Amtek reports Rs 987 cr loss for year ended Sept 30

Decline in sales revenue and rising interest burden has driven Delhi based auto component manufacturer Amtek to a consolidated net loss of Rs 987 crore for the year ended September 30, 2015 against a profit of Rs 848 crore in the previous year.

Net consolidated sales for the year declined over three per cent to Rs 14,959 crore. The annual performance has been impacted by a 33 per cent increase in finance cost to Rs 1,470 crore. Amtek follows an October-September financial year.

In the quarter ended September 30, Amtek reported standalone net loss of Rs 158 crore against net profit of Rs 74 crore in same quarter last year. Amtek had reported its first quarterly loss (Rs 157 crore) in two decades in the quarter ended June 30.

Revenue also dipped 17 per cent to Rs 810 crore in the quarter ended September 30. The finance cost more than doubled to Rs 238 crore.

Amtek Auto, which undertook capacity expansion in domestic market and acquired a number of assets overseas in recent past, has consolidated debt of Rs 12,000 crore, while its foreign business has debt of Rs 3,200 crore. The company plans to raise about Rs 6,500 crore by selling assets and reduce debt.