ELECTHERM2024-01-012024-03-31 ELECTHERM2024-01-012024-03-31 ELECTHERM2024-01-012024-03-31in-bse-fin:OneOperatingExpenses01Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourOperatingExpenses01Member ELECTHERM2024-03-31 ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentRevenue01Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-03-31in-bse-fin:OneReportableSegmentLiabilities01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 526608 ELECTHERM NOTLISTED Electrotherm (India) Limited Equity 2023-04-01 2024-03-31 2024-05-20 2024-05-11 INR Crores Yearly 10:15:00 15:35:00 2024-05-20 2024-05-20 true Cash Flow Indirect Statement on impact of audit qualification Multi segment 2024-01-01 2024-03-31 Audited Standalone 12175700000.00 17800000.00 12193500000.00 8155300000.00 0.00 142000000.00 422400000.00 172900000.00 109800000.00 2141300000.00 11143700000.00 1049800000.00 0.00 1049800000.00 0.00 0.00 0.00 0.00 1049800000.00 0.00 0.00 0.00 0.00 1049800000.00 -15600000.00 1034200000.00 1034200000.00 0.00 127400000.00 10 82.40 82.40 0.00 0.00 82.40 82.40 1. The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) have been reviewed and recommended by the Audit Committee meeting held on May 19, 2024 and approved by the Board of Directors at their meeting held on May 20, 2024. 2. The figures of the last quarter are the balancing figures between audited figures in respect of the financial year ended March 31, 2024 and March 31, 2023 and the unaudited published year to date figures upto December 31, 2023 and December 31, 2022 respectively, being the date of the end of the third quarter of the respective financial year, which were subjected to limited review. 3. As per Ind AS 108 Operating Segments , if a financial report contains both consolidated financial statements and the standalone financial statements of the Parent Company, segment information may be presented based on the consolidated financial statements. Thus, disclosure required by regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment information is given in consolidated financial results. 4. (a) The company has not paid instalments due from December – 2020 onwards to Invent Assets Securitization and Reconstruction Private Limited ( Invent ARC ) amounting to Rs 127.20 Crore and interest due of Rs 41.93 Crore for the period from September 2020 to March 2024 (included under the head finance cost of the respective quarters). The company has requested Invent ARC to approve revised repayment schedule and Invent ARC has given in-principal approval on May 18, 2024 for the payment of outstanding settlement dues with interest. (b) The company has not paid the instalments due from September 2021 onwards amounting to Rs 5.00 Crore to Rare Asset Reconstruction Limited ( Rare ARC ) and interest due of Rs 5.58 Crore for the period from September 2020 to March 2024 (included under the head finance cost of the respective quarters). The company has requested Rare ARC to approve revised repayment schedule and Rare ARC is yet to confirm the restructuring of the payment of outstanding settlement dues. (c) The Company has defaulted in complying with the terms and conditions of settlement as specified above 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. Multi segment 2023-04-01 2024-03-31 Audited Standalone 42715000000.00 43400000.00 42758400000.00 29886300000.00 0.00 -152500000.00 1609500000.00 598200000.00 452300000.00 7170300000.00 39564100000.00 3194300000.00 0.00 3194300000.00 0.00 0.00 0.00 0.00 3194300000.00 0.00 0.00 0.00 0.00 3194300000.00 -22400000.00 3171900000.00 3171900000.00 0.00 127400000.00 10 -9327400000.00 250.73 250.73 0.00 0.00 250.73 250.73 Other Expenses 2141300000.00 Other Expenses 7170300000.00 5927300000.00 441000000.00 0.00 0.00 37700000.00 0.00 0.00 0.00 99900000.00 0.00 0.00 334800000.00 434700000.00 0.00 328100000.00 7168800000.00 6132500000.00 500000.00 2128000000.00 548800000.00 70300000.00 0.00 12800000.00 2760400000.00 88000000.00 1856600000.00 10837500000.00 0.00 0.00 18006300000.00 127400000.00 -7349600000.00 -7222200000.00 -7222200000.00 6065500000.00 0.00 0.00 6065500000.00 245800000.00 0.00 0.00 0.00 6311300000.00 10664900000.00 4261600000.00 724400000.00 15650900000.00 3055400000.00 210900000.00 0.00 0.00 18917200000.00 0.00 0.00 25228500000.00 18006300000.00 5. Indian Overseas Bank had classified the loan account of the Company as non-performing assets during August 2011 for the default amount of Rs. 189.96 Crores, which was subsequently assigned to Rare Assets Reconstruction Limited ( Rare ARC ), but with whom the settlement terms have not been entered into. Further, the Hon'ble Debt Recovery Tribunal (DRT), Ahmedabad has passed judgement against Company for recovery alongwith future interest on the amount due @12.75% p.a. with monthly rests.During the year, the Company have paid Rs. 6.00 Crore as upfront payment towards commitment to settlement. The company has however, not provided the interest for the quarter and year ended March 31, 2024 of Rs 30.42 Crore and Rs 116.10 Crore respectively (on approximate basis), accordingly the amount of net profit for the quarter and year ended March 31, 2024 is over stated by Rs 30.42 Crore and Rs 116.10 Crore respectively. Accordingly, the total amount of Assets Reconstruction Company's liability and retained earnings/(loss) as on March 31, 2024 is understated by Rs. 784.72 Crore. The statutory auditor has expressed qualification in respect of non-provision of interest by the company on the said loan. 6. With regard to Central Bank of India and Edelweiss Assets Reconstruction Company Limited, the impact of reduction in debt due to Settlement with Banker/ARCs, will be given on the final compliance of all the terms and conditions of the settlement terms. 7. (a) Edelweiss Asset Reconstruction Company Limited (“EARC”), a financial creditor has filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal (NCLT), Ahmedabad for initiating Corporate Insolvency Resolution Process (CIRP) against the Company for an default amount of Rs. 1900.56 Crores in respect of outstanding dues of Bank of India, the original lender only. In view of the restructure of the loan in November 2023, the Hon’ble NCLT, Ahmedabad has dismissed the petition alongwith Interlocutory Applications as settled out of Court by order dated November 22, 2023. (b) Union Bank of India, a financial creditor has filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal (NCLT), Ahmedabad for initiating Corporate Insolvency Resolution Process (CIRP) against the Company for an default amount of Rs. 305.38 Crores in respect of outstanding dues. In view of revised settlement terms with Union Bank of India and repayment of entire loan, the petition was disposed of by Hon’ble NCLT, Ahmedabad as withdrawn on January 18, 2024. 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 0.00 8. The Company holds investment in equity shares of Hans Ispat Limited (Wholly Owned Subsidiary Company). Bank of Baroda had filed Original Application against said Wholly Owned Subsidiary Company & its guarantors (i.e. Mr. Shailesh Bhandari and Mr. Mukesh Bhandari) before Debts Recovery Tribunal-1, Ahmedabad (“DRT”) under section 19 of the Recovery of Debts due to Banks and Financial Institutions Act 1993. As per judgement of the Hon’ble DRT, Ahmedabad, the recovery proceedings had been inititated for e-auction of properties and the properties has been auctioned for the amount of Rs. 33.03 Crores in November, 2021. However, Invent Assets Securitisations & Reconstruction Private Limited ( Invent ARC ) (assignee of debts of State Bank of India for Wholly Owned Subsidiary Company) has filed appeal before DRAT, Mumbai and as per the interim order of Hon'ble DRAT, Mumbai, by way of interim arrangement, the auction purchaser was permitted to run the factory, subject to certain conditions. Hans Ispat Limited has also filed appeal before Hon'ble DRAT, Mumbai, which was disposed off with direction to deposit Rs. 25 Crores in 4 equal installments. The writ petitions filed by Invent ARC and Hans Ispat Ltd. against orders of Hon'ble DRAT, Mumbai are pending before Hon'ble Bombay High Court for further hearing. During the quarter ended March 31,2023, the company has provided expected credit loss / Provision for doubtful Debt of Rs 6.93 Crore on trade receivable, Rs 15.81 Crore on advances and impairment on investment in subsidiary of Rs 36.46 Crores and for the year ended as at March 31, 2023 the company has provided expected credit loss / Provision for doubtful Debt of Rs 20.56 Crore on trade receivable, Rs 47.73 Crore on advances and impairment on investment in subsidiary of Rs 36.46 Crores and which had been considered as Exceptional items and the cumulative provision for expected credit loss / Provision lor doubtful debt upto March 31. 2023 on trade receivable is Rs 27.90 Crore, on Advances Rs 63.24 Crores and impairment of investment 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/fraud 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,Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. 11. Figure of previous period’s have been regrouped, wherever considered necessary to make them comparable to current period figure. 0.00 0.00 0.00 Not Applicable 0.00 0.00 Not Applicable 0.00 0.00 0.00 0.00 598200000.00 -470600000.00 -244900000.00 0.00 -98500000.00 0.00 0.00 0.00 0.00 510300000.00 0.00 -508000000.00 0.00 452300000.00 0.00 49900000.00 0.00 -5900000.00 0.00 -38700000.00 0.00 21400000.00 0.00 0.00 0.00 0.00 129900000.00 -800000.00 0.00 351800000.00 3546100000.00 0.00 0.00 0.00 32700000.00 0.00 3513400000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1200000.00 686000000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18700000.00 0.00 -15600000.00 0.00 -681700000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2155800000.00 0.00 5700000.00 0.00 777800000.00 0.00 0.00 -2939300000.00 -107600000.00 0.00 -107600000.00 656400000.00 548800000.00 -15600000.00 -22400000.00 0.00 0.00