Setco Automotive Reports Improved Financial Performance Amid Growing Demand

Setco Automotive Ltd reported a reduced net loss for Q2 2024, showing progress from the same period last year. Revenue increased due to strong demand in the Original Equipment Suppliers and Independent Aftermarket segments. Cost optimization played a key role in improving operational margins.

Setco Automotive Ltd, a leading manufacturer in the commercial vehicle clutch sector, announced its financial results for the July-September 2024 quarter, reporting a net loss of Rs 34.83 crore. This signifies an improvement over the Rs 40.62 crore loss recorded in the corresponding quarter of the previous year.

Revenue from operations climbed to Rs 159.9 crore, up from Rs 145.7 crore, driven by heightened demand from Original Equipment Suppliers and Independent Aftermarket segments. For the half-year ending September 30, 2024, the net loss was reduced to Rs 70.09 crore, a notable decrease from Rs 77.48 crore in the same period last year.

Chairman and Managing Director Harish Sheth expressed optimism, citing significant growth in both revenue and EBITDA, attributed to increased demand and successful cost management strategies. The company aims to bolster its market share by focusing on product quality and client trust.

(With inputs from agencies.)