Net loss of Harita Seating Systems reported to Rs 2.63 crore in the quarter ended June 2019 as against net profit of Rs 3.10 crore during the previous quarter ended June 2018. Sales declined 21.60% to Rs 92.97 crore in the quarter ended June 2019 as against Rs 118.59 crore during the previous quarter ended June 2018.

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Net profit of Harita Seating Systems declined 16.03% to Rs 10.11 crore in the quarter ended March 2019 as against Rs 12.04 crore during the previous quarter ended March 2018. Sales declined 24.30% to Rs 77.03 crore in the quarter ended March 2019 as against Rs 101.76 crore during the previous quarter ended March 2018.

For the full year,net profit declined 28.51% to Rs 22.02 crore in the year ended March 2019 as against Rs 30.80 crore during the previous year ended March 2018. Sales rose 9.33% to Rs 477.60 crore in the year ended March 2019 as against Rs 436.86 crore during the previous year ended March 2018.

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Harita Seating Systems announced that the Board of Directors of the Company at its meeting held on 26 March 2019, inter alia, have recommended the second interim dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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The Board of Harita Seating Systems at its meeting held on 14 February 2019 has approved the draft Composite Scheme of Arrangement of Harita (transferor company 1) and Harita Venu (transferor company 2) and Harita Cheema (transferor company 3) and Harita Financial Services (transferor company 4) and Harita Seating Systems (transferor company 5) and Minda Industries (transferee company) and their respective shareholders.

The scheme provides for -

Amalgamation of the Transferor Company 1, Transferor Company 2, Transferor Company 3 and Transferor Company 4 with the Transferee Company; and

Amalgamation of the Company with the Transferee Company.

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