{"id":106076,"date":"2023-08-03T14:14:07","date_gmt":"2023-08-03T08:44:07","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=106076"},"modified":"2023-08-03T14:14:09","modified_gmt":"2023-08-03T08:44:09","slug":"sterling-tools-q1fy24-profit-increased-by-36-4-to-rs-13-cr","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/sterling-tools-q1fy24-profit-increased-by-36-4-to-rs-13-cr\/","title":{"rendered":"Sterling Tools Q1FY24 profit increased by 36.4% to Rs. 13 Cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1392046064\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Since 1988, <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/STERTOOLS\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Sterling Tools<\/a><\/strong> has been a pioneer in the establishment of sheet metal assembly manufacturing facilities in Karnataka, India. The production facility&#8217;s initial focus was on local clients, but it gradually transitioned to major original equipment manufacturers. <\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3940009955\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The business has become well-known and has grown by continually offering top-notch goods to both domestic and foreign customers. STL has three manufacturing facilities in Haryana Faridabad, Ballabhgarh, and Palwal. The company&#8217;s present factories have a combined annual manufacturing capacity of about 38,000 MT. In addition to its fourth manufacturing facility close to Bengaluru, with an additional 10,000 MTPA of capability.<\/p><p>Auto component maker Sterling Tools Ltd on Thursday reported a 36.4 per cent jump in its consolidated Profit After Tax (PAT) at Rs 13.1 crore for the quarter ended June 30.<\/p><p>The city-based manufacturer of automotive fasteners and a supplier of Motor Control Units (MCUs), had posted a consolidated PAT of Rs 9.6 crore in the first quarter of FY23, as per a company statement.<\/p><div class=\"trade-content_5\" id=\"trade-564611188\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Total consolidated revenue for the quarter stood at Rs 222.8 crore, up 27.6 per over Rs 174.6 crore topline delivered in the same quarter last fiscal, it said.<\/p><p>&#8220;Overall auto-industry growth has been tepid and segments like commercial vehicles and tractors have witnessed de-growth. However, we have reported a revenue growth of 7.4 per cent YoY in our fasteners business,&#8221; said Atul Aggarwal, Whole-Time Director at Sterling Tools Limited.<\/p><p>The EV industry witnessed a growth of 77 per cent during the quarter, and the company has reported a staggering growth of 135 per cent in our EV component segment on a YoY basis, he said.<\/p><p>The company&#8217;s EV business is expanding rapidly and revenue has nearly doubled in Q1FY24 over the corresponding quarter last year, Agarwal said, adding, &#8220;We remain optimistic about our plans for FY24 both for fasteners and EV component business.&#8221; Sterling Tools manufactures high tensile and premier cold forged high-tensile fasteners catering to the passenger cars, two-wheelers, commercial vehicles, agri-equipment and construction equipment segments, among others.<\/p><p>Besides, the company has also ventured into sectors such as electric vehicles to ensure robust value creation for our stakeholders, as per the statement.<\/p><p>Sterling Tools&#8217; client portfolio comprises original equipment manufacturers (OEMs) in the domestic market and international markets including the US, Europe, South America and the Middle East, it stated.<\/p><div class=\"trade-content-10\" id=\"trade-4087139380\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><div class=\"trade-after-content\" id=\"trade-1688409086\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Since 1988, Sterling Tools has been a pioneer in the establishment of sheet metal assembly manufacturing facilities in Karnataka, India. The production facility&#8217;s initial focus was on local clients, but it gradually transitioned to major original equipment manufacturers. The business has become well-known and has grown by continually offering top-notch goods to both domestic and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":81130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1515,31],"tags":[],"class_list":["post-106076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-results","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sterling Tools Q1FY24 profit increased by 36.4% to Rs. 13 Cr - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Since 1988, Sterling Tools has been a pioneer in the establishment of sheet metal assembly manufacturing facilities in Karnataka, India. 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