Automotive friction material manufacturer Sundaram Brake Linings, part of the TVS group on Tuesday announced change at its top management. According to the company, K Mahesh has resigned as managing director for personal reasons. However, he will continue as the Chairman of the company. His son, Krishna Mahesh, who is currently the Joint Managing Director, has been appointed as the Managing Director.
Meanwhile the company has reported a net loss of Rs 3.64 crore (on a total income of Rs 65 crore) for the fourth quarter ended March 31, 2014 against a net profit of Rs 1.41 crore (on a total income of Rs 61.69 crore) during the corresponding period of the previous year.
For FY14 the company reported a net loss of Rs 5.21 crore against Rs 4.40 crore registered during the same period a year ago. This is despite its total income from operations increasing to Rs 246.61 crore from Rs 231.66 crore in the previous year. The company makes brake linings for all kinds of vehicles and currently about 35 per cent of the sales comes from exports to 54 countries.
