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Hinduja Foundries' Q1 loss widens to Rs 46 crore

Total income drops around 4% to Rs 168 crore

BS Reporter  |  Chennai 

Hinduja Group's foundry arm has reported a loss of Rs 46.18 crore during the quarter ended June 30, 2014 as compared to Rs 32.83 crore during the same period last year.

The company's total income was at Rs 168 crore as compared to Rs 174 crore in the year-ago period, a drop of around 4%.

The arm, which was referred to the Board for Industrial Financial Reconstruction (BIFR) last year after erosion of more than 50% of its peak worth, said its performance was impacted due to automotive market slowdown, inadequate price compensation, volatile material prices and extended working capital cycles.

added that it has initiated various steps to improve its operational performance/ liquidity, remove bottlenecks relating to its projects, improve the networth including raising of capital etc.

The said it should be able to realise its assets and settle its liabilities in the normal course at their carrying values and that no adjustments would be required in respect of the carrying value of assets/ liabilities as at June 30, 2014.

First Published: Mon, July 28 2014. 10:54 IST