Moser Baer India Ltd (MBIL) on Friday posted a loss of almost Rs 116 crore for the December quarter compared to a profit of Rs 3.23 crore a yearago, due the shift in manufacturing lines (to Blu-ray format) and surging commodity prices.
Its standalone revenue fell to Rs 441 crore during the quarter, nearly 25 per cent lower than the same period previous year.
“We experienced a dip in production of our CD/ DVDs due to the ongoing conversion of the lines into higher value advanced Blu-ray format. This has resulted in lower sales volume. But there has been a rapid growth in sales of Blu-ray format. In order to address the emerging markets, we are converting existing CD/ DVD lines to advanced Blu- ray format,” Mr Ratul Puri, Executive Director, MBIL, said in a statement.
Mr Yogesh Mathur, Group Chief Financial Officer, said that the earnings had also been impacted by a significant rise in commodity prices (including silver, poly carbonate, heavy fuel oil and chemicals) and MBIL's ability to pass only a limited portion of the same to consumers.
It was also mentioned that “significant sum of amount paid to a technology partner had adverse impact on the cash flow,” but no details were provided.
Reacting to the earnings, the shares of the company — which produces optical storage media and equipment used in solar technology — closed nearly three per cent lower on the BSE at Rs 40.30 a share.