Amtek Auto down in the red
The woes of Amtek Auto do not seem to end. Today, it is the top loser, slipping almost 7% to Rs.32.35. One can see the extent of its fast crumbling down – its 52-week high is at Rs.176.10 and after its travails started, it went on to hit a new low at Rs.25.60.
The company declared its very poor performance for second quarter and six months ended 31st March 2016 (year ending on 30th Sept). With a 33% (YoY) drop in net sales at Rs.609 crore and an interest outgo of Rs.290 crore, the company ended the quarter with a net loss of Rs.529 crore v/s profit of Rs.130 crore in previous Q2. An exceptional expense of Rs.439 crore v/s gain of Rs.180 crore also aided in pushing the company into the red.
The company ended its six months with a 54% drop in net sales at Rs.6675 crore and net loss of Rs.1133 crore v/s loss of Rs.987 crore (YoY). Its interest outgo for the HI was at Rs.749 crore and borrowings stood at Rs.12,500 crore.