Sterling Tools, the second largest automotive fasteners manufacturer and one of the largest motor control unit (MCU) suppliers for electric vehicles in India has announced its financial results for Q1 FY2024.
The company reported revenue of Rs 222.8 crore, up 27 percent compared to Rs 174.6 crore for the same period last year. The EBITDA came at Rs 27.7 crore versus Rs 22.7 crore a year ago, EBITDA margin of 12.4 percent versus 13 percent. The profit after tax came at Rs 13.1 percent, which was 36.4 percent higher than Rs 9.6 crore a year ago.
Atul Aggarwal, Whole Time Director, Sterling Tools said, “We are pleased to share that the overall growth has been on a positive trajectory, with a topline growth of 27.6% and PAT growth of 36.4% on a YoY basis. Overall auto-industry growth has been tepid and segments like CV and tractors have witnessed de-growth. However, we have reported revenue growth of 7.4% YoY in our fasteners business.”
“The EV industry witnessed a growth of 77% during the quarter gone by whereas we have reported a staggering growth of 135% in our EV component segment on a YoY basis. Our EV business is expanding rapidly and revenue has nearly doubled in Q1FY24 over the corresponding quarter last year. We remain optimistic about our plans for FY24 both for fasteners and EV component business,” he concluded.
