Compact disk maker Moser Baer India Ltd (MBIL) today reported a rise in its standalone net loss at Rs 131.73 crore for the second quarter ended September 30, 2013.
The city-headquartered firm had posted a net loss of Rs 87.62 crore in the year-ago period, it said in a BSE filing.
Standalone net sales of the company declined by 30 per cent to Rs 289.61 crore in the July-September quarter this fiscal from Rs 414.27 crore in the same quarter of 2012-13.
MBIL in a statement said: “Second quarter financial affected by an unrealised forex loss of Rs 28.45 crore on account of the long term foreign currency liabilities.”
Commenting on the results, MBIL CFO Yogesh Mathur said: “During the quarter, the company faced short term liquidity challenges which are being addressed with active cooperation of our banks. We continue to ramp up operations in Solid State Media and develop emerging technologies.”
Further, the company is focusing on rationalising operating costs and consolidating operations to generate cost efficiencies, he added.
Based on the recent announcement of Domestic Content Regulations (DCR), under Jawaharlal Nehru National Solar Mission, the company is finalising plans to recommence cell manufacturing and is in discussions with banks for the corresponding facilities, MBIL said.
“Consolidation of manufacturing activity at one location is helping optimise operations cost, thereby resulting in improved performance. We are focusing on growing solid state media business and development of LED lighting business,” MBIL CEO (Storage Media), Bhaskar Sharma said.