Kirloskar Electric's loss widens to over Rs 60 crore in March to December FY 19

Diversified engineering major, Kirloskar Electric on Wednesday reported a loss of Rs 20.51 crore in the quarter ended December 2018 while the revenue from operations dropped to Rs 61.29 crore.

In the corresponding period of the previous year, the loss was Rs 20.18 crore while the revenue totaled Rs 82.92 crore.

The company has thus piled up a loss of Rs 60.49 crore in the first nine months of 2018-19 on a turnover of Rs 217 crore.

"The net worth (after excluding revaluation reserve) of the group in terms of the consolidated financial statements as at March 31, 2018, consisting of the company, its subsidiaries and its associate is eroded," it informed stock exchanges.

"The company has incurred losses for the quarter. There were certain overdues in respect of banks and creditors. The company and its components have initiated several measures like active steps being taken for disposal of non-core assets."

Last month, Kirloskar Electric Company obtained shareholders' approval to sell non-core assets, including properties situated in Bengaluru, Coimbatore, Hubbale, Hyderabad, Pune and Mysore worth up to Rs 300 crore.

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