Hinduja Foundries net loss widens

The total income saw an increase of 18%

Hinduja Group firm Hinduja Foundries has posted a net loss of Rs 58.5 crore for the quarter ended September 30, 2014, as against a net loss of Rs 40.25 crore during the same quarter of previous fiscal year.

The total income from operations stood at Rs 185.8 crore as compared to Rs 156.8 crore for the corresponding quarter of previous year, an increase of 18.5 per cent.

The company said that it has communicated tentative timeline for implementation of a project to set up a facility in Telengana.

The facility was expected to commence production before March, 2012, but since it could not implement that, the State government has sought to cancel the allotment of the land and has requested the company to vacate the land.

The company has sought a further extension of time up to September 2015, it said. It has also incurred an amount of Rs 11.29 crore during 18 months ended September 30, 2014, towards voluntary retirement arrangements with employees in one of the plants, it said.