Latest News | Amtek Auto Loss Widens to Rs 145.77 Crore in June 2020 Qtr

New Delhi, Jun 9 (PTI) Auto components maker Amtek Auto, currently undergoing corporate insolvency resolution process, on Wednesday reported widening of standalone loss after tax to Rs 145.77 crore for the quarter ended June 2020.

The company had posted a standalone loss after tax at Rs 78.42 crore in the year-ago period.

Total revenue during the period under review stood at Rs 36.53 crore. It was at Rs 215.83 crore in the corresponding quarter a year ago, Amtek Auto said in a regulatory filing.

The company said the implementation of Deccan Value Investors' (DVI) resolution plan -- in which a US-based hedge fund had bid around Rs 2,700-crore, out of which Rs 500 crore was in the form of upfront cash and the balance Rs 2,200 crore to be paid in future, is underway.

Amtek Auto said the spread of the COVID-19 pandemic had affected its business operations after the Centre declared a national lockdown on March 25, 2020. The company took various measures in consonance with the central and state government advisories to contain the pandemic, which included the closing of manufacturing facilities.

Since the lockdown was in force for a significant period of the quarter under review, the company's operations and financial results for the quarter ended June 30, 2020, have been adversely impacted, the filing said, adding the results are therefore not comparable with those for the previous quarters.

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