Hinduja Foundries Ltd has reported a net loss of Rs 42.83 crore during the quarter ended December 31, 2013 as compared to RS 51.01 crore, a year ago. Company's total income was at Rs 143.86 crore as compared to Rs 148.47 crore.
The company said that its performance has been impacted due to slow down in automotive market, inadequate price compensation, volatile material price and extended working capital cycles.
As a resulted company's accumulated losses as at December 31, 2013 have significantly eroded the networth of the company. In February last year the company has intimated to the Board for Industrial and Financial Reconstruction (BIFR) about erorision of more than 50% of the company's peak networth.
