Shanthi Gears, makers and suppliers of power transmission products, a subsidiary of Tube Investments of India of the Murugappa Group company, has reported a 66.2 per cent decline in net profit for the second quarter ending September 30, 2014 at Rs 2.27 crore.
For the corresponding period of the previous year, the net profit stood at Rs 6.73 crore.
Total income from operations for the second quarter ended September 30, 2014 dipped to Rs 37.73 crore from Rs 41.69 crore registered during the same period of previous year.
For the six month period ending September 30, 2014 total income from operations declined to Rs 72.99 crore from Rs 75.97 crore registered during the same period of the previous year, a company statement said.
On the company's financial performance, it said sales came down due to poor execution of orders as a result of long lead times in design and approvals by customers and consequently procurement of raw materials.
The company's order book currently stands at Rs 92 crore.
The company continues to remain focused on expanding its customer base, enhancing the distribution and service network and on improving its speed of execution, it said.
Shanti Gears been undertaking various cost management initiatives in the last few months together with a thrust on operating efficiencies, the statement said.
