Sundaram Brake Q4 net loss at Rs 3.64 cr

Sundaram Brake Linings, a part of the TVS Group, has reported a net loss of Rs 3.64 crore for the fourth quarter ended March 31, 2014.

The Chennai-based company had registered a net profit of Rs 1.41 crore during the corresponding period of the previous year, Sundaram Brake Linings said in a BSE filing today.

For the financial year ended March 31, 2014, the net loss of the company stood at Rs 5.21 crore as against Rs 4.40 crore registered during the same period of previous year.

Total income from operations for the fourth quarter grew to Rs 65 crore from Rs 61.69 crore registered during the same period a year ago.

For the financial year ending March 31, 2014, the total income from operations rose to Rs 246.61 crore from Rs 231.66 crore in the previous year.

Meanwhile, in another statement, the company said it has appointed Krishna Mahesh, earlier the Joint Managing Director, as the new Managing Director, with immediate effect.

Krishna Mahesh takes over from K Mahesh who has "relinquished" his position as Managing Director citing personal reasons, it said.

Sundaram Brake Linings currently employs about 1,500 employees and has five manufacturing facilities. About 35 per cent of the company's sales are shipped to 54 countries.

Shares of the company were trading at Rs 183 a piece, down by 8.66 per cent over previous close in afternoon BSE.