Industrial power transmission products manufacturer Shanthi Gears today reported 48.8% plunge in net profit to Rs 3.58 crore for the quarter ending June 30, 2012.
The Coimbatore-based firm had posted a profit of Rs 7 crore registered during the same period of last year.
Total income from operations for the quarter ending June 30, 2012, also slumped to Rs 32.91 crore against Rs 41.27 crore.
Early this month, $4.4 billion Murugappa Group company Tube Investments announced its plan to acquire a 44.1% stake in Shanthi Gears to enter the value-added services market.
Shares of the company were trading at Rs 67.20 apiece, down by 0.52% over the previous close in the afternoon BSE.