TRF tanks 20% post March quarter results

The company said as on the balance sheet date, the current liabilities of the company exceed the current assets of the company.

Shares of TRF has locked in lower circuit of 20% at Rs 314 on the National Stock Exchange (NSE) after the company said as on March 31, 2015 the current liabilities of the company exceed the current assets of the company.

“The company/group has incurred net losses of Rs 87.35 crore/Rs 64.98 crore during the year ended March 31, 2015 and the accumulated losses on that date, amounting of Rs 169 crore/Rs 174 crore has eroded the net worth of the company/group,” TRF, a Tata Group company said in a statement.

As at the balance sheet date, the current liabilities of the company exceed the current assets of the company by Rs 57.98 crore, it added.

However, the financial statements have been prepared on a going concern basis which is dependent on the company/group’s ability to successfully complete the existing projects and generate sufficient cash flows from operations to be able to meet its obligations as and when they arise in the twelve months period from the date of these financial statements, TRF said.

Meanwhile, the company announced its March 2015 quarter results on Friday, August 14, 2015, had posted a consolidated net loss of Rs 70.15 crore against profit of Rs 24.15 crore in March 2014 quarter.

Net sales of the company declined 8.5% at Rs 323 crore in March quarter against Rs 353 crore in the corresponding quarter of previous fiscal.

TRF said the board of directors of the company will announce standalone and consolidated financial results for the quarter ended June 30, 2015 on August 27, 2015.

Till 11:17 AM, a combined 66,254 shares changed hands on the counter and there were pending sell orders for 95,278 shares on the NSE and BSE.