Amtek Auto narrows net loss to Rs 80.2 cr in Oct-Dec 2017 qtr

Auto components maker Amtek Auto today reported a lower standalone net loss of Rs 80.21 crore for the quarter ended December 31, 2017.

The company had posted a net loss of Rs 241.56 crore during the same period of previous fiscal.

Its total revenue, however, declined to Rs 316.18 crore in the December 2017 quarter from Rs 458.6 crore in the year-ago period, Amtek said in a BSE filing.

In July last year, NCLT had admitted insolvency proceedings initiated by a consortium of banks led by Corporation Bank.

Under the resolution plan, UK-based Liberty House will acquire control in the company in accordance with the applicable laws. The resolution plan was voted upon (in April this year) and approved by the Committee of Creditors (CoC), which was further approved by National Company Law Tribunal (NCLT) in July, 2018.

Accordingly, the financial results for the quarter and nine months ended December 31, 2017 have been continued to be prepared on a going concern basis, the filing said.

It was previously reported that Amtek has a total debt of Rs 12,603 crore and the liquidation value of its assets was determined at Rs 4,119 crore.

Liberty House had offered Rs 3,225 crore affront and fresh infusion for stabilising and improving operations to the tune of Rs 500 crores. The total resolution amount stands at Rs 4,025 crores.

Amtek is engaged in integrated auto component manufacturing in India with operations across forging, iron and aluminium casting, machining and sub-assemblies.