Coimbatore, 30 July 2015 : 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 unaudited financial results for the quarter ended 30th June, 2015. The turnover for the quarter was Rs 37.16 crores against 34.21 crores in the same quarter last year. The Profit before tax for the quarter was 2.92 crores against 1.94 crores in the previous year.
During the quarter, the Company built its order book by 41 crores (PY 48 Cr) in the continued difficult conditions in the market. Most of the key user segments in the domestic market remained flat during the quarter just ended. The Company continues to remain focused on expanding its customer base, enhancing the distribution and service network and on improving its speed of execution. Intense competition in the market place and depressed markets exerted pressure on the Company’s profitability. The various cost management initiatives undertaken over the last few months together with a thrust on operating efficiencies have helped the Company mitigate this impact.
With an improvement in business confidence aided by the recent growth in the core sectors, it is expected that the growth in the industry will pick up in the coming quarters. The Company’s current order book is at 80 cr., and the Company will continue to maintain its focus on growing the customer base, enhancing its product range, reducing cost and improving deliveries to achieve a better performance in the coming quarters.
About Murugappa Group
Founded in 1900, the INR 269 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including nine 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.,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 6 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.