Auto components maker Amtek Auto reported yesterday, August 29, a lower standalone net loss of INR 80.21 crore for the quarter ended December 31, 2017. The net loss, during the contemporary period last year, had stood at INR 241.56 crore, as the company posted. This means the standalone net loss in Q4 2017 dropped by 66 per cent year-on-year.
The total revenue also declined from INR 458.6 crore in Q4 2014 to INR 316.18 in Q4 2017, Amtek said is a BSE filling.
In July last year, NCLT had admitted insolvency proceedings initiated by a consortium of banks led by Corporation Bank.
As per the resolution plan, UK-based Liberty House will acquire control in the company in accordance with the applicable laws. The resolution plan was voted upon in April this year and then approved by the Committee of Creditors (CoC), which later on, was further approved by National Company Law Tribunal (NCLT) in July 2018.
Accordingly, the financial results for the quarter and nine months ended December 31, 2017, have been continued to be prepared on a going concern basis, the filing said.
Amtek Auto had reported earlier that it had a total debt of INR 12, 603 crore, while the liquidation value of its assets was at INR 4,119 crore.
Around INR 3,225 crore was offered by Liberty House to the company for the use towards stabilization and improvements of operations to the tune of INR 500 crore. The total resolution amount stands at INR 4,025 crores.
Amtek is engaged in integrated auto component manufacturing in India with operations across forging, iron and aluminium casting, machining and sub-assemblies.
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