Shanthi Gears Limited (SGL), a subsidiary of Tube Investments of India Ltd. (TII), has reported a 78% decline in its standalone net profit for the fourth quarter ended March 2020 to ₹1.29 crore due to sluggish demand.

During the year under review, the company reported a revenue of ₹41.61 crore against ₹60.10 crore posted during the corresponding year-ago period.

As of March 2020, SGL booked orders for ₹70 crore against ₹72 crore and for the full year, it was ₹254 crore against ₹288 crore. This is on account of sluggish demand from almost all major user industries due to continued industrial slowdown and lockdown on account of COVID-19, said the company in a regulatory filing.

SGL had a pending order book of ₹155 crore as of March 2020 against ₹168 crore.

The Company has not proposed to exercise the option of lower corporate tax rate, accordingly no adjustments have been made in the financial results.

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Shanthi Gears Q4 profit drops 78%

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