Integrated Filing — IndAS

General information about company
Scrip Code	534392
NSE Symbol	VSSL
MSEI Symbol	NOTLISTED
ISIN	INE050M01012
Name of company	VARDHMAN SPECIAL STEELS LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	22-Apr-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	15-Apr-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Single segment
Description of single segment	Manufacturing of Steel products
Start date and time of board meeting	22-Apr-2025   10:30:00
End date and time of board meeting	22-Apr-2025   15:15:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion
Whether the company has any related party?	Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?	Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public	NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.	NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)?	No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?	Yes
Latest Date on which RPT policy is updated	2024-05-01
Indicate Company website link for updated RPT policy of the Company	https://www.vardhman.com/Document/Report/Company%20Information/Policies/Vardhman%20Special%20Steels%20Ltd/Related_Party_Transaction_Policy.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No
No Default during the reporting period.

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Unaudited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	4280388000	17644083000
	Other income	71838000	291148000
	Total income	4352226000	17935231000
2	Expenses
(a)	Cost of materials consumed	2204001000	10936816000
(b)	Purchases of stock-in-trade	0	0
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	494261000	-107505000
(d)	Employee benefit expense	264729000	1033896000
(e)	Finance costs	34716000	186271000
(f)	Depreciation, depletion and amortisation expense	82939000	334699000
(f)	Other Expenses
1	Power and fuel expense	390632000	1773740000
2	Others	612401000	2526708000
	Total other expenses	1003033000	4300448000
	Total expenses	4083679000	16684625000
3	Total profit before exceptional items and tax	268547000	1250606000
4	Exceptional items	0	0
5	Total profit before tax	268547000	1250606000
6	Tax expense
7	Current tax	75935000	333239000
8	Deferred tax	-4709000	-13514000
9	Total tax expenses	71226000	319725000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	197321000	930881000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	197321000	930881000
17	Other comprehensive income net of taxes	-4219000	-2779000
18	Total Comprehensive Income for the period	193102000	928102000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	817333000	817333000
	Face value of equity share capital	10	10
27	Details of debt securities
22	Reserves excluding revaluation reserve		7161849000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	2.42	11.4
	Diluted earnings (loss) per share from continuing operations	2.41	11.37
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	2.42	11.4
	Diluted earnings (loss) per share from continuing and discontinued operations	2.41	11.37
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results		Please refer quick results for Notes. n n nDisclsoure required pursuant to the SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023 with respect to the Large Corporate is as follows: n n1. Outstanding Qualified Borrowings at the start of the financial years (Rs. in cr) = Rs. 37.14* n2. Outstanding Qualified Borrowings at the end of the financial years (Rs. in cr) = Rs. 14.13* n3. Highest credit rating of the Company = Long Term: CRISIL AA/ Stable n4. Incremental borrowing done during the year (qualified borrowings) (Rs. in cr) = Nil n5. Borrowings by way of issuance of debt securities during the year (Rs. in cr) = Nil n n* Excluding Short term borrowing. n

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Standalone
	Assets
1	Non-current assets
	Property, plant and equipment	3086855000
	Capital work-in-progress	1170336000
	Investment property
	Goodwill	0
	Other intangible assets	215000
	Intangible assets under development
	Biological assets other than bearer plants
	Investments accounted for using equity method
	Non-current financial assets
	Non-current investments	76553000
	Trade receivables, non-current
	Loans, non-current	29242000
	Other non-current financial assets	29404000
	Total non-current financial assets	135199000
	Deferred tax assets (net)
	Other non-current assets	355030000
	Total non-current assets	4747635000
2	Current assets
	Inventories	3349738000
	Current financial asset
	Current investments	100072000
	Trade receivables, current	2613008000
	Cash and cash equivalents	107568000
	Bank balance other than cash and cash equivalents	5615000
	Loans, current	21307000
	Other current financial assets	340906000
	Total current financial assets	3188476000
	Current tax assets (net)
	Other current assets	73306000
	Total current assets	6611520000
3	Non-current assets classified as held for sale
4	Regulatory deferral account debit balances and related deferred tax Assets
	Total assets	11359155000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	817333000
	Other equity	7161849000
	Total equity attributable to owners of parent	7979182000
	Non controlling interest
	Total equity	7979182000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	32955000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
	Total Trade payable
	Other non-current financial liabilities	5084000
	Total non-current financial liabilities	38039000
	Provisions, non-current	21557000
	Deferred tax liabilities (net)	184297000
	Deferred government grants, Non-current
	Other non-current liabilities	3919000
	Total non-current liabilities	247812000
	Current liabilities
	Current financial liabilities
	Borrowings, current	1164329000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	58157000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	1334871000
	Total Trade payable	1393028000
	Other current financial liabilities	387553000
	Total current financial liabilities	2944910000
	Other current liabilities	163861000
	Provisions, current	19516000
	Current tax liabilities (Net)	3874000
	Deferred government grants, Current
	Total current liabilities	3132161000
3	Liabilities directly associated with assets in disposal group classified as held for sale
4	Regulatory deferral account credit balances and related deferred tax liability
	Total liabilities	3379973000
	Total equity and liabilites	11359155000
	Disclosure of notes on assets and liabilities	Textual Information(1)

Text Block
Textual Information(1)	Please refer quick results.

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Unaudited	Audited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Unaudited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Items that will not be reclassified to profit or loss	-5638000	-3714000
	Total Amount of items that will not be reclassified to profit and loss	-5638000	-3714000
2	Income tax relating to items that will not be reclassified to profit or loss	-1419000	-935000
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss
5	Total Other comprehensive income	-4219000	-2779000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Unaudited
D	Nature of report standalone or consolidated			Standalone
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			1250606000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			186271000
	Adjustments for decrease (increase) in inventories			211986000
	Adjustments for decrease (increase) in trade receivables, current			8483000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			98493000
	Adjustments for decrease (increase) in other non-current assets			-6144000
	Adjustments for other financial assets, non-current			-2620000
	Adjustments for other financial assets, current			-121913000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			-348419000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			28934000
	Adjustments for increase (decrease) in other non-current liabilities			-428000
	Adjustments for depreciation and amortisation expense			334699000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			1479000
	Adjustments for provisions, non-current			2056000
	Adjustments for other financial liabilities, current			-16474000
	Adjustments for other financial liabilities, non-current			-972000
	Adjustments for unrealised foreign exchange losses gains			-2882000
	Adjustments for dividend income			0
	Adjustments for interest income			15210000
	Adjustments for share-based payments			10680000
	Adjustments for fair value losses (gains)			-8972000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			-11642000
	Other adjustments to reconcile profit (loss)			0
	Other adjustments for non-cash items			-626000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			346779000
	Net cash flows from (used in) operations			1597385000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			328272000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			1269113000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			0
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			4355000
	Purchase of property, plant and equipment			1188317000
	Proceeds from sales of investment property			2107700000
	Purchase of investment property			2201553000
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			0
	Interest received			13960000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-4412000
	Net cash flows from (used in) investing activities	-1268267000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			9846000
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			597691000
	Repayments of borrowings			230095000
	Payments of lease liabilities			2488000
	Dividends paid			162442000
	Interest paid			182193000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) financing activities			30319000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			31165000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			0
	Net increase (decrease) in cash and cash equivalents			31165000
	Cash and cash equivalents cash flow statement at beginning of period			76403000
	Cash and cash equivalents cash flow statement at end of period			107568000