Chennai, 29 April 2014: The Board of Shanthi Gears Ltd.,(SGL) a subsidiary of the Chennai based Tube Investments of India Ltd, (TII) of the Murugappa Group met today to discuss the audited financial results for the quarter and year ended 31st March 2014.

The Turnover for the year was higher at 150.77 Crores against 143.72 Crores in the previous year, representing a growth of 4.9%. The Net Profit for the year was 18.38 Crores against 15.47 Crores in the previous year, a growth of 18.8%.

SGL was able to establish its capabilities in design, manufacture and servicing of Vertical Rolling Mill (VRM) and Planetary Gearboxes with key customers. In addition, the company was able to re-establish business with most of its past customers across product segments. Moreover, SGL enhanced its presence in servicing of all makes of gearboxes by expanding its network of Service personnel in all regions of the country. SGL also strengthened its position with Export customers. All of the above initiatives resulted in the growth of top line when the Industry was in a downtrend. The Company finished its year with a healthy order book position.

With improving sentiment and improvement in liquidity aided by a good harvest and stabilising inflation it is expected that the growth in the industry will pick up in the coming quarters. The Company will continue to maintain its focus on growing the customer base, expanding its product offerings and capabilities, reducing cost and improving execution in line with customer expectations.

About Murugappa Group

Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.