HMT records aggregate turnover of Rs 611 crore

Bangalore, Apr 16 (UNI) Public Sector HMT and its subsidiaries recorded an aggregate turnover of Rs 611 crore in 2006-07 as against Rs 579 crore during the previous fiscal, registering a growth of six per cent.

The company, in a release here today, said the net earnings in 2006-07 was Rs 67 crore as against Rs 14 crore in the previous year.

The total revenues of the group was Rs 827 crore during 2006-07 and the sales target for 2007-08 was pegged at Rs 928 crore.

The release said the machine tool subsidiary developed new machines to meet the burgeoning demand from defence, auto and auto ancillary sectors. New product development initiatives were taken up in the tractor and watch business. The group bagged an order for setting up a Small and Medium Entrepreneur Training Centre in Zimbabwe and it would focus on the project, apart from exporting engineering goods.

The machine tool subsidiary achieved a turnover of Rs 263 crore, tractor business Rs 228 crore and the watch business around Rs 44 crore. HMT (International) and the bearings subsidiary recorded a turnover of Rs 31 crore and Rs 30 crore respectively.

On the comprehensive revival plan announced by the Centre recently, the company said the revival plan proposals of HMT Bearings Limited and Praga Tools had been approved by the Centre and were under implementation. The revival plan in respect of HMT Machine Tools, covering a financial package of Rs 880 crore, had been sanctioned. The package covered equity share capital for meeting capital expenditure for modernisation of plants, training and retraining of employees, technology acquisition and discharge of long-term liabilities to realise good result in higher productivity of the plants. The revival plan proposals of HMT and HMT Watches Limited had been submitted to the Centre and clearance was awaited, it added.

UNI