Sundaram-Clayton Ltd. (SCL) has reported an almost ninefold jump in its standalone net profit to ₹722 crore for the fourth quarter ended December.
The numbers included an exceptional gain of ₹611 crore – a profit from sale of shares of ₹599 crore representing its stake in TVS Motor and interest income of ₹17.38 crore arising out of investments – and voluntary separation cost of ₹5.59 crore.
Revenue from operations rose 22.7% to ₹497 crore, the auto components manufacturer said in a statement.
The company announced on Friday that it had elevated Dr. Lakshmi Venu as managing director with immediate effect. Until now, she was the Joint MD. She is acclaimed to have been instrumental in establishing SCL’s global footprint.
“Lakshmi’s focus and dedicated efforts over the last ten years have seen the company do a turnaround in quality, profitability, and building relationship with OEMs,” chairman emeritus Venu Srinivasan said.
“She has spearheaded the establishment of our U.S. operations. We are confident that under her leadership, Sundaram-Clayton will see its rise globally,” he said.
Ms. Venu said: “It is indeed an honour to lead Sundaram Clayton to its next phase of growth. The world is changing very rapidly and disruptions in the automotive industry are becoming de rigueur. The future promises to be exciting, challenging and presents new opportunities”.
