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Home arrow News arrow Automotive arrow Setco Automotive revenue up 43.1% , Net Profit up 84.6% in FY11
Setco Automotive revenue up 43.1% , Net Profit up 84.6% in FY11 Print E-mail
Written by Vijay   
Wednesday, 01 June 2011
Mumbai: Setco Automotive Ltd, a premium automotive clutch manufacturer, registered revenue growth by 43.1% during the Fiscal 2011, leveraged by strong growth in Commercial Vehicle sector. The revenue increased from Rs. 21149 Lacs for the Fiscal 2010 to Rs. 30265 Lacs for the Fiscal 2011. The Net Profits increased by 84.6% to Rs. 3288 Lac as against Rs. 1781 Lac for the previous year.

"2010-11 has been a challenging year. The OEMs have increased production and shifted technologies. As a key supplier we have made the necessary upgrades to ensure the highest level of service to them," said Harish Sheth, Chairman & Managing Director, Setco Automotive Limited.

"The challenge still remains towards ensuring that input costs are reduced or at the best maintained; additionally we also need to focus more on our supply chain augmentation. The Board of Directors have appreciated the performance and we as a organization are committed towards delivering better value to our stakeholders in the future," Harish Sheth said.

Earnings Per Share (EPS) for the FY 2010-11 increased to Rs. 18.63 which was Rs. 10.09 in corresponding previous year.

For the Quarter ended March 31, 2011

The company had a revenue growth of 60.7% for the quarter ended March 31, 2011. The revenue increased to Rs. 10771 Lacs in the fourth quarter of fiscal 2011 from Rs. 6702 Lacs in the fourth quarter of previous fiscal. Pedestal on the robust sales growth, company's Net Profit for the quarter ended March 31, 2011 has increased by 103.8% to Rs. 1327 Lacs compared to Rs. 651 Lacs for the corresponding quarter ended March 31, 2010. Earnings Per Share (EPS) for the fourth quarter is at Rs. 7.44 which was Rs. 3.69 in corresponding previous quarter.

Company's subsidiaries in UK and USA have turnaround and posted profits during the year.

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