Hindustan Motors swings to a loss of Rs 22.36 crore in Q2

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Hindustan Motors swings to a loss of Rs 22.36 crore in Q2

Passenger car maker Hindustan Motors posted a net loss of Rs 22.36 crore in July-September, compared with a profit of Rs 11.65 crore in the year ago quarter due to a decline in sales.

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Passenger car maker Hindustan Motors posted a net loss of Rs 22.36 crore in July-September, compared with a profit of Rs 11.65 crore in the year ago quarter due to a decline in sales.

In the second quarter, net sales of the maker of the Ambassador car were down 29% year-on-year to Rs 144.7 crore, Hindustan Motors said Wednesday.

In the year ago quarter, Hindustan Motors had exceptional gains of Rs 28.94 crore from profit on sale of properties and investments. In July-September this year, it had lower exceptional gains of Rs 9.79 crore.

The company had a loss of Rs 35.08 crore excluding other income, interest and exceptional items in the second quarter, compared with a loss of Rs 14.44 crore a year ago.

Hindustan Motors shares Wednesday closed up 2.5% at Rs 14.40 on NSE.