Mahindra Forgings posts loss of Rs 184 cr for FY10

Auto component maker Mahindra Forgings today said the group incurred a consolidated net loss of Rs 184.48 crore in the 12-month period ended March 31, 2010.

It had posted a consolidated net loss of Rs 116.73 crore in the previous year, the Mahindra Group company said in a filing to the Bombay Stock Exchange (BSE).

It earned a consolidated total income of Rs 1,327.77 crore in the year under review, compared to Rs 2,242.88 crore in the previous year.

For the fourth quarter ended March 31, 2010, the company incurred a standalone net loss of Rs 33.91 lakh. It had registered a loss of Rs 20.70 crore in the corresponding period of the previous fiscal.

It earned a standalone total income of Rs 84.10 crore in the year under review, while the same was Rs 59.90 crore in the previous year.

For the year ended March 31, 2010, the company incurred a standalone net loss of Rs 94.73 crore, whereas it was Rs 41.40 crore in the previous year.

It posted a standalone total income of Rs 301.18 crore for the fourth quarter, against Rs 238.03 crore in the corresponding period of the previous year.

During the quarter under review, the company raised Rs 175 crore by issuing over 1.62 crore equity shares of Rs 10 each at an issue price of Rs 107.75 per piece to qualified institutional investors.

The company also made an investment of Rs 669.52 crore in its subsidiary firms, it said.

Shares of the company closed at Rs 109.20, up 1.16 per cent from the previous close on the BSE.