Setco Automotive Q1 net by 34.7%

Premium automotive clutch manufacturer, Setco Automotive Ltd, has posted a growth of 34.7 per cent on its net profit for the first quarter ended June 30 for the financial year 2011-12. Releasing its unaudited financial results for the first quarter, Setco Automotive stated that its net profit had risen to Rs 7.07 crore, from Rs 5.25 crore in the corresponding quarter previous year.

Similarly, the company's total Income increased to Rs 72.85 crore, posting a growth of 37.9 per cent as compared to Rs 52.8 crore in the corresponding previous quarter.

"The first quarter has been relatively good; and we hope the auto industry continues to grow in the coming quarters. Setco is continuing its focus on new product development, testing and introduction. Further we are continuing our expansion program into new markets and products and are on target for the same," said Harish Sheth, Chairman and Managing Director, Setco Automotive Limited while commenting on the performance of the first quarter.

The company's EPS for the June’11 quarter increased to Rs 4.01 compared to Rs 2.98 in the corresponding previous quarter. Employing over 700 peope globally, Setco is a tier I supplier of clutches to all major Indian commercial vehicle makers with a customer base inclusive of prominent names such as Tata Motors, Ashok Leyland and Volvo Eicher commercial Vehicles, AMW, amongst others. The company has a strategic global footprint with four manufacturing facilities globally, two in India, and one each in UK and USA, while its R&D base is strategically set up in Europe and India.