Reflecting SGEM's growing importance, its revenue share within the company climbed to 42% in the first half of this fiscal year, compared to 30% during the same period last year.Sterling Tools Ltd, an electric vehicle component manufacturer, saw a significant profit surge in the second quarter of the current financial year (July-September). Their profit after tax jumped 40% to INR 17.5 crore compared to INR 12.5 crore during the same period last year. This growth is largely attributed to the strong performance of their electric mobility subsidiary, Sterling Gtake E-Mobility (SGEM).
Sterling Tools Ltd also reported a 35.2% rise in total income, reaching INR 285.9 crore in the second quarter, up from INR 211.5 crore the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also saw a substantial increase, rising 28.2% to INR 34.1 crore from INR 26.6 crore.
The company's managing director, Atul Aggarwal, directly linked the impressive results to SGEM's progress."This robust growth was primarily driven by the continued strength of our SGEM (Sterling Gtake E-Mobility) business, which has made significant strides."
Reflecting SGEM's growing importance, its revenue share within the company climbed to 42% in the first half of this fiscal year, compared to 30% during the same period last year.
“The revenue share of SGEM in the overall mix has grown to 42% in the first half of this fiscal compared to 30% in the same period last year," he said.
Gtake E-Mobility
Sterling Gtake E-Mobility operates as a wholly-owned subsidiary of Sterling Tools. Beyond electric vehicle components, Sterling Tools Ltd is a manufacturer of high-tensile cold-forged automotive fasteners. Their products cater to a range of vehicles, including passenger cars, two-wheelers, and commercial vehicles. They also supply to the agricultural and construction equipment sectors.
