Sterling Tools Limited Announces Standalone Earnings Results for the Quarter and Year Ended March 31, 2019 and Consolidated Earnings Results for the Year Ended March 31, 2019; Announces Resignation of Manohar Lal Aggarwal as Executive Chairman Cum Whole Time Director
May 23, 2019 at 01:33 pm
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The board of directors of Sterling Tools Limited meeting held on May 23, 2019, accepted resignation of Sh. Manohar Lal Aggarwal, the Executive Chairman of the Company from the office of Chairman cum Whole Time Director of the Company. Granted the Honorary position of Chairman-Emeritus to Sh. Manohar Lal Aggarwal in recognition of his valuable contribution as an Executive Chairman.
The company announced standalone earnings results for the quarter and year ended March 31, 2019 and consolidated earnings results for the year ended March 31, 2019. For the quarter, on standalone basis, total income was INR 1,200.167 million compared to INR 1,327.281 million a year ago. Profit for the period was INR 73.531 million compared to INR 118.051 million a year ago. Basic earnings per share was INR 2.04 compared to INR 3.28 a year ago.
For the year, on standalone basis, total income was INR 5,185.664 million compared to INR 4,701.049 million a year ago. Profit for the period was INR 448.606 million compared to INR 486.611 million a year ago. Basic earnings per share was INR 12.45 compared to INR 13.66 a year ago.
For the year, on consolidated basis, total income was INR 5,187.480 million compared to INR 4,702.990 million a year ago. Profit for the period was INR 451.174 million compared to INR 490.518 million a year ago. Basic earnings per share was INR 12.52 compared to INR 13.77 a year ago.
Sterling Tools Limited is an India-based company engaged in the manufacturing of high-tensile cold forged fasteners. The Company caters to various automotive companies in India, Europe, and the United States. Its product portfolio includes standard fasteners, special fasteners, stainless steel fasteners, bolt fasteners, nut fasteners, screw fasteners, anchor fasteners, chassis fasteners and engine fasteners. It manufactures cold forging and thread rolling. It is also engaged in heat treatment, surface treatment and engineering. Its range of standard fasteners includes socket head cap screws, hexagonal head bolts, studs, hexagon nuts and weld nuts. Its range of chassis fasteners includes hub/wheel bolts, hub nuts, wheel studs, suspension bolts, propeller shaft bolts/nuts, track shoe bolts/nuts, rivets, and two-wheeler spindles/wheel axles. Its engine fasteners include cylinder head bolts/screws, flywheel nuts/bolts, connecting rod bolts/nuts, balance weight bolts and main bearing cap.
Sterling Tools Limited Announces Standalone Earnings Results for the Quarter and Year Ended March 31, 2019 and Consolidated Earnings Results for the Year Ended March 31, 2019; Announces Resignation of Manohar Lal Aggarwal as Executive Chairman Cum Whole Time Director