The Hindu Business Line : Mahindra Forging posts Rs 41-cr Q3 loss

Mumbai, Feb. 9 Mahindra Forgings Ltd has reported a loss of Rs 41 crore for the third quarter of the financial year against a profit of Rs 4 crore for the same period last year.

The consolidated Mahindra Forging Group with operations in India and Europe posted an 18 per cent drop in income at Rs 452 crore for the third quarter.

The company’s UK subsidiary decided to close one of its three facilities while in India, the company’s plant in Chakan, Pune, is currently working only four days a week.

“In quarter three of the current financial year, the automotive sector faced significant decline in demand and the negative trend is expected to be more severe in the next two quarters,” said a release from the company.

“The decline in demand is across both India and Europe. The decline is mostly marked in the commercial vehicle segment,” it said.

To mitigate business risks in future, the company said that it would focus on non-auto business. “The short-term focus for the next two quarters is on cash conservation and cost reduction,” the release said.

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