Hindustan Motors Ltd (HML) has extended its accounting period by three months. The board, which reviewed the proposal of demerger of its Chennai plant, on Saturday, took the decision.
This means that the current financial year (2012-13) will be of 15-month period and end on June 30.
The de-merger scheme envisages transferring the operating asset to Hindustan Motors Finance Corporation Ltd, a wholly owned subsidiary of HML. It would be with retrospective effect — from April 1, 2012. The Thiruvallur-located plant manufactures / assembles vehicles for Mitsubishi.
Financially-troubled HML, meanwhile, reported a net profit of Rs 20.36 crone in the quarter to December 30 against a net loss Rs 42.81 crore in the corresponding quarter of 2011-12.