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MACHINIST - Setco Automotive' Total Income up 37.9% at Rs. 72.85 Cr in Q1 FY11

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Home arrow Auto component arrow Setco Automotive' Total Income up 37.9% at Rs. 72.85 Cr in Q1 FY11

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Setco Automotive' Total Income up 37.9% at Rs. 72.85 Cr in Q1 FY11
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Written by Vijay   
Tuesday, 23 August 2011

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Mumbai: Setco Automotive Ltd, a  manufacturer of Premium Quality Lipe clutches for heavy and medium commercial vehicles in India, has recorded a Revenue growth of 37.9% for the first quarter ended June 30, 2011. It's Total Income increased to Rs. 72.85 Crs, a growth of 37.9% compare to Rs. 52.8 Crs in the corresponding previous quarter.

The Company's net profit for the June quarter has increased by 34.7% to Rs. 7.07 Crs compared to Rs.5.25 Crs in corresponding quarter in previous year. The Earning per Share for the June 11 (Q1) has increased to Rs. 4.01 compared to Rs. 2.98 in the corresponding previous quarter.

"Q1 has been relatively good; and we hope the auto industry continues to grow in the coming quarters. Setco is continuing its focus on new product development, testing and introduction. Further we are continuing our expansion program into new markets and products and are on target for the same," said Harish Sheth, Chairman & Managing Director, Setco Automotive Limited.

The company employs more than 700 people globally. It is a Tier I supplier of clutches to all major Indian commercial vehicle manufacturers with a customer base inclusive of prominent names such as Tata Motors, Ashok Leyland and Volvo Eicher commercial Vehicles, AMW, amongst others.

Setco has strategic global footprint with 4 manufacturing facilities globally, 2 in India, and 1 each in UK and USA, with its corporate base in Mumbai, India. Setco’s R&D base is also strategically set up in Europe and India.

 
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