ELECTHERM2024-07-012024-09-30 ELECTHERM2024-07-012024-09-30 ELECTHERM2024-07-012024-09-30in-bse-fin:OneOperatingExpenses01Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourOperatingExpenses01Member ELECTHERM2024-09-30 ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue01Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue02Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue03Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentRevenue04Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue02Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue03Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentRevenue04Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults02Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults03Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentResults04Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults02Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults03Member ELECTHERM2024-07-012024-09-30in-bse-fin:FourReportableSegmentResults04Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets02Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets03Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentAssets04Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-09-30in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2024-09-30in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2024-09-30in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2024-07-012024-09-30in-bse-fin:OneReportableSegmentLiabilities04Member ELECTHERM2024-09-30in-bse-fin:OneReportableSegmentLiabilities04Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 526608 ELECTHERM NOTLISTED Electrotherm (India) Limited Equity 2024-04-01 2025-03-31 2024-11-13 2024-11-04 INR Crores Half yearly 10:45:00 17:00:00 2024-11-13 2024-11-13 true Cash Flow Indirect Not applicable Multi segment 2024-07-01 2024-09-30 Unaudited Consolidated 8136800000.00 15500000.00 8152300000.00 5839200000.00 112000000.00 -731200000.00 495100000.00 116000000.00 109500000.00 1748500000.00 7689100000.00 463200000.00 130900000.00 594100000.00 0.00 0.00 0.00 0.00 594100000.00 0.00 0.00 0.00 600000.00 594700000.00 -5600000.00 589100000.00 594700000.00 0.00 589100000.00 0.00 127400000.00 10 46.68 46.68 0.00 0.00 46.68 46.68 1. The above Consolidated financial results of Electrotherm (India) Limited (holding Company) (the “holding Company” and along with its subsidiary and joint venture the “Group”) were reviewed and recommended by the Audit Committee in their meeting held on November 12, 2024 and approved by the Board of Directors at their meeting held on November 13, 2024. 2. (a) During the quarter ended as on June 30, 2024, the holding Company has paid the entire settlement Principal amount to Rare Asset Reconstruction Limited (assignee of Dena Bank) (“Rare ARC”). Interest due and provided of Rs 5.69 Crore for the period from September 2020 to June 2024 (included under the head finance cost of the respective quarters) to Rare ARC has not been paid and the holding company is in negotiation with Rare ARC for interest amount and the holding company is hopeful that no further Interest would be payable and hence interest has not been provided after June 30, 2024. (b) Hans Ispat Limited, subsidiary, has entered into settlement with Invent Assets Securitization and Reconstruction Private Limited (assignee of State Bank of India). However in view of the default in repayment since December 2019, Invent ARC has withdrawn / revoked the settlement on September 16, 2021 and initiated the recovery proceedings for Rs 122.28 crores before the Hon’ble Debts Recovery Tribunal (DRT), Ahmedabad. (c) Three loan accounts of the Group with banks & Assets Reconstruction Company 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 half year ended on September 30, 2024 on approximate basis of Rs 38.55 Crore and Rs 75.90 Crore respectively has not been provided in the books of accounts. One loan account of the Group with Assets Reconstruction Company (as specified in point (b) above) was classified as non-performing asset and Settlement Agreement has been withdrawn / revoked, on which provision for interest on term loan and working capital loan from Assets Reconstruction Company from the date of original sanction till March 31, 2024 of Rs 97.11 Crore, for Quarter and half year ended on September 30, 2024 of Rs 3.92 Crore and Rs 7.69 Crore respectively have not been provided in the books of accounts. Accordingly, the amount of Net profit of the Group for the quarter and half year ended as on September 30, 2024 is overstated by Rs 42.47 Crore and Rs 83.59 Crore respectively and Loan Account from of Banks and Assets Reconstruction Company and total retained earnings/(loss) as on September 30, 2024 is under stated by Rs. 1123.83 Crore. The statutory auditor has expressed qualification in respect of above as regards to non-provision of interest by the Group. (d) With regards to holding Company, in case of default, of the terms and condition of the settlement agreement with Central Bank of India, Edelweiss Assets Reconstruction Company Limited, Invent Assets Securitization and Reconstruction Private Limited and Rare Asset Reconstruction Limited, the agreement stands withdrawn and all the dues & liabilities as per original terms shall be restored and therefore 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. Multi segment 2024-04-01 2024-09-30 Unaudited Consolidated 18730600000.00 24300000.00 18754900000.00 12891500000.00 315100000.00 -1054100000.00 1017900000.00 253500000.00 215500000.00 3564500000.00 17203900000.00 1551000000.00 130900000.00 1681900000.00 0.00 0.00 0.00 0.00 1681900000.00 0.00 0.00 0.00 1200000.00 1683100000.00 -11200000.00 1671900000.00 1683100000.00 0.00 1671900000.00 0.00 127400000.00 10 132.11 132.11 0.00 0.00 132.11 132.11 Other Expenses 1748500000.00 Other Expenses 3564500000.00 0.00 5969800000.00 574900000.00 0.00 0.00 42500000.00 0.00 0.00 0.00 79100000.00 0.00 0.00 439100000.00 518200000.00 0.00 381700000.00 7487100000.00 7531300000.00 500000.00 2232900000.00 446500000.00 98000000.00 0.00 16300000.00 2794200000.00 101000000.00 1816000000.00 12242500000.00 0.00 0.00 19729600000.00 127400000.00 -6266700000.00 -6139300000.00 -6139300000.00 8738500000.00 0.00 200000.00 8738700000.00 245800000.00 0.00 0.00 8200000.00 8992700000.00 7489300000.00 4782900000.00 732400000.00 13004600000.00 3613600000.00 258000000.00 0.00 0.00 16876200000.00 0.00 0.00 25868900000.00 19729600000.00 3. 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. 4. 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, Regional Director of Ministry of Corporate Affairs, Direct Tax, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. Electric Vehicle Divion 71100000.00 Engineering & Technologies Division 2452000000.00 Others 0.00 Special Steel Division 5661800000.00 Electric Vehicle Divion 120200000.00 Engineering & Technologies Division 5144400000.00 Others 0.00 Special Steel Division 13678900000.00 8184900000.00 18943500000.00 48100000.00 212900000.00 8136800000.00 18730600000.00 Electric Vehicle Divion -34400000.00 Engineering & Technologies Division 289600000.00 Others 400000.00 Special Steel Division 454500000.00 Electric Vehicle Divion -50700000.00 Engineering & Technologies Division 581700000.00 Others 200000.00 Special Steel Division 1404200000.00 710100000.00 1935400000.00 116000000.00 253500000.00 0.00 5. (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 initiated for e-auction of properties and the properties has been auctioned for the amount of Rs. 33.03 Crores in November, 2021. Based on the application of the auction purchaser, the Hon’ble Recovery Officer by order dated July 18, 2024 authorized the bank officer for execution of sale deed in favour of auction purchaser, subject to there being no stay from any higher forum and accordingly the sale deed was presented / executed before SRO Anjar for registration on July 24, 2024. During the quarter ended as on September 30, 2024, due to auction of land including building and plant & machinery, the Group has booked profit of Rs 17.22 Crore and has written off Inventory of Rs 4.13 Crore. The Net Effect of Rs 13.09 Crore has been shown as exceptional item in the financial results. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the said Joint Venture and Wholly Owned Subsidiary Company's ability to continue as a going concern. 6. Figure of previous period's have been regrouped, wherever considered necessary to make them comparable to current period figure. 0.00 594100000.00 1681900000.00 Electric Vehicle Divion 296300000.00 Engineering & Technologies Division 7047100000.00 Others 78800000.00 Special Steel Division 12307400000.00 19729600000.00 0.00 19729600000.00 Electric Vehicle Divion 113600000.00 Engineering & Technologies Division 6926700000.00 Others 287600000.00 Special Steel Division 18541000000.00 25868900000.00 0.00 25868900000.00 240700000.00 -1395900000.00 51300000.00 0.00 47900000.00 0.00 0.00 200000.00 0.00 505000000.00 0.00 538600000.00 0.00 215500000.00 0.00 35200000.00 0.00 -17600000.00 0.00 -41300000.00 0.00 0.00 0.00 0.00 0.00 0.00 10700000.00 -139900000.00 0.00 50400000.00 1732300000.00 0.00 0.00 0.00 -1100000.00 0.00 1733400000.00 0.00 0.00 0.00 0.00 0.00 1200000.00 0.00 0.00 330300000.00 405900000.00 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 10600000.00 0.00 -53800000.00 0.00 -120000000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1465300000.00 0.00 2100000.00 0.00 252600000.00 0.00 0.00 -1720000000.00 -106600000.00 0.00 -106600000.00 553100000.00 446500000.00 -5600000.00 -11200000.00 0.00 0.00 0.00 0.00