CFCL in red, posts Q3 net loss of Rs 163.32 crore

Chambal Fertilisers today reported a net loss of Rs 163.32 crore for the December quarter due to fall in value of its investment in the subsidiary company.
The company had posted a profit of Rs 144.73 crore in the year-ago period.
Total income from operations rose to Rs 2,835.11 crore in the quarter under review from Rs 2,824.64 crore in the year-ago period, Chambal Fertilisers and Chemicals Ltd (CFCL) said in a regulatory filing.
"Based on the fair valuation from an independent valuer, the company has made a provision of Rs 296.18 crore on account of diminution in the value of its investment in CFCL Technologies Ltd, Cayman Islands, a subsidiary company. The same has been shown as exceptional item in the financial results," it added.

CFCL Tech, through its subsidiaries and step down subsidiaries, provides information technology solutions, outsourcing and other services.
The Board of the company today gave its approval to CFCL Tech to sell and dispose off the business that is being carried through its subsidiaries and step down subsidiaries including ISGN Solutions Inc, USA.
Shares of the company today closed 6.73 per cent down at Rs 54.05 on the BSE.