Shanthi Gears sales, profit dive

Reflecting the slowdown in the economy, Shanthi Gears Ltd has witnessed a pile-up of Rs 10 crore worth of goods awaiting customer clearance. The company, which was acquired by the Murugappa Group company Tube Investments of India Ltd, had recorded a sharp decline in net sales and net profit in the first quarter of the current fiscal. The net sales fell to Rs 31.40 crore compared with Rs 40.22 crore in the corresponding quarter last year. The net profit was down to Rs 3.58 crore compared with Rs 7 crore.