Sona Koyo Steering Systems Q1 net profit at Rs 3.57 crore

NEW DELHI: Auto component-maker Sona Koyo Steering Systems today reported consolidated net profit of Rs 3.57 crore for the quarter ended June 30, 2014 on the account of lower finance cost.

The company had posted net loss of Rs 85.98 lakh in the year-ago period, Sona Koyo Steering Systems said in a statement. Net sales of the company stood at Rs 354.79 crore for the quarter, up 11.19 per cent as against Rs 319.07 crore in the same period previous fiscal.

During the quarter Sona Koyo's finance cost were Rs 7.63 crore as against Rs 10.65 crore in the corresponding quarter a year ago. Sona Koyo Steering Systems is the country's largest manufacturer of steering systems, it added. Shares of Sona Koyo Steering Systems today closed at Rs 39.55 on the BSE, up 5.05 per cent from previous close.