Ind-Swift is passing through difficult phase though it has reduced its net loss during the first quarter ended June 2016. Its net loss declined to Rs.24.38 crore from Rs.30.81 crore in the corresponding period of last year. Its loss before depreciation, interest and taxation worked out to Rs.11.15 crore as against Rs.14.87 in the same period of last year. Its net sales declined by 26 per cent to Rs.60.32 crore from Rs.81.48 crore. EPS is negative Rs.4.84 as against negative Rs.6.12 in the last period.

Its interest cost declined to Rs.4.35 crore from Rs.6.92 crore. During the quarter some banks have not charged interest due to sub standard account on cash credit, term loans, working capital term loans and funded interest term loans accounts. The accrued liability on account of the same amounting to Rs.30.90 crore has not been provided. Further, interest accrued on fixed deposit during this quarter for Rs.63 lakh has not been provided in accounts as the same is payable to fixed deposit holders at the time of maturity of fixed deposits as per scheme approved by company law board.

Other expenses of Rs.25.56 crore included provision for doubtful debts/debts written off for Rs.1.70 crore which has been made in accounts on proportionate basis in respect of debts considered to be doubtful of recovery. Further, other expenditure included Rs.11.50 crore being the stock written off by the company on account of expired/spoilage/not moving stocks of raw material/finished goods, being not realizable in normal course of business.