Amtek Auto runs up consolidated net loss of Rs 987 cr

The troubled auto component maker Amtek Auto said it has suffered a consolidated net loss of Rs 987 crore for the year ended September against a net profit of Rs 848.21 crore last year.
Total income has fallen to Rs 15,213.4 crore, from Rs 15,706.6 crore a year ago, Amtek Auto said in a BSE filing.
For the quarter ended September, it reported a stand-alone net loss of Rs 158.62 crore as against a net profit of Rs 74.37 crore in the same period of the previous fiscal.
Total income has narrowed to Rs 833.8 crore for the quarter under review, from Rs 1,042.1 crore a year earlier.

Amtek Auto follows October-September financial year.
The Delhi-based company had defaulted on repayment of bonds worth Rs 800 crore in September, thus signaling a crisis.

Trouble started after leading fund manager JPMorgan Mutual Fund in August restricted withdrawals from two of its funds -- JP Morgan India Treasury Fund and JPMorgan India Short-Term Income Fund, which have a collective exposure of about Rs 200 crore in Amtek Auto.
The bonds matured in September, but Amtek Auto was unable to make repayments to its investors as it was facing a "cash flow mismatch".
At one point, the company had said it was considering selling some assets to overcome the financial crisis.

Domestic subscribers to the bonds include Axis Bank, Karur Vysya Bank, Syndicate Bank and Corporation Bank.
Banks have an exposure of around Rs 8,000 crore to Amtek Auto, the flagship of the Amtek Group.