Shanthi Gears Ltd.–Half year profit up by 46%
The Board of Shanthi Gears Ltd. (SGL) a subsidiary of Tube Investments of India Ltd, (TII) met today to discuss the unaudited financial results for the quarter ended 30th September, 2016. The turnover for the quarter was INR49.77 Crores against INR 46.55 Crores in the same quarter last year, up by 7%. The Profit before tax for the quarter was INR 9.19 Crores against INR8.38 Crores in the same quarter last year, up by 10% and Profit before tax for half year was INR15.82 Crores against INR10.83 Crores, up by 46%. The Company focused on improving operational efficiencies and specific cost reduction initiatives which resulted in higher profitability.
During the quarter, the Company built its order book by INR53 Crores (PY INR41 Crores). The company started to build order book through efforts done during the last financial year.
The Company’s current order book is at INR112 Crores. Company continues to remain focused on expanding its customer base, enhancing its service network and improving its operating efficiency through investments in modern technology equipment.