Amtek Auto pegs loss at Rs 308 crore for Q4 FY2017

Amtek Auto, part of the integrated component manufacturer Amtek Group, announced its Q4 FY2017 results posting a loss of Rs 308 crore, a decrease of 45 percent (Q4 FY2016: Rs 563 crore).

FY 2016-17 saw the standalone losses pegged at Rs 1,624 crore mainly due to high finance cost of Rs 1,305 crore for the year.

The company has been trying to reduce debts by sale of certain overseas and domestic assets, with the total debt estimated to be around Rs 13,000 crore.

Focus on cost optimization and strengthening of sales was the key focus for the company to improve its international operations, stated an earlier media release.