Sunday, Apr 24, 2005
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Special Correspondent
BANGALORE: Engineering and technology major HMT returned to black after a gap of four years by notching a net profit of Rs. 6.21 crores in 2004-05 and has unveiled new initiatives to sustain the growth momentum. As part of this plan, HMT is considering a foray into the auto sector by making multi-utility vehicles and light commercial goods vehicles. HMT has entered into an agreement with Mitsubishi to source components for the new engine line commissioned in the tractor unit located at Pinjore. The company also propose to start full commercial production of high-speed tractors christened `Trantors' that can be used for farming purposes and for transportation of goods. During 2004-05, HMT earned revenues of Rs. 611 crores, registering a growth of 24 per cent as compared to the previous year. The company's tractor and machine tool business grew by 31 per cent and 21 per cent respectively. Officials reckon the turnover to touch Rs. 1,500 crores during the current fiscal.
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