Its net sales went up by 12.27 per cent to Rs 1,201.5 crore for the quarter compared to the corresponding quarter last year. The drop in net profit is largely attributed to the slowdown in the automobile sector.
The profit before tax of the company was also down by 9.8 per cent at Rs 231.5 crore in the first quarter compared the same quarter last year. The earnings per share has also come down. For the quarter it stood at Rs 50.5 per share compared to Rs 57.3 per share in the year ago period.
The company termed the results as below expectations but hopes that as a result of Union budget measures to certain sectors of the auto industry, automotive market will pick up in the coming quarters leading to higher sales for the company.