Close [X]

Amtek stock slips 4 per cent after Rs 320 crore loss in Q1

 

Amtek stock slips 4 per cent after Rs 320 crore loss in Q1

  Debt ridden component maker Amtek Auto’s stock slipped 4 per cent on Wednesday after it declared a net loss of Rs 320 crore for the quarter ended June 30.

The loss has doubled compared to Rs 157 crore in the corresponding quarter last year on account of rising interest burden among other factors.

 

The company’s interest or finance cost for the quarter was Rs 328 crore, up 39 per cent from last year. Net sales also slipped 37 per cent to Rs 540 crore in the quarter ended June 30.

At 10:30 a.m., the company’s stock was trading at Rs 42.75 on the BSE, down over 3 per cent from the previous close. It had touched a low of Rs 41.25 early in the day.

The consolidated debt of the group is estimated to be about $2.2 billion (Rs 14,700 crore). Efforts to reduce debt by approximately Rs 6,700 crore have been underway for last few quarters. The company plans to sell some overseas assets and also sell some non-core domestic businesses.