VISASTEEL2024-07-012024-09-30 VISASTEEL2024-07-012024-09-30 VISASTEEL2024-07-012024-09-30in-bse-fin:OneOperatingExpenses01Member VISASTEEL2024-07-012024-09-30in-bse-fin:FourOperatingExpenses01Member VISASTEEL2024-09-30 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 532721 VISASTEEL NOTLISTED Visa Steel Limited Equity 2024-04-01 2025-03-31 2024-11-14 2024-11-07 INR Millions Half yearly 18:00:00 19:40:00 2024-11-14 2024-11-14 true Cash Flow Indirect Not applicable Single segment Ferro Alloys 2024-07-01 2024-09-30 Unaudited Standalone 1506240000.00 2370000.00 1508610000.00 944910000.00 0.00 0.00 69640000.00 76320000.00 122080000.00 412270000.00 1625220000.00 -116610000.00 75040000.00 -41570000.00 0.00 0.00 0.00 0.00 -41570000.00 0.00 0.00 0.00 0.00 -41570000.00 -250000.00 -41820000.00 0.00 0.00 1157900000.00 10 -0.36 -0.36 0.00 0.00 -0.36 -0.36 Notes: 1. The above unaudited financial results of the Company were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 14 November 2024. The Statutory Auditors have conducted the limited review of the above Standalone unaudited financial results. 2. The standalone financial results of the company for the quarter ended 30 September 2024 have been prepared in accordance with the Indian Accounting Standards ( Ind AS ) as prescribed under section 133 of the Companies Act 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and relevant rules thereafter. 3. The Company is in the business of Ferro Alloys and hence has only one reportable operating segment as per Ind AS 108 Operating Segments . 4. The Company has incurred net loss during the quarter ended 30 September 2024 which has adversely affected the net worth of the Company. The Company's financial performance has been adversely affected due to non-availability of working capital for operations, and other external factors beyond the Company’s control. It is expected that the overall financial health of the Company would improve after debt resolution and improvement in availability of working capital. Accordingly, the Company has prepared the financial results on the basis of going concern assumption. The statutory auditors have also drawn attention to the above matter without qualifying their conclusion in their Review Report. 5. The secured debt of the Company has been categorised as Non-Performing Assets (NPA) by the lenders effective 11 July 2012 and accordingly, the Company has stopped providing further interest in its books effective 1 April 2016. The amount of interest expenses not provided for is estimated at Rs. 403.68 Million for the quarter ended 30 September 2024 and the accumulated amount of interest not provided as on 30 September 2024 is estimated at Rs. 12,447.64 Million. The statutory auditors have qualified their Review Report in respect of this matter. 6. SBI had filed an application before Hon'ble National Company Law Tribunal (NCLT) for initiating Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code (IBC) against the Company, which was dismissed by NCLT, Cuttack Bench. SBI preferred an appeal before Hon'ble National Company Law Appellate Tribunal (NCLAT) New Delhi which had directed NCLT to restore the application and proceed further in accordance with law. SBI has since assigned its debt to Assets Care & Reconstruction Enterprise Limited (ACRE). The aforesaid application has been dismissed as withdrawn during the quarter. 7. Oriental Bank of Commerce, since merged with Punjab National Bank (PNB), had filed an application for initiating CIRP under IBC which was admitted vide NCLT order dated 28 November 2022 and an Interim Resolution Professional was appointed. The NCLT order has been challenged before NCLAT and the matter is pending. Meanwhile, Hon’ble Orissa High Court has stayed the operation of the NCLT order dated 28 November 2022. PNB has since assigned its debt to ACRE and consequently ACRE has filed Substitution Application in the matter. Majority of the lenders have assigned their debts to ACRE and more than 90% of the debt has been assigned to ACRE. The Company is engaged with ACRE for restructuring its outstanding loan exposure through out of court settlement. 8. During the quarter, the Company has settled its outstanding loan exposure with Edelweiss Asset Reconstruction Company and the difference between the outstanding amount and settlement amount of Rs. 75.04 million has been shown as an Exceptional Item. 9. Revenue from Operations includes reimbursement towards materials at actuals, wherever applicable, used under conversion arrangement and hence is not comparable. 10. Previous periods figures have been regrouped / rearranged wherever necessary. Single segment 2024-04-01 2024-09-30 Unaudited Standalone 2853560000.00 4700000.00 2858260000.00 1649510000.00 0.00 0.00 133450000.00 150620000.00 242700000.00 867730000.00 3044010000.00 -185750000.00 75040000.00 -110710000.00 0.00 0.00 0.00 0.00 -110710000.00 0.00 0.00 0.00 0.00 -110710000.00 -490000.00 -111200000.00 0.00 0.00 1157900000.00 10 -0.96 -0.96 0.00 0.00 -0.96 -0.96 Other Expenses 412270000.00 Other Expenses 867730000.00 8972710000.00 387500000.00 0.00 0.00 490000.00 42230000.00 0.00 119420000.00 161650000.00 9522350000.00 154560000.00 0.00 1030000.00 170000.00 256750000.00 0.00 4850000.00 262800000.00 59200000.00 190980000.00 667540000.00 10189890000.00 1157900000.00 -9710030000.00 -8552130000.00 -8552130000.00 0.00 393420000.00 393420000.00 10270000.00 403690000.00 13565930000.00 389820000.00 1979580000.00 15935330000.00 2395130000.00 7870000.00 18338330000.00 18742020000.00 10189890000.00 40880000.00 -72950000.00 0.00 -1030000.00 0.00 -16250000.00 0.00 0.00 0.00 76700000.00 0.00 0.00 -2740000.00 242700000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 770000.00 0.00 0.00 0.00 0.00 0.00 -74930000.00 0.00 191610000.00 80900000.00 0.00 0.00 0.00 6630000.00 0.00 74270000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2430000.00 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 770000.00 0.00 0.00 0.00 -1660000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 30140000.00 0.00 40710000.00 0.00 1770000.00 0.00 0.00 -72620000.00 -10000.00 0.00 -10000.00 180000.00 170000.00 -250000.00 -490000.00 0.00 0.00