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Optical storage media manufacturer Moser Baer India has reported lower losses of Rs 62 crore for the three months ended September 2011 against Rs 71.6 crore in the year ago period.
The company said that stabilising inputs costs and continued robust demand in the global storage media market indicates “return to profitability in the coming quarters”.
On a standalone basis, the net sales were three per cent higher at Rs 532 crore. Moser Baer said the new customer orders booked at a higher ‘average selling price' during the previous quarters continue to lead the business resurgence. The company further said it has a robust demand visibility in the storage media business for future quarters.
Commenting on the performance, Mr Yogesh Mathur, Group CFO said, “Sustainable cost innovation and cost reduction initiatives along with improved average price, surge in demand and stability in commodity prices was propelling a resurgence of our storage media business.”
On the solar business operations, Mr Mathur said “the bank guarantees of $85 million submitted by Moser Baer Photo Voltaic are now released by REC signalling closure of all disputes. This brightens MBPV's prospects in the crystalline silicon business in future.”
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