Coimbatore, 27th January 2016 : 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 Un-audited financial results for the quarter and nine months ended 31st December 2015.
The turnover for the quarter was 42.69 Crores against 42.46 Crores in the same quarter last Year. The net profit for the quarter was 5.15 Crores, 37% increase over the same period during the previous year. The turnover for the nine month period was 121.90 Crores against 113.44 Crores, 8% higher than the previous year.
Efficiency Improvements, product mix and cost reduction initiatives enhanced performance for the quarter. SGL’s current order book is at 74 Crores. The company will continue to pursue opportunities to grow the customer base, enhance product offerings, reduce cost and improve execution capabilities to meet customer expectations.
The Board declared an interim dividend of 0.50 per share of Face Value 1/- per share for the Year 2015-16.
About Murugappa Group
Founded in 1900, the 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., Parry Sugar industries Ltd, Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 32,000 employees.