On a sequential basis, however, profitability moderated. Net profit attributable to shareholders declined 9.2% from ₹118.3 crore in the March quarter, even as revenue from operations rose 3.3% from ₹1,380.8 crore. Total expenses increased 4.1% quarter on quarter to ₹1,339.8 crore, while profit before tax fell 9.6% from ₹147.4 crore.
Separately, the board approved the acquisition of a 30% stake (minus one share) in HL Klemove India Pvt. Ltd. from South Korea’s HL Klemove Corporation for the Indian rupee equivalent of ₹948.2 crore. The deal will give Gabriel India a foothold in the fast-growing autonomous driving and automotive electronics business in India.
The transaction will be completed through a joint venture, with HL Klemove retaining a 70% stake and Gabriel India holding the remaining 30% minus one share. The companies will jointly develop and manufacture products such as advanced driver assistance systems, radar, cameras, lidar and automotive electronic control units for the Indian market.
Under the agreement, the joint venture’s board will comprise 10 directors, with six nominated by HL Klemove and four by Gabriel India. The companies will also appoint co-chairpersons, while the managing director will be nominated by HL Klemove and supported by two joint managing directors nominated by each partner.
Shares of the company closed at ₹1,510.10, up 8.02% on Tuesday on the National Stock Exchange.
