Sterling Tools profit rises 40 pc in July-September

Mumbai, Nov 15 (PTI) Electric vehicle component manufacturer Sterling Tools Ltd has reported a 40 per cent jump in profit after tax at Rs 17.5 crore in the July-September quarter of the current financial year.
     The company had registered a profit after tax of Rs 12.5 crore in the corresponding quarter a year ago, Sterling Tools said in a statement.
     The automotive fastener manufacturer reported a 35.2 per cent increase in total income to Rs 285.9 crore during the reporting quarter as against Rs 211.5 crore in the July-September period of last fiscal.
     EBITDA (earnings before interest, taxes, depreciation and amortisation) increased 28.2 per cent to Rs 34.1 crore from Rs 26.6 crore a year ago, it said.
     "This robust growth was primarily driven by the continued strength of our SGEM (Sterling Gtake E-Mobility) business, which has made significant strides," said Atul Aggarwal, Managing Director of Sterling Tools Ltd (STL).
     The revenue share of SGEM in the overall mix has grown to 42 per cent in the first half of this fiscal compared to 30 per cent in the same period last year, he said.
     Sterling Gtake E-Mobility is a wholly-owned subsidiary of Sterling Tools.
     STL manufactures high tensile cold forged automotive fasteners and solutions catering to the passenger car, two-wheeler, commercial vehicle, as well as agri and construction equipment segments.

(This story has not been edited by THE WEEK and is auto-generated from PTI)