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:OneReportableSegmentRevenue02Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentRevenue03Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentRevenue04Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue02Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue03Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentRevenue04Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults02Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults03Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentResults04Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults02Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults03Member ELECTHERM2024-01-012024-03-31in-bse-fin:FourReportableSegmentResults04Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets02Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets03Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentAssets04Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-03-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2024-03-31in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2024-03-31in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2024-01-012024-03-31in-bse-fin:OneReportableSegmentLiabilities04Member ELECTHERM2024-03-31in-bse-fin:OneReportableSegmentLiabilities04Member 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 Consolidated 12175700000.00 17300000.00 12193000000.00 8155300000.00 0.00 142100000.00 422400000.00 176100000.00 109700000.00 2147300000.00 11152900000.00 1040100000.00 0.00 1040100000.00 0.00 0.00 0.00 0.00 1040100000.00 0.00 0.00 0.00 200000.00 1040300000.00 -15600000.00 1024700000.00 1040300000.00 0.00 1024700000.00 0.00 127400000.00 10 81.66 81.66 0.00 0.00 81.66 81.66 1.The above Consolidated financial results of Electrotherm (India) Limited (the “Company” and along with its subsidiary and joint venture the “Group”) were reviewed and recommended by the Audit Committee 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. (a) Hans Ispat Limited, subsidiary, has not paid instalment due from December - 2019 to March - 2024 of Rs 32.62 Crore to Invent Assets Securitization and Reconstruction Private Limited. (b) The holding 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 holding 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. (c) The holding company has not paid the instalments due from September 2021 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 holding 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. (d) The group 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 group is in negotiation with the respective lenders for rescheduling / restructuring of the said loan and the group is hopeful for no further liability on the group 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 Consolidated 42715000000.00 46500000.00 42761500000.00 29886300000.00 0.00 -152300000.00 1609600000.00 601400000.00 467000000.00 7176500000.00 39588500000.00 3173000000.00 0.00 3173000000.00 0.00 0.00 0.00 0.00 3173000000.00 0.00 0.00 0.00 300000.00 3173300000.00 -22400000.00 3150900000.00 3173300000.00 0.00 3150900000.00 0.00 127400000.00 10 -10338900000.00 249.08 249.08 0.00 0.00 249.08 249.08 Other Expenses 2147300000.00 Other Expenses 7176500000.00 0.00 6088100000.00 441000000.00 0.00 0.00 37700000.00 0.00 0.00 0.00 76900000.00 0.00 0.00 413000000.00 489900000.00 0.00 333700000.00 7390400000.00 6176700000.00 500000.00 2240100000.00 553100000.00 70300000.00 0.00 15700000.00 2879700000.00 102100000.00 1863900000.00 11022400000.00 0.00 0.00 18412800000.00 127400000.00 -7938600000.00 -7811200000.00 -7811200000.00 6065900000.00 0.00 200000.00 6066100000.00 245800000.00 0.00 0.00 0.00 6311900000.00 11627200000.00 4274900000.00 724500000.00 16626600000.00 3073900000.00 211600000.00 0.00 0.00 19912100000.00 26224000000.00 18412800000.00 4. Three loan accounts of the Group were classified as non-performing assets and with whom settlement agreement has not been entered into, provision for interest on term loan and working capital loan for the quarter and year ended March 31, 2024 on approximate basis of Rs 36.20 Crore & Rs 138.33 Crore respectively have not been provided in the books of accounts and accordingly the amount of Net profit for the quarter and year ended March 31, 2024 is overstated by Rs 36.20 Crore and Rs 138.33 Crore and the amount of Assets Reconstruction Company liability and total retained earnings/(loss) as on March 31, 2024 is under stated by Rs. 943.13 Crore. The statutory auditor has expressed qualification in respect of above as regards to non-provision of interest by the group. 5. 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. 6. Few accounts of “Trade Receivables,” “Trade Payables”, “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. 7. There are certain pending enquiries / notices / summons / litigation / recovery / fraud proceedings against the group and directors of the group 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. 8. (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 holding 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 holding 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. Electric Vehicle Division 36400000.00 Engineering & Technologies Division 3371500000.00 Others 0.00 Special Steel Division 8882600000.00 Electric Vehicle Division 321200000.00 Engineering & Technologies Division 13282300000.00 Others 100000.00 Special Steel Division 29318700000.00 12290500000.00 42922300000.00 114800000.00 207300000.00 12175700000.00 42715000000.00 Electric Vehicle Division -28400000.00 Engineering & Technologies Division 426600000.00 Others -200000.00 Special Steel Division 818200000.00 Electric Vehicle Division -62800000.00 Engineering & Technologies Division 1622800000.00 Others -300000.00 Special Steel Division 2214700000.00 1216200000.00 3774400000.00 176100000.00 601400000.00 0.00 9. (a) In respect of Joint Venture Bhaskarpara Coal Company Limited, the Ministry of Coal, Government of India has taken action for de-allocation of Coal Block, affecting the going concern of the said company. (b) In respect of Shree Ram Electro Cast Limited, one of the subsidiary, the State Bank of India has taken action under SARFAESI Act, 2002 and subsequent action of the sale through auction of the hypothecated / mortgaged assets of the Company situated at Honnarhalli Village, Hatchali Post, Siruguppa Taluk, Bellari District. Karnataka in February 2019, affecting the going concern of the said company. (c) ET-Elec Trans Limited has cash loss of Rs. 0.00 Crore and accumulated losses of Rs 1.49 Crore which has fully eroded the net worth of the said subsidiary company. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the said subsidiary company's ability to continue as a going concern. (d) Bank of Baroda had filed Original Application against Hans Ispat Limited (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. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the said Joint Venture / Wholly Owned Subsidiary Company's ability to continue as a going concern. 10. Goodwill is not amortized, instead it is tested for impairment annually or more frequently if indications of impairment exit. The recoverable amount of a cash generating unit (CGU) is determined based on value-in-use or fair value less cost to sell calculations which requires the use of certain assumptions. Considering the outlook of the current situation as stated in para 10(d), it has been determined that an impairment would be required to be considered in the financial results. Accordingly, an impairment of Rs 36.46 crores on goodwill has been provided in the financial results and have been shown as exceptional items during the quarter and year ended as on March 31, 2023. 11. Figure of previous period's have been regrouped, wherever considered necessary to make them comparable to current period figure. 0.00 1040100000.00 3173000000.00 Electric Vehicle Division 305000000.00 Engineering & Technologies Division 6563100000.00 Others 77200000.00 Special Steel Division 11467500000.00 18412800000.00 0.00 18412800000.00 Electric Vehicle Division 119900000.00 Engineering & Technologies Division 6654800000.00 Others 287300000.00 Special Steel Division 19162000000.00 26224000000.00 0.00 26224000000.00 601400000.00 -470400000.00 -244500000.00 0.00 -88600000.00 0.00 0.00 0.00 0.00 507200000.00 0.00 -508600000.00 0.00 467000000.00 0.00 49900000.00 0.00 -5900000.00 0.00 -38700000.00 0.00 24600000.00 0.00 0.00 0.00 0.00 130200000.00 -800000.00 0.00 373600000.00 3546600000.00 0.00 0.00 0.00 33200000.00 0.00 3513400000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1200000.00 685900000.00 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 21900000.00 0.00 -15900000.00 0.00 -678700000.00 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 781000000.00 0.00 0.00 -2942500000.00 -107800000.00 0.00 -107800000.00 660900000.00 553100000.00 -15600000.00 -22400000.00 0.00 0.00