New Delhi: Sterling Tools Limited (STL), for the fiscal year ended March 31, 2024, has reported that its consolidated total income increased by 21.11% to INR 938.5 crore, much above the domestic automobile industry’s growth rate of 12.5% over the same period. Its subsidiary Sterling Gtake E-Mobility (SGEM) reported 86% increase in revenue compared to FY23, the company said.
Sterling Tools‘ performance in Q4FY24 also was good. Its consolidated Profit After Tax (PAT) was INR 16.3 crore, a 109% increase from Q4FY23. The quarter’s total income rose to INR 270.2 crore, marking a 27.03% increase year-on-year, the company said in a media release.
Atul Aggarwal, Managing Director of Sterling Tools Limited, emphasized the strategic growth initiatives and market positioning achieved during the fiscal year. He highlighted SGEM’s pivotal role, with the subsidiary now accounting for 35% of the company’s consolidated revenue, a significant leap from 23% in FY23.
Aggarwal further outlined Sterling Tools’ forward-looking strategy, announcing an MoU with South Korea’s Yongin Electronics Co. Ltd. to establish an EV Components Facility in India. This collaboration is expected to generate approximately INR 200 crore in business annually over the next five years, reinforcing the company’s commitment to advancing electronic component production domestically.
Sterling Tools has restructured its governance, segregating the Chairman and Managing Director roles to provide focused leadership for its electric vehicle and green technology ventures. Additionally, the company has initiated role transitions to elevate the next generation of leaders, ensuring continuity and strategic growth.
Looking ahead, Aggarwal expressed optimism about Sterling Tools’ trajectory in FY25, underscoring a continued emphasis on innovation, customer service, and operational excellence to sustain growth and profitability amidst evolving market dynamics.
