SETCO AUTOMOTIVE Q4 Net profit up by 103.8% and the Net Profit for FY 2010-11 up by 84.6%

SETCO AUTOMOTIVE Q4 Net profit up by 103.8% and the Net Profit for FY 2010-11 up by 84.6%

For the Financial Year ended March 31, 2011	For the Quarter ended March 31, 2011
Ø  Revenue up by 43.1%	Ø  Revenue up by 60.7%
Ø  Profit After Tax up by 84.6%	Ø  Profit After Tax up by 103.8%

Mumbai: Setco Automotive Ltd, BSE listed (BSE company code: 505075) a premium automotive clutch manufacturer company has released outstanding Audited Financial Results for the fourth quarter ended March 31, 2011.

Financial highlights:

For the Year ended March 31, 2011

Leveraged by strong growth in Commercial Vehicle sector, the company registered revenue growth by 43.1% during the Fiscal 2011. The revenue increased from Rs. 21149 Lacs for the Fiscal 2010 to Rs. 30265 Lacs for the Fiscal 2011. The Net Profits increased by 84.6% to Rs. 3288 Lac as against Rs. 1781 Lac for the previous year. Earnings Per Share (EPS) for the FY 2010-11 increased to Rs. 18.63 which was Rs. 10.09 in corresponding previous year.

For the Quarter ended March 31, 2011

The company had a revenue growth of 60.7% for the quarter ended March 31, 2011. The revenue increased to Rs. 10771 Lacs in the fourth quarter of fiscal 2011 from Rs. 6702 Lacs in the fourth quarter of previous fiscal. Pedestal on the robust sales growth, company’s Net Profit for the quarter ended March 31, 2011 has increased by 103.8% to Rs. 1327 Lacs compared toRs. 651 Lacs for the corresponding quarter ended March 31, 2010. Earnings Per Share (EPS) for the fourth quarter is at Rs. 7.44 which was Rs. 3.69 in corresponding previous quarter.

Company’s subsidiaries in UK and USA have turnaround and posted profits during the year.

Commenting on the performance of the fourth quarter, Mr. Harish Sheth, Chairman & Managing Director, Setco Automotive Limited, said “2010-11 has been a challenging year. The OEMs have increased production and shifted technologies. As a key supplier we have made the necessary upgrades to ensure the highest level of service to them. The challenge still remains towards ensuring that input costs are reduced or at the best maintained; additionally we also need to focus more on our supply chain augmentation. The Board of Directors have appreciated the performance and we as a organization are committed towards delivering better value to our stakeholders in the future.”

About Setco Automotive Limited:

Setco, incorporated in May 1982, is a diversified engineering products company listed on BSE. Setco is the largest manufacturer of Premium Quality Lipe clutches for heavy and medium commercial vehicles in India. The company employs more than 700 people globally. It is a Tier I supplier of clutches to all major commercial vehicle manufacturers. Setco has strategic global footprint with 4 manufacturing facilities of which, two are in India, and one in UK and USA each, with its corporate base in Mumbai, India. Setco’s R&D base is also in the UK. Setco additionally manufactures Hydraulics catering to key international markets.

For more on Setco Automotive, visit www.setcoauto.com

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Atul Malikram

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