Setco Automotive Reports Q2 Net Loss of Rs 34.83 cr

Chennai, Nov 15 (PTI) Setco Automotive Ltd, a manufacturer of medium and heavy commercial vehicle clutches, reported a consolidated net loss of Rs 34.83 crore for the July-September 2024 quarter, the company announced on Friday.



This marks an improvement compared to the consolidated net loss of Rs 40.62 crore recorded during the same quarter of the previous financial year.



For the half-year ending September 30, 2024, the company reported a consolidated net loss of Rs 70.09 crore, down from Rs 77.48 crore in the corresponding period last year.



Revenue from operations for the quarter stood at Rs 159.9 crore, up from Rs 145.7 crore in the same quarter last year, driven by higher volumes in the Original Equipment Suppliers (OES) and Independent Aftermarket (IAM) segments.



The consolidated total income for the six months ending September 30, 2024, increased to Rs 329.55 crore, compared to Rs 292.18 crore in the year-ago period.



Chairman and Managing Director Harish Sheth expressed optimism about the company's performance. “I am pleased to report another quarter of growth, with both revenue and EBITDA showing significant improvements. This performance reflects strong demand across OES and IAM channels, where we have exceeded our expectations,” he said.



Sheth highlighted the company's focus on cost optimisation, which has led to substantial savings and improvements in operational margins. “We are working closely with our clients to increase our market share, leveraging the trust and consistent quality of our products and services,” he added.