Aluminium castings maker Sundaram Clayton hopes to cross a turnover of Rs 1,000 crore this year.
The company, which clocked Rs 850 crore last year, is betting on exports and the domestic two-wheeler industry to shore up sales. “TVS Motors has planned an increase in sales in the next quarter. As its exclusive supplier, we expect to benefit from this. Exports in the US are also looking good,” said Mr H. Lakshmanan, Executive Director.
For the third-quarter ended December 31, Sundaram Clayton posted a 28 per cent growth in net sales at Rs 252 crore. Net profit rose 62 per cent to Rs 15.82 crore. This quarter includes an exceptional item of Rs 18.32 crore — profit on sale of equity shares held as long-term investments. “In the third quarter, exports were good but the Indian market was not as we had expected it to be — both in commercial vehicles and two-wheelers.”
Sundaram Clayton has appointed Mr Venu Srinivasan, Managing Director, as Chairman of the board, effective February 10. It has also appointed Mr R. Vijayaraghavan as additional and non-executive independent director .
The company's share price was up 2.96 per cent at Rs 186 on the BSE on Friday.