Wednesday, Jan 19 2022 | Time 04:19 Hrs(IST)
image
Business Economy


SF Holdings reports standalone net profit of Rs 11.09 cr in Q2

Chennai, Nov 2 (UNI) Sundaram Finance Holdings Limited (SF Holdings) today
announced that it has registered a standalone net profit of Rs.11.09 crores for
the quarter ended September 30 this year.
This is an increase of 193 per cent over Rs. 3.78 crores reported during the
corresponding period of the previous year.
The consolidated profit for the six months ended September 30 was Rs.50.86
crores as compared to Rs. 9.41crores for the corresponding period of the last
financial year.
SF Holdings primarily operates as a holding company owning a portfolio of automotive
businesses including foundries, wheels, brakes, turbo chargers, axles, and distribution
of spare parts. As a result, dividend from portfolio companies forms a substantial part
of the financial results.
Driven by a strong recovery in the automobile sector, dividend received from portfolio
companies was at Rs. 29.13crores for the half year ended September 30, 2021, already
exceeding the full year’s dividend received for the financial year 2020-21 (Rs.14.13crore).
The company’s performance is also an extension of its long-term strategy of consolidating
its automotive holdings, according to a company release.
Company Director Harsha Viji said “we continue to use the automotive industry down-turn
to consolidate our portfolio, investing further into our companies and undertaking business
restructuring to unlock synergies in our foundry business”.
Creating amongst the largest ferrous casting businesses in the country SF Holdings has
taken steps to consolidate its investment in foundry business.
It has increased its shareholding in the foundry business Flometallic India Private Limited.
Flometallic has in turn filed a scheme of arrangement with the NCLT to merge its operations
with those of Brakes India Private Limited. Along with Dunes Oman (a subsidiary of Brakes
India), this merger will create a combined foundry capacity of 1,75,000 tons operating out
of four locations--Sholingur, Naidupeta, Jagadia and the Sultanate of Oman.
This will create one of the largest ferrous casting businesses in the country and will increase
the competitiveness of the foundry business as a whole.
SF Holdings has planned for a further investment of up to two million euros into its portfolio
company Mind S.r.l., Italy, which focuses on carbon fiber components for the automotive
industry in Europe. This investment is to augment working capital needs and invest in further
growth.
SF Holdings invests Rs. 450 crores to buy out foreign partners in Wheels India and Brakes
India In keeping with its philosophy of consolidation, SFHL has invested Rs. 450 crores over
the last year to buy out the foreign partners in two portfolio companies which it had co-promoted,
Brakes India and Wheels India.
UNI GV 1635
More News

NABL accredits KIMSHEALTH Medical Devices Testing and Calibration Lab

19 Jan 2022 | 12:00 AM

Thiruvananthapuram, Jan 18 (UNI) KIMSHEALTH Medical Devices Testing and Calibration Lab (KMDTCL) won the accreditation of NABL (National Accreditation Board for Testing and Calibration Laboratories), becoming the country’s second and Kerala’s first hospital group to receive the honour that authorises it to test the performance standard of medical equipment and certify them.

see more..

Crown opens new records management center in Chandigarh

18 Jan 2022 | 11:44 PM

Mumbai, Jan 18 (UNI) Logistics and related services provider Crown Worldwide Group on Tuesday said it has opened a new state-of-the-art records management center in Chandigarh.

see more..

Honda 2Wheeler’s ‘Shine’ first 125cc motorcycle to reach 1 cr customers

18 Jan 2022 | 11:42 PM

New Delhi, Jan 18 (UNI) Honda Motorcycle and Scooter India has achieved the milestone of 1 crore customers in India driven by its leadership in the 125cc motorcycle brand ‘Shine’ the company announced on Tuesday. Catering to a growing demand, brand Shine has acquired more than 50% market share with a strong 29% year-on-year growth (year-to-date as per SIAM). Welcoming the response that ‘Shine’ has received over the years, Atsushi Ogata, Managing Director, President and CEO of HMSI said the company was committed to taking on new challenges and offering the best products.

see more..
IAS officer Vikram Dev Dutt appointed Air India CMD

IAS officer Vikram Dev Dutt appointed Air India CMD

18 Jan 2022 | 10:56 PM

New Delhi, Jan 18 (UNI) Evens as the process of transferring the ownership of Air India to Tatas is on, the government on Tuesday appointed senior IAS officer Vikram Dev Dutt as Chairman and Managing Director (CMD) of the disinvestment-bound carrier.

see more..

Network18 Media net profit dips 8pc in Q3FY22, revenue up 17pc

18 Jan 2022 | 8:41 PM

New Delhi, Jan 18 (UNI) Media company Network18 Media & Investments on Tuesday reported an 8% decline in its net consolidated profit to Rs 307 crores for the quarter ending December 31 of financial year 2021-22 as against Rs 333.3 crores during the corresponding period last year.

see more..
image