ELECTHERM2024-10-012024-12-31 ELECTHERM2024-10-012024-12-31 ELECTHERM2024-10-012024-12-31in-bse-fin:OneOperatingExpenses01Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourOperatingExpenses01Member ELECTHERM2024-12-31 ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentRevenue01Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-12-31in-bse-fin:OneReportableSegmentLiabilities01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 526608 ELECTHERM NOTLISTED Electrotherm (India) Limited Equity 2024-04-01 2025-03-31 2025-02-11 2025-01-30 INR Crores Third quarter 10:55:00 14:20:00 2025-02-11 2025-02-11 Not applicable Multi segment 2024-10-01 2024-12-31 Unaudited Standalone 10812300000.00 27300000.00 10839600000.00 7170100000.00 192900000.00 115200000.00 462700000.00 119900000.00 106800000.00 1791500000.00 9959100000.00 880500000.00 0.00 880500000.00 0.00 0.00 0.00 0.00 880500000.00 0.00 0.00 0.00 0.00 880500000.00 -5600000.00 874900000.00 0.00 0.00 127400000.00 10 69.11 69.11 0.00 0.00 69.11 69.11 1.The above Standalone Financial Results of Electrotherm (India) Limited (the “Company”) have been reviewed & recommended by the Audit Committee in their meeting held on 10-02-2025 & approved by the Board of Directors at their meeting held on 11-02-2025.2.The Statutory auditor have carried out limited review of the standalone financial results of the company for the quarter and nine months ended on 31.12.2024. 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 (LODR) Reg. ,2015 on segment information is given in consolidated financial results.4. (a) During the quarter ended on 31-12-2024, the Company has paid the entire settlement amount alongwith part interest to Central Bank of India. With regard to the remaining Interest payment, based on the request of the Company, Central Bank of India has extended repayment period upto 31-01-2025. The company has paid the remaining Interest amount to Central Bank of India within the extended time period and the Central Bank of India has issued No Due Letter dated 07-02-2025. The Company is in process of reconciliation of all the loan accounts with Central Bank of India including restructured loan accounts and accordingly the final impact of the reduction of liability in debt would be given on its final outcome.(b) During the quarter ended on 30-06-2024, the Company has paid the entire settlement Principal amount to RareARC (assignee of Dena Bank). Interest due and provided of Rs5.69 Crore for the period from September2020 to June2024 (included under the head finance cost of the respective quarters) to RareARC has not been paid and the company is in negotiation with RareARC for interest amount and the company is hopeful that no further Interest would be payable and hence interest has not been provided after 30-06-2024. (c) Indian Overseas Bank had classified the loan account of the Company as non-performing assets during August2011 for the default amount of Rs.189.96Crores, which was subsequently assigned to Rare ARC, but with whom the settlement terms have not been entered into. Further, the Hon'ble DRT, Ahmedabad has passed judgment against Company&guarantors for recovery along with future interest on the amount due @12.75% p.a. with monthly rests. During the year ended 31-03-2024 the Company have paid Rs.6.00Crore as upfront payment towards commitment to settlement. The company has however, not provided the interest for the quarter and Nine Month ended 31-12-2024 of Rs33.45Crore & Rs97.26Crore respectively accordingly the amount of net profit for the quarter and Nine Month ended 31-12-2024 is over stated by Rs33.45Crore & Rs97.26Crore respectively. Accordingly,the total amount of Assets Reconstruction Company's liability and retained earnings/(loss) as on 31-12-2024 is understated by Rs.881.98 Crore. The statutory auditor has expressed qualification in respect of non-provision of interest by the company on the said loan. (d) During the quarter ended on 31-12-2024, the Company has defaulted in repayment of the installment due to Invent Assets Securitization and Reconstruction Private Limited of Rs8.00 Crore and Interest thereupon of Rs1.20 Crore and which have been subsequently fully paid by the company. (e) 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 & Rare Asset Reconstruction Limited, the agreement stands withdrawn & 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 & conditions of the settlement terms. Multi segment 2024-04-01 2024-12-31 Unaudited Standalone 29542900000.00 51500000.00 29594400000.00 20061600000.00 508000000.00 -938900000.00 1480600000.00 373400000.00 322300000.00 5355900000.00 27162900000.00 2431500000.00 0.00 2431500000.00 0.00 0.00 0.00 0.00 2431500000.00 0.00 0.00 0.00 0.00 2431500000.00 -16800000.00 2414700000.00 0.00 0.00 127400000.00 10 190.86 190.86 0.00 0.00 190.86 190.86 Other Expenses 1791500000.00 Other Expenses 5355900000.00 Not Applicable 0.00 Not Applicable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Not Applicable 0.00 Not Applicable 0.00 0.00 0.00 0.00 0.00 0.00 5. Directorate of Enforcement, Zonal Office, Ahmedabad (ED) has conducted search at the Corporate Office & factory of the Company situated at Palodia & the residence of Mr.Shailesh Bhandari, Executive Vice Chairman (EVC) & Promoter of the Company on 10-01-2025 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) & made following orders under Section 17(1A) of the PMLA, 2002: (i) For freezing of the balances lying in 39 bank accounts of the Company along with interest accrued thereon as on 10-01-2025 & the interest accrued subsequently from 10-01-2025 onwards; (ii) For freezing of balances lying in the two personal bank accounts of Mr. Shailesh Bhandari, EVC, along with interest accrued thereon as on 11-01-2025 & (iii) Seized two cars found at the residence premises of Mr. Shailesh Bhandari, EVC. Proceedings under PMLA, 2002 is initiated in connection with FIR registered by Central Bureau of Investigation (CBI), Banking Securities & Fraud Branch, Mumbai against the company & its directors based on the complaint of Bank of India in December,2021 for causing loss of Rs.81.97 Crores to Bank of India, being the difference amount between the outstanding dues of Rs.631.97 Crores & assignment of loan by Bank of India to Edelweiss Asset Reconstruction Company Limited on 30-06-2014 for Rs.550.00Crores. The FIR registered by CBI has already been disclosed in the financial statements/annual reports ended as on 31-03-2022 onwards. The Company & Mr. Shailesh Bhandari has filed a petition for quashing of CBI FIR before Hon’ble Gujarat High Court in April 2024 & Hon’ble Gujarat High Court by order dated 26-04-2024 issued notice & notice as to interim relief. Further, the Company & Mr. Shailesh Bhandari, EVC challenged the actions of ED dated 10th/11th January 2025 before the Hon’ble Gujarat High Court & the Hon’ble Gujarat High Court by interim order dated 29-01-2025, till the pendency of the said petitions, inter alia, permitted the Company to operate the bank accounts as mentioned in the order of ED dated 10-01-2025 in respect of the amount which is in excess of amount freezed to the tune of approx. Rs.33.67 Crores (amount revised to Rs.34.29 Crores) by ED on 10-01-2025 & permitted Mr. Shailesh Bhandari, Executive Vice Chairman to operate the bank accounts as mentioned in the order of ED dated 11-01-2025 in respect of the amount which is in excess of the amount freezed to the tune of approx. Rs.0.83 Crores by ED on 11-01-2025,. The said petitions are pending for further hearing before Hon’ble Gujarat High Court. ED through email dated 05-02-2025 directed the Axis bank to mark the lien for Rs34.29 Crores in two bank account with them and allow operation over & above the lien amount. ED further directed that other Bank accounts are hereby completely de-freeze & are allowed to be operated. The company is in process of ascertaining any further impact on the financial statement on account of the search & would account it accordingly. 6.ET-Elec Trans Limited (subsidiarycompany) has incurred cash loss of Rs.0.00Crore & accumulated losses of Rs1.49Crore which has fully eroded the net worth & was non-operative. In view of negative networth & not in operation, The company has sold 7,24,400 equity share of ET-Elec Trans Limited to Mr. ChaitanyaPratap Sharma (Independent Director/a Non-Executive Director of Subsidiary Company & Joint Venture) for Rs.0.10/- per equity sharei.e. total consideration for transfer of Equity Shares is Rs.0.01Crore on 13-11-2024 (now ceases to be a subsidiary company). Since April2016 the company has already provided for Impairment in value of Investment in ET-Elec Trans Limited for Rs0.72Crore. Further during the Quarter ended on 31-12-2024, trade receivable due from ET-Elec Trans Limited of Rs0.51Crore has been written off on which Provision for Expected Credit Loss has already been provided since April2016. Remaining note no. 7 & 8 are referred from the Outcome of the Board Meeting dated 11-02-2025. 0.00 0.00 0.00 Not Applicable 0.00 0.00 0.00 0.00 Not Applicable 0.00 0.00 0.00 0.00 -5600000.00 -16800000.00 0.00 0.00 0.00 0.00