According to reports, CD maker Moser Baer India (MBIL) today reported a standalone net loss of Rs 108.47 crore for the quarter ended March 31, 2013.
The Delhi-headquartered firm had posted a net loss of Rs 59.60 crore in the year-ago period. MBIL’s standalone total income declined by 35 per cent to Rs 290.06 crore in January-March quarter of last fiscal from Rs 448.39 crore in the same quarter of 2011-12, it said in a BSE filing.
Commenting on the results, MBIL Group Chief Financial Officer Yogesh Mathur said the firm has successfully concluded signing of definitive agreements with its bankers, and Corporate Debt Restructuring (CDR) implementation is underway.
“Banks are supportive of our future plans and we are working across multiple banks to implement the scheme and complete perfection of security pursuant to the CDR scheme. Completion of the debt restructuring process leads to restructuring of loans with moratorium and extension of maturity and interest cost rationalisation. Increased liquidity is helping the business to ramp up its operations to optimum level,” he added.
On a consolidated basis for the entire 2012-13, firm’s net loss widened to Rs 916.23 crore against Rs 768.66 crore in 2011-12. Its consolidated total income fell to Rs 1,685.84 crore from Rs 2,649.31 crore during the period under review. The company expects operating performance to restore to normal level based on the implementation of the CDR.
“We have consolidated our current manufacturing operation at the Greater Noida plant including the Solid State Media operations. This has begun impacting us positively towards optimising our fixed and variable costs, improving supply chain management and bringing overall business efficiency,” MBIL CEO (Storage Media) Bhaskar Sharma said.
The company has a healthy order in pipeline for the coming quarters compared to the shipments made in Q4 of FY2013.
“As one of the largest players in solar EPC business in India and having already executed 258 MW of projects successfully, we are working across the entire solar installation market. Recently, we have been awarded a prestigious 5 MW project by one of the leading Public Sector units,” Moser Baer PV Systems CEO KN Subramaniam said.
Moser Baer has been empanelled by Agency for Non Conventional Energy and Rural Technology for supply of 1 KW solar systems for domestic use. Eighty systems have been booked already, he added.
Established in 1983, MBIL is one of the world’s largest manufacturers of Optical Storage media like CDs and DVDs.