Companies

HMT posts ₹43.81-crore loss in Q1

Our Bureau. Bengaluru | Updated on September 14, 2020 Published on September 14, 2020

HMT Ltd’s losses have increased to ₹43.81 crore on a consolidated basis for the first-quarter (Q1) of FY 2020-21 as against the loss of ₹42.02 crore recorded in the same period last year.

The company, in a filing with the stock exchanges on Monday, also said that the operations of its subsidiaries, HMT Watches Ltd, HMT Chinar Watches Ltd, HMT Bearings Ltd and those of the tractor division have been formally closed down following approval of the CCEA. These subsidiaries had stopped production a few years ago.

The company’s income was lower by 36.63 per cent at ₹35.46 crore as against ₹55.96 crore in the same period last year. EPS for the quarter stood at negative ₹1.23 compared with at negative ₹1.15 posted last year. It also said the networth of the parent has been completely eroded.

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Published on September 14, 2020
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