Sundaram Clayton Ltd (SCL) has reported a standalone net profit of ₹28 crore for the first quarter.

The company had posted a net profit of ₹1,501 crore in the year-earlier period which included a one-time gain ₹1,489 crore from the sale of 5.14% stake in TVS Motor Co.

Revenue from operations grew by 36% to ₹512 crore. Cost of materials increased by 47% to ₹290 crore, it said in a regulatory filing.

During the quarter, the standalone net profit included an exceptional item of ₹16 crore (interest income of ₹23 crore and voluntary separations cost ₹7 crore).

The board on Friday appointed R. Gopalan as additional director and also as chairman with immediate effect, subject to shareholders approval.

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By Dipak

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