Hindustan Motors Ltd (HML), the maker of iconic Ambassador cars, posted a net profit of Rs.20.36 crore for the quarter ending Dec 31, 2012, the company said Saturday.
The automaker, owned by the C.K. Birla Group, had posted a net loss of Rs.42.81 crore for the corresponding period previous year.
There has been an exceptional item of Rs.42.37 crore in the company's profit for the third quarter this fiscal.
The exceptional item represents profit on transfer of immovable properties and non-current investment, HML said in a filing to the Bombay Stock Exchange (BSE).
Last month, the city-based company decided to demerge and transfer its Chennai Car Plant (CCP) to its fully-owned subsidiary Hindustan Motor Finance Corp (HMFCL) with effect from April 1, 2012.
Net sales during the period under review increased to Rs.112.94 crore from Rs.96.65 crore for the same period a year ago.
The firm registered a net loss of Rs.30.10 crore in the previous quarter ending Sep 30, 2012.