Coimbatore, 29th April, 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 audited financial results for the quarter and year ended 31st March, 2015.
The turnover for the year was slightly higher than the previous year at 152.00 Crores against 150.77 Crores in the previous year. The net profit for the year was 9.32 Crores against 18.38 Crores in the previous year. The profit for the year was impacted by the adverse market conditions, lower pricing due to strategic entry into segments not present and settlement of a long pending dispute with a customer.
The Company grew the orders booked in the domestic market, during the year by 35%. Enhanced presence in the market, leveraging service capabilities and re-entry into the project segment made this possible. The Company also focused on building its capabilities in design, manufacture and servicing of Vertical Rolling Mill (VRM) and Planetary Gearboxes with key customers. The Company finished the year with an order book of 79 crores. The service initiatives of the Company continue to be on track and the All India service network enables the Company to reach its customers within 24 hours.
With improving sentiment and improvement in liquidity aided by lower inflation it is expected that investments in key user segments will pick up and growth in the industry will improve 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, Fertilisers, 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.