Corporate Development     

Published: September 15, 2023
Updated: September 15, 2023

Exide Energy Solutions

Mega plan for lithium-ion cells

Exide Industries (EIL) is setting up India’s first giga plant to manufacture lithium-ion battery cells of advanced chemistry and an associated project near Bengaluru with an investment of Rs 6,000 crore. This venture is being pursued through its whollyowned subsidiary, Exide Energy Solutions Ltd (EESL), meant for various energy storage applications across the automotive and industrial sectors.

HOUSEHOLD NAME

For over seven decades, Exide has been one of India’s best-known brands. Its constant emphasis on innovation and steady technology upgradations with global business partners have made the company a distinctive frontrunner in the leadacid storage batteries space for both automotive and industrial applications. Apart from serving the domestic market, the company exports batteries to the South East Asian and European markets.

In the meanwhile, EIL’s whollyowned subsidiary Chloride Metals Ltd (CML) has recently made its greenfield lead acid battery recycling-manufacturing facility commercially operational at Supa MIDC in Ahmednagar of Maharashtra. It is spread over an area of more than 15.5 acres with a total installed capacity of 1,20,000 mtpa and is equipped with state-ofthe-art technology. CML has been granted consent to operate to recycle lead acid batteries and lead scrap to manufacture lead, lead alloys and cast components for 96,000 mtpa in the first phase.

BETTER QUARTER

On a consolidated basis, in Q1 (June 30, 2023), EIL reported revenue from operations of Rs 4,245 crore and net profit of Rs 224.11 crore, vis-à-vis Rs 4,022 crore and Rs 202.44 crore in the corresponding period of the previous FY23. The equity capital of Rs 85 crore (Re 1 face value) translates into an EPS of Rs 2.62 for Q1. For the full previous financial year 2022-23, the company reached Rs 15,078 crore in net revenue and PAT of Rs 822.77 crore, resulting in an EPS of Rs 9.68. The 46% promoter holding is held by Chloride Eastern Ltd and the remaining 54% lies with 6,94,187 public shareholders.