The paper discusses the problem of speed and load torque estimation for the induction motor drive. Estimation is done considering that the motor fluxes in the stationary frame are available - these have been obtained using a Voltage Model Observer. With known fluxes, the paper designs a sliding mode observer that estimates both the speed and load torque. The observer is designed using an extended model of the motor. The method uses a different approach and is a significant improvement over the classic Model Reference Adaptive System (MRAS) method (which only estimates the speed). Simulations show that, owing to the sliding mode high-gain feedback, the speed estimate is robust and accurate both at steady-state and during transient; the estimate of the load torque is also accurate.