Shanthi Gears Ltd, part of the Murugappa Group, reported a profit after tax (PAT) of ₹21 crore for the quarter ended September 30, 2023,  compared with ₹17 crore PAT in the year-ago quarter.

Revenue from operations grew to ₹135 crore (₹109 crore). Profit before tax for the quarter grew 32 per cent at ₹30 crore (₹22.5 crore).

Focus on cost optimisation and lower invested capital enabled improvement in return on invested capital to 72 per cent during Q2, according to a statement. The company generated a free cash flow of ₹19.1 crore (₹11.2 crore).

During the quarter under review, the company booked orders for ₹149 crore, an increase of 43 per cent over the year-ago period.