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.
Caution Notice
The public is hereby cautioned that it has been brought to our notice that certain unscrupulous persons/agencies are issuing fake sanction letters to customers and getting their signatures in fake loan agreements purporting to be a loan sanction letter & loan agreement of Murugappa Group and such persons /agencies are attempting to extort money by demanding security deposit/processing fee/insurance fee from the gullible customers for processing the required loan etc. In the aforesaid documents, those unscrupulous persons/agencies are also using the registered logo and name of Murugappa Group against law with intent to gain wrongfully by using the goodwill and reputation of the Group.
Please be informed that Murugappa Group is not a separate legal entity and never requires any customers to pay any advance money or deposit for loan sanctioning. Public is cautioned not to rely or act on any such fraudulent sanction/offer made in the name of Murugappa Group without verifying the authenticity of the contents.
Customers who are interested in availing loans may directly contact any of the nearest branch of Cholamandalam Investment and Finance Company Limited (Cholamandalam) a constituent of our group for further details or get in touch with us at 1800 200 4565 or alternatively email at customercare@chola.murugappa.com, or SMS at 9500000312.
MURUGAPPA GROUP