The Managing Director of Kolkata-headquartered Hindustan Motors, Mr Manoj Jha, has stepped down from the post on Tuesday. His resignation has also been accepted by the Board of Directors.
Announcing the results for the quarter ending December 31, the company in a notification to the BSE said that “the Board of Directors of the Company at its meeting has accepted the resignation of Mr Manoj Jha as managing director of the company and he ceased to be the MD with effect from the close of business hours on January 31, 2012”.
Results
Meanwhile, erosion in net sales, coupled with foreign exchange losses following a devaluation of the Indian rupee to the US dollar and Japanese Yen has led to the company reporting a net loss of Rs 43 crore for the quarter ending December 2011. It had reported a net profit of nearly Rs 16 crore during the corresponding quarter last fiscal riding on a Rs 44 crore income from “exceptional items”.
During the October to December quarter, the C K Birla controlled company reported a near 35 per cent drop in net sales to Rs 99 crore as against the Rs 152 crore for the corresponding quarter last fiscal.
On a sequential basis, Hind Motors saw its net loss go up by 95 per cent to Rs 43 crore during the quarter ending December as compared to the Rs 22 crore net loss it reported in the previous September 2011 quarter.
Shares of Hindustan Motors on Tuesday closed at Rs 10.15, up by 0.5 per cent, at the BSE.
Keywords: Hindustan Motors, Manoj Jha, MD. stepped down, Q3 results, loss
