Shanthi Gears Ltd., a Murugappa Group firm, has posted a 38.10% dip in its standalone net profit to ₹6.09 crore for the third quarter ended December 2019 following sluggish market conditions.
During the period under review, revenue stood at ₹58 crore, a 6% contraction over the year-earlier period.
The company bagged orders worth ₹53 crore against ₹73 crore on account of sluggish demand from almost all major user industries due to continued industrial slow down, said the company in a statement.
SGL had pending orderbook worth ₹127 crore as on December 2019 against ₹159 crore. The company made good strides in the service and replacement market, according to the statement.
