Manufacturer of gears and gear products, Shanthi Gears on Tuesday clocked net profits at ₹1.29 crore for the January-March 2020 quarter.

The Tamil Nadu-based group company of diversified conglomerate Murugappa Group had registered net profits at Rs 6.01 crore during the corresponding quarter of the previous year.

For the full year ending March 31, 2020, net profits of stood at ₹25.19 crore against ₹33.35 crore recorded for the same period last fiscal.

Total income for the quarter ending March 31, 2020 slipped to ₹43.41 crore from ₹62.67 crore registered a year ago.

For the year ending March 31, 2020 total income was ₹248.82 crore as against ₹253.48 crore a year ago.

The company, in a notification to the BSE, said its regular operations have been affected due to the COVID-19 enforec lock-down.

“The company has considered the possible effects that may result from the pandemic on the carrying amounts of property, plant and equipment and investments, ” it said.

Shanthi Gears Ltd said it has evaluated the liquidity position recoverability ofassets.