Chennai, Oct 23, 2013: 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 and half year ended 30th September, 2013. The turnover for the quarter was Rs 40.64 cr against Rs.37.98 cr in the same quarter last year. The net profit for the quarter was Rs.6.73 cr against Rs.5.72 cr in the previous year. The turnover for the first half of the financial year increased to Rs.73.83 cr, a growth of 7%. The net profit for the period grew by 8% to Rs.10.09 cr against Rs.9.30 cr in the previous year.
During the quarter, the turnover of the Company grew sequentially by 22.4% to Rs.40.64 cr and the Net Profit grew from Rs.3.36 cr to Rs.6.73 cr. The Company’s focus on improving its execution and internal efficiencies helped post this performance. The Company participated in the recently concluded Gear Expo, 2013 organised by the American Gear Manufacturers Association at Indianapolis, USA. The new standard range of gearboxes developed by the Company is expected to be released very soon and this is expected to enhance and strengthen its presence in this segment.
With a better monsoon, improvement in liquidity and improving business sentiment, it is expected that the growth in the industry will pick up in the coming quarters. The Company’s current order book is at Rs.69 cr., and the Company will continue to maintain its focus on growing the customer base, reducing cost, developing new products and solutions in line with customer requirements and improving deliveries.
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.