changed to Exide Industries Ltd. On 25 August 1995.
 Financial Statement Analysis
Balance sheet – Two Year Comparison
Particulars March March Variance Variance
31. 2024 31, 2023 %
I) ASSETS
1) NON-CURRENT ASSETS
a) Property plant and equipment 2,845.52 2,824.51 21.01 0.74%
b) Capital work-in-progress 201.70 100.93 100.77 99.84%
C) Intangible assets 19.72 25.74 -6.02 -23.39%
d) financial assets
(i)Investments 8,369.88 5,788.23 -4957.35 44.60%
(ii) Trade receivables 0.6 0.32 -31.4 87.50%
(iii) Other financial assets 21.86 19.96 1.9 9.52%
e) Income tax assets (net) 17.13 29.56 -12.43 -42.05%
f) Deferred tax assets (net) 13.65 115.98 -102.33 -88.23%
g) other non-current assets 74.76 60.79 13.97 22.98%
Total 11,564.82 8,966.02 2598.8 28.98%
CURRENT ASSETS
a) Inventories 3,249.34 2,989.08 260.26 8.71%
b) financial assets
(i) Investments 250.67 553.12 -302.45 -54.68%
(ii) Trade receivables 1,264.41 1,274.14 -9.73 -0.76%
(iii) Cash and cash equipment 217.44 68.12 148.99 219.20%
(iv) Bank balances other than (iii) above 5.23 6.36 -1.13 -17.77%
(v) Loans 100.00 - 100 #VALUE!
(vi) Other financial assets 33.13 42.23 -9.1 #VALUE!
c) Other current assets 181.30 151.97 29.33 19.30%
5,301.52 5,085.02 216.5 4.26%
TOTAL ASSETS 16,866.34 14,051.04 2815.3 20.04%
II) EQUITY AND LIABILITIES
1) EQUITY
a) Equity share capital 85.00 85.00 0 0.00%
b) other equity 13,052.24 11,124.75 1927.49 17.33%
13,137.24 11,209.75 1927.49 17.19%
2) LIABILITIES
i) NON-CURRENT LIABILITIES
a) financial liabilities
(i) Lease liabilities
Trade 385.59 270.81 114.78 42.38%
(ii) Trade payables 0
(ii) Trade payables 0
Total outstanding dues of micro enterprises and small
enterprises 0
Total outstanding dues of creditors other than micro
enterprises and small 10.23 10.6 -0.37 -3.49%
(iii) Other financial liability 2.62 3.1 -0.48 -15.48%
b) Other non-current liabilities 11.25 11.25
c) Provisions 60.20 58.15 2.05 3.53%
469.89 342.12 127.77 37.35%
ii) CURRENT LIABILITIES 0
a) financial liabilities 0
(i) Lease liabilities 9.96 6.81 3.15 46.26%
(ii) Trade payables 0
Total outstanding dues of micro enterprises and small
enterprises 133.67 94.26 39.41 41.81%

Total outstanding dues of creditors other than micro

enterprises and small enterprises 2,175.97 1,431.68 744.29 51.99%
(iii) Other financial liabilities 374.58 366.47 8.11 2.21%
b) Other current liabilities 247.21 319.85 -72.64 -22.71%
c) Provisions 317.82 280.10 37.72 13.47%
3,259.21 2,499.17 760.04 30.41%
TOTAL EQUITY AND LIABILITIES 16,866.34 14,051.04 2815.3 20.04%
 Detail Analysis of Balance sheet in (Graphs)

A) Total Non- Current Assets: - Non-current assets are assets that a business owns that
are not easily converted to cash within a year. They are also known as long-term
assets.
Chart Title
11,564.8
15,000.00 2
8,966.02
10,000.00
5,000.00
0.00
year 24 year23
TOTAL NON CURRENT ASSET
In 2024, Total Non-Current Assets
increased to Rs 11,564.82 crore from Rs 8,966.02 crore in 2023, representing a growth
of approximately 29% year-over-year. This significant increase suggests that the
company has made substantial investments in long-term assets, which could include
property, plant, equipment, or intangible assets. Such growth may indicate a positive
outlook for future operations and expansion.

B) Total Current Assets: - A current asset, also known as a liquid asset, is any resource
a company could use, turn into cash, or sell within a year. This includes cash in the
bank, money that customers owe (accounts receivable), goods ready to be sold
(inventory), and other investments that can be easily offloaded.

Chart Title
5,301.5
5,400.00 2
5,300.00 5,085.0
5,200.00 2
5,100.00
5,000.00
4,900.00
year 2024 year 2023
CURRENT ASSETS
Total Current Assets rose from Rs 5,085.02
crore in 2023 to Rs 5,301.52 crore in 2024, reflecting an increase of about 4.3%. This modest
growth indicates that the company is maintaining a healthy liquidity position and is capable
of meeting its short-term obligations. The increase could also suggest improved operational
efficiency or revenue generation.

C) Total Equity: - Total equity, also known as shareholders' equity, net worth, or book
value, is the value of a business that remains after all liabilities have been paid. Total
equity is a representation of a company's net value and the amount of money that
would be left over if the business liquidated all of its assets and paid off its debts.

13,137.2
14,000.00
4
13,000.00
Axis Title

11,209.7
12,000.00 5
11,000.00
10,000.00
year 24 Total Equity year23
The Total Equity of the
company increased from Rs 11,209.75 crore in 2023 to Rs 13,137.24 crore in 2024,
marking a growth of approximately 17.2%. This rise in equity indicates that the
company is retaining earnings or raising capital, which enhances its financial stability
and provides a buffer against potential losses. A stronger equity position can also
improve investor confidence.

D) Total Non- Current Liabilities: - Total non-current liabilities are the total of a
company's financial obligations that are due more than one year in the future. They
are also known as long-term liabilities.

NON CURRENT
LIABILITIES
469.89
500 342.12

0
Total Non-Current Liabilities increased from Rs
342.12 crore in 2023 to Rs 469.89 crore in 2024, representing a rise of about 37.4%.
This increase suggests that the company may have taken on additional long-term debt
or obligations, which could be for financing growth initiatives or acquisitions. While
this can be a sign of leveraging for expansion, it also warrants monitoring to ensure
that the debt levels remain manageable.
E) Total Current Liabilities: - Total current liabilities is the sum of all debts and
obligations a company expects to pay within the next business year. It's a key
indicator of a company's liquidity and financial risk

Chart Title
4,000.00 3,259.21
3,000.00 2,499.17
2,000.00
1,000.00
0.00
year 24 year23
CURRENT LIABILITIES
Total Current Liabilities grew from
Rs 2,499.17 crore in 2023 to Rs 3,259.21 crore in 2024, indicating an increase of
approximately 30.5%. This significant rise may reflect higher short-term obligations
due to increased operational activities or expansion efforts. It is essential for the
company to manage these liabilities effectively to maintain liquidity and avoid
financial strain.

F) Total Assets and Liabilities: -

• Total Assets The value of everything a company owns, including short-term, long-
term, and other assets. Assets can be resources that generate revenue, such as real

Chart 16,866.3
Title
20,000.00 4 11,209.7
15,000.00 5
10,000.00
5,000.00
0.00
year 24 year23
Total Assets and Total liabilities

estate or new equipment.

• Total liabilities the sum of all a company's debts, including short-term, long-term,
and other liabilities. Liabilities can be financial obligations, such as taxes, rent, or
debt, or service obligations.
Total Assets increased from Rs 14,051.04 crore in 2023 to Rs 16,866.34 crore in
2024, marking a growth of about 33.6%. This substantial increase indicates that the
company is expanding its asset base, which could be due to investments in both
current and non-current assets. A growing asset base can enhance the company’s
operational capacity and potential for generating revenue.
Total Equity and Liabilities rose from Rs 14,051.04 crore in 2023 to Rs 16,866.34
crore in 2024, reflecting an increase of approximately 20% year-over-year. This
growth aligns with the increase in Total Assets, suggesting that the company is
effectively balancing its funding sources with its asset growth. A healthy relationship
between equity and liabilities is crucial for financial stability and sustainability.
 Statement of Income – Two Year Comparison

Particulars Mar-24 Mar-23 Variance %Variance

INCOME
Revenue From Operations [Gross] 15,959.89 14,525.66 1,434.23 9.87%
Revenue From Operations [Net] 15,959.89 14,525.66 1,434.23 9.87%
Other Operating Revenues 69.3 66.27 3.03 4.57%
Total Operating Revenues 16,029.19 14,591.93 1,437.26 9.85%
Other Income 84.54 132.39 -47.85 -36.14%
Total Revenue 16,113.73 14,724.32 1,389.41 9.44%
EXPENSES 0.00
Cost Of Materials Consumed 11,262.78 10,487.45 775.33 7.39%
Purchase Of Stock-In Trade 7.35 14.98 -7.63 -50.93%
Changes In Inventories Of FG, WIP And
-201.78 -303.76
Stock-In Trade 101.98 -33.57%
Employee Benefit Expenses 982.68 871.96 110.72 12.70%
Finance Costs 48.59 29.53 19.06 64.54%
Depreciation And Amortisation Expenses 497.45 455.78 41.67 9.14%
Other Expenses 2,106.78 1,953.29 153.49 7.86%
Total Expenses 14,703.85 13,509.23 1,194.62 8.84%
Mar-24 Mar-23 366.00 0.81%
12 moths 12 moths
Profit/Loss Before Exceptional,
1,409.88 1,215.09
Extraordinary Items and Tax 194.79 16.03%
Exceptional Items 0 0 0.00
Profit/Loss Before Tax 1,409.88 1,215.09 194.79 16.03%
Tax Expenses-Continued Operations 0.00
Current Tax 386.37 323.66 62.71 19.38%
Deferred Tax -29.45 -12.2 -17.25 141.39%
Total Tax Expenses 356.92 311.46 45.46 14.60%
Profit/Loss After Tax and Before
1,052.96 903.63
Extraordinary Items 149.33 16.53%
Profit/Loss from Continuing Operations 1,052.96 903.63 149.33 16.53%
Profit/Loss for The Period 1,052.96 903.63 149.33 16.53%
Mar-24 Mar-23 366.00 0.81%
OTHER ADDITIONAL INFORMATION 0.00
EARNINGS PER SHARE 0.00
Basic EPS (Rs.) 12.39 10.63 1.76 16.56%
Diluted EPS (Rs.) 12.39 10.63 1.76 16.56%
 Detail Analysis of Statement of Income in (Graphs)

1. Revenue From Operations [Gross]

The Revenue from Operations for the company shows a notable increase from
Rs 14,525.66 crore in 2023 to Rs 15,959.89 crore in 2024. This indicates a growth
rate of approximately 9.86%, which is a positive sign of the company’s ability to
increase sales and generate higher revenue year-over-year.
Chart Title The increase in revenue suggests
15,959.8
17,000.00 9
improved operational performance, which
16,000.00 14,525.6 could be attributed to several factors such as
15,000.00 6
enhanced sales strategies, expansion into
14,000.00
13,000.00
new markets, introduction of new products
year 24 year23 or services, or an increase in demand for
existing offerings. A consistent rise in
Revenue From Operations
revenue may also indicate a strengthening
market position relative to competitors. It reflects the company's capability to capture
market share and potentially improve its brand recognition and customer loyalty.

2. Other Operating Revenues

The other operating revenue for the company shows an increase from Rs
66.27 crore in 2023 to Rs 69.3 crore in 2024. This indicates a growth rate of
approximately 4.6%.

Chart Title The increase in other operating revenue

69.3 indicates that the company has successfully
70
68
generated additional income from its core
66.27
66 operations. The rise may suggest that the
64 company is diversifying its revenue streams
year 24 year23 beyond its primary operations. Overall, the
Other Operating Revenues upward trend in other operating revenue is a
positive indicator for the company, suggesting
potential for sustained growth and profitability in the future.
3. Total Operating Revenues
The operating revenue has shown an increase from Rs 14,591.93 crore in 2023 to
Rs 16,029.19 crore in 2024. This represents a growth of approximately 9.9%.
The increase in operating revenue
Chart Title indicates that the company has
16,029.1 successfully expanded its business
17,000.00 9 operations or improved its sales
14,591.9
16,000.00
15,000.00
3 performance over the year. This
14,000.00 could be due to various factors such
13,000.00 as increased demand for products or
year 24 year23 services, effective marketing
Total Operating Revenues strategies, or successful entry into
new markets. A rise in operating
revenue is generally a positive sign of financial health and operational efficiency. It
suggests that the company is generating more income from its core business activities,
which is crucial for long-term sustainability.

4. Other Income
The decrease in other income from Rs 132.39 crore in 2023 to Rs 84.54 crore in
2024 represents a decline of approximately 36.1%.

Chart Title
150 132.39
84.54
100
50
0
year 24 year23
Other Income

The company may have experienced lower earnings from non-operational activities,
such as investments, asset sales. If the previous year included one-time gains or
extraordinary income that did not recur in 2024, this would explain the decline.

5. Total Income
The increase in total income from Rs 14,724.32 crore in 2023 to Rs 16,113.73 crore in
2024 indicates a growth of approximately 9.4%.
 Chart Title
16,029.1
17,000.00 9
14,591.9
16,000.00
3
15,000.00
14,000.00
13,000.00
year 24 year23
Total ncome

The increase reflects improved performance in the core business operations,

contributing positively to the overall financial health of the company. The increase
reflects improved performance in the core business operations, contributing positively
to the overall financial health of the company. overall growth in total income is a
positive indicator of the company's operational success and financial stability.

6. Cost Of Materials Consumed

The cost of material consumed increased from Rs 10,487.45 crore in 2023 to Rs

11,262.78 crore in 2024. This represents an increase of approximately 7.39%.

Chart 11,262.7
Title
11,500.00 8

11,000.00 10,487.4
5
10,500.00
10,000.00
year 24 year23
Cost Of Materials Consumed

The rise in material costs may indicate several factors, such as increased production
levels, higher prices for raw materials, or changes in supplier contracts. This increase
could impact the company's profit margins if revenue does not grow at a similar rate. It
is essential for the company to analyze these costs.

7. Employee Benefit Expenses

Employee benefit expenses rise from Rs 871.96 crore in 2023 to Rs 982.68 crore in
2024, marking an increase of approximately 12.66%.
 Chart Title This significant rise may reflect
1000 982.68 various factors, including salary
increases, additional hiring, enhanced
950
employee benefits, or investments in
900 871.96
workforce development. While higher
850 employee costs can indicate a
800 commitment to talent retention and
year 24 year23 development, they also necessitate
Employee Benefit Expenses careful management to ensure that they
align with overall business
performance and profitability. The company should evaluate whether this increase
translates into improved productivity and performance outcomes.

8. Finance Costs
The finance cost has increased from Rs 29.53 crore in 2023 to Rs 48.59 crore in
2024, representing a significant rise of approximately 64.5%.
This increase may indicate higher borrowing costs, possibly due to increased
interest rates or a higher level of debt taken on by the company. The rising finance costs
could impact profitability and cash flow, suggesting that the company may need to
manage its debt levels more effectively or explore refinancing options to mitigate these
costs.

Chart Title
60 48.59
40 29.53
20
0
year 24 year23
Finance Costs

9. Depreciation And Amortisation Expenses

Depreciation and amortisation expenses have also increased from Rs 455.78 crore
in 2023 to Rs 497.45 crore in 2024, reflecting a rise of about 9.1%.
 This increase may be attributed to
Chart Title the acquisition of new assets or
520 497.45 investments in fixed assets during the year,
500
480 leading to higher depreciation charges. The
455.78
460 growing depreciation and amortisation
440
420 expenses can indicate a company's
year 24 year23 expansion or modernization efforts.
Depreciation And Amortisation Expenses However, it is essential to monitor these
expenses relative to revenue growth to
ensure that asset utilization remains efficient and does not adversely affect profitability.

10. Other Expenses

The other expenses for 2024 are recorded at Rs 2,106.78 crore, up from Rs 1,953.29
crore in 2023. This reflects an increase of about 7.86%.

Chart Title
2,150.00 2,106.78
2,100.00
2,050.00
2,000.00 1,953.29
1,950.00
1,900.00
1,850.00
year 24 year23
Other Expenses

The rise in other expenses may suggest higher costs associated with non-operational
activities, such as administrative expenses, marketing, or research and development.
Monitoring these expenses is crucial, as they can impact profitability if they grow
disproportionately compared to revenue. The company should evaluate the effectiveness
of spending in this category to ensure that it contributes positively to overall performance.

11. Total Expenses

The total expenses for the year 2024 amount to Rs 14,703.85 crore, which
represents an increase from Rs 13,509.23 crore in 2023. This signifies a rise of
approximately 8.85% year-over-year.
 Chart 14,703.8
Title
15,000.00 5
14,500.00 13,509.2
14,000.00 3
13,500.00
13,000.00
12,500.00
year 24 year23
Total Expenses

The increase in total expenses could indicate various factors such as rising operational
costs, expansion activities, inflation, or increased investment in resources. It is
important for the company to analyze the components of these expenses to understand
the underlying reasons for this increase and ensure that it aligns with revenue growth
and overall business strategy.

12. Profit/Loss Before Tax

The profit or loss before tax for 2024 stands at Rs 1,409.88 crore, an increase from
Rs 1,215.09 crore in 2023. This represents a growth of approximately 16.01%.

Chart Title
1,500.00 1,409.88
1,400.00
1,300.00 1,215.09
1,200.00
1,100.00
year 24 year23
Profit/Loss Before Tax

The significant rise in profit before tax indicates improved operational

efficiency and revenue generation capabilities. It reflects the company's ability
to control costs and enhance profitability, which is a positive sign for
stakeholders. This growth may also suggest effective strategies in place that
are yielding better financial performance.

13. Total Tax Expenses

Total tax expenses for 2024 amount to Rs 356.92 crore, compared to Rs 311.46 crore
in 2023. This rise of approximately 14.58%.
 Chart Title
380 356.92
360
340
311.46
320
300
280
year 24 year23
Total Tax Expenses

the rise in profit before tax, indicating that the company is subject to higher tax
liabilities due to increased profitability. While higher tax expenses reduce net income,
they are a normal consequence of improved earnings. It is important for the company
to manage its tax obligations effectively while ensuring compliance with tax
regulations.

14. Profit/Loss from Continuing Operations

The profit or loss from continuing operations for 2024 is recorded at Rs 1,053.96 crore,
up from Rs 903.63 crore in 2023, reflecting an increase of approximately 16.67%.

Chart Title
1,100.00 1,052.96
1,000.00 903.63
900.00
800.00
year 24 year23
Profit/Loss From Continuing
Operations

This growth indicates that the core business operations are performing well,
contributing positively to overall profitability. It suggests stability and sustainability in
the company’s ongoing activities, which is crucial for long-term success and investor
confidence.

15. Profit/Loss for The Period

The profit or loss for the period in 2024 is reported at Rs 1,052.96 crore, an increase
from Rs 903.63 crore in 2023. This growth of around 16.5% mirrors the trends observed
in both profit before tax and profit from continuing operations.
 Chart Title
1,100.00 1,052.96
1,000.00
903.63
900.00
800.00
year 24 year23
Profit/Loss For The Period

It underscores the overall improvement in the company's financial health and its
ability to generate profit for shareholders. The consistent upward trajectory in profits
reflects effective management and operational strategies that are beneficial for the
organization’s future prospects.
 RATIO ANALYSIS

Ratio 2024 2023 % Variance

Current Ratio 1.63 2.03 -19.70

Quick Ratio 0.63 0.84 -25.00

Debt to Equity Ratio 3.00% 2.00% 50.00

Net Capital Turnover Ratio 7.83 5.63 39.08

Trade Payable Turnover Ratio 5.93 6.84 -13.30

Trade Receivables turnover ratio 12.59 11.79 6.79

Interest Coverage Ratio 26.63 38.48 -30.80

Inventory Turnover Ratio 4.2 4.44 -5.41

Debtors Turnover Ratio 12.59 11.79 6.79

Net Operating Revenue 1.61 1.04 54.81

Return on Assets 6.24 6.43 -2.95

Operating profit margin 11.67% 10.75% 8.56

Return on Net worth 8.65% 8.29% 4.34

Return on Capital Employed 11.72% 11.22% 4.46

Return on Equity Ratio 8.65% 8.29% 4.34

Net Profit Ratio 0.07 0.06 16.67

 Detail Analysis of Ratios in (Graphs)

1. Current Ratio:
A liquidity ratio that measures a company's ability to pay short-term obligations with its
current assets.
Current Ratio=Current Assets /Current Liabilities
Chart Title
3
2.03
2 1.63

1
0
year 24 year23
Current Ratio
The current ratio has decreased
from 2.03 in 2023 to 1.63 in 2024. This decline indicates that the company’s liquidity
position has weakened over the year. A current ratio above 1 generally suggests that the
company has enough current assets to cover its current liabilities, but the drop below 2
indicates a more significant reliance on its current assets to meet obligations.
Overall, while a current ratio above 1 is still acceptable, the decline from 2.03 to 1.63
and the negative variance of -19.70% highlight potential liquidity concerns that warrant
further investigation and proactive management.

2. Quick Ratio : A more stringent liquidity ratio that measures a company’s ability to meet
short-term obligations without relying on the sale of inventory.
Quick Ratio=(Current Assets − Inventories)/Current Liabilities
Chart Title
1 0.84
0.63
0.5
0
year 24 year23
Quick Ratio
A quick ratio of 0.63 means that for every rupee of
current liabilities, the company has only ₹0.63 in liquid assets. This is below the ideal
benchmark of 1.0, suggesting that the company may struggle to cover its short-term
obligations without relying on inventory sales.
 Overall, the drop in the quick ratio highlights a need for careful monitoring and
potentially strategic adjustments to improve liquidity and financial stability

3. Debt to Equity Ratio: A financial leverage ratio that compares a company's total
liabilities to its shareholders' equity. It indicates the proportion of debt used to finance the
company's assets.
Debt to Equity Ratio=Total Debt/ Shareholders′ Equity
Chart Title
4.00% 3.00%
3.00% 2.00%
2.00%
1.00%
0.00%
year 24 year23
Debt to Equity Ratio

The increase in the debt-to-equity ratio from 2.00% to 3.00% indicates a modest rise
in financial leverage and potential risk. While this could be a strategic move to fund growth
initiatives, it is essential for the company to manage its debt levels carefully to maintain
financial stability and investor confidence.

4. Net Capital Turnover Ratio : A measure of how efficiently a company uses its net capital
to generate revenue.
Net Working Capital Turnover Ratio=Net Sales Average /Net Working
Capital
Chart Title
10 7.83
8 5.63
6
4
2
0
year 24 year23
Net Capital Tuurnover Ratio

The rise in the net capital turnover ratio from 5.63 to 7.83 represents a significant
improvement in the company's ability to generate sales from its invested capital, with a
 percentage variance of 39.08%. This reflects effective asset management and operational
efficiency, positioning the company favourably for growth and profitability.

5. Trade Payable Turnover Ratio:

A measure of how quickly a company pays off its suppliers.

Chart Title
6.84
7 5.93
6
5
year 24 year23
Trade Payable Turnover Ratio

The decline in the trade payable turnover ratio from 6.84 in 2023 to 5.93 in 2024
indicates that the company is taking longer to pay its suppliers. This suggests a decrease in
efficiency in managing payables.
The decline in the trade payable turnover ratio (-13.30%) suggests potential challenges
in managing supplier payments.

6. Trade Receivables turnover ratio:

A measure of how efficiently a company collects its receivables.

Chart Title
13 12.59
12.5
12 11.79
11.5
11
year 24 year23
Trade Receiavables turnover ratio

The increase in the trade receivable turnover ratio from 11.79 in 2023 to 12.59 in 2024
indicates that the company is becoming more efficient at collecting payments from its
customers. This suggests better credit management and collection processes.
the increase in the trade receivable turnover ratio (6.79%) indicates improved
efficiency in collecting customer payments.
7. Interest Coverage Ratio :
A measure of a company's ability to pay interest on its outstanding debt.
Interest Coverage Ratio=EBIT (Earnings Before Interest and Taxes)
/Interest Expense
Chart Title
50 38.48
40
26.63
30
20
10
0
year 24 year23
Interest Coverage Ratio

The Interest Coverage Ratio has decreased significantly from 38.48 in 2023 to 26.63
in 2024, reflecting a decline of 30.80%. This ratio measures the company's ability to meet
its interest obligations using its earnings before interest and taxes.
A ratio below 30 is generally considered acceptable, but the significant drop indicates
that if earnings were to decline further or if interest rates were to rise, the company could
face challenges in service
ng its debt.

8. Inventory Turnover Ratio: A measure of how many times a company's inventory is sold
and replaced over a period.
Inventory Turnover Ratio =Cost of Goods Sold Average/ Inventory
Chart Title
4.44
4.5
4.4
4.3 4.2
4.2
4.1
4
year 24 year23
Inventory Turnover Ratio

The Inventory Turnover Ratio has decreased from 4.44 in 2023 to 4.20 in 2024,
indicating a decline of 5.41%. This ratio measures how efficiently a company manages its
inventory by comparing the cost of goods sold (COGS) to average inventory.
A decrease in this ratio suggests that the company is selling its inventory at a slower
rate compared to the previous year.
9. Debtors Turnover Ratio: Another term for the Trade Receivables Turnover Ratio,
measuring how efficiently a company collects its accounts receivable.
Debtors Turnover Ratio=Net Credit Sales Average/ Accounts
Receivable
Chart Title
13 12.59
12.5
11.79
12
11.5
11
year 24 year23
Debtors Turnover Ratio

the Debtors Turnover Ratio has increased from 11.79 in 2023 to 12.59 in 2024,
reflecting a positive change of 6.79%. This ratio measures how efficiently a company
collects its receivables, indicating how many times the company's accounts receivable are
converted into cash during a period.
An increase in this ratio suggests that the company is more effective in collecting
debts from its customers.

10. Net Operating Revenue: The revenue generated from a company's primary business
operations, excluding any non-operating income or expenses.
Net Operating Ratio=(Cost of Goods Sold + Operating Expenses)/Net
Sales× 100
Chart Title
2 1.61
1.5 1.04
1
0.5
0
year 24 year23
Net Operating Revenue

The Net Operating Revenue Ratio has significantly increased from 1.04 in 2023 to
1.61 in 2024, showing a substantial change of 54.81%. This ratio indicates the proportion
of revenue generated from operations relative to total revenue. A rise in this ratio suggests
that a larger portion of the company’s revenue is derived from its core operations.
11. Return on Assets: A profitability ratio that indicates how effectively a company uses its
assets to generate profit.
Return on Total Assets=Net Income Average/ Total Assets × 100
Chart Title
6.5 6.43
6.4 6.24
6.3
6.2
6.1
year 24 year23
Return on Assets

The Return on Assets (ROA) has slightly decreased from 6.43 in 2023 to 6.24 in
2024, reflecting a decline of 2.95%. This ratio measures how effectively a company utilizes
its assets to generate earnings.

12. Operating profit margin: A profitability ratio that measures the percentage of revenue
that remains after covering operating expenses.

Chart Title
12.00% 11.67%
11.50%
11.00% 10.75%
10.50%
10.00%
year 24 year23
Operating profit margin

The Operating Profit Margin Ratio has increased from 10.75% in 2023 to 11.67% in
2024, reflecting an improvement of 8.56%. This ratio indicates the percentage of revenue
that remains after covering operating expenses.
The increase suggests that the company is managing its operating costs more
effectively, leading to higher profitability from core operations.
13. Return on Net worth: A measure of the profitability relative to shareholders' equity.

Chart Title
8.80% 8.65%
8.60%
8.40% 8.29%
8.20%
8.00%
year 24 year23
Return on Net worth

he Return on Net Worth Ratio has increased from 8.29% in 2023 to 8.65% in
2024, showing a growth of 4.34%. This ratio measures the return generated on shareholders'
equity.

The rise indicates that the company is generating more profit of equity invested by
shareholders, suggesting enhanced shareholder value.

14. Return on Capital Employed: A measure of a company's profitability and the efficiency
with which its capital is employed.
Return on Capital Employed =EBIT /Average Capital Employed× 100
Chart Title
11.72%
11.80%
11.60%
11.40% 11.22%
11.20%
11.00%
10.80%
year 24 year23
Return on Capital Employed

The Return on Capital Employed (ROCE) Ratio has increased from 11.22% in 2023
to 11.72% in 2024, reflecting a positive change of 4.46%. This ratio measures the efficiency
and profitability of capital investments.
An increase in ROCE indicates that the company is using its capital more effectively
to generate profits, suggesting enhanced operational efficiency.
15. Return on Equity Ratio: A measure of financial performance calculated by dividing net
income by shareholders' equity. It indicates how well a company uses investments to
generate earnings growth.
Return on Equity Shareholders ‘Funds=Net Income Average /Shareholders ‘Equity ×
100

Chart Title
8.80% 8.65%
8.60% 8.29%
8.40%
8.20%
8.00%
year 24 year23
Return on Equity Ratio

The Return on Equity (ROE) Ratio has increased from 8.29% in 2023 to 8.65% in
2024, showing a growth of 4.34%. This ratio measures how effectively a company uses
shareholders' equity to generate profits.
The rise indicates improved profitability relative to shareholders' investments,
which is positive for existing and potential investors.

16. Net Profit Ratio: A profitability ratio that shows the percentage of net profit generated
from total revenue. Shows the percentage of revenue that remains as profit after all
expenses have been deducted.
Net Profit Ratio =Net Profit/ Net Sales× 100
Chart Title
0.075 0.07
0.07
0.065 0.06
0.06
0.055
year 24 year23
Net Profit Ratio

The Net Profit Ratio has increased from 0.06 (6%) in 2023 to 0.07 (7%) in 2024,
reflecting a significant improvement of 16.67%. This ratio measures the percentage of
revenue that remains as profit after all expenses have been deducted.
The increase indicates that a larger proportion of sales is being converted into actual
profit, showcasing improved overall profitability.
 INDUSTRY COMPARISON ANALYSIS
BALANCE SHEET COMPARISON

Amara
Industrial Analysis of Exide and Amara Exide March
RajaIndustry
Raja 31. 2024
Asset % % variance
I) ASSETS
1) NON-CURRENT ASSETS
a) Property plant and equipment 2,845.52 16.87 30.66 -13.79
b) Capital work-in-progress 201.7 1.20 3.62 -2.42
C) Intangible assets 19.72 0.12 0.56 -0.44
d) financial assets 0.00
(i)Investments 8,369.88 49.62 2.42 47.20
(ii) Trade receivables 0.6 0.004 0.00
(iii) Other financial assets 21.86 0.13 0.12 0.01
e) Income tax assets (net) 17.13 0.10 0.13 -0.03
g) other non-current assets 74.76 0.44 2.01 -1.57
Total 11,564.82 68.57 59.83 8.74
CURRENT ASSETS 0.00
a) Inventories 3,249.34 19.27 20.48 -1.22
b) financial assets 0.00
(i) Investments 250.67 1.49 3.00 -1.51
(ii) Trade receivables 1,264.41 7.50 11.51 -4.02
(iii) Cash and cash equipment 217.44 1.29 1.01 0.28
(iv) Bank balances other than (iii) above 5.23 0.03 0.17 -0.14
(v) Loans 100 0.59 1.13 -0.54
(vi) Other financial assets 33.13 0.20 1.05 -0.85
c) Other current assets 181.3 1.07 1.82 -0.74
5,301.52 31.43 40.17 -8.74
TOTAL ASSETS 16,866.34 100.00 100 0.00
II) EQUITY AND LIABILITIES 0.00
1) EQUITY 0.00
a) Equity share capital 85 0.50 0.21 0.30
b) other equity 13,052.24 77.39 76.41 0.98
13,137.24 77.89 76.62 1.27
2) LIABILITIES 0.00
i) NON-CURRENT LIABILITIES 0.00
a) financial liabilities 0.00
(i) Lease liabilities 2.29 0.83 1.46
385.59
Trade 0.00
(ii) Trade payables 0.00
(ii) Trade payables 0.00
Total outstanding dues of micro enterprises
and small enterprises 0.00
(iii) Other financial liability 2.62 0.02 0.02
b) Other non-current liabilities 11.25 0.07 0.67 -0.60
c) Provisions 60.2 0.36 1.82 -1.47
469.89 2.79 4.62 -1.83
ii) CURRENT LIABILITIES 0.00
a) financial liabilities 0.00
(i) Lease liabilities 9.96 0.06 0.30 -0.24
(ii) Trade payables 0.00
Total outstanding dues of micro enterprises
133.67
and small enterprises 0.79 0.34 0.45
Total outstanding dues of creditors other
than micro enterprises and small 2,175.97
enterprises 12.90 9.16 3.74
(iii) Other financial liabilities 374.58 2.22 3.63 -1.41
b) Other current liabilities 247.21 1.47 3.54 -2.07
c) Provisions 317.82 1.88 1.49 0.40
3,259.21 19.32 18.77 0.56
TOTAL EQUITY AND LIABILITIES 16,866.34 100.00 100 0.00
 DETAILED ANALYSIS OF BALANCE SHEET OF INDUSTRY

1. TOTAL NON-CURRENT ASSETS:

Chart Title
68.57
70
65 59.83
60
55
TOTAL NON-CURRENT
ASSETS
Exide Industries
68.57
ltd
Amara Raja 59.83

Exide Industries 68.57% has a higher proportion of non-current assets compared to

Amara Raja Batteries 59.83%, indicating it is more capital-intensive with a greater
focus on long-term investments in infrastructure and fixed assets. This suggests
Exide may have a more established, stable market position. On the other hand,
Amara Raja's lower non-current asset ratio implies a more flexible approach,
potentially prioritizing short-term growth and operational efficiency. Both companies
are adopting different strategies based on their asset allocation.

2. TOTAL CURRENT ASSETS

TATAL CURRENT ASSETS

50 40.17
40 31.43
30
20
10
0
TOTAL CURRENT ASSETS
Exide
31.43
Industries ltd
Amara Raja 40.17

Exide Industries 68.57% The higher percentage of non-current assets indicates that
Exide Industries has a larger portion of its assets tied up in long-term investments,
infrastructure, or fixed assets. This could suggest that the company is capital-
intensive, relying heavily on physical assets like manufacturing plants, machinery, or
long-term investments. Amara Raja Batteries total equity59.83% While still
significant, Amara Raja Batteries has a lower proportion of non-current assets
 compared to Exide. This suggests that Amara Raja might be relatively less capital-
intensive or may have a higher proportion of its assets tied up in current assets (e.g.,
inventory or receivables) compared to Exide.

3. TOTAL EQUITY

Chart Title
77.89
78
77.5
77 76.62
76.5
76
75.5
TOTAL EQUITY
Exide Industries
77.89
ltd
Amara Raja 76.62

Exide Industries has a total equity percentage of 77.89%, while Amara Raja's is
76.62%. This indicates that Exide relies more on equity financing and has a
slightly stronger financial position, suggesting lower financial risk. The 1.27%
difference, although small, highlights Exide's more conservative approach
compared to Amara Raja, which may appeal to risk-averse investors. Overall,
both companies maintain strong equity levels, but Exide's higher ratio suggests
greater stability.

4. TOTAL NON-CURRENT LIABILITIES

Chart Title
4.64
5
4 2.79
3
2
1
0
TOTAL NON-CURRENT
LIABILITIES
Exide
2.79
Industries ltd
Amara Raja 4.64

Exide Industries has total non-current liability percentage of 2.79% while

amara raja is 4.64%. This indicates that Exide significantly lower total non-current
liabilities compared to Amara Raja, with a variance of 1.85%. This suggests that
Exide is less reliant on long-term debt financing, indicating a potentially stronger
financial position and lower long-term financial risk. In contrast, Amara Raja's
 higher non-current liabilities may suggest a greater dependence on debt to finance
its operations, which could imply higher financial risk.
5. TOTAL CURRENT LIABILITIES

Chart Title
19.32
19.4
19.2
19 18.77
18.8
18.6
18.4
TOTAL CURRENT LIABILITIES
Exide Industries
19.32
ltd
Amara Raja 18.77

Industries has a total current Liability Percentage of 19.32% , while Amara raja is
18.77%. This indicates that Exide has a slightly higher percentage of total current
liabilities compared to Amara Raja, with a variance of 0.55%. This indicates that
Exide may have a marginally higher short-term financial obligation relative to its
total assets. While both companies maintain similar levels of current liabilities,
Exide's higher ratio could suggest a greater need for liquidity management to meet
these obligations.
6. TOTAL ASSETS AND TOTAL LIABILITY

In RS Crs
16,866.34
20,000.00
15,000.00 8834.31
10,000.00
5,000.00
0.00
TOTAL ASSETS AND
TOTAL LIABILITY
Exide Industries
16,866.34
ltd
Amara Raja 8834.31

Exide Industries has total assets of 16866.34cr while Amara raja is 8834.31CrThis indicates that
Exide industries has total assets are nearly double those of Amara Raja, with a variance of
₹8,032.03 crore. This substantial difference suggests that Exide has a larger asset base, which may
provide it with greater operational capacity and flexibility. The higher asset level can also indicate
better resource allocation and investment potential. However, without the specific total liabilities’
figures for both companies, it's challenging to draw conclusions about their leverage or financial
stability in relation to their assets.
 PROFIT AND LOSS STATEMENT COMPARISON

Amara
Exide March Raja
Industrial Analysis of Profit and Loss
31. 2024 Industry
Assets% % variance

INCOME
Revenue From Operations [Gross] 15959.89 391.56 1243.05 -851.49
Revenue From Operations [Net] 15959.89 1515.72 1243.05 272.67
Other Operating Revenues 69.3 6.58
Total Operating Revenues 16029.19 1522.30
Other Income 84.54 8.03 11.21 -3.18
Total Income 16113.73 1530.33 1254.26 276.07
EXPENSES
Cost Of Materials Consumed 11262.78 1069.63 717.18 352.45
Purchase Of Stock-In Trade 7.35 0.70 133.42 -132.73
Changes In Inventories Of FG, WIP And Stock-In
Trade -201.78 -19.16 -18.90 -0.27
Employee Benefit Expenses 982.68 93.33 0.01 93.32
Finance Costs 48.59 4.61 3.66 0.95
Depreciation And Amortisation Expenses 497.45 47.24 52.85 -5.60
Other Expenses 2106.78 200.08 155.14 44.94
Total Expenses 14703.85 1396.43 1120.57 275.86
12 moths
Profit/Loss Before Exceptional, extraordinary Items
And Tax 1409.88 133.90 133.69 0.21
Exceptional Items 0 0.00
Profit/Loss Before Tax 1409.88 133.90 133.69 0.21
Tax Expenses-Continued Operations
Current Tax 386.37 36.69 35.23 1.46
Deferred Tax -29.45 -2.80 -1.54 -1.26
Total Tax Expenses 356.92 33.90 33.69 0.21
Profit/Loss After Tax And Before Extraordinary Items 1052.96 100.00 100 0.00
Profit/Loss From Continuing Operations 1052.96 100.00 100 0.00
Profit/Loss For The Period 1052.96 100.00 100 0.00
 DETAILED ANALYSIS OF PROFIT AND LOSS OF INDUSTRY

1. Revenue From Operations

in crore
1400.00 1243.05
1200.00
1000.00
800.00
600.00 391.56
400.00
200.00
0.00
Revenue From Operations

Exide Industries: 391.56% • Amara Raja: 1243.05% the Variance of Amara Raja's
revenue from operations is significantly higher than that of Exide Industries, with a
variance of 851.49%.

Interpretation: Amara Raja is generating over three times the revenue from operations
compared to Exide Industries, indicating stronger sales performance or market presence.
This could suggest that Amara Raja has a more extensive product range, better market
penetration, or more effective sales strategies. Exide Industries may need to analyse its
operational strategies to enhance its revenue generation capabilities.

2. Other Income

in crore
15.00 11.21
10.00 8.03

5.00
0.00
Other Income

Exide Industries ltd Amara Raja

Exide Industries: 8.03% and Amara Raja:

11.21% the Variance of Amara Raja's other income exceeds that of Exide Industries by
3.18%.

Interpretation: Amara Raja not only generates more revenue from operations but also has
a higher percentage of other income compared to Exide Industries. This could indicate that
Amara Raja has diversified income sources, such as investments or ancillary services,
 which contribute positively to its overall financial health. Exide Industries might explore
additional revenues for generating other income to enhance its financial performance.

3. Total Income

in crore
1530.3 1254.2
2000.00 3 6
0
0.00
Total Income

Exide Industries ltd

Amara Raja
Series3

Exide Industries: 1530.33% and Amara Raja: 1254.26% the Variance of Exide Industries has
a total income that is higher than Amara Raja's by 276.07%.

Interpretation: Despite having lower revenue from operations and other income percentages,
Exide Industries shows a higher total income figure compared to Amara Raja. This suggests
that while Amara Raja excels in operational revenue and other income streams, Exide may
have significant contributions from other sources or lower expenses that bolster its total
income. It may also indicate that Exide Industries has effective cost management or operational
efficiencies that enhance its bottom line despite lower revenue figures.

4. Cost Of Materials Consumed

in. Cr
1500.00
1069.63
1000.00 717.18

500.00

0.00
Cost Of Materials Consumed

Exide Industries ltd Amara Raja

Interpretation: The variance of +352.45%

indicates that Exide Industries allocates a significantly higher portion of its total revenue to
raw materials or components consumed. A figure as high as 1069.63% is extremely large,
which might suggest that Exide operates in a highly material-intensive industry, possibly
 manufacturing components that require significant raw material consumption. It may also
imply that Exide has relatively low operational efficiency or higher input costs. Amara Raja,
on the other hand, is comparatively more efficient, spending 717.18% on materials. This
suggests that Amara Raja is potentially more efficient in managing material consumption, or it
may be able to source materials at a lower cost. The larger difference between the two
companies could indicate a strategic or operational divergence, where Amara Raja may be
better at controlling material costs relative to their overall income.

5. Purchase Of Stock-In Trade

160.00 133.42
140.00
120.00
100.00
80.00
60.00
40.00
20.00 0.70
0.00
Purchase Of Stock-In
Trade
Exide
0.70
Industries ltd
Amara Raja 133.42

The variance of -132.72% indicates a stark contrast between the two companies’ stock-in-trade
purchases. Exide Industries spends only 0.70% of its total revenue on purchasing stock-in-
trade, which suggests that it is less reliant on trading activities or may rely more on
manufacturing its own products rather than buying finished goods or parts from external
suppliers. This could imply a more vertically integrated business model. Amara Raja, in
contrast, spends 133.42% of its revenue on stock-in-trade, a very high figure. This suggests
that Amara Raja might be more focused on trading or reselling products, with a substantial
portion of its income being reinvested in inventory or finished goods. It could also point to a
strategy of holding larger inventory levels to meet demand. The high percentage may indicate
an increased dependency on stock turnover or a business model that leans more toward
wholesale or retail operations rather than pure manufacturing.
6. Changes In Inventories Of FG,WIP And Stock-In Trade

in. Cr
-18.50
Changes In Inventories Of FG,WIP And
Stock-In Trade
-19.00
-18.90
-19.16
-19.50
Exide Industries ltd Amara Raja

Exide’s -19.16% suggests a larger reduction in inventory levels compared to Amara Raja’s -
18.90%. The variance of 0.26% indicates that Amara Raja may have a slightly more favorable
inventory management system, potentially reducing stock faster in line with its sales, while
Exide may be facing slightly slower inventory turnover or other challenges in reducing
inventory levels. A smaller reduction could also indicate that Amara Raja is better at predicting
demand or managing its production cycles, leading to a more balanced approach to inventory
control. The negative trend for both companies is typical in industries where managing working
capital efficiently is crucial.

7. Employee Benefit Expenses

Chart Title
93.33
100.00

50.00

0.01
0.00
Employee Benefit Expenses

Exide Industries ltd Amara Raja

Exide Industries has employee benefit expenses that are significantly higher than those
of Amara Raja by 93.32%.
Interpretation: Exide Industries allocates a substantial portion of its expenses to employee
benefits, indicating a strong focus on workforce investment, employee welfare, or possibly a
 larger employee base. In contrast, Amara Raja's negligible employee benefit expenses could
suggest either a leaner workforce or different compensation structures. This disparity may
reflect differing business models or operational strategies, with Exide potentially prioritizing
human capital as a key asset while Amara Raja may be leveraging alternative operational
efficiencies.

8. Finance Costs

Chart Title
6.00 4.61
3.66
4.00

2.00

0.00
Finance Costs

Exide Industries ltd Amara Raja

Exide Industries: 4.61% • Amara Raja: 3.66%
the Variance of Exide Industries has finance costs that exceed those of Amara Raja by
0.95%.
Interpretation: Exide Industries incurs higher finance costs compared to Amara Raja,
suggesting that it may rely more on debt financing or have higher interest obligations. This
could indicate a more aggressive growth strategy or increased leverage. Conversely, Amara
Raja's lower finance costs could reflect a more conservative approach to borrowing or
better terms on its financing arrangements. The difference in finance costs may impact
profitability and cash flow management for both companies.

9. Depreciation And Amortisation Expenses

Chart Title
54.00 52.85
52.00
50.00
47.24
48.00
46.00
44.00
Depreciation And Amortisation
Expenses

Exide Industries ltd Amara Raja

 Exide Industries: 47.24% • Amara Raja: 52.85% the Varianceof Amara Raja's depreciation
and amortization expenses are higher than those of Exide Industries by 5.61%.

Interpretation: Amara Raja has a higher percentage of depreciation and amortization

expenses compared to Exide Industries, indicating that it may have invested more heavily
in fixed assets or intangible assets relative to its revenue. This could reflect a strategy
focused on growth through capital investments or the acquisition of technology. On the
other hand, Exide Industries may have lower capital expenditures or a different asset base,
leading to lower depreciation and amortization expenses. The higher expenses for Amara
Raja could impact its short-term profitability but may also signify long-term growth
potential through increased asset utilization.

10.Other Expenses

Chart Title
300.00
200.08
200.00 155.14
100.00
0.00
Other Expenses

Exide Industries ltd Amara Raja

The variance of Exide Industries has other expenses that are 44.94% higher than those of
Amara Raja.
Interpretation Exide Industries' other expenses are significantly higher at 200.08%
compared to Amara Raja's 155.14%. This substantial difference indicates that Exide is
allocating a larger portion of its revenue to other expenses, which could include
administrative costs, marketing, or operational overheads. The higher percentage for
Exide may suggest less efficient cost management or a broader range of operations. In
contrast, Amara Raja appears to maintain tighter control over its expenses, potentially
leading to better profitability if revenues are similar. Overall, this variance highlights a
key area for Exide to evaluate in terms of operational efficiency and cost-effectiveness.
11.Total Expenses

Exide Industries: 1396.43% • Amara Raja: 1120.57% the Variance of Exide Industries'
total expenses are higher than Amara Raja's by 275.86%.
 Interpretation: Exide Industries incurs
Chart Title
1396.43 significantly higher total expenses compared to
1500.00
1120.57
Amara Raja, which may reflect a larger scale of
1000.00
operations, higher production costs, or strategic
500.00 investments in growth. This substantial difference
0.00 could impact overall profitability and cash flow.
Total Expenses Amara Raja's lower total expenses suggest a more
streamlined operation, potentially leading to better margins if revenue levels are maintained.

12.Profit/Loss Before Tax

Chart Title
134 133.9
133.9
133.8 133.69
133.7
133.6
133.5
Profit/Loss Before Tax

Exide Industries ltd Amara Raja

Exide Industries: 133.9% • Amara Raja: 133.69% the Variance of Exide Industries has a
profit before tax that is higher than Amara Raja's by 0.21%.
Interpretation: Both companies exhibit similar profit before tax margins, with Exide
Industries slightly outperforming Amara Raja. This marginal difference indicates that
despite the higher total expenses for Exide, it has managed to maintain a competitive edge
in profitability before tax considerations. Both companies appear to be closely aligned in
their operational efficiency and revenue generation capabilities.

13.Total Tax Expenses

Exide Industries: 33.9% • Amara Raja: 33.69% the Variance of Exide Industries' total tax
expenses are slightly higher than those of Amara Raja by 0.21%.

Interpretation: The tax expenses for both companies are closely aligned, with Exide
Industries having a marginally higher percentage. This suggests that both
companies are subject to similar effective tax rates, indicating comparable
 profitability levels before tax deductions. The slight variance indicates that any
differences in tax planning or strategies are minimal.

Chart Title
34 33.9
33.9
33.8
33.69
33.7
33.6
33.5
Total Tax Expenses

Exide Industries ltd Amara Raja

14.Profit/Loss for The Period

Chart
1052.9
Title
1100 6

1000
905.86
900
800
Profit/Loss For The Period

Exide Industries ltd Amara Raja

• Exide Industries: ₹1052.96 Cr • Amara Raja: ₹905.86 Cr the Variance of Exide Industries'
profit for the period exceeds that of Amara Raja by ₹147.10 Cr.

Interpretation: Exide Industries reports a significantly higher profit for the period compared
to Amara Raja, reflecting stronger overall performance and possibly better operational
efficiency or market positioning. This substantial variance in profit indicates that Exide has
successfully navigated its expense structure and revenue generation to achieve superior
financial results, positioning it favorably within the industry relative to Amara Raja.
 GROUP COMPARISON OF EXIDE INDUSTRIES LTD
BALANCESHEET COMPARISON
Particulars March Peer
31. 2024 Assets% group variance
I) ASSETS
1) NON-CURRENT ASSETS
a) Property plant and equipment 2,845.52 16.87 20.72 -3.85
b) Capital work-in-progress 201.7 1.20 6.42 -5.22
C) Intangible assets 19.72 0.12 0.26 -0.14
d) Financial assets
(i)Investments 8,369.88 49.62 31.16 18.47
(ii) Trade receivables 0.6 0.00 0.00 0.00
(iii) Other financial assets 21.86 0.13 0.22 -0.09
e) Income tax assets (net) 17.13 0.10 0.22 -0.12
f) Deferred tax assets (net) 13.65 0.08 0.13 -0.05
g) other non-current assets 74.76 0.44 5.01 -4.56
Total 11,564.82 68.57 65.56 3.01
CURRENT ASSETS
a) Inventories 3,249.34 19.27 21.31 -2.05
b) financial assets
(i) Investments 250.67 1.49 1.43 0.06
(ii) Trade receivables 1,264.41 7.50 7.62 -0.12
(iii) Cash and cash equipment 217.44 1.29 1.78 -0.49
(iv) Bank balances other than (iii) above 5.23 0.03 0.04 -0.01
(v) Loans 100 0.59 0.00 0.59
c) Other current assets 181.3 1.07 1.92 -0.84
5,301.52 31.43 34.44 -3.01
TOTAL ASSETS 16,866.34 100.00 100.00 0.00
II) EQUITY AND LIABILITIES
1) EQUITY
a) Equity share capital 85 0.50 0.47 0.04
b) Other equity 13,052.24 77.39 70.53 6.86
13,137.24 77.89 71.08 6.81
2) LIABILITIES
I) NON-CURRENT LIABILITIES
a) financial liabilities
(i) Lease liabilities
Trade 385.59 2.29 2.27 0.01
(ii) Trade payables

Total outstanding dues of micro enterprises and small enterprises

Total outstanding dues of creditors other than micro enterprises
and small 10.23 0.06 0.06 0.00
(iii) Other financial liability 2.62 0.02 0.48 -0.46
b) Provisions 60.2 0.36 0.38 -0.02
469.89 2.79 4.41 -1.63
ii) CURRENT LIABILITIES 0.00
a) financial liabilities 0.00
(i) Lease liabilities 9.96 0.06 0.07 -0.02
(ii) Trade payables
Total outstanding dues of micro enterprises and small enterprises 133.67 0.79 0.77 0.02
Total outstanding dues of creditors other than micro enterprises
and small enterprises 2,175.97 12.90 14.15 -1.25
(iii) Other financial liabilities 374.58 2.22 3.61 -1.39
b) Other current liabilities 247.21 1.47 1.49 -0.02
c) Provisions 317.82 1.88 1.78 0.10
3,259.21 19.32 24.50 -5.18
TOTAL EQUITY AND LIABILITIES 16,866.34 100.00 100.00 0.00
 DETAILED GRAPHICAL REPRESENTATION OF THE GROUP
COMPARISON
1. TOTAL NON-CURRENT ASSETS

TOTAL NON CURRENT

ASSETS
70.00 68.57
68.00
65.56
66.00
64.00
Exide Industries ltd Peer group

Exide Industries: 2.79% • Peer Group: 4.41% • Variance: -1.62% Interpretation: Exide
Industries has significantly lower total non-current liabilities compared to its peer group,
with a variance of -1.62%. This indicates that Exide is less reliant on long-term debt
financing, suggesting a potentially lower financial risk and greater financial stability
compared to its peers. A lower percentage may also reflect a more conservative
approach to leveraging, which can be favorable in uncertain market conditions.
2. TOTAL CURRENT ASSETS

TOTAL CURRENT ASSETS

35.00 34.44
34.00
33.00
32.00 31.43
31.00
30.00
29.00
Exide Industries ltd Peer group

• Exide Industries: 31.43% • Peer Group: 34.44% • Variance: -3.01%

Interpretation: Exide Industries has a lower percentage of total current assets compared
to its peer group, with a variance of -3.01%. This indicates that while Exide has substantial
current assets, it is slightly behind its peers in terms of liquidity resources relative to total
assets. This could affect its short-term operational flexibility; however, if managed well, it
may still maintain adequate liquidity to meet immediate obligations.
 3. TOTAL EQUITY

TOTAL EQUITY
80 77.89
78
76
74
72 71.08
70
68
66
Exide Industries ltd Peer group

Exide Industries: 2.79% • Peer Group: 4.41% • Variance: -1.62%

Interpretation: Exide Industries shows lower total equity as a percentage of total capital
compared to its peer group, with a variance of -1.62%. This may suggest that Exide has
less equity financing relative to its total capital structure, which could imply higher
leverage. While this can enhance returns on equity during profitable periods, it may also
introduce higher financial risk if the company faces downturns or operational
challenges.

4. TOTAL NON-CURRENT LIABILITIES

TOTAL NON-CURRENT
6
LIABILITIES
4.41
4
2.79

0
Exide Industries ltd Peer group

Exide Industries: 2.79% • Peer Group: 4.41% • Variance: -1.62%

Interpretation: Exide Industries has significantly lower total non-current liabilities

compared to its peer group, with a variance of -1.62%. This indicates that Exide is less
reliant on long-term debt financing, suggesting a potentially lower financial risk and
greater financial stability compared to its peers. A lower percentage may also reflect a
more conservative approach to leveraging, which can be favorable in uncertain market
conditions.
5. TOTAL CURRENT LIABILITIES

TOTAL CURRENT LIABILITIES

30
24.5
25
19.32
20
15
10
5
0
Exide Industries ltd Peer group

Exide Industries: 19.32% • Peer Group: 24.5% • Variance: -5.18%

Interpretation: Exide Industries' total current liabilities are also lower than the peer
group average by 5.18%. This suggests that Exide has a more favourable short-
term financial position, with fewer obligations due within the next year compared
to its peers. This could indicate better liquidity management and a stronger ability
to meet short-term obligations, which is a positive sign for investors and creditors.

6. TOTAL ASSETS AND TOTAL LIABILITY

Exide Industries: ₹16,866.34 crore • Peer Group: ₹18,150.02 crore • Variance: -

₹1,283.68 crore
Interpretation: Exide Industries has total assets of ₹16,866.34 crore, which is
lower than the peer group average of ₹18,150.02 crore by ₹1,283.68 crore. This
indicates that Exide has a smaller asset base compared to its peers, which may
limit its operational capacity and growth potential. A smaller asset base could also
affect the company's ability to generate revenue and scale operations in
comparison to its competitors.

TOTAL ASSETS AND TOTAL

LIABILITY
18,500.00 18150.02
18,000.00
17,500.00
16,866.34
17,000.00
16,500.00
16,000.00
Exide Industries ltd Peer group
GROUP COMPARISON – PROFIT AND LOSS ACCOUNT
For the year
ended March Peer Varianc
PARTICULARS 31, 2024 Asset % Group e
INCOME
1515.7 1889.7
Revenue From Operations [Gross] 15959.89 2 8 -374.06
Less: Excise/Sevice Tax/Other Levies 0
1515.7 1889.7
Revenue From Operations [Net] 15959.89 2 8 -374.06
1522.3 1900.7
Total Operating Revenues 16029.19 0 5 -378.45
Other Income 84.54 8.03 10.20 -2.17
1530.3 1910.9
Total Revenue 16113.73 3 4 -380.62
EXPENSES
1069.6 1301.3
Cost Of Materials Consumed 11262.78 3 7 -231.74
Purchase Of Stock-In Trade 7.35 0.70 24.52 -23.82
Operating And Direct Expenses 0
Changes In Inventories Of FG,WIP And Stock-In Trade -201.78 -19.16 -34.04 14.88
Employee Benefit Expenses 982.68 93.33 132.23 -38.91

Finance Costs 48.59 4.61 13.15 -8.53

Depreciation And Amortisation Expenses 497.45 47.24 63.52 -16.28
Other Expenses 2106.78 200.08 270.71 -70.63
1396.4 1771.4
Total Expenses 14703.85 3 6 -375.03
Profit/Loss Before Exceptional, ExtraOrdinary Items
And Tax 1409.88 133.90 139.48 -5.59
Exceptional Items 0
Profit/Loss Before Tax 1409.88 133.90 139.48 -5.59
Tax Expenses-Continued Operations
Current Tax 386.37 36.69 44.66 -7.96
Less: MAT Credit Entitlement 0
Deferred Tax -29.45 -2.80 -5.17 2.38
Tax For Earlier Years 0
Total Tax Expenses 356.92 33.90 39.48 -5.59
Profit/Loss After Tax And Before ExtraOrdinary Items 1052.96 100.00 100.00 0.00
Profit/Loss From Continuing Operations 1052.96 100.00 100.00 0.00
Profit/Loss For The Period 1052.96 100.00 100.00 0.00
DETAILED GRAPHICAL ANALYSIS OF GROUP COMPARISON
PROFIT AND LOSS ACCOUNT

1. Revenue From Operations

Revenue From Operations

2000.00
1500.00 1889.78
1000.00 1515.72
500.00
0.00
Exide Industries Peer group
ltd

Exide Industries: 1515.72% Peer Group: 1889.78% Variance: -374.06%

•Interpretation:
Exide Industries’ Revenue from Operations is lower than the peer group by 374.06%.
This indicates that Exide generates a smaller proportion of revenue relative to its total
income compared to its peers. The peer group’s higher percentage suggests they may be
more successful in increasing their operational revenue. Exide may need to work on
improving sales growth or expanding its market reach to match the revenue performance
of its peers. This could also indicate that Exide is more reliant on other sources of income
rather than operations, or that it operates in a more niche market.

2. Other Income

Other Income
15.00
10.00
10.20
5.00 8.03
0.00
Exide Industries Peer group
ltd

• Exide Industries: 8.03% Peer Group: 10.20% Variance: -2.17%

• Interpretation:

Exide Industries' Other Income is lower than the peer group by 2.17%. This
indicates that Exide generates a smaller proportion of its income from non-
 operational sources (such as investments, interest, or other financial activities)
compared to its peers. The peer group’s higher percentage suggests that they may
be more successful at leveraging other income sources, such as financial
investments or non-core business activities, to boost overall earnings.

For Exide, a lower reliance on other income may reflect a more focused operational
strategy, with a greater emphasis on core business activities. However, it could also
indicate missed opportunities for generating additional income through investments or
other non-operating activities.

3. Total Income

• Exide Industries: 1530.33%Peer Group: 1910.94% Variance: -380.61%

• Interpretation:
Exide Industries’ Total Income is significantly lower than its peer group by 380.61%.
Exide’s total income percentage of 1530.33% suggests that it generates a smaller
proportion of income overall compared to the peer group, whose total income is 1910.94%.
This difference could be due to a higher dependence on non-operational income, or lower
operational revenue, as seen in the previous item. Exide’s income might be less diversified
or its core operations might not be as expansive or as high-revenue-generating as those of
its peers. To improve, Exide could look at strategies to grow its operational revenue,
expand product offerings, or enhance its overall business scale to increase its total income.

Total Income
2500.00
2000.00
1500.00 1910.94
1000.00 1530.33
500.00
0.00
Exide Industries Peer group
ltd

4. Cost Of Materials Consumed

Exide Industries: 1069.63% Peer Group: 1301.37%Variance: -231.74%

Interpretation: The Cost of Materials Consumed for Exide Industries is significantly

lower than its peer group. Exide’s ratio of 1069.63% indicates that a smaller proportion of
its revenue is spent on raw materials and consumables compared to its peers, who spend
 Cost Of Materials Consumed 1301.37%. This variance of -231.74% suggests that
Exide may have a more efficient material sourcing
1500.00
strategy, better supply chain management, or
1000.00 1301.3 superior cost control mechanisms. It could also
1069.6 7 imply that Exide is able to extract more value from
500.00 3
its material purchases relative to its total income. The
difference might reflect operational efficiencies or
0.00
Exide Industries Peer group
technological advancements that help reduce
ltd material costs.

5. Purchase Of Stock-In Trade

Purchase Of Stock-In Trade

30.00
25.00
20.00 24.52
15.00
10.00
5.00 0.70
0.00
Exide Industries ltd Peer group

Exide Industries: 0.70% Peer Group: 24.52%Variance: -23.82%

Interpretation: Exide’s Purchase of Stock-In-Trade is significantly lower (0.70%) than

the peer group’s 24.52%. This is a substantial difference of -23.82%, which indicates that
Exide purchases a far smaller proportion of stock for resale. This could be due to Exide
focusing more on manufacturing rather than purchasing finished goods for resale. For
instance, Exide is likely more involved in the production of batteries and related products,
where it relies on its own manufacturing rather than trading products. This suggests that
Exide might have a vertically integrated supply chain and may not depend on stock-in-
trade as much as its peers do.
6. Changes In Inventories Of FG, WIP And Stock-In Trade

Changes In Inventories Of FG,WIP And Stock-In

Trade

0.00
Exide Industries ltd Peer group
-10.00
-19.16
-20.00
-30.00 -34.04

-40.00

Exide Industries: -19.16%Peer Group: -34.04 Variance: +14.88%

• Interpretation: Exide has experienced a smaller decline in inventories of finished

goods, work-in-progress, and stock-in-trade (-19.16%) compared to the peer group, which
has a more substantial decline of -34.04%. The variance of +14.88% suggests that Exide’s
inventory management strategy is more effective or that their products have been more in
demand, reducing the impact of inventory write-offs or reductions. A smaller decrease in
inventories may indicate that Exide is better at managing stock levels, potentially due to
more accurate forecasting, better demand planning, or efficient use of production capacity.

7. Employee Benefit Expenses

Employee Benefit Expenses

150.00
100.00 132.23
50.00 93.33

0.00
Exide Industries Peer group
ltd

• Exide Industries: 93.33% Peer Group: 1889.78% Variance: -1796.45%

Interpretation:
Exide Industries has a significantly lower percentage for Employee Benefit Expenses
(93.33%) compared to its peer group (1889.78%). This large difference suggests that Exide
spends a much lower proportion of its total revenue on employee-related costs. A lower
employee benefit expense percentage may indicate that Exide has a more efficient
workforce or lower salary and benefit expenses compared to its peers. This could also
reflect a smaller workforce or a different approach to employee compensation. On the other
hand, the peer group’s high percentage may imply more generous employee benefits or a
higher workforce cost structure, which could indicate higher labor expenses or a larger
number of employees.
8. Finance Costs

Finance Costs
15.00

10.00 13.15

5.00
4.61
0.00
Exide Industries ltd Peer group

• Exide Industries: 4.61% Peer Group: 13.15% Variance: -8.54%

Interpretation:
Exide Industries’ Finance Costs (4.61%) are significantly lower than the peer group
(13.15%) by -8.54%. This indicates that Exide is likely managing its debt more efficiently,
with lower interest expenses relative to its total income. This could mean that Exide has a
lower level of debt or better access to cheaper financing options compared to its peers. On
the other hand, the peer group’s higher finance costs suggest they may be carrying more
debt or facing higher borrowing costs. Exide’s lower finance costs can be seen as a positive
indicator of strong financial management, potentially resulting in lower financial risk

9. Depreciation And Amortisation Expenses

Depreciation And Amortisation Expenses

70.00
60.00
63.52
50.00
40.00 47.24
30.00
20.00
10.00
0.00
Exide Industries ltd Peer group

• Exide Industries: 47.24% Peer Group: 63.52% Variance: -16.28%

Interpretation:
Exide Industries has lower Depreciation and Amortisation Expenses (47.24%)
 compared to the peer group (63.52%), with a variance of -16.28%. This indicates that
Exide is either using assets that depreciate more slowly, has a lower asset base, or has
invested in newer assets that have lower depreciation charges. The peer group’s higher
depreciation expenses may suggest a larger asset base, older assets, or a higher rate of
depreciation applied to its assets. Exide’s lower depreciation expense may be beneficial in
the short term, as it would lead to lower non-cash charges affecting profitability. However,
it could also indicate a smaller asset base or a different investment strategy compared to its
peers.

10. Other Expenses

Other Expenses
300.00
250.00
270.71
200.00
150.00 200.08
100.00
50.00
0.00
Exide Industries ltd Peer group

Exide Industries: 200.08% Peer Group: 270.71% Variance: -70.63%

Interpretation:
Exide Industries has lower Other Expenses (200.08%) compared to its peer group
(270.71%) by -70.63%. This suggests that Exide is more efficient in managing its other
operational costs or has fewer incidental expenses than its peers. The lower percentage
could indicate that Exide has a more streamlined operation, with lower costs for
administration, selling, or other non-core activities. The peer group’s higher percentage
might indicate higher overheads, more extensive marketing or distribution costs, or
additional non-operating expenses. Overall, Exide appears to have a better control on its
operating expenses, contributing positively to its profitability.
11. Total Expenses

Total Expenses
2000.00

1500.00 1771.46
1000.00 1396.43

500.00

0.00
Exide Industries ltd Peer group

• Exide Industries: 1396.43% Peer Group: 1771.46% Variance: -375.03%

• Interpretation:
Exide Industries' Total Expenses (1396.43%) are lower than its peer group’s (1771.46%)
by -375.03%. This indicates that Exide is operating with lower overall expenses relative
to its total income compared to the peer group. Exide seems to have more cost-efficient
operations, spending less on materials, employee benefits, and other expenses. The peer
group, with higher total expenses, may be operating with higher costs across various
areas, possibly due to more extensive operations, larger workforce, or higher capital
expenditures. Exide’s lower expenses could be a sign of effective cost management,
contributing to better profitability or operational efficiency.

12. Profit/Loss Before Tax

Profit/Loss Before Tax

140
138 139.48
136
134
132 133.9
130
Exide Industries ltd Peer group

• Exide Industries: 133.9% Peer Group: 139.48% Variance: -5.58%

Interpretation:
Exide Industries' Profit Before Tax (PBT) is slightly lower than the peer group by -
5.58% (Exide: 133.9% vs Peer Group: 139.48%). This indicates that Exide is generating
slightly less profit relative to its total income compared to its peers. Despite having
lower expenses, Exide’s profitability before tax is marginally lower, which could be
due to lower operational revenue, higher depreciation/amortization, or other cost
factors that slightly impact its profit. The peer group’s higher PBT percentage may
suggest they are able to generate more income relative to their costs, possibly due to
 larger scale or better revenue generation in core business areas. However, the
variance is relatively small, indicating that both companies are similarly positioned in
terms of pre-tax profitability.

13. Total Tax Expenses

Total Tax Expenses

40
38 39.48

36
34
33.9
32
30
Exide Industries ltd Peer group

Exide Industries: 33.90% Peer Group: 39.48%

Variance: -5.58% (Exide’s tax expenses are lower than the peer group’s)
Interpretation: Exide Industries has a lower tax expense percentage compared to its peer group,
indicating that the company might be benefiting from tax efficiencies, deductions, or exemptions
not available to its peers. This could positively impact Exide’s net profitability, suggesting better tax
management or favourable tax structures.

14. Profit/Loss For The Period

Profit/Loss For The Period

1100
1000 1052.96
900
800 882.27
700
Exide Industries ltd Peer group

Exide Industries: ₹1,052.96 Cr Peer Group: ₹882.27 Cr

Variance: +₹170.69 Cr (Exide’s profit is higher than the peer group)

Interpretation: Exide Industries has reported a higher profit for the period compared to its peer
group, with a positive variance of ₹170.69 crore. This suggests that Exide is performing better
financially than its peers, possibly due to stronger revenue growth, better cost management, or
improved operational efficiencies.
 BALANCE SHEET OF 5 YEARS TREND ANALYSYS
Trend% Trend% Trend% Trend% Mar-
PARTICULARS 2024 2023 2022 2021 2020 Mar-24 Mar-23 Mar-22 20
EQUITIES AND
LIABILITIES
Equity Share Capital 85 85 85 85 85 100.00 100.00 100.00 100.00 100%
Total Share Capital 85 85 85 85 85 100.00 100.00 100.00 100.00 100%
Reserves and Surplus 13052.24 11124.75 10520.58 6808.51 6211.11 210.14 179.11 169.38 109.62 100%
Total Reserves and
Surplus 13052.24 11124.75 10520.58 6808.51 6211.11 210.14 179.11 169.38 109.62 100%
Total Shareholders
Funds 13137.24 11209.75 10605.58 6893.51 6296.11 208.66 178.04 168.45 109.49 100%
NON-CURRENT
LIABILITIES
Deferred Tax
Liabilities [Net] 0 0 0 77.05 101.86 0.00 0.00 0.00 75.64 100%
Other Long Term
Liabilities 409.69 283.97 284.02 289.68 36.08 1135.50 787.06 787.20 802.88 100%
Long Term
Provisions 60.2 58.15 55.32 53.68 63.78 94.39 91.17 86.74 84.16 100%
Total Non-Current
Liabilities 469.89 342.12 339.34 420.41 201.72 232.94 169.60 168.22 208.41 100%
CURRENT
LIABILITIES
Trade Payables 2309.64 1525.94 1609.67 1641.61 1030.32 224.17 148.10 156.23 159.33 100%
Other Current
Liabilities 631.75 693.13 524.79 402.51 417.51 151.31 166.02 125.70 96.41 100%
Short Term
Provisions 317.82 280.1 263.77 270.73 296.42 107.22 94.49 88.99 91.33 100%
Total Current
Liabilities 3259.21 2499.17 2398.23 2314.85 1744.25 186.85 143.28 137.49 132.71 100%
Total Capital And
Liabilities 16866.34 14051.04 13343.15 9628.77 8242.08 204.64 170.48 161.89 116.82 100%
ASSETS
NON-CURRENT
ASSETS
Tangible Assets 2845.52 2824.51 2732.95 2601.79 2302.92 123.56 122.65 118.67 112.98 100%
Intangible Assets 19.72 25.74 35.63 36.06 36.47 54.07 70.58 97.70 98.88 100%
Capital Work-In-
Progress 201.7 100.93 312.37 200.75 296.88 67.94 34.00 105.22 67.62 100%
Other Assets 0 0 33.06 33.77 34.23 0.00 0.00 96.58 98.66 100%
Fixed Assets 3066.94 2951.18 3114.01 2872.37 2670.5 114.85 110.51 116.61 107.56 100%
Non-Current
Investments 8369.88 5788.23 5340.64 2176.09 2052.07 407.87 282.07 260.26 106.04 100%
Deferred Tax Assets
[Net] 13.65 115.98 58.37 0 0
Long Term Loans
And Advances 0 0 0 23.64 17.19 0.00 0.00 0.00 137.52 100%
Other Non-Current
Assets 114.35 110.63 107.58 161.78 162.82 70.23 67.95 66.07 99.36 100%
Total Non-Current
Assets 11564.82 8966.02 8620.6 5233.88 4902.58 235.89 182.88 175.84 106.76 100%
CURRENT
ASSETS
Current Investments 250.67 553.12 702.79 882.54 18.73 1338.33 2953.12 3752.22 4711.91 100%
Inventories 3249.34 2989.08 2458.48 2346.19 2192.27 148.22 136.35 112.14 107.02 100%
Trade Receivables 1264.41 1274.14 1192.42 887.37 815.3 155.09 156.28 146.26 108.84 100%
Cash And Cash
Equivalents 222.67 74.48 161.22 91.35 154.59 144.04 48.18 104.29 59.09 100%
Short Term Loans
And Advances 100 0 0.01 14.65 14.98 667.56 0.00 0.07 97.80 100%
OtherCurrentAssets 214.43 194.2 207.63 172.79 143.63 149.29 135.21 144.56 120.30 100%
Total Current
Assets 5301.52 5085.02 4722.55 4394.89 3339.5 158.75 152.27 141.41 131.60 100%
Total Assets 16866.34 14051.04 13343.15 9628.77 8242.08 204.64 170.48 161.89 116.82 100%
 Detailed Graphical representation Of Trend Analysis.
Balance sheet

1. Total Non-Current Liabilities

Total Non-Current Liabilities

232.94
250
208.41
200 168.22 169.60

150

100

50
100%
1
0
0
2020 2021 2022 2023 2024

Total Non-Current Liabilities have shown a significant overall increase. The liabilities increased
steadily from 2020 to 2021, with a sharp rise in 2021. However, the most significant growth
occurred between 2023 and 2024, with a jump to 232.7% of the 2020 value. This indicates that the
company has taken on significantly more long-term debt, especially in the last two years.

Interpretation
2024: The non-current liabilities have increased significantly to 232.7% of the 2020 value,
showing a substantial rise over the 5-year period.
2023: Liabilities are at 169.5% of the 2020 value, continuing the growth trend but at a slower pace
compared to 2024.

2022: Liabilities are at 168.2% of 2020, indicating steady growth but a deceleration in comparison
to 2023.

2021: Liabilities were at 208.5% of 2020, showing a sharp increase compared to 2020, but this
was before the higher levels in 2023 and 2024.

2020: This is the base year, with liabilities standing at 100%.

2. Total Current Liabilities

Total Current Liabilities

186.85
20000%

143.28
15000% 132.71 137.49

10000%

5000%
100%
0
0%
2020 2021 2022 2023 2024

Interpretation

2024: The total current liabilities have increased significantly to 187.3% of the 2020 value,
indicating substantial growth in liabilities over the 5-year period.

2023: Liabilities are at 143.3% of the 2020 value, showing consistent growth, although at a slower
pace than in 2024.

2022: Liabilities are at 137.5% of 2020, continuing the upward trend but at a slightly slower rate
compared to 2023.
2021: The trend shows a continued increase, with liabilities at 132.7% of 2020, indicating steady
growth.
2020: This is the base year, representing 100%.

Total Current Liabilities have grown significantly, with the most rapid increase observed between
2023 and 2024, where liabilities rose to 187.3% of the 2020 value. The growth in liabilities appears
steady, with consistent increases each year. The company or organization may have been taking
on more short-term obligations, reflecting either growth in operations or an increase in short-term
financing needs.
3. Total Capital And Liabilities
Total Assets And Liabilities
25000% 204.64
20000% 170.48

15000% 116.82 116.82

10000%
5000% 100%
0%
2020 2021 2022 2023 2024

Total Assets And Liabilities

Interpretation

2024: The total capital and liabilities have increased significantly to 204.8% of the 2020 value,
indicating a substantial rise over the 5-year period.

2023: The liabilities and capital are at 170.4% of the 2020 value, showing continued growth but at
a slower pace than in 2024.

2022: Liabilities and capital are at 161.9% of 2020, continuing the growth trend but at a somewhat
slower rate compared to 2023.
2021: Liabilities and capital are at 116.8% of 2020, reflecting steady growth, though less
pronounced than in the later years.
2020: This is the base year, representing 100%

Overall From 2020 to 2024, Total Capital and Liabilities have grown substantially, with a
remarkable increase in 2024, where the total capital and liabilities reached 204.8% of the 2020
value. The growth has been consistent over the years, with the most significant jump occurring in
2024, which indicates that the organization or company has expanded its financial position
considerably in the past 5 years.
4. Total Non- Current Assets
2021: Non-current assets are 106.7% of the 2020 value, indicating a 6.7% increase from 2020.

2022: Non-current assets are 175.9% of the 2020 value, indicating a 75.9% increase from 2020.

2023: Non-current assets are 183.1% of the 2020 value, indicating an 83.1% increase from 2020.

2024: Non-current assets are 236.0% of the 2020 value, indicating a 136.0% increase from 2020.

Total Non-Current Assets

235.89
25000%

20000% 175.84 182.88

15000%
106.76
10000%

5000%
100%
0%
2020 2021 2022 2023 2024

The trend analysis of Total Non-Current Assets from 2020 to 2024 shows strong growth, with
significant fluctuations in the rate of increase. From 2020 to 2021, assets grew by 6.7%, indicating
moderate expansion. The most notable rise occurred from 2021 to 2022, with a 75.9% increase,
likely driven by major acquisitions or investments. Growth slowed in 2023 (7.2%), suggesting a
period of consolidation. However, in 2024, assets surged by 52.9%, possibly due to large-scale
investments or strategic expansion. Overall, the company has experienced a substantial increase
in non-current assets, reflecting a strong growth trajectory with varying rates of expansion.
5. Total Current Assets

Total Current Assets

20000%
152.27 158.75
15000% 131.60 141.41

10000%

5000%
100%
0%
2020 2021 2022 2023 2024

Over the five-year period, Total Assets have shown significant growth, with a 104.7% increase
from 2020 to 2024. The asset base grew consistently each year, with the most substantial
increase occurring between 2023 and 2024. This trend indicates the company has been on an
aggressive expansion path, likely through investments, acquisitions, or increased operational
capacity. The growth rate accelerated in recent years, suggesting a strong financial position and
the potential for continued growth.
 TREND ANALYSIS OF PROFIT AND LOSS ACCOUNT
Trend% Trend% Trend%
PARTICULARS 2024 2023 2022 2021 2020 Mar-24 Mar-23 Mar-22 Trend% Mar-20
INCOME
Revenue From Operations [Gross] 15959.89 14525.66 12335.34 10007.66 9809 162.33 148.32 125.92 101.99 100%
Revenue From Operations [Net] 15959.89 14525.66 12335.34 10007.66 9809 162.33 148.32 125.92 101.99 100%
Other Operating Revenues 69.3 66.27 46.35 33.18 47.66 100%
Total Operating Revenues 16029.19 14591.93 12381.69 10040.84 9856.66 162.34 148.53 125.65 101.87 100%
Other Income 84.54 132.39 80.34 65.44 63.94 132.29 207.63 125.73 102.35 100%
Total Revenue 16113.73 14724.32 12462.03 10106.28 9920.6 132.34 148.53 125.65 101.87 100%
EXPENSES 100%
Cost Of Materials Consumed 11262.78 10487.45 8764.15 6527.61 6519.8 172.92 160.85 134.45 100.12 100%
Purchase Of Stock-In Trade 7.35 14.98 8.91 7.46 6.17 119.21 242.93 144.68 120.97 100%
Changes In Inventories Of FG, WIP And
Stock-In Trade -201.78 -303.76 -197.81 44.44 -259.58 77.67 114.98 76.26 -17.11 100%
Employee Benefit Expenses 982.68 871.96 789.28 721.52 666.4 147.38 130.88 118.42 108.29 100%
Finance Costs 48.59 29.53 38.43 23.77 9.4 516.02 314.66 409.57 252.13 100%
Depreciation And Amortisation Expenses 497.45 455.78 412.61 379.35 362.63 137.04 125.6873 113.7826 104.6108 100%
Other Expenses 2106.78 1953.29 1621.57 1384.23 1558.89 135.15 125.3001 104.0208 88.79587 100%
Total Expenses 14703.85 13509.23 11437.14 9088.38 8863.71 165.89 152.4106 129.0333 102.5347 100%

Profit/Loss Before Exceptional,

Extraordinary Items And Tax 1409.88 1215.09 1024.89 1017.9 1056.89 133.40 114.97 96.97 96.31087 100%

Exceptional Items 0 0 4693.75 0 -21.7 0.00 0.00 -21630.2 0 100%

Profit/Loss Before Tax 1409.88 1215.09 5718.64 1017.9 1035.19 136.20 117.38 552.42 98.32978 100%

Tax Expenses-Continued
Operations 100%
Current Tax 386.37 323.66 1072.61 285.78 280.92 137.54 115.21 381.82 101.73 100%
Deferred Tax -29.45 -12.2 -37.5 -26.16 -71.24 41.34 17.13 52.64 36.72094 100%
Total Tax Expenses 356.92 311.46 1035.11 259.62 209.68 170.22 148.54 493.66 123.8172 100%
Profit/Loss After Tax And Before
Extraordinary Items 1052.96 903.63 4683.53 758.28 825.51 127.55 109.46 567.35 91.85594 100%
Profit/Loss From Continuing Operations 1052.96 903.63 4683.53 758.28 825.51 127.55 109.46 567.35 91.85594 100%
Profit/Loss For The Period 1052.96 903.63 4683.53 758.28 825.51 127.55 109.46 567.35 91.85594 100%
 Detailed Graphical representation Of Trend Analysis.
PROFIT AND LOSS
1. Revenue From Operations [Gross]
Revenue From Operations
[Gross]
20000%
162.33
148.32
15000% 125.92
101.99
10000%

5000%
100%
0%
2020 2021 2022 2023 2024

The Revenue From Operations [Gross] has shown consistent growth over the past 5 years,
increasing by 62.66% from 2020 to 2024. The company’s revenue grew steadily each year,
with the most significant increase occurring between 2022 and 2023 (18.88%). This
indicates strong business expansion, likely driven by factors such as increased market share
or product demand. While growth remains robust, the company should continue to monitor
market conditions to ensure sustainable performance.

2. Other Income

The company's Other Income showed significant volatility from 2020 to 2024. While there was a
steady increase from 2020 to 2023, with a sharp surge in 2023 due to extraordinary events like
one-time gains or asset sales, this was followed by a sharp decline of 36.17% in 2024. Despite this
drop, the overall trend remains positive, with other income higher than in 2020. The company
should focus on managing this volatility, possibly by diversifying its income sources, to achieve
more consistent and sustainable growth in the future.

Other Income
25000% 207.63
20000%
125.73 132.29
15000% 102.35
10000%
5000% 100%
0%
2020 2021 2022 2023 2024
3. Total Revenue

The Total Revenue has grown by 62.66% from 2020 to 2024, indicating strong and sustained
growth in the company's overall business performance.
From 2020 to 2021, there was a modest increase of 1.87%, indicating a slight improvement.
The growth accelerated in 2022 with a 25.46% rise, followed by 18.43% growth in 2023,
demonstrating continued business expansion.
The revenue growth rate slightly moderated in 2024, at 14.80%, but still indicates healthy ongoing
growth.
In conclusion, the company has consistently improved its total revenue year on year, signaling
successful business strategies and expansion over the period

Total Revenue
16000% 148.53
132.34
14000% 125.65
12000% 101.87
10000%
8000%
6000%
4000%
2000% 100%
0%
2020 2021 2022 2023 2024

4. Cost Of Materials Consumed

The Cost of Materials Consumed has seen a significant increase over the past 5 years,
growing by 72.09% from 2020 to 2024. This indicates a steady rise in material consumption
Cost Of Materials Consumed as the company’s operations expand.

20000% 172.92
160.85

15000% 134.45

100.12
10000%

5000%
100%
0%
2020 2021 2022 2023 2024
 2020 to 2021: The increase was minimal at 0.12%, suggesting that material consumption
remained relatively stable in 2021.

2021 to 2022: The increase became more pronounced, rising by 34.42%, likely due to higher
production requirements or increased material costs.
2022 to 2023: The cost continued to rise sharply by 19.74%, indicating sustained growth in
production or higher demand, contributing to increased material usage.
2023 to 2024: The growth slowed slightly to 7.42%, yet still reflects a rising trend in material
costs, possibly due to inflationary pressures or expanding operations.
Conclusion:
The consistent rise in material costs suggests that the company is experiencing growth in
production and material consumption, driven by increased demand or operational expansion.
However, it also points to the need for careful management of material costs as the company
scales its operations.

3. Purchase Of Stock-In Trade

The Purchase of Stock-In-Trade has experienced fluctuations over the past 5 years, reflecting
changes in business strategies, demand for inventory, or stock management practices.
2020 to 2021: There was a moderate increase of 20.97% from 6.17 million to 7.46 million,
suggesting a slight increase in stock purchases, possibly due to higher demand or preparation
for increased production.
2021 to 2022: The purchases rose further by 19.44%, reaching 8.91 million, indicating that
stock needs continued to grow.

Purchase Of Stock-In Trade

30000%
242.93
25000%
20000%
144.68
15000% 120.97 119.21

10000%
5000%
100%
0%
2020 2021 2022 2023 2024

2022 to 2023: A sharp 68.49% increase occurred, from 8.91 million to 14.98 million, which could
suggest a significant spike in demand or strategic stockpiling.
2023 to 2024: In 2024, the purchase of stock-in-trade decreased by 50.91% to 7.35 million,
reflecting either a reduction in demand, inventory management adjustments, or reduced stock
purchases due to an efficient stock turnover strategy.
Conclusion:
The trend in Purchase of Stock-In-Trade indicates that while there was steady growth in stock
purchases from 2020 to 2023, the sharp drop in 2024 suggests that the company may have
optimized its inventory or reduced purchases due to improved operational efficiencies or lower
demand. This fluctuation indicates the need for careful inventory management to align stock
purchases with market demand and business requirements.

4. Changes In Inventories Of FG,WIP And Stock-In Trade

Changes In Inventories Of
15000% FG,WIP And Stock-In Trade
114.98

10000% 76.26 77.67

5000%
100%
0% -17.11
2020 2021 2022 2023 2024
-5000%

The Changes in Inventories has fluctuated significantly over the past 5 years, reflecting variability
in the company's stock management and production cycles.
2020 to 2021: There was a shift from a negative change (-259.58 million) to a positive change
(44.44 million) in 2021, which indicates that the company managed to reduce its inventory levels
or sold off excess stock during this period, contributing to a positive inventory change.
2021 to 2022: In 2022, the change turned negative again at -197.81 million, indicating that
inventories were likely replenished or stock was built up, possibly due to increased production or
slower sales.
2022 to 2023: The negative change became even larger in 2023, with a decrease of -303.76 million,
reflecting an increase in inventory accumulation or a slowdown in sales.2023 to 2024: In 2024,
the change in inventories was -201.78 million, a decrease from the previous year but still showing
a negative trend, implying that while the inventory buildup decreased compared to 2023, there was
still a substantial amount of unsold stock or unprocessed goods.
Conclusion:
The Changes in Inventories trend shows that the company has experienced significant volatility in
inventory management, with fluctuations from inventory reductions to increases. The company
managed to reduce inventory in 2021, but by 2023, there was a larger accumulation, possibly due
to overproduction, declining demand, or inefficiencies in stock turnover. The slight decrease in
2024 suggests that inventory levels may be stabilizing. Effective inventory management will be
key to optimizing working capital and avoiding excess stock that ties up resources.
5. Employee Benefit Expenses

Employee Benefit Expenses

16000% 147.38
130.88
14000% 118.42
12000% 108.29
10000%
8000%
6000%
4000%
2000% 100%
0%
2020 2021 2022 2023 2024

The Employee Benefit Expenses have increased steadily over the past 5 years, reflecting the
company's growth in workforce or higher compensation costs.
2020 to 2021: The expenses rose by 8.29% from 666.40 million to 721.52 million, indicating a
moderate increase in employee costs, which could be due to salary increments, hiring, or additional
benefits.
2021 to 2022: The increase was more pronounced at 9.39%, bringing expenses to 789.28 million,
suggesting continued hiring or higher employee-related costs, possibly due to increased headcount
or higher compensation packages.
2022 to 2023: The growth rate accelerated to 10.46%, with expenses reaching 871.96 million. This
suggests that the company may have increased employee benefits, bonuses, or other compensation
as part of its growth strategy.
2023 to 2024: In 2024, employee benefit expenses increased by 12.72%, reaching 982.68 million,
indicating ongoing growth in employee-related costs, possibly due to inflation adjustments,
performance incentives, or expansion of workforce.
The Employee Benefit Expenses have increased consistently by 47.34% from 2020 to 2024,
reflecting the company’s ongoing growth, expansion, and investment in its workforce. This steady
increase highlights the company’s focus on attracting and retaining talent, but it also suggests the
need for careful management to ensure these rising costs are in line with business performance and
productivity gains.
6. Finance Costs

Finance Costs
60000% 516.02
50000%
409.57
40000%
314.66
30000% 252.13

20000%

10000%
100%
0%
2020 2021 2022 2023 2024

The Finance Costs have seen a substantial increase over the past 5 years, growing by 417.34%
from 2020 to 2024, indicating higher interest or borrowing costs for the company.
2020 to 2021: The finance costs increased significantly by 152.98%, from 9.40 million to 23.77
million, suggesting the company may have taken on more debt or faced higher interest rates in
2021.
2021 to 2022: The costs rose further by 62.08%, reaching 38.43 million, reflecting an ongoing
increase in borrowing or financial expenses.
2022 to 2023: In 2023, finance costs decreased by 23.11%, reaching 29.53 million, possibly
indicating a reduction in debt or favourable changes in interest rates.
2023 to 2024: In 2024, finance costs increased by 64.45%, reaching 48.59 million, which may
reflect increased borrowings, interest rate hikes, or changes in the company’s financial
structure.
The Finance Costs have experienced a steady increase over the past few years, particularly
from 2020 to 2022, with fluctuations in 2023 and 2024. The large increase in finance costs
suggests that the company may have relied more on debt financing or faced rising interest rates,
which can impact profitability. Managing these costs effectively will be crucial to ensure that
the company’s financial stability remains intact as it grows.
7. Depreciation And Amortisation Expenses

Depreciation And Amortisation

Expenses
125.687339
113.782643 137.04
15000% 104.610760 7
5
3
10000%

5000%
100%
0%
2020 2021 2022 2023 2024

The Depreciation and Amortisation Expenses have steadily increased over the past 5 years,
growing by 37.09% from 2020 to 2024. This suggests that the company’s asset base is
expanding, and the depreciation of those assets is contributing more to overall expenses.
2020 to 2021: The expenses grew by 4.61%, from 362.63 million to 379.35 million, reflecting
a slight increase in depreciation due to additions to assets or the aging of existing ones.
2021 to 2022: The growth accelerated to 8.76%, reaching 412.61 million, indicating continued
investment in long-term assets or a higher depreciation charge as assets aged.
2022 to 2023: The increase continued at 10.47%, with expenses rising to 455.78 million,
reflecting further asset additions, aging, or capital expenditures.
2023 to 2024: In 2024, depreciation and amortisation expenses rose by 9.16%, reaching 497.45
million, suggesting continued investment in long-term assets or the amortisation of intangible
assets.
The Depreciation and Amortisation Expenses have grown steadily over the 5-year period,
indicating a rise in the company’s capital expenditures and asset base. This increase aligns with
ongoing investments in both tangible and intangible assets. The growing depreciation costs
may impact profitability in the short term but reflect long-term investments that support
business growth. The company may need to manage its capital expenditure carefully to balance
growth with its financial performance.
8. Other Expenses

The Other Expenses have increased over the past 5 years, reflecting a 35.11% rise from 2020
to 2024. This indicates that the company’s operational costs outside of the main direct
expenses, such as administrative, marketing, or other overheads, have grown steadily.
2020 to 2021: The Other Expenses decreased by 11.14%, from 1,558.89 million to 1,384.23
million, possibly due to cost-cutting measures, lower administrative expenses, or reduced non-
essential spending.
2021 to 2022: The expenses grew by 17.15%, reaching 1,621.57 million, suggesting that the
company may have increased its marketing, administrative, or other operational costs in line
with business expansion or inflationary pressures.

Other Expenses
16000%
125.300053 135.15
14000% 2
104.020809
12000% 88.7958739 7
10000% 9

8000%
6000%
4000%
2000% 100%
0%
2020 2021 2022 2023 2024

2022 to 2023: The growth continued, with an increase of 20.47% to 1,953.29 million,
indicating rising overhead costs, potentially due to increased business activity, wage inflation,
or higher operational spending.
2023 to 2024: In 2024, the Other Expenses increased by 7.85% to 2,106.78 million, which
could be a result of further expansion, new business initiatives, or inflation impacting various
operational expenditures.
The Other Expenses have seen a steady increase over the past 5 years, with a peak growth in
2023. This could be a reflection of the company’s expansion activities, inflationary impacts,
or increased overhead costs necessary to support business operations. Although the company
reduced these expenses in 2021, the trend has generally been upward, highlighting the
importance of managing operational costs efficiently as the business grows.
9. Total Expenses

The Total Expenses have increased by 65.92% over the past 5 years, reflecting higher
operational and capital-related costs.

Total Expenses
18000% 165.89
152.4105595
16000%
14000% 129.033328

12000% 102.5347174
10000%
8000%
6000%
4000%
2000% 100%
0%
2020 2021 2022 2023 2024

2020 to 2021: There was a 2.54% increase in expenses, from 8,863.71 million to 9,088.38
million, indicating a modest rise, possibly due to inflation or slight business expansion.
2021 to 2022: The expenses increased significantly by 25.35%, reaching 11,437.14 million,
which could be a result of higher production costs, investments, or operational expansions.
2022 to 2023: The expenses grew by 18.08%, reaching 13,509.23 million, suggesting further
expansion of business activities or increased spending on overheads, raw materials, or labor.
2023 to 2024: In 2024, the total expenses rose by 8.86%, reaching 14,703.85 million, possibly
reflecting continued investment in business operations or higher costs due to inflation and
scaling.
The Total Expenses have increased steadily, with a notable rise in the last three years,
especially from 2022 to 2023. The increase in expenses indicates ongoing investments in
growth, production, or business operations. However, the company should focus on controlling
these rising costs to maintain profitability, as increasing expenses without
corresponding revenue growth could impact the bottom line. Efficient cost management will
be crucial for sustaining the growth trajectory while improving financial performance
10. Profit/Loss Before Tax

Profit/Loss Before Tax

60000% 552.42

50000%

40000%

30000%

20000% 136.20
98.32977521 117.38
10000%
100%
0%
2020 2021 2022 2023 2024

The Profit/Loss Before Tax has shown significant volatility over the past 5 years.
2020 to 2021: There was a 1.66% decrease in profit, from 1,035.19 million to 1,017.90 million,
reflecting a small decline in profitability, which could be attributed to operational challenges
or higher costs.

2021 to 2022: In 2022, the profit surged by 461.68%, reaching 5,718.64 million, largely due
to exceptional items or other one-time gains, significantly boosting the profit for that year. This
was an unusually high jump.
2022 to 2023: In 2023, the profit decreased by 78.74%, dropping to 1,215.09 million, as the
one-time boost from 2022 faded and normal operational expenses and taxes resumed.
2023 to 2024: In 2024, the profit showed an increase of 16.01%, rising to 1,409.88 million,
suggesting improved operational efficiency, higher revenues, or effective cost management in
this year.
The Profit Before Tax has been volatile, with a significant spike in 2022 due to exceptional
items, followed by a sharp drop in 2023. However, 2024 shows a recovery with a positive
growth of 16.01%, indicating a return to more stable and sustainable profitability. The
company’s focus should be on maintaining profitability through consistent growth and
managing costs, while mitigating the impact of one-off events that can cause major fluctuations
in profits.
11. Total Tax Expenses

Total Tax Expenses

60000%
493.66
50000%

40000%

30000%
123.817245 170.22
20000% 148.54
3
10000%
100%
0%
2020 2021 2022 2023 2024

The Total Tax Expenses have seen significant fluctuations over the past 5 years, reflecting
changes in profitability, tax rates, and the company’s tax position.
2020 to 2021: The Total Tax Expenses increased by 23.83%, from 209.68 million to 259.62
million, reflecting a moderate increase in tax liability, possibly due to higher profits or changes
in tax regulations.
2021 to 2022: In 2022, the Total Tax Expenses surged dramatically by 298.30%, reaching
1,035.11 million, likely due to exceptional profits or large adjustments in deferred tax
liabilities, resulting in a significant tax payment.
2022 to 2023: In 2023, there was a 69.91% decrease in Total Tax Expenses, falling to 311.46
million, likely due to a decrease in taxable income or reversal of one-time tax liabilities
2023 to 2024: In 2024, the Total Tax Expenses increased by 14.59%, reaching 356.92 million,
which could be due to improved profitability or changes in tax obligations.
The Total Tax Expenses have shown significant variability, primarily driven by changes in
profitability and one-off tax adjustments. The sharp rise in 2022 suggests the impact of
exceptional items or tax-related adjustments, followed by a more normalized tax expense in
2023 and 2024. The increasing trend in 2024 suggests a return to higher profitability or
adjustments to the company’s tax position. Understanding these fluctuations is crucial for
forecasting future tax obligations and managing cash flows efficiently.
12. Profit/Loss For The Period

Profit/Loss For The Period

567.35
60000%
50000%
40000%
30000%
20000% 109.46 127.55
91.8559436
10000% 100%
0%
2020 2021 2022 2023 2024

The Profit/Loss For the Period has shown a volatile but positive trend over the last 5 years,
with a significant spike in 2022 and subsequent normalization.

2020 to 2021: The Profit decreased by 8.13%, from 825.51 million in 2020 to 758.28 million
in 2021, indicating a slight dip in profitability, possibly due to increased expenses or lower
revenues.

2021 to 2022: In 2022, there was a massive surge of 518.13%, from 758.28 million to 4,683.53
million, likely due to exceptional gains, one-time events, or a significant improvement in
profitability.

2022 to 2023: In 2023, the Profit decreased by 80.71%, falling to 903.63 million, indicating a
sharp drop from the previous year's exceptionally high profits. This decline could be due to the
reversal of one-off items or a normalization of earnings.

2023 to 2024: In 2024, the Profit increased by 16.55%, reaching 1,052.96 million, showing a
recovery from the previous year, indicating that the company has managed to stabilize and
return to more consistent profitability.
The Profit/Loss For the Period has been highly volatile over the past 5 years, with a massive
increase in 2022, followed by a sharp drop in 2023 and a recovery in 2024. The spike in 2022
suggests exceptional circumstances, while the subsequent dip in 2023 reflects a return to more
normal profit levels. However, the increase in 2024 indicates that the company has returned to
a healthy profit trajectory, likely driven by improved operational performance and financial
management.