ELECTHERM2023-07-012023-09-30 ELECTHERM2023-07-012023-09-30 ELECTHERM2023-07-012023-09-30in-bse-fin:OneOperatingExpenses01Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourOperatingExpenses01Member ELECTHERM2023-09-30 ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentRevenue01Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentRevenue02Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentRevenue03Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentRevenue04Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentRevenue01Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentRevenue02Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentRevenue03Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentRevenue04Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentResults01Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentResults02Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentResults03Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentResults04Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentResults01Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentResults02Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentResults03Member ELECTHERM2023-07-012023-09-30in-bse-fin:FourReportableSegmentResults04Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentAssets01Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentAssets02Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentAssets03Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentAssets04Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2023-09-30in-bse-fin:OneReportableSegmentLiabilities01Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2023-09-30in-bse-fin:OneReportableSegmentLiabilities02Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2023-09-30in-bse-fin:OneReportableSegmentLiabilities03Member ELECTHERM2023-07-012023-09-30in-bse-fin:OneReportableSegmentLiabilities04Member ELECTHERM2023-09-30in-bse-fin:OneReportableSegmentLiabilities04Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 526608 ELECTHERM NOTLISTED Electrotherm (India) Limited Equity 2023-04-01 2024-03-31 2023-11-04 2023-10-26 INR Crores Half yearly 11:45:00 14:30:00 2023-11-04 2023-11-04 true Cash Flow Indirect Not applicable Multi segment 2023-07-01 2023-09-30 Unaudited Consolidated 9851500000.00 21300000.00 9872800000.00 6675100000.00 0.00 72700000.00 430200000.00 133200000.00 120600000.00 1765800000.00 9197600000.00 675200000.00 0.00 675200000.00 0.00 0.00 0.00 0.00 675200000.00 0.00 0.00 0.00 100000.00 675300000.00 -700000.00 674600000.00 675300000.00 0.00 674600000.00 0.00 127400000.00 10 53.01 53.01 0.00 0.00 53.01 53.01 2. The Statutory auditor have carried out limited review of the standalone financial results of the company for the quarter and half year ended as on September 30, 2023. 3. In Holding Company:- (a)(i) Edelweiss Asset Reconstruction Company Limited has issued statutory demand notice dated July 13, 2022 under section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI”) read with Security Interest (Enforcement) Rules, 2002 to the Company and personal guarantors to discharge the liabilities within sixty days from the date of notice. The Company has not replied to the said notice and there is no further communication from the Edelweiss Asset Reconstruction Company Limited. Now, in view of approval of restructuring by Edelweiss Asset Reconstruction Company Limited through communication, subject to formal documentation, this demand notice has become infructuous. (ii) Edelweiss Asset Reconstruction Company Limited (“EARC”), a financial creditor has filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal (NCLT), Ahmedabad for initiating Corporate Insolvency Resolution Process (CIRP) against the Company for an default amount of Rs. 1900.56 Crores in respect of outstanding dues of Bank of India, the original lender only. The Company has filed its affidavit in reply and the EARC has filed its affidavit in rejoinder. The Company has filed two Interlocutory Applications related to company being a going concern & solvent and non-submission of record of default with information utility by EARC. The said petition alongwith Interlocutory Applications are pending and as restructuring proposal of the Company by EARC, was under active consideration and on payment of substantial dues of default amount by the Company, a joint pursis dated October 3, 2023 was filed before the Hon'ble NCLT, Ahmedabad and the petition was adjourned. (iii) Based on the proposal of the holding Company, through communication, Edelweiss Assets Reconstruction Company Limited on November 01, 2023 approved the restructuring of the outstanding due up to August 31, 2023, wherein the company is required to pay total amount of Rs.390.65 Crore, through 28 instalment (from August 08 2023 to March 31, 2026) and as per the terms and conditions mentioned in the restructuring. (b)(i) Union Bank of India, a financial creditor has filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 before the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad for initiating Corporate Insolvency Resolution Process (CIRP) against the Company for the default amount of Rs. 305.38 Crores. The petition is pending and in view of the approval for condonation of delay in payment of OTS amount by Union Bank of India on August 18, 2023, the petition was adjourned from time to time by the Hon’ble NCLT, Ahmedabad. (ii) Based on the proposal of the holding Company, Union Bank of India (including Corporation bank merged with Union Bank of India) on August 18, 2023 has approved condonation of delay in payment of OTS amount towards the outstanding due up to March 31, 2023 (both principal and Interest), where in company has agreed to pay Rs 45.00 Crore payable in seven instalment (from June 30, 2023 to December 31, 2023) and Interest is payable @ 1 year MCLR + 2% on reducing balance from April 01, 2023. The difference amount of Rs. 5.16 Crores on account of OTS / condonation with the Bank has been included in finance cost during the quarter and half year ended as on September 30, 2023. The Company is regularly paying the installment as and when due. Multi segment 2023-04-01 2023-09-30 Unaudited Consolidated 19166000000.00 25900000.00 19191900000.00 13636900000.00 0.00 -78900000.00 757400000.00 349800000.00 240700000.00 3223900000.00 18129800000.00 1062100000.00 0.00 1062100000.00 0.00 0.00 0.00 0.00 1062100000.00 0.00 0.00 0.00 100000.00 1062200000.00 -5800000.00 1056400000.00 1062200000.00 0.00 1056400000.00 0.00 127400000.00 10 83.38 83.38 0.00 0.00 83.38 83.38 Other Expenses 1765800000.00 Other Expenses 3223900000.00 0.00 6226600000.00 315400000.00 0.00 0.00 45300000.00 0.00 0.00 0.00 75600000.00 0.00 0.00 402600000.00 478200000.00 0.00 45400000.00 7110900000.00 6024100000.00 500000.00 2391200000.00 320000000.00 57600000.00 0.00 16100000.00 2785400000.00 83900000.00 2176500000.00 11069900000.00 0.00 0.00 18180800000.00 127400000.00 -10033100000.00 -9905700000.00 -9905700000.00 9009700000.00 0.00 200000.00 9009900000.00 213500000.00 0.00 0.00 0.00 9223400000.00 9957500000.00 4532600000.00 738700000.00 15228800000.00 3426900000.00 207400000.00 0.00 0.00 18863100000.00 0.00 0.00 28086500000.00 18180800000.00 4. (a) Hans Ispat Limited, subsidiary, has not paid instalment due from December - 2019 to September - 2023 to Invent Assets Securitization and Reconstruction Private Limited. (b) The holding company has not paid instalments due from June - 2020 to September - 2023 to Invent Assets Securitization and Reconstruction Private Limited and Rare Asset Reconstruction Limited from December-2020 to September–2023. The holding company has not paid interest due thereon for the period from September - 2020 to September - 2023 to the above lenders. The said interest has been included under the head finance cost of the respective quarters. The company has requested respective lenders/ARCs to approve revised repayment schedule in relation to it and which is yet to be confirmed by the respective lenders/ARCs. 5. The loan accounts of group i.e. Indian Overseas Bank (which has been assigned to Assets Reconstruction Company) defaulted from August - 2011, Bank of Baroda defaulted from April - 2014 and State Bank of India defaulted from December - 2011 were classified as non-performing assets, but with whom the settlement terms have not been entered into, accordingly the group has not made provision for interest for the quarter and half year ended September 30, 2023 of Rs 34.04 Crore and Rs 67.01 Crore respectively (on approximate basis), in the books of accounts and accordingly the amount of net profit for the quarter and half year ended September 30, 2023 is over stated by Rs 34.04 Crore and Rs 67.01 Crore respectively. Accordingly, the total amount, of Assets Reconstruction Company liability & Bank and retained earnings/(loss) as on September 30, 2023 is understated by Rs. 871.81 Crore. The statutory auditor has expressed qualification in respect of non-provision of interest by the group on the said loan. 6. The group has defaulted in complying with the terms and conditions of settlement entered with the Banks / ARCs as stated in para 4(b) above and as per the settlement terms, in case of default, the agreement stands withdrawn and all the dues & liabilities as per original terms shall be restored. However, the group is in negotiation with the respective lenders for rescheduling / restructuring of the said loan and the group is hopeful for no further liability on the group and therefore, the final amount of liability to be paid is not ascertainable and which has not been accounted for. With regard to Central Bank of India and Edelweiss Assets Reconstruction Company the impact of reduction in debt due to Settlement with Banker, will be given on the final compliance of all the terms and conditions of the settlement terms. 7. 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. 8. There are certain pending enquiries / notices / summons / litigation / recovery proceedings against the company and directors of the company before debts recovery tribunal, Central bureau of Investigation, Directorate of Enforcement, National Company Law Tribunal, Regional Director of Ministry of Corporate Affairs, Indirect Tax Department (Ahmedabad and Mumbai) and various courts. Pending final outcome of the ongoing investigations/enquiries, no impact of the same has been considered in financial statements and it will be considered on attaining its finality. 10. Considering the outlook of the current situation as stated in para 9(d), during the year ended as on March 31, 2023 the group have provided an impairment on goodwill of Rs 36.46 Crore and have been shown as exceptional item.11. Figure of previous period's have been regrouped, wherever considered necessary to make them comparable to current period figure. Electric Vehicle Divion 108400000.00 Engineering & Technologies Division 3359000000.00 Others 0.00 Special Steel Division 6412500000.00 Electric Vehicle Divion 186400000.00 Engineering & Technologies Division 6350400000.00 Others 100000.00 Special Steel Division 12679000000.00 9879900000.00 19215900000.00 28400000.00 49900000.00 9851500000.00 19166000000.00 Electric Vehicle Divion -13700000.00 Engineering & Technologies Division 415200000.00 Others 0.00 Special Steel Division 407000000.00 Electric Vehicle Divion -23800000.00 Engineering & Technologies Division 741400000.00 Others -300000.00 Special Steel Division 694700000.00 808500000.00 1412000000.00 133200000.00 349800000.00 0.00 1. The above Consolidated financial results of Electrotherm (India) Limited (the “Company” and along with its subsidiary and joint venture the “Group”) were reviewed and recommended by the Audit Committee meeting held on November 03, 2023 and approved by the Board of Directors at their meeting held on November 04, 2023. 9. (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-Electrans Limited has cash loss of Rs. 0.00 Crore and accumulated losses of Rs 1.48 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. The Hon’ble DRT vide judgement dated April 15, 2019 allowed the original application filed by the Bank of Baroda and for issue of recovery certificate against the Wholly Owned Subsidiary Company and guarantors to the tune of Rs. 50.74 Crores and future interest on the amount due @12.00% p.a. with monthly rests from the date of filing of Original Application till the recovery of amount. The Hon’ble Recovery Officer of the DRT has initiated recovery proceedings and passed order / issued warrant for attachment of hypothecated / mortgaged properties. Thereafter, the Hon’ble Recovery Officer has put the properties for e-auction on November 22, 2019, April 29, 2020, September 24, 2021 and November 18, 2021. On November 18, 2021 the bid offer of Rs. 33.03 Crores from Kemo Steel Industries Private Ltd was successful. The Ld Recovery Officer, DRT-I Ahmedabad confirmed the sale and handed over the possession on April 6, 2022 to the auction purchaser. Sale Certificate was issued on April 7, 2022 in favour of the auction purchaser. However, Invent Assets Securitisations & Reconstruction Private Limited (assignee of debts of State Bank of India for Wholly Owned Subsidiary Company) has filed an appeal in DRAT, Mumbai. The Hon’ble DRAT has passed an order on April 19, 2022 that further proceeding consequent to the sale which has already been confirmed and possession handed-over be stalled and stayed further proceedings and status-quo to be maintained. Thereafter, by order dated August 10, 2022, the Hon’ble DRAT by way of an interim arrangement, permitted the auction purchaser to run the factory, subject to the certain condition and to the ultimate decision to be taken in the Appeal. Invent Assets Securitisations & Reconstruction Private Limited has filed a Writ Petition before the Bombay High Court challenging this order of the DRAT. Hans Ispat Limited has also filed an appeal in the DRAT against the order of the Recovery officer, DRT Ahmedabad finalizing the sale of the mortgaged property where in DRAT has directed Hans Ispat Limited to deposit Rs. 25 crores in 4 equal installments within 7 weeks. The said appeals are pending for further hearing. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the said Wholly Owned Subsidiary Company's ability to continue as a going concern. 0.00 675300000.00 1062200000.00 Electric Vehicle Divion 337600000.00 Engineering & Technologies Division 6978000000.00 Others 76400000.00 Special Steel Division 10788800000.00 18180800000.00 0.00 18180800000.00 Electric Vehicle Divion 107400000.00 Engineering & Technologies Division 7591400000.00 Others 286700000.00 Special Steel Division 20101000000.00 28086500000.00 0.00 28086500000.00 336100000.00 -317800000.00 -271400000.00 0.00 -401200000.00 0.00 0.00 400000.00 0.00 764900000.00 0.00 -145300000.00 0.00 240700000.00 0.00 30000000.00 0.00 -12700000.00 0.00 -33300000.00 0.00 0.00 0.00 0.00 0.00 0.00 200000.00 0.00 0.00 190600000.00 1252700000.00 0.00 0.00 0.00 14900000.00 0.00 1237800000.00 0.00 0.00 0.00 0.00 0.00 100000.00 0.00 0.00 0.00 205100000.00 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 18200000.00 0.00 500000.00 0.00 -186500000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 881700000.00 0.00 3000000.00 0.00 507500000.00 0.00 0.00 -1392200000.00 -340900000.00 0.00 -340900000.00 660900000.00 320000000.00 -700000.00 -5800000.00 0.00 0.00 0.00 0.00