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Our Bureau

Bangalore, July 21

HMT Ltd has reported a steep loss of Rs 12.9 crore for the quarter ended June compared to Rs 1.5 crore for the corresponding previous period. Sales income also dipped considerably to Rs 19.9 crore (Rs 49 crore).

The Chairman and Managing Director, Mr M.S. Zahed, said that the sliding performance has been due to poor disbursement of retail finance to farmers, which affected its tractor distribution. He said that the company hopes to improve sales by the next quarter, when the improved demand for the tractors and higher capacity utilisation would improve topline and bottomline. The company hopes to produce 12,000 tractors against 9,500 last fiscal. It has the capacity to scale up production to 14,000 for the full year. HMT expects turnover in the current fiscal to touch Rs 350 crore.

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