Auto components major Sona Koyo Steering Systems today reported 37.35 percent decline in consolidated net profit at Rs 4.46 crore for the December quarter of the current fiscal.
The company had a consolidated net profit of Rs 7.12 crore in the October-December quarter of last fiscal, 2014-15.
Net sales during the quarter under review declined by 4.91 percent to Rs 351.57 crore from Rs 369.73 crore in the same period last fiscal, Sona Koyo Steering Systems said in a BSE filing.
In a separate filing, the company said its board has approved the re-appointment of Kiyozumi Kamiki as Deputy MD of the company effective from May 16, 2016 to March 31, 2017.
It also approved the appointment of Kiran Manohar Deshmukh, Executive Vice Chairman, as one of the whole-time key managerial personnel in place of Suder Rajan, Chief Executive Officer, who has resigned from the services of the company.
Sona Koyo Steering Systems shares closed 0.50 down at Rs 50 apiece on the BSE.
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