Usha Martin Ltd. — Interim / Quarterly Report 2021

Aug 11, 2020

usha martin ffl-

Usha Martin Limited

2A, Shakespeare Sarani, Kalkata (formerly Calcutta) - 700 071, India Phone• (00 91 33) 71006300/599, Fax• (00 91 33) 2282 9029, 71006400/500 CIN • L3 l 400WB l 986PLC09 l 62 l Website • www.ushamartin.com

UML/SECT/

11[th ] August 2020

The Secretary The BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai - 400 001 [Scrip Code:517146]

Societe de la Bourse de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]

The Secretary National Stock Exchange ofindia Ltd Exchange Plaza, 5[th ] Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra (E) Mumbai - 400 051 [Scrip Code: USHAMART]

Sub : Outcome of the Meeting

Dear Sir / Madam,

The Board of Directors of the Company at their meeting held today has approved and taken on record un-audited financial results on standalone and consolidated basis for the quarter ended 30[th ] June 2020.

As required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a copy of above un-audited results and Report of the Auditors on "Limited Review" of said financial results are enclosed for your ready reference and record.

The Board Meeting commenced at 12:30 P.M and concluded at 4:00 P.M (1ST).

Thanking you,

Yours faithfully, For Usha Martin Limited

osh Ray pany Secretary

Encl : as above

22, Cainac Street 3rd Floor. Block 'B' Kolkata - 700 016. India Tel: +91 33 6134 4000

S.R. BATLIBOI & Co. LLP Chartered Accountants

Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Usha Martin Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Usha Martin Limited (the "Company") for the quarter ended June 30, 2020 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

==> picture [76 x 76] intentionally omitted <==

S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294

S.R. BATLIBOI & Co. LLP Chartered Accountants

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. Emphasis of Matter

3. a. We draw attention to Note 5 regarding attachment of certain parcels of land at Ranchi used by the Company's wire rope business under Prevention of Money Laundering Act, 2002 (PMLA) in connection with export and domestic sale of iron ore fines in prior years aggregating Rs 19,037 lakhs allegedly in contravention of terms of the lease granted to the Company for the iron ore mines. Pending final outcome of the appeal filed by the Company before the Appellate Tribunal, PMLA, no adjustment to these financial results in this regard have been considered necessary by the management.

Our conclusion is not modified in respect of this matter.

• b. We draw attention to Note 6 to the financial results, which describes the impact of the COVID-19 pandemic on the Company's operations and results as assessed by management. The extent to which Covid-19 pandemic will have impact on the Company's performance is dependent on future developments, which are uncertain.

• Our conclusion is not modified in respect of this matter.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants

ICAI Firm registration number: 301003E/E300005

per Bhaswar Sarkar Partner Membership No.: 055596 UDIN: 20055596AAAACT2289 Place: Kolkata

Date: August 11, 2020

flt usha martin

Usha Martin Limited

Statement of Unaudited Standalone Financial Results for the quarter ended 30th June, 2020

{Amounts in Rs lakhs unless otherwise stated)

		{Amounts	in Rs lakhs unless ot	herwise stated)
Particulars
	Quarter ended	Quarter ended	Quarter ended	Year ended
	30th June,	31st March,	30th June,	31st March,
	2020	2020	2019	2020
	Unaudited	Audited	Unaudited	Audited
		(Refer note 7)
Continuing Operations
Income
Revenue from operations	22,792	30,644	36,081	1,39,262
Other income	647	811	644	2,989
Total income	23,439	31,455	36,725	1,42,251
Expenses
Cost of materials consumed	11,773	19,435	13,925	74,090
Purchases of stock-in-trade	426	431	144	2,313
{lncrease)/decrease in inventories of finished goods,
work-in-progress and stock-in-trade	1,092	{2,161)	7,944	7,612
Employee benefits expense	2,681	2,880	3,340	12,751
Finance costs	1,206	1,270	1,981	5,807
Depreciation and amortisation expense	752	719	680	2,777
Other expenses	4,422	6,290	6,167	25,430
Total expenses	22,352	28,864	34,181	1,30,780
Profit before tax for the period from continuing
operations	1,087	2,591	2,544	11,471
Tax expense
Current tax	-	{377)	-	-
Adjustment of tax relating to earlier periods	-	154	-	154
Deferred tax charge	286	1,062	15,868	19,921
Tax (income)/expense of continuing operations	286	839	15,868	20,075
Profit/(loss) for the period from continuing
operations {a)	801	1,752	(13,324)	{8,604)
Discontinued operations {Refer note 3)
Profit/ (loss) for the period from discontinued
operations before tax	21	{2,020)	50,436	48,144
Tax (income)/expense of discontinued operations	-	-	-	-
Profit/ (loss) for the period from discontinued
operations after tax {b)	21	(2,020)	50,436	48,144
Profit /(loss) for the period [(c) =(a)+ (b)]	822	{268)	37,112	39,540
Other comprehensive income
(a) Items that will not be reclassified to profit or
(loss)	(203)	{286)	55	(1,463)
(bl Tax benefit/ (expense) on items that will not be
classified to profit or {loss)	51	72	30	368
Total other comprehensive income for the period,
net of tax {d)	{152)	{214)	85	{1,095)
Total comprehensive income for the period [(c) +
(d)]	670	{482)	37,197	38,445
Paid-up equity share capital {face value of Re 1/-
each)	3,054	3,054	3,054	3,054
Other equity as per balance sheet				58,486
Earnings per share {Rs.) {Refer note 4)
Earnings per equity share {for continuing operations) Basic and Diluted (Rs.) Earnings per equity share {for discontinued operations)	**0.26 ***	**0.57 ***	**{4.37) ***	(2.82)	I
Basic and Diluted {Rs.)	**0.01 ***	**{0.66) ***	**16.55 ***	15.80
Earnings per equity share (for continuing and
discontinued operations) Basic and Diluted {Rs.) • Not annualised	**0.27 ***	**(0.09) ***	**12.18 ***	12.98	� �"'<:-	.

,,uoi � OJ Kolk I er. I.fl * - �.t>--RTIN �;, �"'<:- -J ..... '* KOLKATA-7000 <:."'

u ha martin

Usha Martin Limited Standalone segment information

					(Amounts	in Rs lakhs unless	otherwise stated)
			Quarter ended		Quarter ended	Quarter ended	Year ended
	Particulars		30th June,		31st March, 2020	30th June,	31st March,
			2020			2019	2020
			Unaudited !		Audited	Unaudited	Audited
					(Refer note 7)
	Segment Revenue
	Wire and Wire Ropes		22,759		30,576	36,045	l,�9,092
	Others			33	68	36	170
	Revenue from Continuing operations		22,792		30,64	36,081	1,39,262
	Revenue from Discontinued operations
(R1fe, noteJ) ,Less : Inter segment revenue from						6,523	6,523
1discontinued operations to continuing
	operations					2,306	2,306
IRevenue from Discontinued operations to
:external customers						4,217	4,217
ITotal Revenue from Continuing and Dis�ontinued operatio_ns			- 22,792		**30,6 **	40,298	1,43,479
	Segment Results
	Profit/ (loss) for the period before	tax and
	finance costs from Continuing operations
	Wire and Wire Ropes			2,799	4,5_3�	5,178	19,959
	Others			(137)	(112)	(120)	__J43!)
	Total		2,662		4,4�9	5,058	19,528
	Less:
	Finance costs		1,206		1,270	1,981	5,807
	Other Unallocable Expenditure			369	558	533	2,250
	Profit before tax for the period from
	continuing operations		1,087		2,591	2,544	11,471
	Profit/(loss) for the period from
	Discontinued operations before tax and
	finance costs			21		(5,057)	(5,504)
	Less:-- Finance costs				19	1,127	**2. : **
	Profit /(loss) for the period before tax from
	Discontinued operations			21	(1,052)	(6,184)	(7,508)
	Profit/(loss) on disposal ofSBBbusiness
	(discontinued operations)				(968J	56,620
	Total Profit / (loss) before	tax from
	disconti"ued operations			21	(2,020)	50,436	48,144
	Tot�!_Profit / (�oss) before tax		1,108		571	52,980	**�9,6__5 **
	Seiments Assets
	Wire and Wire Ropes		99,284		1,04,856	1,07,492	1,04,856
	Others		44,557		_42,167	1,05,194	42,167
	Total Assets		1,43,841		1,47,023	2,12,686	1,47,023
	�egments Liabilities
	Wir_e and Wire Ropes		25,063		31,918	25,170	31,918
	Others		56,567		53,565	1,27,226	53,565
	Total Liabilities		81,630		85,483	1,52,396	85,483
	Note:							-

The Company has been organised into business units based on its products and services and has two reportable segments, as follows:

(a) Wire and Wire Ropes segment which manufactures and sells steel wires, strands, wire ropes, cord, related accessories, etc.

(bl Others segment includes manufacturing and selling of wire drawing & allied machines and corporate office. The Company was also into Steel segment, which manufactured and sold steel wire rods, bars, blooms, bright bar, billets, pig iron and allied products, which has been disposed off with effect from April 9, 2019 (Refer note 3).

ffl usho martin Usha Martin Limited

Notes:

1. The above results of Usha Martin Limited ("the Company") for the quarter ended June 30, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 11, 2020.

2. The unaudited standalone financial results 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 by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, as amended.

3. Pursuant to the Business Transfer Agreement dated September 22, 2018 (Novation agreement on October 24, 2018) and Supplemental Business Transfer Agreement dated April 7, 2019 and July 3, 2019 respectively with Tata Steel 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 the quarter ended June 30, 2019 in accordance with the terms and conditions set out in those agreements at a consideration of Rs. 452,500 lakhs subject to net working capital adjustments. Out of the aforesaid consideration, an amount of Rs. 16,000 lakhs are receivable as at the quarter-end that include Rs. 15,000 lakhs in respect of certain parcels of land for which perpetual lease and license agreements have been executed by the Company in favour of TSLPL pending completion of ongoing formalities for registration in the name of TSLPL. The Company and TSLPL is in the process of final settlement and reconciliation of net working capital and therefore impact of adjustment, if any, arising from such reconciliation which is not expected to be material shall be recognised at the time of release of above hold back amount.

The details of discontinued operations are as follows:

		(Amounts in Rs. lakhs unless otherwise state	(Amounts in Rs. lakhs unless otherwise state	(Amounts in Rs. lakhs unless otherwise state
articulars otal Income@ otal expenses# rofit/(loss) before tax for the period from discontinued perations rofit/(loss) on disposal of SBB Business (discontinued perations) otal profit/ (loss) for the period from discontinued operations efore tax	Quarter ended 30th June, 2020 Unaudited 1,575 1,554 21 . 21	Quarter ended Quarter ended Year ended 31st March, 2020 30th June, 31st March, 2019 2020 Audited Unaudited Audited (Refer note 7) 190 7,386 8,75 1,242 13,570 16,2 (1,052) (6,184) (7,50 (968) 56,620 55,65 (2,020) 50,436 48,14

@ The Company's retained liabilities in respect of Renewable Power Obligations (RPO) pertaining to periods prior to discontinuation have been written back to the extent of Rs. 1,181 lakhs consequent to order dated June 17, 2020 issued by the Central Electricity Regulatory Commission revising prices of related Renewable Energy Certificates.

• # Primarily represents settlement of claims pertaining to transferred assets of the discontinued business which were negotiated and settled during the quarter ended June 30, 2020.

• Profit /(loss) from continuing and d1scont1nued operations for the quarter ended June 30, 2019 includes ut1lisat1on of deferred tax assets pursuant to sale of SBB business and profit from sale of SBB Business respectively. Therefore, earnings per share from continuing and discontinued operations for the quarter ended June 30, 2020 are not comparable with those for the quarter ended June 30, 2019.

• 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 used by the Company's wire rope business in the State of Jharkhand for a period of 180 days in connection with export and domestic sale of iron ore fines in prior years aggregating Rs. 19,037 lakhs allegedly in contravention of terms of the lease granted to the Company for the iron ore mines situated at Ghatkuri, Jharkhand. The Hon'ble High Court of Jharkhand at Ranchi had, vide order dated February 14, 2012, held that the Company had the right to sell the iron ore including fines as per the terms of the mining lease which was in place at that point in time. The Company had paid applicable royalty and had made necessary disclosures in its returns and reports submitted to mining authorities. The Company had submitted its reply before the Adjudicating Authority (AA). Subsequently, AA had issued an order by way of which the provisional attachment has been confirmed under Section 8(3) of PMLA. Thereafter, the Company filed an appeal before the Appellate Tribunal, New Delhi and successfully obtained a status quo order from the Tribunal on the confirmed attachment order till the next date of hearing, which is fixed as August, 20, 2020. The ongoing operations of the Company have not been affected. Supported by a legal opinion obtained, management believes that the Company has a strong case on merit.

• On account of the outbreak of COVID-19 virus, the Government of India had imposed a nation-wide lockdown on March 24, 2020 leading to temporary shut-down of the Company's manufacturing facilities and operations. Since the latter part of April, 2020, the Government has progressively relaxed lockdown conditions and has allowed industries and businesses to resume operations and the Company has accordingly commenced its manufacturing operations across all its plants in a phased manner during the latter part of April after obtaining requisite permissions from appropriate government authorities. In light of such disruption in sales, production and other business activities during the quarter ended June 30, 2020, the results for this quarter are not comparable to previous corresponding period results. Management has assessed its liquidity position as on June 30, 2020 and does not anticipate any challenge in the Company's ability to continue as a going concern including recoverability of the carrying value of its property, plant and equipment, intangible assets and deferred tax assets. The impact of the pandemic in the subsequent periods, however, is highly dependent on the evolving situation, and hence eventual impact may be different from that estimated as at the date of approval of these financial results.

• The figures for the quarter ended March 31, 2020 are the balancing figures between the audited figures for the full financial year and unaudited year to date figures up to the third quarter of the relevant financial year which was subjected to limited review.

• Previous period figures have been regrouped / rearranged wherever necessary, to conform to current period presentation.

==> picture [77 x 77] intentionally omitted <==

==> picture [88 x 90] intentionally omitted <==

==> picture [53 x 24] intentionally omitted <==

Place : Kolkata Dated : August 11, 2020

Managing Director

1. Camac Street 3rd Floor. Block 'B' Kolkata - 700 016. India Tel. +91 33 6134 4000

S.R. BATLIBOI & Co. LLP Chartered Accountants

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Usha Martin Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Usha Martin Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its joint ventures for the quarter ended June 30, 2020 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on ourTeview.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

i We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/20 . o �'O[o] dated March 29, 2019 issued by the Securities and Exchange Board of India un Ko a � Regulation 33(8) of the Listing Regulations, to the extent applicable. � S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB·4294

S.R. BATLIBOI & Co. LLP Chartered Accountants

1. The Statement includes the results of the entities as mentioned in Annexure 1.

2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. Emphasis of Matter

• a. We draw attention to Note 5 regarding attachment of certain parcels of land at Ranchi used by the Holding Company's wire rope business under Prevention of Money Laundering Act, 2002 (PMLA) in connection with export and domestic sale of iron ore fines in prior years aggregating Rs 19,037 lakhs allegedly in contravention of terms of the lease granted to the Holding Company for the iron ore mines. Pending final outcome of the appeal filed by the Holding Company before the Appellate Tribunal, PMLA, no adjustment to these financial results in this regard have been considered necessary by the management.

Our conclusion is not modified in respect of this matter.

• We draw attention to Note 6 to the financial results, which describes the impact of the COVID-19 pandemic on the Group's operations and results as assessed by management. The extent to which Covid-19 pandemic will have impact on the Group's performance is dependent on future developments, which are uncertain. Our conclusion is not modified in respect of this matter.

• The accompanying Statement includes the unaudited interim financial results/statements and other financial information, in respect of:

  • nineteen subsidiaries, whose unaudited interim financial results/statements include total revenues of Rs 26,874 lakhs, total net profit after tax of Rs. 828 lakhs and total comprehensive income of Rs. 819 lakhs, for the quarter ended June 30, 2020, as considered in the Statement which have been reviewed by their respective independent auditors.

  • three joint ventures, whose unaudited interim financial results/statements include Group's share of net profit of Rs. 8 lakhs and Group's share of total comprehensive income of Rs 8 lakhs for the quarter ended June 30, 2020, as considered · Statement whose interim financial results/financial statements, other fi information have been reviewed by their respective independent auditors.

S.R. BAruB01 & Co. LLP Chartered Accountants

The independent auditor's reports on interim financial statements/ financial information/ financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and joint ventures is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants

ICAI Firm registration number: 301003E/E300005 �� per Bhaswar Sarkar Partner

Membership No.: 055596

UDIN: 20055596AAAACU5803

Place: Kolkata

Date: August 11, 2020

S.R. BATLIBOI & Co. LLP Chartered Accountants

Annexure I

List of subsidiaries/joint ventures

Subsidiaries

S. No.		Name
1		UM Cables Limited
2		Usha Martin Power and Resources Limited
3		Bharat Minex Private Limited
4		Gustav Wolf Speciality Cords Limited
5		Usha Martin International Limited Usha Martin UK Limited @
6
7 8		European Management and Marine Corporation Limited @
		Brunton Shaw UK Limited @
9		De Ruiter Staalkabel B.V. @ Usha Martin Europe B.V. @
10
11		Usha Martin Italia S.R.L.@
12		Brunton Wolf Wire Ropes FZCO.
13		Usha Martin Americas Inc.
14		Usha Siam Steel Industries Public Company Limited
15		Usha Martin Singapore Pte. Limited
16		Usha Martin Australia Pty Limited @
17		Usha Martin Vietnam Company Limited @
18		PT Usha Martin Indonesia @
19		Usha Martin China Company Limited @

@ Represents step-down subsidiaries

Joint ventures

S. No. 1		Name
		Pengg Usha Martin Wires Private Limited
2 3		CCL Usha Martin Stressing Systems Limited
		Tesac Usha Wirerope Company Limited*

• Represents step-down joint venture

==> picture [77 x 76] intentionally omitted <==

ff': usha marlin

Usha Martin Limited

				51,472 1,667 53,139 : __	2 7 9 : __	2 7 9 : __	56,406 ��_ **58,325i **	56,406 ��_ **58,325i **	56,406 ��_ **58,325i **	j _
				____ 30.,2_ 84�-, 129, ! (1,272) 0 7,490 9,719 ____49,2_?8+ J�'---- 3,461			22,876 260 9,661. 7,912 2,404, 1,517. 9,939 54,569. --- 3,756 __ 1_49_,_ 15,908. i J��7f' - (12,301)1 142 ·-- (12,159) 50,436 -~~r~~ - - ___J 5□,436 I 38,277I - -- c_ ---
										__ -- - ---
Profit/ (loss) for theperiod from discontinued operations before tax Tax income/(expense) of discontinued operations > --------- ------- Profit/(loss) for theperiod from discontinued operations after tax(bl
	-								I c_	_
Profit for the period [le) = (a)+ (b)J Other comprehensive income Items that will not be reclassified toprofit or(loss , net of tax Re-measurementsgain/(loss) on defined benefit plans
			(295), **. ___ ; **			I t	67
Items that will be reclassified toprofit or(loss) , net of tax Exchange difference on translation of financial statements of foreign operations -Total other comprehensive income for the period, net of tax (d) ,Total comprehensive income for the period [le)+ (d)J Profit for theperiod �ttributable to_: Equity shareholders of the Company ~~_~~Non controllingInterest Other comprehensive income atributable to : Equity shareholde_rs of the C_ompa,y Non controllingInterest
		93	7 256			-!---- !
		776; 1,649 ' 822 511 780 (39)� 51 -----+ 39 51 (21)
		(4) **(18) **
Total comprehensive income for theperi_o d_a_tt_ribu t_a_b_le_ to_: __ ·Equity shareholde�'the_C�'pany Nori co_ntrollingln�!�!_ ___ _ Paid-up equity share capital (face value of Re 1/- each) Other equity as per balancesheet- [Earnings per share(Rs.) (Refer note 4)		�- --1,6_ 0_ 2. �---- 18 47 33
		**3,054 **				____
l,Earning_spe_r equ_ity�sha_re(fo_r_con_t_inui_n�g_oper_at i_o_ns_ ) _____ _ __ __
�_ ,Basic and Diluted 1Earnlngs per equity share (for discontinued operations) ~~I~~ Basic and Diluted Earnings per equity share(for continuing and discontinued operations)
Basic and Diluted
*** Not annualised **

e usha martin

Usha Martin Limited Consolidated segment information

onsoate segment normaton Pariculars I (Amounts in Rs. lakhs unless otherise stated) --- Quarter ended 30th June2020 Quarer ended 31str- March,2020 ------ -- Quarer ended Year ended 31st 30th June 2019 **March,2020 **
' Unaudited Audited (Refer Note 7) Unaudited Audited ' I
,Segment_Revenue_ Wire and Wire Ropes Others ,Revenu� from Continuing operations Re�nue ro! Di�c_ntue� oeer�tion� (R, er_r,ote3) Less : Inter segment revenue from discontinued operations to continulng operations ?6,363_ ,_· 1,356 ! 37,618 i ! 49,856, i ,-i _l-,6!6 j 4 _ __ _ _51,41_2 Li' r· I I -- , .. 5_3,781� _ _2,0�,879�i 2,625i 7,503 I ' -- -·-t-+- ----�-+-I 56,406i , 2,�!382 I 6,523~~j~~ 6,523 ]-1 - :7- Jj I I ➔ �--- ! 2,�06 2,306 i ' lev! ue from Disco_ntinued operations to e�e���l_custo'ers II I I .. ·-'- 4,217 - - -11 'Total Revenue from Continuing and Discontinued operations Segment Results ·Profit/ (loss) for the period before tax and finance costs from 37,618 1 �472 -i- . ,_____60,6_23 - 2,19,5�9j � -r r_ -i ·+ ----------- -... -� -+- ------++- ---+ ! i !l ·Continuing operations I I ---�-- _ _.i_i "' t q ---�------3�,381- · _____ 6�,3_2 3_1~~>~~-f ----7�,_5_3 2~~.~~! 1101) (5221l ~~!~~ (78oJ, Wire and Wire Ropes 26,086 ~~'~~ Others ,Total ;----��- 3, 2? 4I 5,801 i 6,752! (1,518) I; **24,568, **
Less: . +-,,----- i Finance costs_ . __l_,5_63.i 1,683 2,404~~i~~ _j 7,418,W Ot her Unal loc.a.l.e E_x-p-e ndi-tur.e__ �4_17-·- 657! _29�i- 2,43 . 411 Profit before tax for the period from continuing operations 1,294 .'., ___ --�,461_T+ ______ 3,,75_6_!H 14,716 L: · Discontinued operations (Refer note3] 4_ I , , Profit /(loss) for the period from Discontnued ope�ations bef�r�I H -------r . -- ,__ -- ----' i tax and finance costs 21: - 1----�(1�, 033].j-----(5�, 057-]: (5,504): 1 ·Less: 1 - ·; �ance_cos ts____ --- - l 19. 1,127! 1,826 .i -, �f i l . iProfit /(Loss) for the period before tax from Discontinued operations Profit / (Loss) on disposal of S88 business (Discontinued ;operations) I , I, 21 i (1 052J' (6,184Jj _ (7,330lu I 1-- .�+---~~��-~~ i ~~�~~- ~~,~~ ~~!~~ 56,620 -- -· l 55,652
1Total Profit /(loss) from discontinued operations before tax 'Total Profit before tax and share of Joint Venture . Seg!ents Asse�_ Wire and Wire Ropes Others Total Assets 21 i - _52,��0l)+ 50,436 48,322 1,315 i j 1,441j i I I -, 54,19_ j- 63,038! 1 ------+-•-------- , ______ .t--1 2,00,558l - 51,806 � i 2,52,364; 2,96,�42-L 2,0�,6�1 .., 49,54.r 1,13_l0j . �,56,Q90 j; 3,18,6�1 � 2,06,542�� 4�,548h , I 2,56,090
Jegments Liabilities Wi_e aid Wi!e Ro�s Others Total Liabilities ! ' 7 - l i; 41,2891 48, 1_1�1 .. ' _____4_3�,292, __ I 83,392_, � ___80�,790+' 1,55 ,963I _1.�,591!L _ 1,�9,564r+---- 1�,9_ 9�,2_5_5-l 4�7!�r 80,790i1 1,29,564_J -------�---- ___ _J

Note:

The Group has been organised into business units based on its products and services and has two reportable segments, as follows:

(a)Wire and Wire Ropes segment which manufactures and sells steel wires, strands, wire ropes, cord, related accessories, etc.

(b) Others segment includes manufacturing and selling of wire drawing & allied machines, investment in Jelly Filled Telecommunication Cables and corporate office.

The Company was also into Steel segment, which manufactures and sells steel wire rods, bars, blooms, bright bar, billets, pig iron and allied products, which has been disposed 1 1 off with effect from April 9, 2019 (Refer note 3)

==> picture [76 x 77] intentionally omitted <==

==> picture [85 x 89] intentionally omitted <==

1ft usha martin

Usha Martin Limited Notes:

1. The above consolidated results of Usha Martin Limited ("the Company") and its nineteen subsidiaries (including ten step-down subsidiaries) (together referred as 'the Group') and three joint ventures (including one step-down joint venture) for the quarter ended June 30, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 11, 2020.

2. The unaudited consolidated financial results 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 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, as amended.

1. Pursuant to the Business Transfer Agreement dated September 22, 2018 (Novation agreement on October 24, 2018) and Supplemental Business Transfer Agreement dated April 7, 2019 and July 3, 2019 respectively with Tata Steel 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 the quarter ended June 30, 2019 in accordance with the terms and conditions set out in those agreements at a consideration of Rs. 452,500 lakhs subject to net working capital adjustments. Out of the aforesaid consideration, an amount of Rs. 16,000 lakhs are receivable as at the quarter-end that include Rs. 15,000 lakhs in respect of certain parcels of land for which perpetual lease and license agreements have been executed by the Company in favour of TSLPL pending completion of ongoing formalities for registration in the name of TSLPL. The Company and TSLPL is in the process of final settlement and reconciliation of net working capital and therefore impact of adjustment, if any, arising from such reconciliation which is not expected to be material shall be recognised at the time of release of above hold back amount.

The details of discontinued operations are	as follows: (Amounts in Rslakhs unless otherwise stated) ~~I~~ l Quarter endedI Quarer ended 31st Quarer ended Year ended 31st 30th June, 2020 I March, 2020 30h June, 2019 March, 2020 i ! Unaudited Audited Unaudited Audited (Refer Note 7) II ~~!~~ 1,575 190 7,386 8,75t ~~I~~ 1,554 1,242 13,570 16,084 : 21 (1,052) (6,184) (7,330) ~~I~~ ~~-~~ (968) 56,620 55,652 erationsI 21 (2,020) 50,436 48,322i i i spect of Renewable Power Obhgat,ons (RPO) pertaining to periods prior to d1scont1nuat1on have, 81 lakhs consequent to order dated June 17, 2020 issued by the Central Electricity Regulatory! wable Energy Certificates. I	as follows: (Amounts in Rslakhs unless otherwise stated) ~~I~~ l Quarter endedI Quarer ended 31st Quarer ended Year ended 31st 30th June, 2020 I March, 2020 30h June, 2019 March, 2020 i ! Unaudited Audited Unaudited Audited (Refer Note 7) II ~~!~~ 1,575 190 7,386 8,75t ~~I~~ 1,554 1,242 13,570 16,084 : 21 (1,052) (6,184) (7,330) ~~I~~ ~~-~~ (968) 56,620 55,652 erationsI 21 (2,020) 50,436 48,322i i i spect of Renewable Power Obhgat,ons (RPO) pertaining to periods prior to d1scont1nuat1on have, 81 lakhs consequent to order dated June 17, 2020 issued by the Central Electricity Regulatory! wable Energy Certificates. I
Particulars	Quarter endedI Quarer ended 31st 30th June, 2020 I March, 2020 i	Quarer ended Year ended 31st 30h June, 2019 March, 2020
	! Unaudited Audited (Refer Note 7)	Unaudited Audited II
Total income @
Total expense#	~~I~~ 1,554 1,242	13,570 16,084
Profit/ (loss) before tax for the period from discontinued operations	: 21 (1,052)	(6,184) (7,330)
Profit/ (Loss) on disposal of S88 business (discontinued ooerations)	~~I~~ ~~-~~ (968)	56,620 55,652
:Profit/ (loss) before tax from discontinued op before tax	erationsI 21 (2,020) i	50,436 48,322i i
@The Company's retained hab1ht1es in re Ibeen written back to the extent of Rs. 1,1 ,Commission revising prices of related Rene

• •# Primarily represents settlement of claims pertaining to transferred assets of the discontinued business which were negotiated and settled during the quarter ended June 30, 2020.

4. Profit /(loss) from continuing and discontinued operations for the quarter ended June 30, 2019 includes utilisation of deferred tax assets pursuant to sale of S8B business and profit from sale of S88 Business respectively. Therefore, earnings per share from continuing and discontinued operations for the quarter ended June 30, 2020 are not comparable with those for the quarter ended June 30, 2019.

1. 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 used by the Company's wire rope business in the State of Jharkhand for a period of 180 days in connection with export and domestic sale of iron ore fines in prior years aggregating Rs. 19,037 lakhs allegedly in contravention of terms of the lease granted to the Company for the iron ore mines situated at Ghatkuri, Jharkhand. The Hon'ble High Court of Jharkhand at Ranchi had, vide order dated February 14, 2012, held that the Company had the right to sell the iron ore including fines as per the terms of the mining lease which was in place at that point in time. The Company had paid applicable royalty and had made necessary disclosures in its returns and reports submitted to mining authorities. The Company had submitted its reply before the Adjudicating Authority (AA). Subsequently, AA had issued an order by way of which the provisional attachment has been confirmed under Section 8(3) of PMLA. Thereafter, the Company filed an appeal before the Appellate Tribunal, New Delhi and successfully obtained a status quo order from the Tribunal on the confirmed attachment order till the next date of hearing, which is fixed as August, 20, 2020. The ongoing operations of the Company have not been affected. Supported by a legal opinion obtained, management believes that the Company has a strong case on merit.

2. On account of the outbreak of COVID-19 virus, the Government of India had imposed a nation-wide lockdown on March 24, 2020 leading to temporary shut-down of the Company's manufacturing facilities and operations. The subsidiaries and joint ventures located outside India were similarly impacted by lockdowns in respective countries. Since the latter part of April, 2020, the Government of India has progressively relaxed lockdown conditions and has allowed industries and businesses to resume operations and the Company has accordingly commenced its manufacturing operations across all its plants in a phased manner during the latter part of April after obtaining requisite permissions from appropriate government authorities. The lockdowns in countries outside India have also been progressively relaxed and the subsidiaries and joint ventures located outside India have commenced their operations during the months of April and May, as applicable. In light of such disruption in sales, production and other business activities during the quarter ended June 30, 2020, the results of this quarter are not comparable to previous corresponding period results. Management has assessed its liquidity position as on June 30, 2020 and does not anticipate any challenge in the Group's ability to continue as a going concern including recoverability of the carrying value of its property, plant and equipment, intangible assets and deferred tax assets. The impact of the pandemic in the subsequent periods, however, is highly dependent on the evolving situation, and hence eventual impact may be different from that estimated as at the date of approval of these financial results.

3. The figures for the quarter ended March 31, 2020 are the balancing figures between the audited figures for the full financial year and unaudited year to date figures up to the third quarter of the relevant financial year which was subjected to limited review.

==> picture [171 x 122] intentionally omitted <==

----- Start of picture text -----

Rajeev Jhawar
Managing Director
<:;' -· I
�tSPE��'-P' ..... , ,., ,;::: ·
fu ·••fu� fu '"'"" •• , .. '""-"""�
----- End of picture text -----

• .., ... �'"" ''""' -�· .... """"'� ''"'"""' -"•=• •=""·

==> picture [40 x 6] intentionally omitted <==

Place : Kolkata Dated : August 11, 2020

==> picture [72 x 25] intentionally omitted <==