Automotive parts manufacturer Sterling Tools Ltd’s profit after tax doubled in the March quarter to Rs 16.3 crore driven by growth in its electric vehicle division.
The company reported a profit after tax of Rs 7.8 crore in the year-ago period, Sterling Tools Ltd (STL) said in a statement.
Total income in the January-March quarter jumped by 27 per cent to Rs 270.2 crore compared to Rs 212.7 crore in the last quarter of the previous year, the company said.
For the full 2023-24 fiscal, the profit after tax rose by more than 15 per cent to Rs 55.4 crore against Rs 47.9 crore in the previous year. Total Income for FY24 rose by 21 per cent to Rs 938.5 crore as against Rs 774.9 crore, the company said.
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The Electric Vehicle (EV) division of the company, Sterling Gtake E-Mobility (SGEM), reported a 23 per cent growth in total income to Rs 323.8 crore in FY24 compared to Rs 174.3 crore in the year-ago period.
The EV division accounts for 35% of FY24 consolidated revenue now against 23 per cent of revenue in FY23, the company said.
Sterling Tools’ wholly-owned subsidiary SGEM is a leading supplier of Motor Control Units to the Electric Vehicle industry, especially two-wheelers in India.
Last week, the company announced key leadership changes as part of the succession plan. As part of this, Sterling Tools elevated Atul Aggarwal to the position of Managing Director and Anil Aggarwal became Chairman & Whole Time Director.
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Also, Akhill Aggarwal was appointed as a full-time director.
Additionally, Sanjiv Garg and Vijay Madhav Paradkar joined the Company as Independent Directors.
STL manufactures high tensile cold forged automotive fasteners, and solutions catering to the passenger cars, two-wheelers, commercial vehicles, agri-equipment, and construction equipment segments.
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