Auto component maker Amtek Auto on Thursday reported a loss of Rs 132.15 crore for the October-December quarter of 2015-16, compared to a net profit of Rs 70.81 crore in the same period in 2014-15. This is the third consecutive quarterly loss for the troubled company.
The Ebitda for the quarter under review stood at R176.9 crore, which gave an Ebitda margin of 20.55%, compared to a margin of 31.42% in the year ago period and 21.02% in the previous quarter.
The revenue for the company during the period stood at R860.65 crore as against R1118.94 crore in the year-ago period, a decline of 23.08%. However, the company recorded an exceptional gain of R25.55 crore in the period.
On the expenditure side, the company reduced its total expenditure by 9% to R802.97 crore. The fall in expenditure mainly came in from the decline of 14% in raw material cost and a 16% year-on-year decline in employees benefit expenses.
While tax expenses sharply fell by 254%, the interest cost for the company saw a steep rise of 91% to R244.8 crore, compared to R127.96 crore in the same period last year. On a quarterly basis, interest cost went up 2.7%.
Last year in August the company had said that it was facing a “temporary cash flow mismatch”. Later in November it appointed Morgan Stanley as advisor to assist in its debt reduction plan. The firm had said it was considering various options, including a minority stake sale of up to 25-40% in its overseas business.