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:OneReportableSegmentRevenue02Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentRevenue03Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentRevenue04Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentRevenue02Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentRevenue03Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentRevenue04Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentResults02Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentResults03Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentResults04Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentResults02Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentResults03Member ELECTHERM2024-10-012024-12-31in-bse-fin:FourReportableSegmentResults04Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentAssets02Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentAssets03Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentAssets04Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-12-31in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2024-12-31in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2024-12-31in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2024-10-012024-12-31in-bse-fin:OneReportableSegmentLiabilities04Member ELECTHERM2024-12-31in-bse-fin:OneReportableSegmentLiabilities04Member 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 Consolidated 10812300000.00 34600000.00 10846900000.00 7170100000.00 192900000.00 115200000.00 462700000.00 119900000.00 106800000.00 1796600000.00 9964200000.00 882700000.00 0.00 882700000.00 0.00 0.00 0.00 0.00 882700000.00 0.00 0.00 0.00 700000.00 883400000.00 -5600000.00 877800000.00 883400000.00 0.00 877800000.00 0.00 127400000.00 10 69.34 69.34 0.00 0.00 69.34 69.34 1. The above Consolidated financial results of Electrotherm (India) Limited (holding Company) (the “holding Company” and along with its subsidiary & joint venture the “Group”) were reviewed and recommended by the Audit Committee in their meeting held on 10-02-2025 and approved by the Board of Directors at their meeting held on 11-02-2025. 2. (a) During the quarter ended on 31-12-2024, the holding 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 holding company, Central Bank of India has extended repayment period upto 31-01-2025. The holding 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 holding 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 holding Company has paid the entire settlement Principal amount to Rare ARC (assignee of Dena Bank. Interest due and provided of Rs5.69Crore for the period from September2020 to June2024 (included under the head finance cost of the respective quarters) to Rare ARC has not been paid & 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 & hence interest has not been provided after June30,2024.(c) Hans Ispat Limited, subsidiary, has default in repayment of loan since December2019, Invent ARC has withdrawn/revoked the settlement on September16,2021 and initiated the recovery proceedings for Rs122.28crores before the Hon’ble DRT, Ahmedabad.(d) 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 and One loan account of the Group with Assets Reconstruction Company (as specified in point (c) 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 bank and Assets Reconstruction Company for quarter and nine month ended on 31-12-2024 on approximate basis of Rs43.80Crore & Rs127.39Crore respectively have not been provided in the books of accounts. Accordingly, the amount of Net profit of the Group for the quarter and Nine month ended as on 31-12-2024 is overstated byRs 43.80Crore & Rs127.39Crore respectively and Loan Account from of Banks and Assets Reconstruction Company and total retained earnings/(loss) as on 31-12-2024 is under stated by Rs. 1167.63 Crore. The statutory auditor has expressed qualification in respect of above as regards to non-provision of interest by the Group.(e) During the quarter ended on 31-12-2024, the holding Company has defaulted in repayment of the installment due to Invent Assets Securitization and Reconstruction Private Limited of Rs8.00Crore and Interest thereupon of Rs1.20Crore and which have been subsequently fully paid by the holding company. (f) 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 & 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 2024-12-31 Unaudited Consolidated 29542900000.00 58900000.00 29601800000.00 20061600000.00 508000000.00 -938900000.00 1480600000.00 373400000.00 322300000.00 5361100000.00 27168100000.00 2433700000.00 130900000.00 2564600000.00 0.00 0.00 0.00 0.00 2564600000.00 0.00 0.00 0.00 1900000.00 2566500000.00 -16800000.00 2549700000.00 2566500000.00 0.00 2549700000.00 0.00 127400000.00 10 201.45 201.45 0.00 0.00 201.45 201.45 Other Expenses 1796600000.00 Other Expenses 5361100000.00 Electric Vehicle Division 77600000.00 Engineering & Technologies Division 3302300000.00 Others 0.00 Special Steel Division 7505200000.00 Electric Vehicle Division 197800000.00 Engineering & Technologies Division 8446700000.00 Others 0.00 Special Steel Division 21184100000.00 10885100000.00 29828600000.00 72800000.00 285700000.00 10812300000.00 29542900000.00 Electric Vehicle Division -24000000.00 Engineering & Technologies Division 399000000.00 Others -100000.00 Special Steel Division 627700000.00 Electric Vehicle Division -74700000.00 Engineering & Technologies Division 980700000.00 Others 100000.00 Special Steel Division 2031900000.00 1002600000.00 2938000000.00 119900000.00 373400000.00 0.00 3. Directorate of Enforcement, Zonal Office, Ahmedabad (ED) has conducted search at the Corporate Office & factory of the holding company situated at Palodia and the residence of Mr. Shailesh Bhandari, Executive Vice Chairman & Promoter of the holding company on 10-01-2025 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) and 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 and 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, Executive Vice Chairman, along with interest accrued thereon as on 11-01-2025 and (iii) Seized two cars found at the residence premises of Mr. Shailesh Bhandari, Executive Vice Chairman Proceedings under PMLA, 2002 is initiated in connection with FIR registered by Central Bureau of Investigation, 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 and assignment of loan by Bank of India to Edelweiss Asset Reconstruction Company Limited on June 30, 2014 for Rs.550.00 Crores. The FIR registered by CBI has already been disclosed in the financial statements/annual reports ended as on March 31, 2022 onwards. The Company and Mr. Shailesh Bhandari has filed a petition for quashing of CBI FIR before Hon’ble Gujarat High Court in April 2024 and Hon’ble Gujarat High Court by order dated April 26, 2024 issued notice and notice as to interim relief. Further, the Company and Mr. Shailesh Bhandari, Executive Vice Chairman challenged the actions of ED dated 10th / 11th January 2025 before the Hon’ble Gujarat High Court and the Hon’ble Gujarat High Court by interim order dated January 29, 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 January 10, 2025 and permitted Mr. Shailesh Bhandari, Executive Vice Chairman to operate the bank accounts as mentioned in the order of ED dated January 11, 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. The ED through email dated February 05, 2025 directed the Axis bank to mark the lien for Rs 34.29 Crores in two bank account with them and allow operation over and above the lien amount. ED further directed that other Bank accounts are hereby completely de-freeze and are allowed to be operated. The holding company is in process of ascertaining any further impact on the financial statement on account of the search and would account it accordingly.6. (c) ET-Elec Trans Limited (subsidiary company) has incurred cash loss of Rs. 0.00 Crore and accumulated losses of Rs 1.49 Crore which has fully eroded the net worth and was non-operative. In view of negative networth and not in operation, the holding 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 and Joint Venture) for Rs. 0.10/- per equity sharei.e. total consideration for transfer of Equity Shares is Rs. 0.01 Crore on November 13, 2024 (now ceases to be subsidiary company). Remaining notes are as per Outcome. 0.00 882700000.00 2564600000.00 Electric Vehicle Division 290700000.00 Engineering & Technologies Division 6779800000.00 Others 84300000.00 Special Steel Division 12385200000.00 19540000000.00 0.00 19540000000.00 Electric Vehicle Division 118500000.00 Engineering & Technologies Division 6510000000.00 Others 285300000.00 Special Steel Division 17887700000.00 24801500000.00 0.00 24801500000.00 -5600000.00 -16800000.00 0.00 0.00 0.00 0.00