Kolkata: Car and auto component maker Hindustan Motors Ltd (HM) on Monday said it wasn’t a “potentially sick company” anymore and that it would send an intimation to the Board for Industrial and Financial Reconstruction to that effect, after having posted a net profit of Rs75 lakh in fiscal 2011 as against a net loss of Rs51.1 crore in the previous year.
An exception income of Rs24.27 crore helped HM pare net loss in the quarter till March to Rs6.97 crore from Rs31.82 crore in the same period 2010. For the full year, the company registered an exceptional income of Rs96.8 crore as against Rs57.84 crore in fiscal 2010. This, according to a regulatory filing, came from sale of immovable assets and/or investments.
However, loss from operation after considering interest expanded during the March quarter to Rs35.15 crore from Rs20.5 crore in the corresponding period of last year. The company’s revenue in the March quarter at Rs161.41 crore was 3% lower year-on-year.
For the full year, revenue grew 15.3% over fiscal 2010 to Rs669.3 crore.