HMT swings into black, logs Rs 59 lakh profit in Q2

The Bengaluru-based manufacturing firm's total income from operations increased to Rs 6.21 crore during the second quarter from Rs 4.59 crore in the same period last year.

New Delhi: State-owned HMT Limited on Wednesday reported a net profit of Rs 59 lakh for the second quarter ended September 30, mainly due to higher income from operations.

The company had posted a loss of Rs 28.89 crore in the corresponding quarter last fiscal.

The Bengaluru-based manufacturing firm's total income from operations increased to Rs 6.21 crore during the second quarter from Rs 4.59 crore in the same period last year.

During the quarter under review, its total expenses reduced to Rs 5.26 crore compared to Rs 5.78 crore in the year-ago period, the company said in a regulatory filing.

The tractor business of the company had been discontinued as per the decision of the Cabinet Committee on Economic Affairs in 2016-17.

The company's scrip closed at Rs 39.60, down 2.58 percent from its previous close on BSE.