5171462022-04-012022-06-305171462022-04-012022-06-30in-bse-fin:OtherExpenses1Member5171462022-04-012022-06-30

ItemsThatWillNotBeReclassifiedToProfitAndLoss1

iso4217:INRiso4217:INRxbrli:shares

517146

USHAMART

NOTAPPLICABLE

INE228A01035

USHA MARTIN LIMITED

Equity

2022-04-01

2023-03-31

2022-08-06

2022-07-27

INR

Lakhs

First quarter

Single segment

Wire & Wire Ropes

2022-08-06

11:45:00

2022-08-06

14:20:00

Not applicable

2022-04-01

2022-06-30

Unaudited

Standalone

5155600000

114700000

5270300000

3330600000

101100000

-262500000

335100000

40700000

66800000

944200000

4556000000

714300000

167400000

10300000

177700000

536600000

1000000

537600000

305400000

1.76

Notes to Financial Results 1. The above results of Usha Mart in Limited ("the Company") for the quarter ended June 30, 2022 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 6, 2022. 2. The figures for the quarter ended March 31, 2022 are the balancing figures between the audited figures for the full financial year and unaudited year to date figu res up to the third quarter of the relevant financial year which was subjected to limited review. 3. The unaudited standalone financial resu lts have been prepared in accordance with the recognition and measurement principles provided in Indian Accounting Standard (Ind AS) 34 on 'Interim Financial Reporting', the provisions of the Companies Act, 2013, as applicable and guidelines issued under Regulation 33 of the Securities and Exchange Board of Ind ia (Li sting Obligations and Disclosure Requirements) Regulation 2015, as amended. 4. Pursuant to the Business Transfer Agreement dated September 22, 2018 (Novation agreement on October 24, 2018) and Supplemental Business Transfer Agreement dated Apri l 7, 2019 and July 3, 2019 respectively with Tata St eel Long Products Limited (TSLPL) [formerly known as Tata Sponge Iron Limited]. the Company had transferred its Steel and Bright Bar Business (SBB Business) as a going concern on slump sale basis during a prior year in accordance with the terms and conditions set out in those agreements. An amount of Rs. 9,356 lakhs is receivable at the period end in respect of certain parcels of land for which perpetua l lease and license agreements had been executed by the Company in favour of TSLPL pending completion of ongoing formal ities for registration of such land in the name of TSLPL. 5 (a). The Directorate of Enforcement, Patna ["ED") had issued an order dated August 9, 2019 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) to provisionally attach certain parcels of land at Ranchi, State of Jha rkhand being used by the Company for its business for a period of 180 days in connection with export and domestic sa le of iron ore fines in prior years aggregating Rs. 19,037 lakhs allegedly in contravention of terms of the mining lease granted to the Company for the iron ore mines situated at Ghatkuri, Jharkhand. The Hon'ble High Court of Jha rkhand at Ranchi had, vide order dated February 14, 2012, held that the Company has the right to sell the iron ore including fines as per the terms of the mining lease which was in place at that po int in time. The Company had pa id applicable royalty and had made necessary disclosures in its returns and reports submitted to mining authorities. In response to the provisional attachment order, the Company had submitted its reply before the Adjudicating Authority (AA). Subsequently, AA had issued an order by way of which the provisional attachment was confirmed under Section 8(3) of PMLA. Thereafter, the Company filed an appea l before the Appellate Tribunal, New Delhi and successfu lly obtained a status quo order from the Tribunal on the confirmed attachment order which continues till the next date of hearing that is now f ixed on December 2, 2022. In May 2021, the ED had filed a complaint before the District and Sessions Judge Cum Special Judge (CBI), Ranchi aga inst the Company and one of its Officers. In response to the said complaint and summons received by the Company and its Of ficer pursuant to order dated May 20, 202 1, the Company had filed a quashing petition before the Hon'ble Jharkhand High Court which has been dismissed vide order dated November 3, 2021 in which the Hon'ble Court has stated that the facts of the case are voluminous and "the Court is not required to make a roving en quiry and discuss the evidences for coming to a conclusion that no prima-facie case is made out, at this stage, which is against the mandate of law." Subsequently, on a Special Leave Petition filed by the Company aga inst the aforesaid ord er of the Hon'ble Jha rkhand High Court, the Hon'ble Supreme Court has vide order dated December 15, 2021 granted interim protect ion to the Company from arrest and stayed the summoning order of dated May 20, 2021. The ongoing operations of the Company have not been affected by the aforesaid proceedings. Supported by a legal opinion obtained, management believes that the Company has a strong case in its favour on merit and law. Accordingly, no adjustment to these fina ncial results in this regard have been considered necessary by the management. 5 (b). On October 2, 2020, Centra l Bureau of Investigation (CB I) had filed a First Information Report (FIR) against the Company, its Managing Director and certain Other Officers under the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860 for allegedly trying to influence ongoing CBI investigation pertaining to the proceedings mentioned in S(a) above. The Company strongly refutes the aforesaid allegations made by the CBI. During the quarter ended September 2021, the CBI had submitted necessary sanction with the designated CBI Court for cognizance of offence in terms of the interim cha rgesheet. Such cognizance is yet to be taken and the matter is under investigation. The Company has been providing information sought by the CBI in this regard and intends to continue cooperating with CBI, as required by applicable law. The Company wil l take such legal measures as may be considered necessary based on the outcome of the ongoing investigation. Supported by a legal opinion obta ined, management bel ieves that the Company has a strong case in its favour on merit and law. 6. Based on the Company's inte rna l struct ure and information reviewed by the Chief Operating Decision Maker to assesses the Company's financia l perform ance, the Company is engaged solely in the business of manufacture and sa le of steel wires, st rands, wi re ropes, cords, related accessories, wire drawing and allied machines, etc. Accordingly, the Company has only one reporta ble segment, i.e., "Wire & Wire Ropes". 7. Previous period figures have been regrouped / rearranged wherever necessary, to conform to cur.rent period presentation. Rajeev Jhawar Managing Director Place : Kolkata Dated : August 6, 2022

Other expenses

944200000

Items that will not be reclassified to profit or loss

1400000

400000