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Coimbatore-based gears and gear products manufacturer Shanthi Gears Ltd, which has been taken over by the Chennai-based Murugappa Group, has witnessed a marginal decline in net income and profit in the Q2 of current year compared to the same period in the previous fiscal.
The income from operations was Rs 39.56 crore compared to Rs 42.71 crore in the same quarter last year. The net profit slipped to Rs 5.72 crore in September ending quarter in 2012 (Rs 7.12 crore). The EPS (share face value Re 1) was Re 0.70 (Re 0.87).
Shanthi Gears was acquired by Tube Investments of India Ltd, a Murugappa Group company, from its former promoters on September 3 and this is the first quarterly result under the new management. TII, which had paid Rs 81 per share for acquiring 44.12 per cent stake of the former promoters of SGL, has made an open offer to buy a further 26 per cent stake from the public shareholders. The open offer is set to close on October 31 and all formalities including payment for the shares tendered under the open offer are expected to be completed by November 16, 2012.
The shares of SGL are trading at Rs 72.55, a gain of 10 paise, on the BSE.
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