Shanthi Gears Ltd (SGL), a subsidiary of Tube Investments of India Ltd, (TII) of the Murugappa Group recorded a turnover for the year was higher by 7% in comparison to the previous year and at Rs 162.42 crore. The net profit for the year was 96% higher at Rs 18.24 crore against Rs 9.32 crore in the previous year. The turnover for the quarter was Rs 40.52 crore against Rs 38.56 crore in the same quarter last year. The net profit for the quarter was Rs 5.33 crore against Rs 1.43 crore for the same period during the previous year.
The company offered products to substitute imported gear boxes through strong engineering and product development capabilities. Production increased by 14% through focus on order execution. This in turn helped in providing better service to customers. Company has a good entry into the defence sector and the overall order booking went up by 11% to Rs 195 crores. SGL’s current order book is at Rs 106 crore. Cost optimisation, efficiency improvement and cost reduction initiatives ensured enhanced performance for the year. The company will continue to pursue opportunities to grow the customer base and enhance product offerings.
