Sundaram Clayton Ltd. (SCL) has reported a nearly 9-fold increase in its standalone net income to ₹722 crore for the fourth quarter ended December.
The figures include an exceptional gain of £6.11 billion – a £5.99 billion gain on the sale of shares representing its stake in TVS Motor and £17.38 billion in interest income from investments – and voluntary separation costs of £5.59bn.
Operating revenue rose 22.7% to £4.97 billion, the auto components maker said in a statement.
The company announced on Friday that it has recruited Dr. Appointed Lakshmi Venu as Managing Director with immediate effect. Previously she was the Joint MD. She is considered to have been instrumental in establishing SCL’s global presence.
“Lakshmi’s focus and dedicated effort over the past decade has resulted in the company making a turnaround in terms of quality, profitability and building relationships with OEMs,” said Chairman Emeritus Venu Srinivasan.
“She has spearheaded the build-up of our US operations. We are confident that Sundaram-Clayton will rise globally under her leadership,” he said.
Ms. Venu said: “It is indeed an honor to lead Sundaram Clayton into its next phase of growth. The world is changing very fast and disruptions in the automotive industry are becoming a matter of course. The future promises to be exciting and challenging and offers new opportunities.”