Chennai-based Hinduja Foundries has reported a net loss of Rs 10 crore during the third quarter ended December 31, 2008, as compared to a net profit of Rs 1 crore during the same period last year.
The company's net sales dropped by 46 per cent to Rs 57 crore as compared to Rs 106 crore.
It may be recalled in December, the company had said that due to the reduced off take from the commercial vehicle manufactuers and the restrictions on power availability in Tamil Nadu, production in company's manufacturing units will be suitably adjusted through further reduction in number of working days. These measures are resorted by the company to avoid build-up of inventory, and will be continuously reviewed.
V Mahadevan, managing director earlier said that offtake has come down in line with that Hinduja Foundries have also decided to increase the number of holidays at its Ennore and Sriperumbudur near Chennai along with its unit in Hyderabad, which would be average 5-6 days in a month.
