Integrated Filing — IndAS



General information about company
Scrip Code 590078
NSE Symbol MAITHANALL
MSEI Symbol NOTLISTED
ISIN INE683C01011
Name of company MAITHAN ALLOYS 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 28-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 19-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
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 Multi segment
Description of single segment
Start date and time of board meeting 28-May-2025   12:30:00
End date and time of board meeting 28-May-2025   17:06:00
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



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 Consolidated Consolidated
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 4352300000 18056100000
Other income -1164200000 7208400000
Total income 3188100000 25264500000
2 Expenses
(a) Cost of materials consumed 2418600000 8690700000
(b) Purchases of stock-in-trade 389700000 1912500000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade -680600000 -528800000
(d) Employee benefit expense -30900000 382900000
(e) Finance costs 81200000 216400000
(f) Depreciation, depletion and amortisation expense 63000000 232900000
(f) Other Expenses
1 Power Cost 1099800000 4149500000
2 Other Expenses 391000000 1684100000
Total other expenses 1490800000 5833600000
Total expenses 3731800000 16740200000
3 Total profit before exceptional items and tax -543700000 8524300000
4 Exceptional items 0 0
5 Total profit before tax -543700000 8524300000
6 Tax expense
7 Current tax -383300000 447200000
8 Deferred tax 421200000 1768000000
9 Total tax expenses 37900000 2215200000
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 -581600000 6309100000
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 -581600000 6309100000
17 Other comprehensive income net of taxes 1000000 2000000
18 Total Comprehensive Income for the period -580600000 6311100000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent -610200000 6301800000
Total profit or loss, attributable to non-controlling interests 28600000 7300000
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent -609200000 6303800000
Total comprehensive income for the period attributable to owners of parent non-controlling interests 28600000 7300000
21 Details of equity share capital
Paid-up equity share capital 291100000 291100000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 37169700000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -20.96 216.47
Diluted earnings (loss) per share from continuing operations -20.96 216.47
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 -20.96 216.47
Diluted earnings (loss) per share from continuing and discontinued operations -20.96 216.47
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results
Textual Information(1) nNotes to the Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2025 n n1.tThe above Audited Consolidated Financial Results, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 28, 2025. The Statutory Auditors have conducted the limited review of the above unaudited consolidated financial results. n n2.tThe Audited Consolidated Financial Results have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 (the Regulation’) as amended. n n3.tOn February 05, 2025, the Company has entered into a Shares Purchase Agreement (SPA) with its existing shareholders for the acquisition of 100% of the share capital of Eloise Builders & Constructions Private Limited (EBCPL). On completion of the condition precedent to SPA, EBCPL has become wholly owned subsidiary of the Company w.e.f. February 25, 2025. The acquisition was carried out for a purchase consideration of Rs. 73.00 Crore. Based on guidance on definition of business under Ind AS 103, Management has classified above acquisitions as asset acquisition. n n4.tThe Board of Directors of the Company in its meeting held on May 28, 2025 have approved a Scheme of Merger by Absorption (Scheme) of Impex Metal & Ferro Alloys Limited (Impex) and Maithan Alloys Limited (MAL) under the provisions of Section 230 to 232 and other applicable provisions of the Companies Act, 2013. nThe Scheme provides for the merger of Impex into MAL. The Scheme is conditional upon and subject to necessary statutory and regulatory applications and approvals under applicable laws, including the jurisdictional National Company Law Tribunal. n n5.tAn application is filed by one of the wholly-owned subsidiary– Anjaney Minerals Limited, before the Hon'ble NCLT for approval of The Scheme of Reduction of Capital , pursuant to the provisions of Section 66 of the Companies Act, 2013, read with National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 and other applicable provisions, if any and the same is pending for sanctioned by Hon'ble NCLT. nUpon sanction of the said Scheme by Hon'ble NCLT, the total issued, subscribed and paid-up Equity share Capital of the company shall be reduced from Rs. 11.00 Crore divided into 1,10,00,000 equity shares of Rs. 10/- each, fully paid-up to Rs. 8.80 Crore divided into 88,00,000 equity shares of Rs. 10 /- each, fully paid-up. n n6.tOther Income includes the Fair value gain and realised gain (net) on Current / Non-Current Investments measured at fair value through profit or loss amounting to Rs. -138.72 Crore for the Quarter ended March 2025; ( Rs. 83.49 Crore for the Quarter ended December 2024); ( Rs. 152.08 Crore for the Quarter ended March 2024); ( Rs. 645.68 Crore for the year ended March 2025) and ( Rs. 272.00 Crore for the year ended March 2024). n n7.tDadhichi Rail & Defence Operations Limited, a wholly owned subsidiary having its registered office at Kolkata in the State of West Bengal has been incorporated on July 20, 2024 with the objects to manufacture specialized parts for railway, tramway, locomotives or of rolling stock and to manufacture and deal in goods and products used in defence sector. n n8.tMaithan Ferrous Private Limited, a subsidiary has commenced the commercial production from September 07, 2024 in its Ferro Alloy Plant at Barjora in Bankura District, West Bengal. n n n n n9.tThe manufacturing operations at the Byrnihat Unit of Maithan Alloys Limited were discontinued on February 5, 2025 as per the directions of Meghalaya State Pollution Control Board vide their letter dated February 5, 2025 wherein, they have pointed out certain discrepancies in compliances. However, the operation was resumed on March 11, 2025 upon revocation of Notice of Closure by MSPCB. n n10.tBased on the profit threshold as of March 31, 2025 , out of remuneration accrued to Directors of Maithan Alloys Limited upto December 31, 2024, remuneration amounting to Rs. 10.63/- crores had been accrued in excess of the limits approved by the shareholders. This excess remuneration was reversed during the quarter ended March 31, 2025. As a result, the Employee Benefit Expense for the quarter reflects a negative amount of Rs. 3.09/- crores. Subsequent to the reversal, the amount paid to directors which remained in excess of the permissible limits as of March 31, 2025 has since been refunded by the directors on May 28, 2025. n n11.tThe Board of Directors of the Maithan Alloys Limited, at their meeting held on May 28, 2025, has declared Second Interim Dividend of Rs. 7/- per equity share (face value Rs. 10/- per equity share), for the financial year 2024-25. This is in addition to the interim dividend of Rs. 3/- per equity share (face value Rs. 10/- per equity share) paid during the year by the company. n n n12.tThe Board of Directors of the Maithan Alloys Limited have recommended a final dividend of Rs. 6/- per share for the year ended March 31, 2025, at their meeting held on May 28, 2025. The payment of final Dividend is subject to approval of the shareholders at the ensuing Annual General Meeting of the Company. n n13.tMaithan Alloys Limited has altered their Object clause of its Memorandum of Association to undertake the Real Estate Business activities and have commenced its new business activities w.e.f. January 17, 2025. n n14.tAnjaney Minerals Limited, Salanpur Sinters Private Limited and Dadhichi Rail and Defence Operations Limited has altered their Object clause of their respective Memorandum of Association to undertake the Real Estate Business activities and have commenced their new business activities w.e.f. February 27, 2025. n n15.tThe figures for the quarter ended March 31 2025 and March 31 2024 are balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial years. Also, the figures up to the end of third quarter had only been reviewed and not subjected to audit. n n16.tThe result for quarter and year ended March 31, 2025 are available on the BSE Limited website (URL:www.bseindia.com), the National Stock Exchange of India Limited website (URL:www.nseindia.com) and on the Company’s website (URL:www.maithanalloys.com). n n n17.tFigures for the previous period/year have been regrouped and / or reclassified to conform to the classification of current period/year’s figures, wherever necessary. n n n nFor Maithan Alloys Limited nS. C. Agarwalla nChairman & Managing Director nPlace: Kolkata nDate : May 28, 2025. n nt n 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 Consolidated
Assets
1 Non-current assets
Property, plant and equipment 2956200000
Capital work-in-progress 12400000
Investment property 0
Goodwill 163100000
Other intangible assets 3200000
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 10760100000
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 574800000
Total non-current financial assets 11334900000
Deferred tax assets (net) 0
Other non-current assets 352100000
Total non-current assets 14821900000
2 Current assets
Inventories 10856000000
Current financial asset
Current investments 19801900000
Trade receivables, current 1433500000
Cash and cash equivalents 218000000
Bank balance other than cash and cash equivalents 370900000
Loans, current 54200000
Other current financial assets 303800000
Total current financial assets 22182300000
Current tax assets (net) 0
Other current assets 629200000
Total current assets 33667500000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 48489400000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 291100000
Other equity 37169700000
Total equity attributable to owners of parent 37460800000
Non controlling interest 90900000
Total equity 37551700000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 85000000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 31200000
Total non-current financial liabilities 116200000
Provisions, non-current 34000000
Deferred tax liabilities (net) 2310000000
Deferred government grants, Non-current 0
Other non-current liabilities 600000
Total non-current liabilities 2460800000
Current liabilities
Current financial liabilities
Borrowings, current 5767500000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 15200000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1315400000
Total Trade payable 1330600000
Other current financial liabilities 757000000
Total current financial liabilities 7855100000
Other current liabilities 525600000
Provisions, current 5700000
Current tax liabilities (Net) 90500000
Deferred government grants, Current 0
Total current liabilities 8476900000
3 Liabilities directly associated with assets in disposal group classified as held for sale 0
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 10937700000
Total equity and liabilites 48489400000
Disclosure of notes on assets and liabilities



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 Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Ferro Alloys 4352300000 18056100000
2 Real Estate 0 0
3 Unallocated 0 0
Total Segment Revenue 4352300000 18056100000
Less: Inter segment revenue 0 0
Revenue from operations 4352300000 18056100000
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Ferro Alloys 807800000 1957000000
2 Real Estate -100000 -200000
3 Unallocated 0 0
Total Profit before tax 807700000 1956800000
i. Finance cost 81200000 81200000
ii. Other Unallocable Expenditure net off Unallocable income 1270200000 1270200000
Profit before tax -543700000 8524300000
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Ferro Alloys 11418800000 11418800000
2 Real Estate 5917600000 5917600000
3 Unallocated 31153000000 31153000000
Total Segment Asset 48489400000 48489400000
Un-allocable Assets 0 0
Net Segment Asset 48489400000 48489400000
4 Segment Liabilities
Segment Liabilities
1 Ferro Alloys 2967000000 2967000000
2 Real Estate 3100000 3100000
3 Unallocated 7967600000 7967600000
Total Segment Liabilities 10937700000 10937700000
Un-allocable Liabilities 0 0
Net Segment Liabilities 10937700000 10937700000
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 Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement of net defined benefit plans 1200000 2600000
Total Amount of items that will not be reclassified to profit and loss 1200000 2600000
2 Income tax relating to items that will not be reclassified to profit or loss 200000 600000
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 1000000 2000000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 8524300000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 216400000
Adjustments for decrease (increase) in inventories -7358400000
Adjustments for decrease (increase) in trade receivables, current 2441000000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets -232000000
Adjustments for decrease (increase) in other non-current assets -197100000
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 4136300000
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 483100000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -24900000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 232900000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 4500000
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 6200000
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains -27400000
Adjustments for dividend income 456300000
Adjustments for interest income 193500000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) -8297200000
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 1840400000
Other adjustments to reconcile profit (loss) -4400000
Other adjustments for non-cash items -29700000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) -7460100000
Net cash flows from (used in) operations 1064200000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 566500000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 497700000
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 45707900000
Other cash payments to acquire equity or debt instruments of other entities 51934900000
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 8200000
Purchase of property, plant and equipment 301700000
Proceeds from sales of investment property 0
Purchase of investment property 0
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 25100000
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 456300000
Interest received 200300000
Income taxes paid (refund) 0
Other inflows (outflows) of cash -20600000
Net cash flows from (used in) investing activities -5909600000
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 0
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 5681900000
Repayments of borrowings 0
Payments of lease liabilities 1000000
Dividends paid 262000000
Interest paid 197400000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities 5221500000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -190400000
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 -190400000
Cash and cash equivalents cash flow statement at beginning of period 408400000
Cash and cash equivalents cash flow statement at end of period 218000000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Singhi & Co. Yes 31-Aug-2025