Integrated Filing — IndAS



General information about company
Scrip Code 531845
NSE Symbol ZENITHSTL
MSEI Symbol NA
ISIN INE318D01020
Name of company ZENITH STEEL PIPES & INDUSTRIES 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 29-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 23-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 Audited
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 Single segment
Start date and time of board meeting 29-May-2025   17:00:00
End date and time of board meeting 29-May-2025   21:15:00
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 Statement on impact of audit qualification



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 Audited 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 248245000 1190925000
Other income 61168000 101626000
Total income 309413000 1292551000
2 Expenses
(a) Cost of materials consumed 32697000 425744000
(b) Purchases of stock-in-trade 10395000 10395000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 55306000 108530000
(d) Employee benefit expense 12476000 51440000
(e) Finance costs 6195000 24802000
(f) Depreciation, depletion and amortisation expense 4925000 19530000
(f) Other Expenses
1 Other Expenses 157728000 647317000
Total other expenses 157728000 647317000
Total expenses 279722000 1287758000
3 Total profit before exceptional items and tax 29691000 4793000
4 Exceptional items 0 0
5 Total profit before tax 29691000 4793000
6 Tax expense
7 Current tax 0 0
8 Deferred tax 0 0
9 Total tax expenses 0 0
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 29691000 4793000
12 Profit (loss) from discontinued operations before tax -1883000 -2542000
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax -1883000 -2542000
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0
16 Total profit (loss) for period 27808000 2251000
17 Other comprehensive income net of taxes -432000 -2097000
18 Total Comprehensive Income for the period 27376000 154000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 0 0
Total profit or loss, attributable to non-controlling interests 0 0
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0 0
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0 0
21 Details of equity share capital
Paid-up equity share capital 1422804000 1422804000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve -3926766000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.21 0.03
Diluted earnings (loss) per share from continuing operations 0.21 0.03
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations -0.01 -0.01
Diluted earnings (loss) per share from discontinued operations -0.01 -0.01
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 0.2 0.02
Diluted earnings (loss) per share from continuing and discontinued operations 0.2 0.02
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



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 416771000
Capital work-in-progress 12001000
Investment property 0
Goodwill 0
Other intangible assets 1267000
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 20000
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 20957000
Total non-current financial assets 20977000
Deferred tax assets (net) 0
Other non-current assets 258868000
Total non-current assets 709884000
2 Current assets
Inventories 77936000
Current financial asset
Current investments 0
Trade receivables, current 565487000
Cash and cash equivalents 29561000
Bank balance other than cash and cash equivalents 3774000
Loans, current 151934000
Other current financial assets 37496000
Total current financial assets 788252000
Current tax assets (net) 10300000
Other current assets 0
Total current assets 876488000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 1586372000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1422804000
Other equity -3990328000
Total equity attributable to owners of parent -2567524000
Non controlling interest 0
Total equity -2567524000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 224182000
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 0
Total non-current financial liabilities 224182000
Provisions, non-current 54421000
Deferred tax liabilities (net) 50486000
Deferred government grants, Non-current 0
Other non-current liabilities 0
Total non-current liabilities 329089000
Current liabilities
Current financial liabilities
Borrowings, current 1927214000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 38588000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 863040000
Total Trade payable 901628000
Other current financial liabilities 461001000
Total current financial liabilities 3289843000
Other current liabilities 440553000
Provisions, current 3564000
Current tax liabilities (Net) 90847000
Deferred government grants, Current 0
Total current liabilities 3824807000
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 4153896000
Total equity and liabilites 1586372000
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 Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
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 Audited 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
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 432000 2097000
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 0 0
5 Total Other comprehensive income -432000 -2097000



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 4793000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 24802000
Adjustments for decrease (increase) in inventories 120711000
Adjustments for decrease (increase) in trade receivables, current 30740000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 98112000
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 7585000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -258464000
Adjustments for increase (decrease) in other non-current liabilities -4262000
Adjustments for depreciation and amortisation expense 19530000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current -3798000
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 23558000
Adjustments for other financial liabilities, non-current 12747000
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 0
Adjustments for interest income 0
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 0
Other adjustments to reconcile profit (loss) -2542000
Other adjustments for non-cash items 0
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 68719000
Net cash flows from (used in) operations 73512000
Dividends received 0
Interest paid 0
Interest received -353000
Income taxes paid (refund) 22000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 73137000
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 0
Purchase of property, plant and equipment 5238000
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 20878000
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 353000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) investing activities -25763000
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 0
Repayments of borrowings 138000
Payments of lease liabilities 0
Dividends paid 0
Interest paid 24802000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -24940000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 22434000
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 22434000
Cash and cash equivalents cash flow statement at beginning of period 7127000
Cash and cash equivalents cash flow statement at end of period 29561000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified 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
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 C K S P & Co. LLP Yes 31-Mar-2027


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 1292551000 1292551000
2 Total Expenditure 1287758000 1287758000
3 Net Profit/(Loss) 2251000 2251000
4 Earnings Per Share 0.02 0.02
5 Total Assets 1586372000 1586372000
6 Total Liabilities 4153896000 4153896000
7 Net Worth -2567524000 2567524000


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Qualified opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Qualified opinion Repetitive Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)
5 Textual Information(21) Qualified opinion Repetitive Textual Information(22) Textual Information(23) Textual Information(24) Textual Information(25)


Text Block
Textual Information(1) With reference to Note No. 20 of the consolidated financial results, the Company has not complied with the provisions of Section 74 and other applicable provisions of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 with respect to the, (a) Non-repayment of public deposits and the interest thereon on the respective due dates, (b) Non-maintenance of prescribed liquid assets to the extent required under the said Rules, and (c) Non-compliance with the orders passed by the Company Law Board (CLB) in connection with the above matters. nIn our opinion, these constitute a material non-compliance with the provisions of the Act and may result in regulatory implications for the Company. Had the Company complied with the aforesaid provisions, the reported liabilities, interest obligations, and disclosures in the financial statements would have been different. n
Textual Information(2) NA
Textual Information(3) Managements estimation on the impact of audit qualification
Textual Information(4) For qualification on non-compliance of section 74(2) of the Companies Act, 2013: nThe company has taken action on priority to clear the dues of deposit holders who are incapacitated and to comply with the orders of existing authorities. For the rest, the company has already started the process of settling their dues through sale proceeds of the assets sold by MPID court of the other Company who has given NOC for using the amount towards repayment of the Fixed Deposits of the Zenith Birla (India) Limited and during the year the Company has paid Rs.3.76 lakhs to deposit holder with interest and balance will try to complete it in subsequent financial years. n
Textual Information(5) Nof urther comments.
Textual Information(6) With reference to Note No. 16 the consolidated financial results, balances relating to Trade Payables, Trade Receivables, Loans, Advances, Deposits, Intergroup balances current liabilities Borrowings from other etc, are subject to reconciliation and confirmation. The management has not sent direct balance confirmations to the respective parties, citing pending reconciliations. In the absence of such confirmations and reconciliations, we are unable to obtain sufficient appropriate audit evidence to verify the accuracy, completeness, and recoverability/payability of these balances as at the reporting date. Consequently, we are unable to determine whether any adjustments are required in respect of the stated balances in the accompanying financial statements.
Textual Information(7) NA
Textual Information(8) Managements estimation on the impact of audit qualification
Textual Information(9) For qualification on balances of Trade Payables, Trade Receivables, Loans & Advances, Deposits, Borrowings to Others etc: nReconciliation of balances of Trade Payables, Trade Receivables, Loans & Advances, Deposits, Borrowings to Others and other parties are an ongoing basis and the figures would be ascertained only when the reconciliations are finalised. Hence at this stage, impact of the same is not ascertainable. Company ensures to pay all MSMEs within the stipulated credit period
Textual Information(10) Nof urther comments.
Textual Information(11) We draw attention to Note No.7 to the consolidated financial results, which states that the Company has incurred significant accumulated losses exceeding its share capital and reserves, and its net worth has been fully eroded as at 31/03/2025. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Companys ability to continue as a going concern. However, the financial results have been prepared on a going concern basis based on the
Textual Information(12) NA n
Textual Information(13) Managements estimation on the impact of audit qualification
Textual Information(14) For qualification on accounting on going concern basis: nOn account of strategic understanding with suppliers/ customers, which is continuing, the Company is on revival mode and is operating some of its units. In view of the same going concern concept holds good. n
Textual Information(15) Nof urther comments.
Textual Information(16) With reference to Note No. 17 to the consolidated financial results, the Company has made a provision in respect of certain current bank accounts which have been frozen by regulatory authorities. In the absence of relevant bank statements and year-end balance confirmations for these accounts, we were unable to obtain sufficient appropriate audit evidence to verify the completeness and accuracy of the balances reported in respect of these accounts. Accordingly, we are unable to determine
Textual Information(17) NA
Textual Information(18) Managements estimation on the impact of audit qualification
Textual Information(19) For qualification on current Bank accounts: nThe Company has made full provision to the extent it is on knowledge of the same and do not except any further provision to be made and will ensure to make provision if it comes to its knowledge n
Textual Information(20) Nof urther comments.
Textual Information(21) We draw attention to Note No, 15 to the consolidated financial results, which states that the Company has valued its inventories at Rs.779.36 lakhs as at 31/03/2025
Textual Information(22) NA
Textual Information(23) Managements estimation on the impact of audit qualification
Textual Information(24) For qualification on valuation of Inventory: nCurrently the Company is calculating the inventory value based on variable cost incurred for the quarter and work in progress is based on work completed. Accordingly, valuation of inventories has been arrived and according to the management they represent a fair value. n
Textual Information(25) Nof urther comments.


Signatories detail
Name of CEO / Managing director NA
Name of CFO B. Girvanesh
Name of audit committee chairman Sadhna Avinash Patil
Name of statutory auditor Dhananjay Jaiswal
Name of other signatory, if any, with designation Minal Pote and Ganesh Mahendrakar
Place Mumbai
Date 29-May-2025