Amtek Auto posts net loss of Rs 157.6 crore during June 2015

Amtek Auto (AML) announced its June 2015 quarter results. AML follows the October-September financial year. The company's revenue declined by 18.61 per cent to Rs 866 crore in Q3FY15 as compared to same period in previous financial year. Its total expenditure decreased by 5.16 per cent to Rs 692.49 crore in Q3FY15 on yearly basis. However, AML's raw material cost increased by 34.48 per cent during June 2015 quarter on yearly basis.

AML's EBITDA decreased by 47.98 per cent to Rs 173.83 crore in Q3FY15 as compared to same period in previous financial year. The company's EBITDA margin contracted considerably by 1133 basis points to 20.07 per cent in Q3FY15 on yearly basis. Its EBIT decreased by 87.51 per cent to Rs Rs 30.67 crore in Q3FY15 on yearly basis as depreciation expense increased by 61.56 per cent to Rs 143 crore during the quarter. AML's interest expense increased by 106.17 per cent to Rs 236.54 crore in Q3FY15 on yearly basis. The company posted net loss of Rs 157.6 crore in Q3FY15 as against net profit of Rs 86 crore in Q3FY14.

AML shareholding pattern indicates that FII holdings contracted by 1632 basis points to 18.83 per cent and DII holdings expanded by 1137 basis points to 16.47 per cent during Q3FY15. The share price of the company on BSE declined by 10.75 per cent and trading at Rs 136.65 on intraday basis.

AML completed acquisition of the iron & aluminium casting, forging and machining business of Japanese company Asahi Tec Corporation. The business has an annual revenue of USD 375 million. Asahi Tec Corporation has three manufacturing facilities in Japan, two in Thailand and a strategic holding in a joint venture in China.

AML is one of the largest automotive components manufacturers in India. The Company is engaged in forging, grey and ductile iron casting, gravity and high pressure aluminum die casting and machining and sub-assembly. It has a product portfolio with a range of engineered components, including flywheel ring gears, machining, forging, casting aluminum and casting iron. AML supplies components for passenger cars, light and heavy commercial vehicles, 2/3 wheelers, light weight commercial vehicles and heavy weight commercial vehicles. The Company has facilities across India, the United Kingdom, Germany, Brazil, Italy, Mexico, Hungary and the United States. It also manufactures components for non-auto sectors, such as the railways, specialty vehicles, aerospace, agricultural and heavy earth moving equipment.