TIL drops on higher losses in Jul-Sep quarter

The company loss in Jul-Sep increased to Rs 8.36 crore owing to decline in sales and increase in finance costs

Shares of TIL were down nearly 6% at Rs 367 after the company reported a higher loss in the second quarter ended September 30, 2014 owing to decline in sales and increase in finance costs.

The company reported a net loss of Rs 8.36 crore for the Jul-September quarter compared with a loss of Rs 7.79 crore in the same quarter last fiscal.

Net sales during the quarter declined to Rs 283.39 crore from Rs 317.47 crore in the same quarter last year. Finance cost increased to Rs 21.90 crore from Rs 17.82 crore in the second quarter last year.

The stock opened at Rs 393 and touched a low of Rs 362. At 12:50PM, over 22,600 shares were traded on both the BSE and NSE.

TIL is engaged in manufacture and marketing of a comprehensive range of state-of –the –art material handling equipment and lifting solutions with integrated customer support.