Sona Koyo Q1 net dips 47.13% at Rs 8.29 crore

NEW DELHI: Auto component maker Sona Koyo Steering Systems today reported a 47.13 per cent dip in its consolidated net profit at Rs 8.29 crore for the quarter ended June 30, 2012 mainly on account of higher manufacturing costs.

The company had posted a net profit of Rs 15.68 crore for the corresponding period previous fiscal, Sona Koyo Steering Systems said in a filing to the BSE.

Net sales of the company, however, rose to Rs 366.88 crore for the quarter under review from Rs 337.45 crore for the same period year ago.

Sona Koyo Steering Systems is the flagship company of Sona Group that has over 16 plants across India, 3 in Germany and 1 in the US.

Shares of Sona Koyo Steering Systems today closed at Rs 12.55 per scrip on the BSE, up 2.12 per cent from its previous close.