ELECTHERM2023-10-012023-12-31 ELECTHERM2023-10-012023-12-31 ELECTHERM2023-10-012023-12-31in-bse-fin:OneOperatingExpenses01Member ELECTHERM2023-10-012023-12-31in-bse-fin:FourOperatingExpenses01Member ELECTHERM2023-12-31 ELECTHERM2023-10-012023-12-31in-bse-fin:OneReportableSegmentRevenue01Member ELECTHERM2023-10-012023-12-31in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2023-10-012023-12-31in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2023-10-012023-12-31in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2023-10-012023-12-31in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2023-10-012023-12-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2023-12-31in-bse-fin:OneReportableSegmentLiabilities01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 526608 ELECTHERM NOTLISTED Electrotherm (India) Limited Equity 2023-04-01 2024-03-31 2024-02-08 2024-02-01 INR Crores Third quarter 15:55:00 18:40:00 2024-02-08 2024-02-08 Not applicable Multi segment 2023-10-01 2023-12-31 Unaudited Standalone 11373300000.00 3700000.00 11377000000.00 8094100000.00 0.00 -215400000.00 429800000.00 75500000.00 111700000.00 1805800000.00 10301500000.00 1075500000.00 0.00 1075500000.00 0.00 0.00 0.00 0.00 1075500000.00 0.00 0.00 0.00 0.00 1075500000.00 -1000000.00 1074500000.00 0.00 0.00 127400000.00 10 84.42 84.42 0.00 0.00 84.42 84.42 1.The above Standalonefinancialresults of Electrotherm(India)Limited(the“Company”)have been reviewed and recommended by the AuditCommittee meeting and approved by the BoardofDirectors at their meeting held onFebruary08,2024.2TheStatutory auditor have carried out limited review of the standalone financial resultsofthe companyforthequarterand nine months ended on December31,2023.3.(a)In view of the Restructure of the loan in November2023 with Edelweiss Asset Reconstruction Company Limited (“EARC”), (a financial creditor), the petition ofEARunder section7of the Insolvency and Bankruptcy Code,2016 before the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad has been dismissed as settled out ofthe Court, on November22,2023. (b)(i)In view of the repayment of the entire loan to Union Bank of India, (financial creditor), the petition under section7 of the InsolvencyandBankruptcyCode,2016 filed by the financial creditor before the NationalCompanyLawTribunal(NCLT),Ahmedabad was disposed-off as withdrawn on January18,2024(ii)The company has paid all the InstatementsandInterest duethereupon asper theOTSagreement with Union Bank of India (including Corporation bank merged with Union Bank of India) and have received no due certificate from the bank.4.As per Ind AS108 Operating Segments ,if a financial report contains both consolidated financial statements and the separate financial statements of the Parent Company, segment information may be presented on the basis of the consolidated financialstatements. Thus,disclosurerequired by regulation33 of the SEBI(Listing Obligations & Disclosure Requirements) Regulations,2015 on segment information is given in consolidated financial results.5.The companyhas notpaid instalments duefrom September-2020 to December-2023 to Invent Assets SecuritizationandReconstructionPrivate Limited of Rs141.00 Crore and Rare Asset Reconstruction Limited from December-2020 to December–2023 of Rs9.00 Crore. The company has not paid interest due thereon for the period from September2020 to December - 2023 to the above lenders. The said interest has been included under the head finance cost of the respective quarters.The company has requested respective lenders/ARCs to approve revised repayment schedule in relation to it and which is yet to be confirmed by the respective lenders/ARCs. The Company has defaulted in complying with the terms and conditions of settlement and as per the settlement terms, in case of default, the agreement stands withdrawn and all the dues & liabilities as per original terms shall be restored. However,the company is in negotiation with the respective lenders for rescheduling/restructuring of the said loan and the company is hopeful for no further liability on the company and therefore, the final amount of liability to be paid is not ascertainable and which has not been accounted for.6.The loan account of Rs189.96Crore due to Indian Overseas Bank, which was classified as non-performing assets during August2011,has been assigned to Rare Assets Reconstruction Limited, but with whom the settlement terms have not been entered into, accordingly the company has not made provision for interest for the quarter and nine months ended December31,2023of Rs29.47CroreandRs85.68 Crorerespectively (on approximate basis), in the books of accounts and accordingly the amount of net profit for the quarter and nine month ended December31,202is over stated byRs29.47Crore and Rs85.68 Crore respectively. Accordingly, the total amount,ofAssetsReconstructionCompanyliabilityand retained earnings/(loss)as on December31,2023 is understated by Rs754.30 Crore. The statutory auditor has expressed qualification in respect of non-provision of interest by the company on the said loan.7.With regard toCentralBankofIndiaand EdelweissAssetsReconstructionCompanyLimited,the impact of reduction indebt due toSettlement with Banker/ARCs, will begiven on the finalcompliance ofall the terms and conditions of the settlement terms. Multi segment 2023-04-01 2023-12-31 Unaudited Standalone 30539300000.00 25600000.00 30564900000.00 21731000000.00 0.00 -294500000.00 1187100000.00 425300000.00 342500000.00 5029000000.00 28420400000.00 2144500000.00 0.00 2144500000.00 0.00 0.00 0.00 0.00 2144500000.00 0.00 0.00 0.00 0.00 2144500000.00 -6800000.00 2137700000.00 0.00 0.00 127400000.00 10 168.33 168.33 0.00 0.00 168.33 168.33 Other Expenses 1805800000.00 Other Expenses 5029000000.00 Not Applicable 0.00 Not Applicable 0.00 0.00 0.00 0.00 0.00 Not Applicable 0.00 Not Applicable 0.00 0.00 0.00 8.TheCompany holds investment in equity shares of Hans Ispat Limited (Wholly Owned Subsidiary Company).BankofBaroda had filed Original Application against said Wholly Owned Subsidiary Company & its guarantors (i.e. Mr.ShaileshBhandari and Mr.MukeshBhandari) before Debts Recovery Tribunal-1, Ahmedabad (“DRT”) under section 19 of the Recovery of Debts due to Banks and Financial Institutions Act 1993. The Hon’ble DRT vide judgement datedApril15,2019 allowed the original application filed by the Bank of Baroda and for issue of recovery certificate against the Wholly Owned Subsidiary Company and guarantors to the tune of Rs.50.74 Crores and future interest on the amountdue@12.00%p.a. with monthly rests from the date of filing of Original Application till the recovery of amount. The Hon’ble Recovery Officer of the DRT has initiated recovery proceedings and passed order / issued warrant for attachment of hypothecated / mortgaged properties. Thereafter, the Hon’ble Recovery Officer has put the properties for e-auction on November 22,2019,April 29,2020, September24,2021 and November18,2021. On November 18, 2021 the bid offer of Rs. 33.03 Crores from Kemo Steel Industries Private Ltd was successful. The Ld. Recovery Officer, DRT-I Ahmedabad confirmed the sale and handed over the possession on April 6, 2022 to the auction purchaser. Sale Certificate was issued on April7,2022 in favour of the auction purchaser. However, Invent Assets Securitisations & Reconstruction Private Limited (assignee of debts of State Bank of India for Wholly Owned Subsidiary Company) has filed an appeal in Hon’ble DRAT, Mumbai.The Hon’bleDRAThas passedanorderonApril19,2022that further proceeding consequent to the sale which has already been confirmed and possession handed-over be stalled and stayed further proceedings and status-quo to be maintained. Thereafter, by order dated August 10, 2022, the Hon’ble DRAT by way of an interim arrangement, permitted the auction purchaser to run the factory, subject to the certain condition and to the ultimate decision to be taken in the Appeal. Invent Assets Securitisations & Reconstruction Private Limited has filed a Writ Petition before the Bombay High Court challenging this order of the DRAT. Hans Ispat Limited has also filed an appeal in the DRAT against the order of the Recovery officer, DRT Ahmedabad finalizing the sale of the mortgaged property where in DRAT has directed Hans Ispat Limited to deposit Rs. 25 crores in 4 equal instalments within7weeks. The said appeals are pending for further hearing.During the quarter and nine months ended as on December 31, 2022 and year ended as on March312023, the company has provided expected credit loss / Provision for doubtful Debt of Rs 23.21Crore, Rs 45.55Crore and67.88Crore, respectively (on trade receivable & on advances) and impairment on Investment in subsidiary as on March31,2023 is Rs 36.46 Crore. 9.Few accounts of “Trade Receivables,”“Trade Payable”,“Advances from Customer’, Advances Recoverable in Cash or Kind”,“Advances to suppliers and other parties”,including very old balances, are subject to confirmation/reconciliation. The balance with revenue authorities are subject to final assessment order and/or submission of returns. The amounts of inventories are as taken by the management.10.There are certain pending enquiries/notices/summons/litigation/recovery proceedings against the company and directors of the company before debts recovery tribunal, Central bureau of Investigation, Directorate of Enforcement, National Company Law Tribunal, Regional Director of Ministry of Corporate Affairs, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. Pending final outcome of the ongoing investigations/enquiries, no impact of the same has been considered in financial statements and it will be considered on attaining its finality.11.Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure. 0.00 0.00 Not Applicable 0.00 0.00 Not Applicable 0.00 0.00 -1000000.00 -6800000.00 0.00 0.00 0.00 0.00