Coimbatore, 28 October 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 September, 2015. The turnover for the quarter was 42.05 crores against 36.77 crores in the same quarter last year up by 14%. The Profit before tax for the quarter was 8.00 crores against 2.71 crores in the previous year up by 195%. During this quarter the performance improvement was largely due to a combination of product mix, cost reduction and operational efficiency measures.
During the quarter, the Company built its order book by 41.49 crores (PY 54.36 crores) in the continuing difficult market condition. Pricing pressure from OEMs, fewer project orders closure and cheaper imports impacted the order booking. The Company continues to remain focused on expanding its customer base, enhancing its distribution and service network and on improving its operating efficiency.
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.