This Article is From Jul 18, 2016

Hinduja Foundaries Loss Narrows In June Quarter

Hinduja Foundaries Loss Narrows In June Quarter
New Delhi: Hinduja Group company Hinduja Foundries on Monday reported narrowing of its standalone net loss to Rs 36.57 crore for the quarter ended June 30, 2016.

The Chennai-based firm had posted a net loss of Rs 98.52 crore for the correspinding period a year ago, it said in a filing to the BSE.

Total standalone income was higher at Rs 166.37 crore in the April-June quarter this fiscal year from Rs 151.36 crore in the corresponding three-month period in 2015-16.

The firm's total expoenses were also on the higher side at Rs 189.68 crore from Rs 173.66 crore during the quarter under review.

In the filing, the firm said that during the January-March quarter, it had raised close to Rs 400 crore through issuing global depository receipts (GDRs).

The proceeds from the GDRs have been utilized for repayment of a portion of its outstanding debt, for capital expenditure, for working capital among others, it added.

The firm manufacturers castings for automobiles and tractors to industrial engines, construction equipment and power generation equipment. It primarily caters to the domestic market.