Hindustan Motors registers net loss of Rs 8.56 lakh in Q4

NEW DELHI: Hindustan Motors, which used to manufacture the iconic Ambassador car at its Uttarpara plant in West Bengal, today reported a net loss of Rs 8.56 lakh for the quarter ended March 2015.

The company had reported a net profit of Rs 12.44 crore for the same quarter of the previous fiscal.

Net sales stood at Rs 7 lakh for the fourth quarter, while the same was Rs 91.72 crore in the same period of previous fiscal, the company said in a BSE filing.

For 2014-15, the company registered a net loss of Rs 41.90 crore while the company had reported a net loss of Rs 3.07 lakh for the six months ended March 31, 2014.

Net sales stood at Rs 14.34 crore for the year ended March 31, 2015 while the same was Rs 179.53 crore during the six months ended March 31, 2014.

"The figures for the financial year 2014-15 is not comparable with the previous financial year due to the fiscal 2014-15 being for twelve months as against six months in previous financial year, suspension of work at Uttarpara plant since May 24, 2014 and divestment of erstwhile Chennai car plant effective March 30, 2014" the company said.

As the accumulated losses of the company at end of financial year ended September 2013 exceeded its entire net worth, the company has made reference to the Board for Industrial and Financial Reconstruction (BIFR), it added.

Hindustan Motors is not producing the Ambassador car anymore, as work at the company's Uttarpara plant has been suspended since May 24, 2014.