Coimbatore, 27 January 2014: 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 nine months ended 31st December, 2013. The turnover for the quarter was 40.42 cr against 38.95 cr in the same quarter last year. The net profit for the quarter was4.62 cr against 4.24 cr in the previous year. The turnover for the nine month period increased to 114.25 cr (PY Rs. 107.98 cr). The net profit for the period grew to 20.94 cr agai nst 19.50 cr in the previous year, a growth of 7.4%.
The Board declared an Interim Dividend of Re.1/- per share of Face Value Re.1/- per share.
During the quarter, the Company further established itself in the Planetary Gear box segment servicing major orders from its key customers. The Company’s focus on cost management, improving its execution and internal efficiencies helped the performance. During the quarter the Company significantly built its order book despite difficult market conditions.
With improving sentiment and improvement in liquidity aided by a good harvest and stabilising inflation it is expected that the growth in the industry will pick up in the coming quarters. The Company’s current order book is healthy and 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.